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ChuckFinley

Basics of Testing Gold & Silver and Identifying Fake Bullion

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i have a couple of questions for those of you that buy silver, i have already decided where to purchase from, what i would like feedback on is:

1. is it better to buy 1.0 oz increments or go larger, and why

2. keep them in provided storage or keep them in your own hands?

3. bars or coins, and why?

thanks for any feedback

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FYI - China was busted for having a bunch of fake gold.

 

Remember that this me talking.

 

1. I set goals to have so many oz of Ag (Silver). I have done a mix of weight. I am now looking into Grams. My reasoning is that it is still cheaper if you buy 10 oz and above. By cheaper I mean the spread between the spot and purchase price get closer. I.E. Spot is $19.00 and spread (mark up) is $1.00. A 10 oz bar will cost you 200.00. Meanwhile the 10 of bar at spot is $190.00. As the value of Ag goes up,  there may be a time that you need to cash out. You not wanting to cash out a 100oz bar @$100.00 an oz to cover $250 debt. Grams act as cash if things get really bad and is large enough to pay for things. Rolling out with a 10 oz bar may draw too much attention to yourself. In the case with 1 Round it could be $3.20 above spot. 10oz would push that to $32,00 above spot.

 

2. ALWAYS keep physical Silver and Gold (Au) with you (your own hands).

 

3. Bars or coins (also called Rounds). Bars, for the most part, are always cheaper than Rounds. I am just stacking weight and not collectables. So, in many case i go for lowest price.  Therefore I am doing bars. Put i do have Rounds as well. 

 

FYI. There will be break point depending on the number of coins/bars you purchase. I use Provident Metals, because if you provide a military ID they will always give you the cheapest price regardless of how many you purchase. Make sure that the Value (1 Troy Oz) and Purity (.999 or .9999) are noted on the bar or coins. 

 

Hope this helps. - CF

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