User Question - Advice on Picking a Gold/Silver Coin Dealer Online

10/15/2011

7 Comments

 
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I don't remember who posted this the other day, but it was about investing in gold and silver coins immediately after cash in.

Dealers are a dime-a-dozen online. Any advice on which one(s) would be safe to work with and/or what to look for or avoid?


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Comments

JohnGliha link
10/15/2011 4:29pm

My first time posting, have made lots of money in gold and silver since 2004. Always recommend 10 oz. silver bullion bars and 1 oz. silver bullion coins, go with the lowest premium. Delivery should be timely 4 - 6 weeks but no more. Take delivery. Ag bullion only, but for Au, some gold bullion but mostly numismatics. On gold numismatic coins, St. Gaudens 1 oz $20 coins, MS 67, MS 68 and MS 69 (high grade) but not the highest or lowest. If you can buy in person, avoid gold coins with green tint. Must be certified by NCGS or other reputable third party, usually packed in plastic. At this time, wait to buy, there will be huge price changes in the coming months. June is historically the month of the year with the lowest precious metals prices. Remember to shop for lowest premium and dealers with most credible & timely delivery.

Another Joe link
10/15/2011 5:27pm

John's advice is good. I wouldn't refute any of it and only submit this as complementary.
There are many implications of how you proceed in gold (au) and silver (ag) investments. Please consult a tax professional in order to understand any tax related issues or benefits. For instance, while bullion is recommended, profits on seminumismatics are not taxable the same. Furthermore, if the US gov. ever forces the sale of citizens' bullion again, numismatics were excluded last time.
Also consider the ratios. Silver is at historical lows today, even though the above ground ratio of au/gold highly favors silver.
It would be best to consult a precious metals professional in regard to these decisions as well. It can be very beneficial to make some contact with local dealers so you have someone to build a relationship with and learn from. I can also personally advise www.mcalvany.com as a reputable and honest dealer, though there are others.
If my advice is worth much, I'd strongly recommend silver numismatics with closest to spot price you can find along with junk silver (bags of 90%, pre '65, silver coins). Bullion is fine too. Take possession if at all possible and tell nobody.
Lastly, don't buy on emotion. Use your head and develop a sound plan. Study the fundamentals so you know why you're investing as you are. It'll help you follow through on good investment principles. Fear causes you to get out too soon or fail to get in early enough. Greed causes you to hold too long or take dumb risks. Been there. Done that. T-shirt don't fit.

Regards,
Another Joe

David Satterlee
10/15/2011 6:52pm

I have been buying and selling gold and silver for 3 or 4 yrs and have made some good money. I have come to a place where I only buy Gold and Slver eagles. I don't buy any graded coins, I prefer to keep it simple. I deal with CNI California Numismatic Inc. at golddealer.com They always have the best buy and sell prices. Regards David S.

Carl Sooey link
10/15/2011 7:07pm

Investment Rarities, Inc. Minn. MN.
website and or phone. They have been around 30+ years maybe more. I have talked to them since 1995. I have friends who have done business with them since their founding. They buy, sell store. Good people, class house.

silver bear link
10/15/2011 7:11pm

I recommend Northwest Territory Mint
P.O.BOX 2148 Auburn, WA. 98071
231-833-7780
Large orders take 6-8 weeks after good funds were received.
They make the gold and silver coins for the U.S. and Canada as well as other countries. I recommend the purchase of Canadian gold ( 24k pure ) and pure silver coins as well. No bullion. I understand they are not subject to be taken away as they were before.

Dennis
10/16/2011 11:56am

I would recommend getting to know your local coin dealers,also check craigslist,I have bought alot of eagles from local people and dealers this way,I have bought very little online,way too big of a markup.Never pay more than $2 over spot on silver eagles. No sales tax this way either.I completly disagree with John telling you to wait.Buy monthly at the same time and cost average,gold and silver are set to explode.But keep your emotions in check,do not watch the charts alot,silver will rip your heart out, then come right back. This must be a long term and a safe store of your money, don't let daily flucuations control you. GOOD LUCK!!

CHARLIE
11/10/2011 6:54pm

I generaly with above recommendations.I'm surprised no one has recommended KITCO who been around for years and has great charts and live buy/sell quotes for all types of Silver & Gold. Check their prices first then find a local dealer you can shop and negotiate with based on the info you find on KITCO.


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