Dear FutureMoneyTrends.com Subscriber,
I have recently spoken to several members who purchased physical silver for more than $2 over spot, I was shocked to hear this as I usually purchase my silver for spot or up to $1.50 over spot. Today I want to share these simple strategies that I have used for the past several years in order to get the best price possible on your next order of physical silver.
My personal rules to buying
1. I always buy at least 100 ounces at a time. If this is difficult for you, I think you should try and find someone to partner with, because the online bullion dealer threshold for cheap silver starts at the 100 ounce mark.
2. I am investing in silver, not collectibles, so I only buy silver rounds or bars. Yes I will take junk silver or the American Eagle, but only when the deal is right, I never seek them out. The silver market is highly liquid and there is no difference when you sell an American Eagle or a silver round, it takes about 10 seconds to sell either one, and typically in a normal market you get spot when you sell (major dealers, NOT your local guys who will rip you off when you sell). During a shortage of Eagles, there is a premium, but it’s only about a 30% recovery of the premium you paid when you purchased.
3. Try and buy local. You have to approach this like a business transaction, this is my best strategy that has helped me buy silver for spot or $1 LESS than spot for the past 3 years. I approached all of my local dealers and offered them a deal, I will provide liquidity to them within 1 hour of calling me, if they sell me the silver for spot. In order to do this I partnered with 2 other investors, this way we always have the cash. There have even been occasions where the local dealer calls us with too much silver, so that is how we purchased it for less than spot. He simply had more than we wanted so to get us to buy all of it, he went below the market price for a quick sale.
Now the easiest way to find out who has the best deal is to go to GoldShark.com, input the silver you want to buy and the amount, be sure to put in 100 ounces to get the best price. GoldShark.com is like Expedia for bullion dealers, it sifts through their prices and includes the shipping, so when you see the final price, you really are comparing apples to apples.
Right now if you go there you can find 100oz bars for about 75 cents over spot, this includes shipping and one hundred 1oz rounds for about $1.10-$1.83 over spot.
Now some dealers aren’t there because you have to call in to make an order. So for example, my friends at MilesFranklin.com have excellent services, you have to call in, but if you mention Future Money Trends on orders over $1,500 you get free shipping.
With silver at $23.05 as I write this, GoldShark.com is showing 5 dealers with prices ranging from $1.10 over spot to $1.83 over spot, this includes the shipping price.
Here is a screen shot, the dealers are DBScoins.com, Gainesville.com, BullionDirect.com, ProvidentMetals.com, and Blanchard.com.
I hope this helps you save some money on your next order.
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