precious metals collectors

[knownothingmags]

anyone here collect precious metals?
if so any advice and such?
got sucked into a conversation the other day and thought i ask around to see peoples input on this subject.

[Xyxyll]

You mean like bitcoin?

[knownothingmags]

You mean like bitcoin?

no, like gold, palladium, platinum, rhodium, silver and such

[Pyrate Jim]

I have a stash of old coins. Gold Eagles, Walking Liberties and such. Plus quite a bit of what you would call "Indian" Sterling jewelry and gold rings/chains.
Some Rhodium, from back when I was studying the second magnetic triad.

But I really have no advice to give other than unless you're actually actively trading in precious metals, it just collects dust much like any collection. Nice to have, but useless until you sell it. You can only hope the value goes up between the time you buy and when you sell.

[going_home]

Personally I only do legal tender, 1 dollar silver American Eagles.

[knownothingmags]

But I really have no advice to give other than unless you're actually actively trading in precious metals, it just collects dust much like any collection. Nice to have, but useless until you sell it. You can only hope the value goes up between the time you buy and when you sell.

good point.
maybe 20-30 years ago would have been a good time to ask a question like mine.

[luke]

I could have more than doubled my money on my silver a month or so back, just never bothered to pull it out and sell it. It was up around $30 per ounce, today spots at $23.

[luke]

good point.
maybe 20-30 years ago would have been a good time to ask a question like mine.

You dont have to wait that long, in today's world gold and silver prices change constantly, buy low sell high..

[wetwrks]

Have you researched or tried farming for half dollars?

[knownothingmags]

You dont have to wait that long, in today's world gold and silver prices change constantly, buy low sell high..

yeah good point.
i guess a good start would just to pay attention.

[luke]

yeah good point.
i guess a good start would just to pay attention.

Definitely. I'm just to busy to keep up on it and buy and sell. One day maybe, lol. I have a huge coin collection I need to move one day too...

[luke]

Have you researched or tried farming for half dollars?

I got lots (IIRC lol) you buying?

[Nobody]

There is a set price for selling coins, as it doesn't go off weight. So you may think that it is $23(or whatever) per ounce, but you will be mistaken when they buy it off you for less than that. Only when you get pure bars or ingots do you get that price.

I collect coins, as people literally hand them to me. Some years are good, but others not so much in how much i actually get. Coins are weird(circulated vs uncirculated, years, mintings, grading, etc), as they are face value anywhere(a silver dollar is still a dollar), but only when you exchange them as silver do you see a return on the precious metal. There are plenty of coin magazines out there, if they're still around. Best to check with any shops that do deal with them directly(more than just pawn shops), as well as jewelry stores.

But with precious metals, you either collect for a long term payment, or collect to colect. Because it is market based, what you buy it for can change dramatically from when you sell. Also, since that kind of market means they will always buy for under market value, since they also want some profit if they want to sell later on. It can be nice divestment of your finances as the values can drop but not like other investments.

So you should really look at what you want: ingots/bars, coins, jewelry or other. But research it as much as you can. Knowledge is key, as some unscrupulous people can or will take you for a ride if you jump in not knowing what the difference is between pure, alloy or plating(in jewelry); as well as what it sells for, how it is sold, and the values associated with them. But remember for any sort of collection. It is only as valuable as what people will pay for it.

[luke]

There is a set price for selling coins, as it doesn't go off weight. So you may think that it is $23(or whatever) per ounce, but you will be mistaken when they buy it off you for less than that. Only when you get pure bars or ingots do you get that price.

What is it with you, you take everything out of context? That comment was clearly about silver, not coins.

[Nobody]

What is it with you, you take everything out of context? That comment was clearly about silver, not coins.

You do realize that silver coins is the easiest way of selling silver. And it is equally true that there is a difference between selling the coins as silver and selling the actual metal. I was merely stating facts. Seems like you are a bit paranoid over anyone correcting you. Relax...