How to Buy Silver and Gold
If you’re new to buying gold and silver, they come in many different types and sizes. First thing to know is that precious metals are sold in what’s called Troy ounces, which are slightly larger than a normal ounce. A normal ounce is about 28 grams and a Troy ounce is approximately 31 grams.
Places to Buy Silver and Gold
My favorite places to buy silver and gold are:
- GoldenStateMint.com in Florida
- Scottsdalemint.com in Arizona
- AMPEX.com in California
- Moneymetals.com in Idaho
Most places sell with no sales tax when it is over $1,500 dollars, due to IRS rules. Also some States have no Sales Tax.
NKY Gold and Silver, (NKY= Northern Kentucky) is a Facebook group that sells through live auctions and sells new coins with Facebook posts, as they come on the market. There is a good selection. You just pay for what you buy, plus a small shipping fee. There are several Facebook pages and groups you can find that sell silver and gold, type in Facebook search: live silver auction, buying silver, etc.
You can buy Silver as Graded Coins
For buying graded coins, there are several grading places. The best are PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation.) Coins are put in a plastic slab and graded on a scale from 70 to 0. 70 being the best.
Silver and gold coins are backed by governments, they are made from a government mint. Various dates and rarity of coins also make them more valuable.
You can Buy Silver in Bullion
A Round looks like a coin, but is not backed by a government. It is made by mint or a small time silver smith. The difference between a Coin and a Round is that a coin has a government name on it like USA, Niue ( a small island country in South Pacific Ocean) or Mexico, etc. and a year when it was made.
A Bar is usually rectangular. Same as round in that it is made by a mint or small time silver smith. Some people like myself get small bullion pieces (.999 fine silver, called silver shot) and melt it into different shapes.
Sizes of Silver and Gold: 1 oz. is the most common, but also comes in sizes from around .5 gram to 1000oz. A 1000 oz. bar of silver weighs about 75 lbs.
Gold due to its value, is in smaller pieces. .5 grams to over a Kilo. A kilo of gold would cost about $57,600.
Buy Silver and Gold in Bulk
With all metals, when you buy in quantity, it is cheaper. A large amount like a 1000 oz, bar is easier to make than many small rounds for example. So if you can, buy large amounts. That being said, it could be harder to find a place that might have funds to buy a kilo gold bar if you needed money in a hurry, but selling 100 – 1oz coins could be sold in a few minutes. So my own policy when buying is to buy coins, backed by governments and in a larger amount, called a roll, usually 20-25 coins.
Buy Silver and Gold and get them delivered to you
All major online companies will buy back silver and gold: JM Bullion, SD bullion, Money Metals, etc. Just make sure when you ship them to get a tracking number. I usually don’t insure it as fees are quite high, but do what you think best, I have not lost a package with the post office. UPS and Fed-ex would probably be secure as well. They will ship to you with a tracking number also. Lastly, I personally have my Silver and Gold where I can get to them easily, not in an online sellers vault in another state.
The Author Wishes You Super Success
Chris Watkins, lives in Los Angeles, wishes you super success in silver and gold buying. This article is not meant to give any financial advice. But the way the economy is going silver and gold seem to give some security. We give you all we can to lift you up in life, https://LiveHappyForYou.com.
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