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Newbie, Confused Buying Silver


Lee1234

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Hi 

Im new to this and have several questions.  Can somebody help please?

First time buying

How do you know when to buy silver, like what is a good price to buy it (per bar or per coin)?  At the moment its trending at £12.07 and buys at £21.07 coin or £19.07 per Britannia coin (1oz) if buy 5 - 10 bars (including VAT).

I was looking at the charts and it looks like it has only ever it above this once and stay around that mark for 2 years, but it has hit above £15 more frequently.  But as brexit coming and new PM though prob it above that in Oct.  

 

 

 

 

 

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3 minutes ago, Lee1234 said:

Hi 

Im new to this and have several questions.  Can somebody help please?

First time buying

How do you know when to buy silver, like what is a good price to buy it (per bar or per coin)?  At the moment its trending at £12.07 and buys at £21.07 coin or £19.07 per coin if buy 5 - 10 bars (including VAT).

 I was looking at the charts and it looks like it has only ever it above this once and stay around that mark for 2 years, but it has hit above £15 more frequently.  But as brexit coming and new PM though prob it above that in Oct.  

In the UK we pay VAT - and high margins on silver if bought retail. I suggest keeping an eye on the forum buy and sell where you can get silver cheaper - sometimes very close to spot. Also - group order from the European mint by @BackyardBullion is a good one to join to lower your buying costs. You can lower your costs per coin down to £14 and sometimes £13 by following this forum sales closer. 

New Forum Sponsor! See Items for sale here  Also on Instagram: Bargain Numismatics 

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I'll also recommend joining @BackyardBullion 's group order. The European Mint consistently comes out as one of the cheapest places to buy generic government bullion - often cheaper than the big US dealers per coin. Joining the group order will help with shipping costs as well so it brings the per ouce cost down nicely. Other than sales through the forum or random ebay deals (which I don't recommend for someone new to this due to the amount of fakes, etc) buying from the European Mint is one of the cheapest ways to get started.

As for your question about when to buy - well that's a harder one to give you a clear answer to. All you can do is look around see what others are saying, do your own research and do what you feel is right. Look for good rounded opinions and avoid taking advice from those either trying to sell you silver or sell you books about how you need silver - those opinions will be too biased.

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Hi and welcome to the forum! :) 

Bleyer Bullion is the South West's local bullion dealer, serving the whole of the UK by phone and online. Bleyer offers friendly, expert consultancy and welcomes face-to-face appointments with UK customers looking for a more personal service. Please visit us at: www.BleyerBullion.co.uk.

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1 minute ago, Kman said:

What are your reasons for wanting silver? if I may pry 

Uncle did it all his life.  As child got interested showed me alot of it and said he would do it together when older.  He passed, so never got a chance to do it.   

now as adult i want to do and try buying and selling.  try make bit money on it aswell.

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2 hours ago, Lee1234 said:

Uncle did it all his life.  As child got interested showed me alot of it and said he would do it together when older.  He passed, so never got a chance to do it.   

now as adult i want to do and try buying and selling.  try make bit money on it aswell.

If you want to try and buy and sell in the short term, I would avoid the generic silver bullion like Brits

I think it's better to wait before buying anything, watch a lot of youtube videos about different coin series, spend a lot of time reading the forum etc

I think it's pretty universal that no one who gets into precious metals sticks with the direction they thought they were going in with their first purchases 

Help thread for members new to silver/gold stacking/collecting

The Money Printing Myth the Fed can't and don't money print - Deflation ahead, not inflation 

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6 minutes ago, Kman said:

If you want to try and buy and sell in the short term, I would avoid the generic silver bullion like Brits

I think it's better to wait before buying anything, watch a lot of youtube videos about different coin series, spend a lot of time reading the forum etc

I think it's pretty universal that no one who gets into precious metals sticks with the direction they thought they were going in with their first purchases 

Ok, thank you.  I will. 

Think both short and long term looking

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Completly agree with kman. I've just finished re aligning my stack as when I first started I was erratically buying all sorts 😁 my biggest mistake was buying a fair amount of fractional silver. I've kept a few that I like but rest has gone. Not a major downer as most was sold for what I purchased for but just a pain going to the post office constantly 👍 since joining the forum this year I have learned a lot and now am going in the right direction for me personally. Just the best thing I ever did getting into pms. Good luck and don't ever be afraid to ask advice on here. Great group of guys and gals with crazy amounts of knowledge 

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I also agree with @Kman.

For me, this madness started in 2016 when I got a 50p in my change. It was the Rio Olympics coin. I nearly had a baby when I first googled about it because there was talk of it being worth thousands. I quickly discovered that it was the wrong Olympics (note I am referring to the 2012 Olympic swimming error coin). Regardless, I thought back then that this was a fantastic thing to collect. I quickly built up a collection by exchanging notes for bags of coins from the post office and bank and also furiously checking my change! I started collecting the round pounds, the two pounds and generally anything that was unusual. After a while I discovered silver bullion and sovereigns. I started buying older and older coins. As I was buying older coins I started selling the collection of 50ps, pounds and two pounds. I now have none of those coins and instead have a big old stack of 1oz Britannias, American Eagles and 2oz Queen's Beasts. I also have some beautiful bars of silver including some incredible Perth Mint bars. I also went completely crazy for half sovereigns and sixpences and now have a fair amount invested in these coins too - most recently bought a 1693 William and Mary sixpence and an exquisite milled Elizabeth 1 sixpence from 1562. All of this from a simple misunderstanding about a swimming coin......!

Defo invest in what you like. None of us really know what will happen tomorrow. Just collect what makes you happy and I am sure it will be worthwhile. You may also learn a bit of history along the way.

Cheers!

Andrew.

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