Reddit's silver "apes" now targeting silver, opportunity or fool's gold?

[disneysteve]

About $32 - $35 from APMEX, SD Bullion, Liberty Coin, Bullion Exchange, etc. None of the legitimate dealers would sell it for $26 so this reason as well leads me to believe this seller has fakes.

Paid $4 a coin, which is quite a bargain. Ebay sellers are asking $5 or more.

So you got those half dollars for 20% off. Getting the Morgan dollars for $26 instead of $32 is also about 20% off. Not my area at all but I would think a private seller would be willing to give a better price than a professional firm given the lack of overhead. Plus if it's a cash deal, they likely aren't reporting their income so no taxes to deal with.

It sucks that there are counterfeits out there that make you forced to decide if something is worth buying because you can't be sure what you're actually getting.

[QuarterMillionMan]

Yup, I'm a novice at this so I'm a little hesitant to take a chance at the $26 Morgans ($25 each if I buy all 21 coins). Although I would be using 3 test methods (ie, magnet, chemical, and digital scale). I also have on order a digital caliper to gauge the diameter and thickness of the coins but still some of those fakes are so good replica coins that I still could get fooled. There is also a "pocket pinger" which I want to get to test the pinging sound of silver but that takes a trained ear to listen to the ping vibrations sounds of real silver. Or better yet is a Sigma metalytics gold, silver, and platinum tester but it costs $1000, maybe one day but that day is not today, lol.

[QuarterMillionMan]

NEW Sigma Metalytics Gold, Silver, Platinum Original PM Verifier 3 wand & case | eBay ($1200 Sigma tester for gold, silver, & platinum)


The Pocket Pinger w/ Stack Stick - Coin Ping Test 195893561834 | eBay ($30 pocket pinger)

[QuarterMillionMan]

Next I'll be looking to purchase some Goldbacks which are the world’s first physical, interchangeable, gold currency, that can be used as real money from small to large transactions. Both Investors and Collectors buy Goldbacks because they are spendable, physical 24k gold bills, each with beautifully unique designs, available in five denominations. The smallest unit is 1 Goldback contains 1/1000th ounces of gold, 5 Goldbacks has 1/200th ounces, 10 Goldback 1/100th ounces, 25 Goldback 1/40th ounces, and the 50 Goldback with 1/20th of an ounce of gold.

[james.hendrickson]

Does Apmex have the best price for these?

[QuarterMillionMan]

Apmex is the most expensive at $5.96. First I searched the Goldback website here;

Goldback, then I searched "where to buy." My favorite dealer is Bullion Exchanges which is listed as a distributor but sold out. So, I checked Vault Box and they have 1 goldback at $3.80, so I just ordered 20 (1) goldbacks for $76 plus shipping is $7.95 and tax $7, for a total of $90. I'll post pics when I get them.

[QuarterMillionMan]

[james.hendrickson]

Apmex is the most expensive at $5.96. First I searched the Goldback website here;

Goldback, then I searched "where to buy." My favorite dealer is Bullion Exchanges which is listed as a distributor but sold out. So, I checked Vault Box and they have 1 goldback at $3.80, so I just ordered 20 (1) goldbacks for $76 plus shipping is $7.95 and tax $7, for a total of $90. I'll post pics when I get them.

I checked Amazon, they don't carry them.

[QuarterMillionMan]

Keep checking. I requested Bullion Exchanges "notify me" when they get more.

[QuarterMillionMan]

I might order more from this website USGB, minimum order $99, free shipping.

[james.hendrickson]

QMM - this is helpful. Thank you.

If we take a step back here, I'm a bit of a goldbug, same as you. How much of your overall portfolio are you targeting for precious metals? And what are your thoughts on getting there?

[QuarterMillionMan]

10% currently, but I'm game for attaining 20%. Majority of my holding in precious metals is in a Roth IRA precious metals account $7500 per year or the max contribution allowed by the IRS. In addition, I buy another $2000 or $3000 per year outside of my Roth IRA.

[QuarterMillionMan]

Only IRA approved precious metals are eligible for IRA accounts. These goldbacks are not IRA approved (at least not yet). As for silver only .999 fine silver listed as IRA approved can be purchased for an IRA account (no 90% silver, no 40% silver, no 35% silver, etc).

[QuarterMillionMan]

These goldbacks are as real as money can get, along with 90%/40%/35% silver coins, etc. The goldbacks are not only backed by gold but it is gold. Not like fiat currencies which are based on "trust." Do you trust your government holding on to all that greenbacks? Not me and I'll be buying a lot more of these goldbacks.

[disneysteve]

These goldbacks are as real as money can get, along with 90%/40%/35% silver coins, etc. The goldbacks are not only backed by gold but it is gold. Not like fiat currencies which are based on "trust." Do you trust your government holding on to all that greenbacks? Not me and I'll be buying a lot more of these goldbacks.

Other than being shiny things to look at, do they serve any practical purpose? You can’t walk into your local supermarket and use them to pay for groceries. They don’t generate income or growth so they are basically dead money, comparable to stuffing dollars under your mattress. I have nothing against collectibles - I have plenty of my own - but I don’t consider them investments (neither does the government) and I don’t count them as part of our portfolio. You say they are money, but if they can’t be spent, they certainly aren’t.