Tuesday, January 18, 2011

Buying Silver for Dummies!

Whether you decide to buy silver for investment purposes, hyperinflation, or economic collapses your choices can be numerous and confusing. My goal for this article is to give a beginner the 10 basic facts they need to know to make the best silver purchase without getting scammed by the many sleaze merchants out there today.

1. Buy from reliable sources. APMEX.com APMEX Gold and Silver and Silver American Eagles has been in business for decades and is widely respected. Gainesville Coins or eBay are good as well. When buying on eBay make sure the seller has excellent reviews and use PayPal to secure your purchase.

2. Start buying "junk silver". Junk silver is any US dime, quarter, or half dollar dated 1964 or earlier. These coins were once circulating currency and contain 90% silver. $1.40 face value of junk silver equals one troy ounce silver (approx). Check out Coinflation.com for updated coin pricing based on silver content.

3. Avoid Goldline International like the plague. They have an "F" rating with the BBB and use high pressure sales and scare tactics to rip off the newbies.

4. Buy American Silver Eagles after you've built up a junk silver reserve. They are the single most respected and popular one pure ounce silver coin in the world and is a real US dollar.

5. Avoid silver rounds and bars which are made by private companies. Bars have to be assayed when sold (adding to costs) and rounds are unknown to most Americans.

6. Buy US coins only! Stay away from European and even Canadian coins.

7. Buy Gold only after you're satisfied with your silver stockpile or unless you feel you'll need to flee the country. Gold is easy to smuggle through customs when emigrating, but is impractical for day to day trading.

8. Keep your coins where you can get to them quickly. Safe deposit boxes are vulnerable to fire, theft (government and otherwise) and banks can be ordered closed during economic chaos. Don't pay your coin seller to hold your coins for you. Scams in this area are rampant.

9. Store your silver in non-polyurethane containers away from moisture which can cause tarnishing and/or corrosion.

10.Remember silver and gold have been valued by human society for 5000 years! Let's see how long the US Dollar lasts!
Time is running out fast! Hyperinflation seems unavoidable as fiat paper money is being printed as fast as the US presses can run. To protect your wealth and your family, buy gold and silver now from these top companies (below):

Rick

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3 comments:

  1. Im traveling to Korea and want to take some silver coins.What is the limit and rules leaving America?

    ReplyDelete
  2. I'm not aware of any rules that limit the amount of silver coins leaving the US. However, any large amount of metal or anything over $10,000 in face value in your baggage, could trigger extra security attention.

    The only US anti-export coin law I'm aware of forbids the exportation of cupro/nickel nickels and pennies.

    ReplyDelete
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