Buying gold and silver.

Sum1

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So I’m interested in buying gold and silver. I live in Mandan and don’t have a clue how to go about doing it. Where to go would be a start. Also is there place where you can just walk into and buy some silver coins at the going rate? Help me out fellas!
 


bk3

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Antique and Coin Exchange in the mall in Bismarck
 

Sum1

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So if one were to order online do they deliver right to your house? Also it looks like silver is around $18.88 an oz. Now if I was to take a 1 oz silver coin to one of these places will they give that price? Or how does that work?
 


Maddog

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There is not an easy answer to your question that fits all situations.

Based upon the coin's grade and year of mint, its value is determined.

But in general for the lowest grade of coins (meaning "junk" coins -- stuff you find all beat up out in the park):
The "coin places" will have a markup based upon the spot price. So you buy, you pay a premium above the spot price. So if you sell, you get paid an amount below the spot price. Each place MAY have a different markup.

Better grade coins will have a value quite a bit differently from the above, where both the sell and buy price for them MAY be above the spot price. The "coin places" may try to pull a quick one on you and give you the lower priced value (junk coins) for a nice collectible coin that you have. So be careful.
 

Brian Renville

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So if one were to order online do they deliver right to your house? Also it looks like silver is around $18.88 an oz. Now if I was to take a 1 oz silver coin to one of these places will they give that price? Or how does that work?

I'm in no way an expert but generally yes you can get the value of the metal if what you are selling is pure. Trading coins are usually .999. Unless a coin is rare or "special" is some way noboby buys gives a crap what is stamped on the coin, it's all meltdown value, however places that make coins do use that as a way of getting people to buy lets say "the Trump coin". If you are in a place with fairly low competition though it may be harder to find a buyer that will give the metal price as listed though because once you are on their turf it's work for you to turn around and go somewhere else. Electronically you can get the market price every time except for the cost of the trade service.
 

WormWiggler

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I am always concerned that the trading costs would be significant enough to damage profits, not to mention the buy low sell high thing that I seem avoid. Is there limit to what you can buy at a point in time before the gummit pokes their nose in? Didn't the gummit confiscate all personal precious metal holdings in the depression era? no worries that they could do it again?
 


Sum1

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I am always concerned that the trading costs would be significant enough to damage profits, not to mention the buy low sell high thing that I seem avoid. Is there limit to what you can buy at a point in time before the gummit pokes their nose in? Didn't the gummit confiscate all personal precious metal holdings in the depression era? no worries that they could do it again?
Only if you let them. Wink
 

Ristorapper

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So if one were to order online do they deliver right to your house? Also it looks like silver is around $18.88 an oz. Now if I was to take a 1 oz silver coin to one of these places will they give that price? Or how does that work?


I worked for the usps and yes some of it is delivered by your postal carrier. I know because one of my customers told me everytime he was expecting a delivery of silver.
 

Sum1

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Would the carrier known its silver if he wasn’t told? Seems like it would be kinda risky to be getting something like that in the mail. On one of the dealer websites they have an offer of ten 1oz rounds at spot price with free shipping, one per household is the reason I’m asking. Sounded like a great deal to me.
 


Ristorapper

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Generally no! Sometimes the return address may give it away to some degree. Sometimes they don't pack 'em very well and you can hear 'em jingle. Yea! if you don't have a secure mailbox, it is probably not a good way to receive them. Maybe ask your sender what happens if they were stolen from your mailbox or better yet have them send the package signature confirmation which means we don't leave them without your signature. Something of value I'd have sent to your place of business if you are normally present there or sent to your home address if you are normally there.

In the case I discussed above, this customer had a secure (lockable) mailbox and parcel locker. Worked well for him and us I guess.
 
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Lycanthrope

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govt confiscated gold in depression, not silver. id have someone order for you if u want significant quantity....
 

sl1000794

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Couple of thoughts

1. I always thought of precious metals as JUST a hedge against inflation, never something that will go up on price because of demand. The exception would be in the 70's when the Hunt brothers tried to corner the silver market and failed. In doing so the price of silver went up way beyond it's actual value and some people made money. When the failure happened many more people lost their @$$3$!

2. When we drive between San Jose and Metigoshe we stay one night in Elko, Nv. There has always been a lot of equipment and workmen whenever we were there ... which we were last night (Friday.) I asked the gal behind the desk at the motel what kind of work most of these guys were doing. She said (and I quote) "Elko is the center of gold mining in the state of Nevada." Kind of a coincidence I think. I googled "Nevada gold mining" and found this:

In 2017 Nevada produced 5,641,538 troy ounces (175,470 kg) of gold worth $7.052 billion, representing 71% of gold produced in the United States and 5.6% of the world's production.
 

Fishmission

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I have bought quite a bit of gold and silver over the years. It’s a hedge against big market crashes like we saw in 2008. more so when I have a little bit extra pay at the end of the month i usually buy a little bit of silver, be it coins or bars etc. It’s a fun hobby and for those that want to hedge against a market crash it’s not a bad idea as long as you only buy what you can afford after you max your savings, investments out
there are several good sites out there but I stay with APMEX. Very easy to deal with and product arrives when they say it will. I usually have it shipped to my business because you will have to sign for it more often than not
 

Rowdie

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Check E-Bay. Lots bought and sold every day..... best deal is you can bid
 


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