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Buying silver

This is a discussion on Buying silver within the General Talk forums, part of the General Discussion category; If you don't mind, I'll ask you a few questions about silver with a Canadian perspective and I'm looking for both american and canadian answers ...

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Thread: Buying silver

  1. #1
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    Buying silver

    If you don't mind, I'll ask you a few questions about silver with a Canadian perspective and I'm looking for both american and canadian answers because I suspect that they are similar, yet the differences might teach us something as well.


    So, in Canada, if I want to buy a silver dollar, it costs $54, its face value is $1 and I doubt that they have 1 oz of silver in them. In short, I think think this is a really dumb way to buy into silver.

    Are there coins that have a face value of "1 oz Silver" so that they go up and down with the price of silver? If so, what do they cost and what are they refundable at? is there a big gouge worked into them?

    Also, just in case I am asking the wrong question, I'd like to leave you guys with a wide open question of : What is the short explanation? What should I be looking for?
    sideKahr likes this.

  2. #2
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    Go to Buy Silver & Gold Bullion Online - Fast Shipping - Silver.com

    $54 for 99.99% 1 oz Canadian silver coins is nuts, even in Canadian dollars. I recently purchased US Silver Eagles (99.99% pure) for $18.16 each still in the US mint tubes with free shipping to my home (had to sign for the package).

    Canadian Mapleleafs (1 oz) are about the same price. Or just go to E-Bay.
    Denton likes this.

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    If I were looking for the best buy on silver I would buy American pre 64 circulated silver coins. First because the ones with wear have almost no collectable value and can be purchased for close to the actual silver value. Second because commemorative silver coins or bars cost MUCH more than the silver is worth and with the bars there is no way to know if it pure silver or a silver plated fake.

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  5. #4
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    American Silver Eagles or Canadian Maple Leafs have the highest resale value, in my experience. If you can, buy from a dealer, anonymously, for cash. The fewer people who know you have them, the better. Be prepared to hold for a long time, precious metals are not stocks, and the trip in and out can be expensive.

    Silver has been very, very good to me. In all of my investing life, it was the only instrument that has returned a ten-bagger.
    Ripon likes this.

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    Quote Originally Posted by luminaughty View Post
    If I were looking for the best buy on silver I would buy American pre 64 circulated silver coins. First because the ones with wear have almost no collectable value and can be purchased for close to the actual silver value. Second because commemorative silver coins or bars cost MUCH more than the silver is worth and with the bars there is no way to know if it pure silver or a silver plated fake.
    Excellent explanation!

    It's pre-1965 American coins that are 90% silver (dollar, half-dollar, quarter, dime).

    In addition, the 1965-1970 Kennedy half-dollars are 40% silver.

    Also, in order to make Silver American Eagles "legal tender", the U.S. Mint assigned them as being $1.00 coins. Of course, anybody who goes to the local mini-mart and spends an SAE on a can of soda is crazy.

    Technically, non-U.S. Mint silver coins are not considered to be legal tender.

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    I found a local vet that has been operating a gold and silver exchange for almost 20 years.
    He sell the 1 oz silver Canadian maple leaf coins at 22.xx and buys them back at 19.xx which is close to today's market price of 1 oz silver.

    Today's price was 14.54 per oz in us dollars.

    So it looks like he buys at market value, and sells with a mark up.

    I can buy over the counter in qualities less than $15,000 without showing ID, but ID is required to sell to him.

    I don't know if this is the best deal around, but it is starting to sound very reasonable compared to the rip off prices offered by Canada Post.

    Canada post wants $54 dollars for a silver dollar in a fancy engagement ring type case, where the spec sheet does not volunteer the amount of silver in it. That is correct, I would have to do my homework just to find out the silver weight.

  8. #7
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    Quote Originally Posted by sideKahr View Post
    American Silver Eagles or Canadian Maple Leafs have the highest resale value, in my experience. If you can, buy from a dealer, anonymously, for cash. The fewer people who know you have them, the better. Be prepared to hold for a long time, precious metals are not stocks, and the trip in and out can be expensive.

    Silver has been very, very good to me. In all of my investing life, it was the only instrument that has returned a ten-bagger.
    Correct.

  9. #8
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    Quote Originally Posted by luminaughty View Post
    If I were looking for the best buy on silver I would buy American pre 64 circulated silver coins. First because the ones with wear have almost no collectable value and can be purchased for close to the actual silver value. Second because commemorative silver coins or bars cost MUCH more than the silver is worth and with the bars there is no way to know if it pure silver or a silver plated fake.
    Incorrect.

  10. #9
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    Please note when you are looking at bullion
    I.E. silver rounds, art bars, maples, eagles, englehard s silver town, Johnson mathey, stackers.
    What ever name the person you are buying from wants to use that day to impress you of their knowledge. Are sold in Troy ounces. 12 troy are roughly equal to one English pound. Do not belive it is an English ounce or 1 / 16 pound.

    Yes eagles and maples are sold in troy.

    One troy ounce bullion "coin if you wish" is typically sold at 1 dollar over spot plus a percent 6 percent for instance.

    If you buy 10 or more you will get a slight discount.

    When you sell the buyer will pay some percent of spot. Right now 96 percent is a reasonable deal.

    If prices are on the way up you can get 100 percent of spot on sell.

    If they are on their way down you may get 90 percent of spot from a buyer.

    They do not want to get caught with a bunch of high cost silver when it is on the way down.

    That is exactly what is going on right now. Many sellers are still trying to unload silver at 18.50 per troy.

    The difference between what you pay and what you sell is the spread.

    Buy low sell high. That is the simplest explication of how to make money on real estate the stock market or commodities. 99 percent of people buy and sell on emotions that's why most buys and sells are losses across the board.

    THINK. do not buy and sell on fear and emotions.

    Silver has been falling for over 5 years. Fact.

    Opinion. Silver will continue to fall.

    Speculation. That is what you are about to participate in.

    You are now gambling get your poker face on and jump in.
    tinkerhell likes this.

  11. #10
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    I have a Canadian mint "silver dollar" it's face value is $5 if that helps you at all.

    I get mine for about $16-$17 an oz.
    tinkerhell likes this.
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