Are you still buying silver?

[Yetiwatch]

With the current premiums on top of the now payable VAT rate, I am currently not willing to pay over £30 for an ounce of standard bullion grade silver, even though I am one of those weirdo's that collect the date runs in most nationally issued silver. So was wondering if I am the only one not currently willing to pay the current going rate?

I think for the time being the beautiful British & American junk will have to give me my silver buzz.

[Bigmarc]

I've not done it yet but looks like there are some good deals on here. Other than that it's just the junk. People seem to be supporting the premiums on eBay, the bars are going for silly money.

Have you ever tried selling on your junk? I'm trying at the moment. It's a bit hit and miss if you try and avoid eBay and PayPal costs.

[sovereignsteve]

36 minutes ago, Yetiwatch said:

I am currently not willing to pay over £30 for an ounce of standard bullion grade silver

£48.60 delivered for a brit from BBP!😧

[Chrissyblards1]

3 minutes ago, sovereignsteve said:

£48.60 delivered for a brit from BBP!😧

Fomo means people will buy at those prices.

[dicker]

For me, only Morgan Dollars and some other US coins that I enjoy owning.

I have ceased buying silver other than anything from BYB that supports the forum.

Best

Dicker

[020ham]

For me l’m only buying junk silver close to spot price here and there.

[dwreck]

Im from the US. Ive bought 4 (10oz) engelhards in the past month and 2 cheap premium 10oz bars. Sold the 2 cheaper bars to help obtain the engelhards. I paid 365 for 2 waffle back (way overpriced imo) another waffle back for 347 and a pebble back for 306. I want to buy as much as possible to help this shortage that seems to be brewing but will be over soon after a quick run up.

[SidS]

1 hour ago, Yetiwatch said:

I am currently not willing to pay over £30 for an ounce of standard bullion grade silver...

I dunno I just pulled the trigger on a Vicky young head crown for £30 in AF grade. So I guess I'm still buying.

 

 

[stackerp5]

45 minutes ago, 020ham said:

For me l’m only buying junk silver close to spot price here and there.

What's the point of buying junk silver? Junk as in .925 sterling?

[Bigmarc]

Because the wife and kids take all my money😐 

[Darr3nG]

22 minutes ago, stackerp5 said:

What's the point of buying junk silver?

Because it's silver  (and you can often pick it up for spot, or less)

Good explanation here [https://www.bullionbypost.co.uk/index/silver/junk-silver/]

[020ham]

34 minutes ago, stackerp5 said:

What's the point of buying junk silver? Junk as in .925 sterling?

No l meant l buy eg pre 1947 junk silver at 50% silver then half the spot price. Then l usually buy silver close to spot price then.
 

 

[SidS]

27 minutes ago, stackerp5 said:

What's the point of buying junk silver? Junk as in .925 sterling?

I only buy sterling and junk silver. I don't own any bullion coins/rounds.

For me silver has to tick as many of the following as possible:

1) Silver

2) Numismatic or historical interest

3) Quirky or interesting design

4) Victorian or older.

I really don't own very much silver, but the small amounts I own, have proved to have done well. Simply by diversifying the future sell on base beyond simple silver content has served me well so far.

For example, I bought a handful of worn Charles II crowns in the £30-£60 range from eBay back in 2015 or so. Can't get them anywhere near that cheap now! Silver melt price might only be £16 or so, but the numismatic value seems to have shot up over the past five years, hard to find any under £100.

So I'd never say there is no point to buying junk silver, you just have to find unappreciated areas.

[020ham]

I too buy most of my silver on content but l always try to pay close to spot price as much as possible.

[yaffle]

Yet to own any precious metals, but how things are looking I may focus on gold (despite the more scary costs involved for sovereigns), given the prices for silver currently unless I find any coins I really like or see to be a good deal (e.g. posted for £30 or less).

[RacerCool]

Yes I'm still buying silver but while premiums are high I'm mostly focusing on the collectible part of the stack, the fun stuff. 

These days I'm trying to finish the date run of Libertads, and the collection of Privateer 2 ounce rounds.

[Nugget]

I am still happy to purchase silver albeit, not at the prices you can see on eBay etc.

I don't buy a lot, but if the price is right I would grab a few Oz. 

