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I don't get why people buy silver and gold.

If you buy it, you'll have to pay a 15% premium on the gold price to the gold trader.

And when you sell it, you'll have to pay a 15% discount to the gold trader.

There's literally only 1 person making money... the gold trader. He earns when he sells and he earns when he buys.

This what Peter Schiff doesn't want you to realize. He's not in it for the hard money. He's not in it for the hedge against inflation.

He just wants you to buy his coins and then sell them back to him.

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Discussion

TableCityTokers 1y ago

I do hope that you wouldn’t pay that high of a premium…but I see why you would advise that way…And, there are other ways to secure gold and silver without paying an inflated premium or numismatic/Intrinsic Value vs Face Value.

Just my opinion as a Numis/PM dealer.

Bit N Beautiful 1y ago

Well, 1 gram of gold, Umicore. Costs €84,64.

The spot gold price per gram is €61,79.

So, the premium is way more than 15% actually.

The cheapest Canadian Maple leaf silver coin costs €25,26.

That's 1 Troy ounce.

But 1 Troy ounce silver at spot is now worth €21,40.

And then add the shipping costs with extra insurance.

Where do you get better prices?

TableCityTokers 1y ago

Locally in Arizona, and while I think that does make some difference, the private sale of PM’s means there’s a bit of competition. I have had experience shipping PM’s globally, some counties have different regulations on shipping as well.

I get it. I do realized how blessed I am to be able to conduct business privately 🫶🏻🫂🧡💜

Bit N Beautiful 1y ago

Yeah, I'm less blessed in that aspect, I guess 😄. I'm in the Netherlands.

I like to have coins and I'm looking to buy. Cause I made a good Bitcoin profit so I wanted to switch out some BTC for coin...

But I lose too much money on the dealers. It's more a vanity buy, than a smart way to allocate my purchasing power. As I said... 15%, at the very least, on shipping and premiums.

As a Bitcoiner, the allure of gold and silver is not lost on me. I want it.

If you're privy to better ways, I'm honestly interested. But I'm not paying 1000 bucks for 800 dollar silver. It'd be an instant loss, right?

TableCityTokers 1y ago

I would say in many instances, the dealer is also taking the risk albeit small. The markets fluctuation can be volatile. What I find most interesting is those that value in numismatics vs intrinsic…I personally would much rather have small denominations in fractional gold or silver than any gov backed token. But I’m thinking in terms of trade. 🫂

Bit N Beautiful 1y ago

Well, there you hit the nail on the head. I also much rather have a silver coin than a government backed piece of paper.

I'm also buying some silver and gold, but much less than I would want. Just because the afore mentioned. I lose too much value in the trading process.