Collecting Silver & Gold

[Bobby B.]

Does anybody on the forum collect Silver & Gold? I've been thinking about collecting Silver & Gold as a new hobby. I'll probably start with Silver and work my way up to some Gold. I just figure if I start collecting now I should have a nice collection to leave to my son someday. I think it would be fun and interesting to collect Silver & Gold. Any tips or tricks to collecting?

Thank you!

[Belair]

Rule #1: Don't use any money that you can't afford to lose.

Rule #2: Buy bullion instead of 'rare' coins because the grading of rare coins is up for grabs. By contrast, bullion is bullion with no grading necessary. (Bullion meaning previously circulated coins. A pre-1965 circulated silver dime is a dime with no arguments or judging necessary.)

[Dmb5450]

I don’t hold any gold or silver. I looked into it in the past and to keep it in my home and pay the insurance costs to protect it wasn’t worth the cost IMO. I didn’t like the idea of paying to protect an investment that has no promise of increasing in value, doesn’t pay a dividend, and pays no interest, and doesn’t offer inflationary protection. I could potentially be paying to protect an investment that has no guarantee it will ever gain value. I know a lot of people swear by gold and solver as an investment, but it’s not for me. Like anything do your homework and make an informed decision that is best for you. I would check with your insurance agent about what policy is best for your needs.

If you chose to get into gold and/silver here are some buying guidelines from the Federal Trade Commission:

– “If you are buying bullion coins or collectible coins, ask for the coin’s `melt value’ – the basic intrinsic bullion value of a coin if it were melted and sold. The melt value for virtually all bullion coins and collectible coins is widely available.

– Get an independent appraisal of the specific gold product you’re considering. The seller’s appraisal might be inflated.

– Consider additional costs. You may need to buy insurance, a safe deposit box, or rent offsite storage to safeguard bullion. These costs will cut into the investment potential of bullion.

– Some sellers deliver bullion or bars to a secured facility rather than to a consumer. When you buy metals without taking delivery, take extra precautions to ensure that the metal exists, is of the quality described, and is properly insured.

– Walk away from sales pitches that minimize risk or sales representatives who claim that risk disclosures are mere formalities. Reputable sales reps are upfront about the risk of particular investments. Always get a receipt for your transaction.


– Refuse to “act now.” Any sales pitch that urges you to buy immediately is a signal to walk away and hold on to your money.”

Good luck with your decision!



Sent from my iPhone using Autogeekonline mobile app (http://r.tapatalk.com/byo?rid=87407)

[FUNX650]

Any tips or tricks to collecting?

Don’t ever scrimp-out when it
comes to having the proper gear.

https://www.autogeekonline.net/gallery/data/500/25D8446A-07C4-4EFE-A578-524EB87032F0.jpeg


Bob

[Bruno Soares]

Is gold/silver an acceptable form of payment at Autogeek? :D

[Bobby B.]

Rule #1: Don't use any money that you can't afford to lose.

Rule #2: Buy bullion instead of 'rare' coins because the grading of rare coins is up for grabs. By contrast, bullion is bullion with no grading necessary. (Bullion meaning previously circulated coins. A pre-1965 circulated silver dime is a dime with no arguments or judging necessary.)

Great advice!
I like the poured silver bars and limited edition designs.

[Bobby B.]

I don’t hold any gold or silver. I looked into it in the past and to keep it in my home and pay the insurance costs to protect it wasn’t worth the cost IMO. I didn’t like the idea of paying to protect an investment that has no promise of increasing in value, doesn’t pay a dividend, and pays no interest, and doesn’t offer inflationary protection. I could potentially be paying to protect an investment that has no guarantee it will ever gain value. I know a lot of people swear by gold and solver as an investment, but it’s not for me. Like anything do your homework and make an informed decision that is best for you. I would check with your insurance agent about what policy is best for your needs.

If you chose to get into gold and/silver here are some buying guidelines from the Federal Trade Commission:

– “If you are buying bullion coins or collectible coins, ask for the coin’s `melt value’ – the basic intrinsic bullion value of a coin if it were melted and sold. The melt value for virtually all bullion coins and collectible coins is widely available.

– Get an independent appraisal of the specific gold product you’re considering. The seller’s appraisal might be inflated.

– Consider additional costs. You may need to buy insurance, a safe deposit box, or rent offsite storage to safeguard bullion. These costs will cut into the investment potential of bullion.

– Some sellers deliver bullion or bars to a secured facility rather than to a consumer. When you buy metals without taking delivery, take extra precautions to ensure that the metal exists, is of the quality described, and is properly insured.

– Walk away from sales pitches that minimize risk or sales representatives who claim that risk disclosures are mere formalities. Reputable sales reps are upfront about the risk of particular investments. Always get a receipt for your transaction.


– Refuse to “act now.” Any sales pitch that urges you to buy immediately is a signal to walk away and hold on to your money.”

Good luck with your decision!



Sent from my iPhone using Autogeekonline mobile app (http://r.tapatalk.com/byo?rid=87407)

Great advice!
Thank you for the "Buying Guidelines" from the Federal Trade Commission. I have a lot of homework to do on this subject.

[Bobby B.]

Don’t ever scrimp-out when it
comes to having the proper gear.

https://www.autogeekonline.net/gallery/data/500/25D8446A-07C4-4EFE-A578-524EB87032F0.jpeg


Bob

Haha! I live in South Florida. I think I will need the proper Scuba gear.

[Bobby B.]

Is gold/silver an acceptable form of payment at Autogeek? :D

I don't think anybody has ever tried paying for their orders in Gold or Silver?