[dwreck]

What is the right price to buy tho?

[Nugget]

Whatever fits your budget. 

I'm not into the numismatic side of things and I'm just buying what I feel is decent priced silver and chucking it into the safe.  It's for my kids, so I won't touch it. Long term outlook and all that.  

[Murph]

I’m not buying much at all.  It seems prices have increased across the board.  I used to pick up some ancient and medieval stuff at decent prices but recently it seems prices have increased substantially.

Even common things like Alexander tetradrachms and Athenian owls seem to have jumped in price.

[SidS]

2 hours ago, Murph said:

Even common things like Alexander tetradrachms and Athenian owls seem to have jumped in price.

They have indeed, I suspect the owls are always fairly popular though. Always meant to get one but they always seem expensive, especially in an area of numismatics I know very little about, I couldn't spot a fake one of these so I'd have to rely on a dealer and thus up goes the price!

[Guest]

I am not buying silver at the mo because I think it's over priced, with or without VAT. The only reason why I would buy any PMs now is if I wanted to artificially deprive my capital and under report it for tax/business purposes, but it's not my case (yet).

[RacerCool]

15 hours ago, Witcher said:

I still buy, though I am more selective now. 
For instance, on February 11th, many people were playing the US Mint gambling game. 
It's where you fight bots over a new release. The typical collector usually loses.  Sorry, try next time. 
You can see the rants of such game throughout multiple YouTubers and such.  

I decided not to join in on that fun.  Instead, I took a trip to a LCS that I never been to before. 
I can't say that I was thrilled with their prices ($38 for ASE or Maples... Roos were $40), but I called another place today and they were even more ($40+). 
Anyway, the place that I went to had one decently priced item.  Some 2008 1oz Libertad Proof.  I snagged all three and felt... pretty good. 
I am not going to kiss and tell (meaning, not saying how much I bought them for), but lets just say it was a great deal compared to $38 for an ASE or Maple. 

 

It depends on what you want and why you want it?  
Some people only collect/buy American Silver Eagles. 
Some people might only stack on generic silver.  
As long as it is not fake, get whatever you want or can afford.  Premiums are high now... because demand is high and short term supply is low. 

If you are starting off, I would probably steer away from pure high premium things...  For instance, now is NOT the time to start collecting 2 oz Privateer rounds like RacerCool is. Two years ago was better to start that adventure. 
Even generic is pretty high now.  I suggest to find something else.. you have to look around for the weekly deals.  It might be Krugerrand, or Philharmonic or Maples...  Right now, those will be better deals than the American Silver Eagle. 
I would stay away from graded/certified because those carry a higher price tag too.  

Indeed, you are late to the party, but at least you made it and the party isn't over. 
You still have time to acquire something, which is a lot better than nothing. 
You might find a deal on FeeBay, but that is a lot of work, and there is the concern about buying something fake unless the seller is a real dealer. 
People on FeeBay are bidding like crazy and/or shill bidding is still going on. That is when the seller uses another account or a friend to made fake bids to up the price. 
That is why looking for the value of something is not always accurate.  I used FeeBay but then had to readjust my selling price after viewing online dealers. 
Like I said in one of my post, if you can find it cheaper now elsewhere, buy it. 

All good advice. 

Adding onto what you said, I suggest first building a solid stack of lower cost silver before ever venturing into the more fun novelty or collector stuff.

In my case, I first built an approximately 100 ounce base of mostly 90% "constitutional" US and Mexican silver coins (mostly uncirculated), and generic silver rounds. This gave me a good amount of silver and also fractionalized it so that it's not all in 1 oz or larger chunks.

After that I began to branch out to the collector stuff like 1 oz Libertads, etc. But you gotta have that solid large stack of useable silver first.

[StackemHigh]

I still buy gold / silver monthly in a certain way.

In order of priority

Gold proofs

Gold Bullion

Silver proofs

Silver collections

Silver bullion

I usually only Buy six gold proofs a year for year runs and quite a few gold bullions cor collections. nothing from the royal mint mind their quality ain't worth the hassle

[Kraittos]

I'M selling for the moment, I think that is overpriced , I try to get junk silver under spot if I can, I think that the game today is on gold