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Quick Reads: Do not Buy Silver until you Read this!

Homepages and Apps everyone should have on their smartphone

I get it. People buy precious metals like silver, gold, and platinum for different reasons. For example, I buy for melt. Meaning I buy generic .999FS silver rounds with no monetary value, but worth it’s weight in silver. I buy the close to silver spot price as I can, with the intention of melting and pouring silver. My friend buys silver to stack. He sticks with silver American Eagles and Libertads because those coins are known and their reputation precedes them. He stays away from the gimmicky stuff like King Kong and Godzilla coins. Some people may collect and pay high premiums for a silver coins, slabs, or round that interest them. Coin dealers sell to everyone, with the intention of making a profit. Again, I get it. However the prices of silver at a recent show I went to was completely insane and it’s my hope that a newcomer to precious metals does not get suckered into such high premiums and mark-up’s.

  1. Kitco. The precious metal spot price is how silver is priced for the day. You will never buy at spot however you should be aware how much the “mark-up” is and I am not talking about premiums. I can deal with premiums, it’s the “mark-up” after the premiums that are ridiculous. Kitco is just one of many sites that shows the days precious metals spot price. Coin shops usually have the spot price on screens when you walk in, however it’s a good idea to be in the habit of checking on your own.

2. Apmex is a website that sells silver at a very high mark-up. They are good to keep handy on your smartphone so you can check the vendor’s price against Apmex’s price due to Apmex’s prices are probably the highest of online bullion dealers. If the vendor’s price is higher than Apmex, then that should raise a red flag immediately! Walk away, just walk away!

3. Instagram Silver Stacking Community. Instagram in my opinion is the best platform for selling silver. When you get to know the #silverdegenerates you can refer to them about anything that has to do with silver! Post a picture of the silver you are about to buy, ask questions, or even if you are in search for the best deals, the silver stacking community on Instagram will not let you down. Of course, like anything else it’s buyer beware, however there is more than a handful of credible sellers on Instagram and you can always ask for a reference.

It’s one thing to be honest and say “I got the coin at “X” price and have to sell it at “XYZ” price due to whatever reason. However, when dealers start pulling out their phone to manipulate a customer into thinking they are getting a good deal; or when they pull a price out of their A$$ because they assume the buyer does not know any better, that’s just pure evil.

People have choices.

The world is changing. Marketing and selling products has been moving online for two decades. People have a billion choices where to spend their hard earned cash. Company’s spend billions on online advertising and social media is how we communicate. Gun shows, coins shows and brick and mortar businesses are on notice. You don’t have to lease a building to run a business anymore. Once again, people have a billion choices when buying silver. We know longer have to be scammed by a dealer at coin show. Consumers hold the power.

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