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That link has info on funds containing silver. What if we wish to purchase actual silver and store it in ourselves?
I've also been thinking of buying about $5K in silver (mostly as insurance, out of worry about the dollar losing value, and I'm too poor to buy much gold).
I don't like the idea of getting a piece of paper saying I own some silver; I want it in my home under lock & key.
I have looked at Goldline, but not sure about other sellers. Anyone out there buy actual silver coins or bullion?
Last edited by Tracysherm; 01-07-2011 at 01:51 PM..
I started buying gold and silver in 2001, after inheriting a fair amount of it from my dad. I got curious about it, as my dad never really discussed it with me. Selling what he left me was totally out of the question for sentimental reasons, so I decided to add more to that.
I have bought all the way up since 2001, adding more each year (usually in summer, when prices moderated). I buy physical only, and take delivery. I have traded in and out, selling some gold to add to the silver stash. I now have a collection of silver eagles that is far too heavy for me to lift at once - or in 2 or 3 tries. I am still buying.
I find that Don Stott of Colorado Gold is a great broker, honest as the day is long. Only downside is, he does not sell in small lots. So when I'm looking to add just a couple rolls of eagles, I use eBay. I have found that the free market indeed works on auctions. Over the long haul, I feel that I have gotten a really fair shake with the eBay buying.
I agree that one should use caution with ETF's. Read the prospectus carefully -- you will note that when you wish to sell, you will be paid in fiat only, not silver or gold. They do not settle in physical. In fact, many commentators have noted that the ETF's may indeed not have as much physical as they claim to have, or it may be double-counted with that held by Barclay's or some other bank.
As for what to buy, I recommend 1 troy ounce coins for silver, and one troy ounce or fractionals for gold. American eagles, Canadian Maple Leafs, Krugerrands, Chinese Pandas, and Austrian Philharmonics are all good choices. 10 oz silver bars are fine IF you have at least 500 oz of silver in 1 oz coins. I do not recommend 100 oz silver bars any longer due to the discovery of base metals placed inside of some of them. Besides, they are not easily divisible, or even affordable.
Don't turn your nose up at "junk" silver - the old pre-1965 dimes, quarters, and halfs that were 90% coin silver. These are an excellent investment, and not at all "junk"! They are selling at 20 to 25 X face right now. It is so nice to hold a real piece of US history in your hands.
Pawn shops may be a good place to find this stuff, too. People turn it in for immediate cash, and never get enough to redeem it. I don't recommend that you do that, however! Also, be careful not to fall for the pitches to buy collector's coins, from salesmen trying to steer you into a high-priced item. All you really want is bullion, not proofs, rarities, or anything exotic. Just clean, genuine bullion and 90% coinage is all you'll need to make a killing someday. Happy buying!
Ebay still has sellers for pre 64 junk silver. Purchase by the bag or rolls. Take your time and do
the research. Fair, safe transactions can be found. You want hard silver in a usable form in your
possession. Anything else is foolish. Nothing wrong with Silver Eagles either. In my area, Ebay
is the only honest market.
I used to buy physical silver (used 100oz bars as door stops for a while) but no longer want to deal with the trouble. Even bags of junk silver that trade easily still give you an insurance and storage challenge. I use contracts for any commodity investment now.
Oh lord, I am in the wrong forum! I thought the OP meant silverware! BTW: warning
I found out the hard way that you have to be extra careful with gold/silver. My ex-husband broke into my house and absconded with some of the gold bullion I bought before our marriage.
I worked really hard to save the money to buy my coins and I feel pretty stupid.
The gold was in a safe, but he knew where the key was and he also erased the security cameras. I made a police report, but I didn't notice anything was missing until months later when I went to cash-in some of my coins for closing costs for my refinance.
I called the company where I bought the coins and they told me that the gold eagles don't have a traceable serial number and there was nothing I could prove other than I had bought the coins! Great for taxes, I guess but Gee
If only I had known.
So I wanted to share that if you have a stash of coins you probably need to also buy a sturdy safe with a combination that only you know. Unlike paper money (which sucks, but is at least traceable ) you can be robbed of your accumulated wealth much more easily with coins.
Most of you probably already know this, but since I learned a hard lesson, I wanted to share.
BTW, I went to the US mint's website to find out where to buy my coins. They have a list of reputable dealers in each state. I used Gaithersburg Coin Exchange in MD. The company sold me the silver/gold eagles at the exchange price with no markup.
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I thought the OP meant silverware! BTW: warning 
