Home Forums Hunting & Shooting Hunter's Campfire School me on buying gold or silver coins/rounds

I'm looking at beginning to purchase gold and silver coins and/or rounds. Buying seems to be the easy part, with all of the online reputable dealers. Selling, however, seems to be the sticking point. If I, as a individual, want to eventually sell the coins or rounds, it would seem that authenticity/purity of the coins/rounds has to be proved. Am I thinking about it too much? I would appreciate the thoughts and experience of you folks that are knowledgeable on the subject (both on the buying and selling side of things). Thanks!

Who will buy them back when youre ready to sell?

The "we buy gold" people at the compton swap meet?

Very good and honest question!

Historically speaking gold and silver have been poor performers. I know I know you all made a killing in 2008. Look how long that took and how short it lasted.

Buy when it cheap, sell when it’s high!!!!

By far not one of the best investments we can make. However could be if you have a long life expectancy. I only buy silver for the shtf situation. It also can make more on returns if you have a secure place to store it.Would be easier to conduct trade with fractional silver at $40. in the shtf situation than gold at $2000. Buy national recognized marked silver or US issued silver. One half oz silver is available with the Sunshine mint mark. Most major dealers online who sell will also buy back at posted prices. GW

Problem with silver for SHTF situations is it starts to get heavy. At one point about 2009 I got up to over 6000 ounces. Not something you throw in a duffle bag and run with.

I still keep some around as a little insurance policy. Tenth ounce gold eagles are a good way to have something of value without being too heavy. A 50 coin 5 ounce tube is about like a roll of dimes size wise but worth about $7,000. Be careful when buying, there is a lot of fake crap out there.

For silver lately I like mercury dimes. Most people recognize them as 90% silver and I haven't found any fakes yet. I also get my kids each some of the stuff like pandas, kookaburas, Rwanda animals stuff and more each year. I know historically metals aren't the best investment but I still encourage friends and family to get and keep some like insurance.

A good local dealer is an ok way to sell but you never get a good sell price on numismatic stuff. A local dealer was selling older Chinese pandas for $80. I said I had a bunch of those and asked what he'd give me and he said $1 over spot, about $16 that day. I have a lot of cool older stuff that is worth a lot based on what dealers are asking for theirs but I can't find a place to get anything much over spot. Even apmex gives nothing when buying stuff they want a ton for. I need to find a place to sell a bunch of 1/2 ounce Perth lunar horses. Apmex wants like $33 each for theirs but only buys for about $9.

Bb

I often get concerned when someone wants to sell me their valuable metals in exchange for my worthless fiat currency.

U. S. Mint (they sell direct) proofs or certified proof coins. Do Not sell to other than a genuine dealer. Dealers make their money on the difference between spot buy and spot sell. They want you to come back, often.

Don't expect to get rich. Precious metals are a store of value, not an investment.

You might want to consider what is known as junk silver which is pre 1965 U.S. silver coins. If I remember correctly one dollar face value is about 7/10 an ounce regardless if it is dimes quarters, or halves. It is cheap and easily recognized. You would probably never have trouble selling it at market value which isn't much over the price of the metal. It usually has little or no collector value since it has been picked over for those coins.

Kinda got soured on bags of coins. Worked with a guy, jerk to put it nicely, who was bragging up his plan of buying bags of coins just when the Hunt boys peaked the price. Nobody felt sorry for him. It's not the coins, I just don't want to think of myself as being anything like that guy.

Many ways to prove authenticity and purity. Specific gravity tests are easy, and pure silver has a pretty unusual specific gravity, so it's a pretty sure and easy test. Gold has a specific gravity too close to tungsten, so that requires other tests, but there are all sorts of ways to prove gold, too.

As to silver, it also has some weird and unique reactions to rare earth magnets that demonstrate its authenticity.

Last time I was at the dealer, long time now, he had a device that would assay silver coins (maybe gold too) by x-ray. But since I don't have Superman vision I like certified proofs. But I would have no problem dealing in bullion with the dealer I know. Good to get to know a dealer you can trust.

Either buy the real chit rite from the miner or buy the next best THING...i have those little shots of liquor that u pick up at the store ...got a price of .49 on 500 o sorted/ mixed ones....chit hits the fan i got liquid cash......lead in the tube helps u keep it !

Gold / Silver is speculative. Burleyboy ........lays it out pretty good.

SHTF scenario is another matter. You can never get a good price from dealer / middleman when you sell. If you sell or buy something from an individual you may do better.

If you buy slabbed or graded coins one dealer will not always agree with the grade , even though supposed to be an industry standard.

If you enjoy numismatic coins may be a little fun.

Still speculative.

This made me think of a debate (full blown pissin match) I got into with some knucklehead codgers on an Arrowhead Forum.

I began to question them on who defuq checkfires the "graders" and what certifications do those individuals carry to make them the all-knowing masters of the universe with respect to grading, pricing and proving authenticity.

I was rebuffed with huff-n-puff and a bunch of fluff. They didn't like anyone questioning their turdlike buddies.


Basically, for the arrowhead authenticity masters, they are legends in their own minds, old guys too crippled to hunt rocks or probably never did, some are just old farts with leaky bladders that do nothing but go to flea markets buy/sell and and shoot the shît all day long, and for $50 they'll write you a letter hopefully telling you what found in that field didn't fall out a Cessna. Oh goodie!!!

As for the gold part, one of my Mr T necklaces got to wearing thin from years of roofing grit and farm dust and every day wear.

I was concerned the links might break one day and I lose it. When gold shot up to $1480 / ounce, it was time to sell.

They used a simple scratch and acid test and titration.

I ended up getting more for that chain when I sold it than when I got it new. And 14k is only about 58% gold.

Make sure you check with your state law on taxes. In my state if i recall correctly gold and silver is taxed like regular retail products which is 10% where I reside. I can go one state over and purchase the same gold or silver items with 0% tax. It works both ways either buying or selling as the buyer has to compensate for the taxes and gives you much less.

Just enough to bribe the border guards.

A couple of comments....

- gold and silver are hard assets and not a “promise to pay” or “promise to deliver” type of asset. Assets held in bank ..... account deposits or safety deposit boxes can be frozen and withdrawals can be limited. Note that governments have the power to control and influence the value of currencies..... there are many....many...examples of planned and of course unplannned government devaluation of their currencies.... Venezuela, Indonesia, Peru..many others...... do not for even a moment think that it could not happen here in the US. FDR did it decades ago..... Nixon did it......Even a stock brokerage account can be less secure. Think about what happens if the market busts and suddenly buyers are scarce. The market works better when there are both buyers and sellers AND them electrons keep flowing and there no govt bureaucrats trying to deal with a bank or sovereign entity solvency issue. Remember, you and I are little guys and the financial wolves will feed on us before they starve.

- be very careful about charts. Long term comparisons of gold vs,the DJIA for example. The time period chosen for analysis can lead to one result or another. Some charts only show prices.... Other charts might show that the djia beating gold assume automatic investment of dividends and NO taxes removed for either capital gains or tax on dividends.

Remember the Kenny Rogers song......

You don't require the same proof when buying?