Canadians Buying Silver

[Goldiegirl]

I was wondering where any of our Canadian members were buying their silver. I'm looking for maple leaf coins not necessarily the bars.

 

I know you can buy them at the banks, but I was wondering if there are reputable places other than the banks.

 

Thanks...

 

GG.

[The Machine]

The Royal Canadian mint ...... seen as that's where everyone else in Canada get's there maples they would be the cheapest to buy from.

 

I don't know if they do sell direct to the public but most mint's do and it would be worth checking out.

[Goldiegirl]

Thanks Machine.  I'll look them up. 

[Jimblue]

I've seen them on Apmex and Kitco

[Rayzur]

I was wondering where any of our Canadian members were buying their silver. I'm looking for maple leaf coins not necessarily the bars.

 

I know you can buy them at the banks, but I was wondering if there are reputable places other than the banks.

 

Thanks...

 

GG.

 

Some thoughts:

I'm guessing you are interested in Maples as you are Canadian = more available and perhaps because the Maple is 99.99% pure while the Eagle is 99.9 pure = a slight but not likely a real significant difference? (on average there are fewer Maples than Eagles minted per year, so that may increase their numismatic value... maybe).

 

In my thinking some of the answer lies in how much and what type of silver you want to buy:

*Do you want bullion e.g., coins  sold for X amount of money over SPOT ( without significant collector value 4 example the Privy series for the Maple)

*Numismatic value: coins that have collector value at times way above their SPOT value

* Do you want a bunch (like buying a roll of 20 US coins or 25 Canadian coins)....

* or just a few at a time?

 

I ask because, if you want collector value, then the Mint is probably the better place to go... I participate with both the US Mint and the Royal Canadian Mint in buying coins for collector value..These coins sell for significantly higher than SPOT, as they are collector coins... .

------The US Mint does NOT sell bullion coin rolls to private citizens (20 US or 25 CAD coins per roll). In the US you have to be a dealer, or (can't      remember exact but sign up and buy like 250K worth... or show you have 250K or something like that prohibitive to most private collectors). 

------I think the CAD Mint (RCM) is the same, in not selling rolls to private people with similar conditions.... I think that's true or I would have purchased direct from them... (and if I am wrong, please let me know)... 

 

If your interest is to purchase silver to have precious metals on hand, or accumulate silver as a PM and don't care about collector value, than buying bullion is likely a much better way to go.... (coins that have no significant collector value... like those in rolls).

If you are going the bullion route, then as someone suggested, places like APEMX.com are great sources... I'm not sure where in Canada you are, but there is a Pacific Northwest Mint, (something like that, I'd have to look at links if you want the exact)  in Washington State that has very competitive pricing... When you buy these coins, you buy them for a certain percentage over the SPOT for silver that day. So the prices will change (or can change) daily...Ebay is a great place to find deals sometimes... People will sell bullion  they bought years ago  for lower prices than places like APMEX. There's a place in the US selling rolls for like 435.00 per 20, and if you want that link, let me know (I don't want to go dig out my invoice stuff right now, and can't remember name, even though I go there a lot)... 

I don't know if there are similar places in Canada that sell bulk and online .. I'm sure there are ... just don't know them. And in any case, shop around... seriously.. the prices can be very significantly different!!! Indeed, every time I buy, I shop around and don't automatically return to one favorite place as the prices can and do differ day to day within shop and between shops... (with most places selling for SPOT that day instead of against real time SPOT as it changes minute to minute) ...

 

I guess that's the long answer way of saying depends upon what type of silver and how much you want, will probably best determine the place(s) you would want to inquire for buying at the cheapest cost...

 

PS you can also buy from private mints, who mint silver oz "rounds" and bars... just make sure they have an exceptional reputation, which will matter more when you go to sell.... (e.g., If I bought from you, I wouldn't core a JM bar, but would a Joe SilverSmith bar.)  Good Luck and have a wonderful shopping adventure!!! ..

 

PPS I know you said you were looking for Maples, however I would buy whatever is cheapest at the time... be it maples, eagles, pandas, libertads or even harmonics... ..

Edited May 31, 2014 by Rayzur

[Goldiegirl]

Rayzur, wow girl thank you for taking the time to write such a comprehensive and thorough reply for me.  I'll have to eview this a few times, but to answer some of your questions.  No, I am not interested in collector coins. I did have a look at RCM and saw the many collector coins with all sorts of animals and other artwork on them.  Very expensive as you have mentioned.

 

My short answer is, I'm looking for investment and to protect some of my money. Now that as  I post this I realize that some of that investment portion might, or should be bars, but much of it I am looking for what you called "rolls of coins".  Maples, not necessarily a preference over Eagles, just thought it might be easy to get the Maples with me being here in Central Canada.  No objection to Eagles or any other types of animals, just looking for coins that are not a scam. 

