Starting Investing in Silver / Gold - noob question

[DanTer]

Hi

I would like to start saving regularly in gold and silver - mainly in silver.

What I been told by one guy who is doing this for years is that this only make sense to buy silver/gold from mints with "certificates of promise" which means that mint gives warranty to buy back gold/silver.

What I been told that if I will buy silver or gold without that certificate - in case of recession or crisis I will be only able to seel it at price of 30%-50% of market value.

Is this how it works ?

Can someone please explain me that ?

Thanks You

 

Dan

[sixgun]

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What I been told by one guy who is doing this for years is that this only make sense to buy silver/gold from mints with "certificates of promise" which means that mint gives warranty to buy back gold/silver.

This is BS

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What I been told that if I will buy silver or gold without that certificate - in case of recession or crisis I will be only able to seel it at price of 30%-50% of market value.

More BS

Quote

Is this how it works ?

No it doesn't

Quote

Can someone please explain me that ?

No - go back to this guy and ask him to provide proof for this fairy story.

[Stu]

Stick to this forum mate, your advisor is talking through their rear end! 😀

[5huggy]

18 minutes ago, Stu said:

Stick to this forum mate, your advisor is talking through their rear end! 😀

and OTHER orifices ! 😡

[Melon]

Was he trying to sell you some gold/silver with a fancy certificate at the time by any chance? 🤣

This is utter nonsense, don't listen to that person. 

[sixgun]

Probably something like this perhaps - an utterly incredible sovereign by London Mint Office - an absolute snip at £795. i am literally shaking with excitement.

[CadmiumGreen]

...or anything being sold out of London Coin Company, in my opinion.

[cravethatcoin]

This advice is insane.

But I'm glad you found the right place to disprove this straight away.

[DanTer]

Thank you guys for all the answers.

So for example - If I will buy few kg of silver now in case of bad times what warranty I can have that mint or whatever will buy that back from me at actual market price ?

Is there nothing like this type of "buy-back" certificates ?

 

Ps: apologies for grammar - English is not my 1st language.

[erv]

You can always look on the company's web site for their buy back price.  However, that is the buy back price at the current point in time.  I have never seen a buy back guarantee for a specific price, unless it is some type of marketing ploy that is not worth c**p.  If you are afraid of loosing money when it comes time to sell, then think twice about buying; this applies to anything.  There are no guarantees in life except for death and taxes. 

[Melon]

6 hours ago, DanTer said:

Thank you guys for all the answers.

So for example - If I will buy few kg of silver now in case of bad times what warranty I can have that mint or whatever will buy that back from me at actual market price ?

Is there nothing like this type of "buy-back" certificates ?

 

Ps: apologies for grammar - English is not my 1st language.

I'm not sure where this notion of guaranteed buy back is coming from. Gold and silver are traded the world over, when it comes time to sell you find someone (or a dealer) who wants it and sell at a price relevant to the current spot value of the metal. There's no certificates or buy back arrangements needed. Anyone that offers you one must be colossally overcharging in the first place. 

 

[PapaLazarou]

Was this "advisor" of yours a bald-headed jug-eared buffoon with an almost pathological admiration of George III but a limited grasp of alchemy?

[Nick1368]

6 hours ago, DanTer said:

Thank you guys for all the answers.

So for example - If I will buy few kg of silver now in case of bad times what warranty I can have that mint or whatever will buy that back from me at actual market price ?

Is there nothing like this type of "buy-back" certificates ?

 

Ps: apologies for grammar - English is not my 1st language.

what guarantee do you need better than the gold/silver that you have in your possession.

 

[Michal]

On 22/03/2020 at 22:52, DanTer said:

Hi

I would like to start saving regularly in gold and silver - mainly in silver.

What I been told by one guy who is doing this for years is that this only make sense to buy silver/gold from mints with "certificates of promise" which means that mint gives warranty to buy back gold/silver.

What I been told that if I will buy silver or gold without that certificate - in case of recession or crisis I will be only able to seel it at price of 30%-50% of market value.

Is this how it works ?

Can someone please explain me that ?

Thanks You

 

Dan

Hi, can you provide contact details to this guy? We got crisis right now so i will be happy to unload his problematic gold and silver for spot - 3%, bargain for him i guess? It is more than any mint will pay him. 😉 

[Michal]

15 hours ago, DanTer said:

Thank you guys for all the answers.

So for example - If I will buy few kg of silver now in case of bad times what warranty I can have that mint or whatever will buy that back from me at actual market price ?

Is there nothing like this type of "buy-back" certificates ?

 

Ps: apologies for grammar - English is not my 1st language.

They will not buy it back at spot price, always under and what if mint go bust? or just say they will not respect your certificate? In crisis there is no certainty. PM will help you transfer your wealth to time after crisis in better way than other assets. ( well at least in theory)