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Minyan Mailbag: Buying Silver

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Each and every bar will have a refinery stamp, weight and purity.

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What's up Laurie!

If I may ask, do you physically inspect your silver before you buy? Do you require any sort of paperwork along with your silver? I want to buy a couple of 100 oz bars. It appears as though you can buy it online. Do you know of any quality dealers in the U.S.? What's a fair premium over spot 2,3,4%?

Thanks

Minyan Joe


Hi Joe,

I don't give over cash 'till I see and feel the bars, but that's down here in Sydney where we can do such things. I haven't bought silver in the USA so don't know how best to do so there. www.kitco.com is a good source of info - I don't know what they are like with physical but it appears that they deliver bars. I put Toddo onto a mate in NYC a couple weeks back who has bought physical and had a good dealing experience. Wilmington Trust-Fidelitrade was the group, I believe.

Each and every bar will have a refinery stamp, weight and purity. That's the "paperwork." Know who is a reputable refiner and take its bars so as to avoid any assaying down the road. I keep and take no paperwork with me about silver. The only paper I need is the folding cash to hand over after inspecting the said bars that I want to purchase. For my retirement fund, sure, I keep paperwork for audit purposes but any other metal "disappears."

At present, for physical deliverable silver bars one would expect between 3 to 4% over spot. Last I saw it was about $.25 an ounce. Ouch, but not unreasonable when one looks at the physical markets lack of depth and liquidity.

Hope this helps some,

Laurie

Position in silver

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