 

Ebay, probably not my choice. Only because I'm not much of a trusting person and lately less so. That means looking at some of the sites around out there that I can either pick up locally (near a very big city) or have shipped to me.

 

I will probably end up shopping around as you suggested, as I plan on buying a little at time. Don't have $250K to spend...wish I did...LOL..but like I said, it's something I want to get into and not have my hard earned dollars sitting in bank electronically valued, or with any other types of investments that I have done with poorly with in the past such as stocks. 

 

I am concerned about the future and I don't wish to have my life wiped out by those that think they can just rule the world and adjust our bank accounts.

 

So, that's my story. If I have any questions, I'll contact you personally if that is OK with you.

 

Thanks again so much. You are indeed "one smart cookie".....

 

GG.

[Rayzur]

Goldie, of course you can contact me any time you like..... (maybe just let me know lol... I suk at checking email sometimes) I'll check around and see if there is an APMEX equivalent in Canada... and APMEX is  pretty competitive price wise... There are also some very good dealers on Ebay and I can get you their names as well.... people you can trust (I haven't been skay rooed by them in over 10 years).... And in any case, if you can find someone who will sell you silver for just a few dollars over spot... that's pretty good..... Also to perhaps keep in mind, Maples come in 25 coin rolls and eagles in 20 rolls, so the maples will be more expensive, but that's generally because you are getting 5 more coins.... And it seems (totally off the top of my head) generally speaking, Pandas seem to cost the most, harmonics the least and everything else in inbetween... (maples, eagles and libertads etc)... And its usually not by much, but can add up.... And forgot to mention, Libertads (Mexico) is a good way to get fractionalized silver, meaning pieces less than an ounce from a trusted / internationally recognized mint

Also for what its worth, I buy coins from all over the world, and I would say always always avoid China and Chinese coins (other than Pandas) And these days, unless you can inspect personally, and have some idea of what to look for, avoid US morgans and peace dollars until you get in the groove of buying...

I say this because the Chinese are absolute masters at counterfeiting.... they are amazing... they are so good, there is a fairly strong emergent group of collectors that collect ONLY the counterfeits, as they that frickin  amazing... You almost have to use a loop to catch detail.... So avoid any Chinese old coins, or Chinese marked relics, silver bars, silver charms, trinkets  "old trade coins"  or anything silver... (and darn off the top of my head, I can't remember the really clever way they characterize silver and it sounds good, but its almost pure alloy).... so just avoid them altogether... I say the same about Morgans and Peace dollars (US) as the Chinese have become masters at counterfeiting them as well. People love buying them, but don't have a lot of experience with them, and the Chinese figured that out and began a serious counterfeit enterprise.... Last year I bought a boatload of morgans and peace, at auction and didn't take the time to weigh them... I got home and started weighing.. and wow, they were so close, but not correct, yet the dimensions WERE there, as was the reeding, lettering, etc... I'm established  with that auction house and so took them all back with no questions, but had I not checked, I would have had a boatload of bull... so for now maybe just stay away from anything other than current issue (last 3 decades) of mint coins... And doing that, you should be fine...   

I just got the 2014 maples yesterday...beautiful!! almost but not quite a reverse cameo, the background has like this micro checkering giving it that reverse quality... Hopefully you can go into a local dealer and have him show you a few years mintage, so you'll see what I mean... Very nice

And one last thing.... if you get into gold, the maple is more pure than the eagle, and you would have to get the US gold buffalo to get equal purity with the maple... .

Can you tell I could talk about metals all day long into the night, and love every minute of it...

 

And I keep forgetting to mention the Perth mint... they are super great to deal with !!!..

Edited June 1, 2014 by Rayzur

[SocalDinar]

Thanks Rayzur

Been picking up precious metals with my spare cash for a while now.

Sure is nice to hold in your hands

Here in California one must buy $1500 worth to avoid sales tax on silver

So I am usually buying online since I'm buying only a few ounces at a time

If I use a credit card it costs more. So e check or transfer is the way to go

I shop ebay for silver from the big boy mints / Scottsdale , silvertowne etc..

Trick is to not wait to the last second but to put a bid in early .

The silver usually gets to that selling point and stops

To much available to try an outbid someone. Just need patience

To be honest I've done the math and the sellers get below spot if you calculate the Free shipping in and the ebay/paypal fees

Just bought 2- 5 oz bars for $205 with free shipping

I love the way it feels in your hands,

[Saint]

GG . Have you tried the New York Mint or the the 1st National Reserve out of Beaumont ,Tx. Both sell silver almost at spot or a couple dollars over spot. Both have very high quality silver maples and silver coins from all over the world. Good luck.