SIGforum
question about buying silver and gold
May 02, 2023, 08:23 AM
phil in indyquestion about buying silver and gold
I am a novice at buying precious metals. But I placed an order for a sizable amount (for me). But its been 32 working days now and I keep getting the message that they are having problems getting their shipments from the mint, whichever one that is. Is anyone else having issues receiving gold and silver orders?
May 02, 2023, 08:27 AM
pace40I have been mildly delayed on a few occasions in the last few months, (especially on US mint items) but nothing like 32 days. Who did you place the order with? (I understand if you'd rather not say)
Some bullion dealers are taking orders for late June/early July delivery on larger orders of US mint coins though.
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Pace
May 02, 2023, 08:31 AM
phil in indyI kinda hate to say which company, because it might not be their fault but its a large business and to be honest they told me when i placed the order they did tell me it could take a while to get the order in. We're talking about a half dozen gold $5 eagles, half dozen gold $10 eagles, and 200 1 ounce silver rounds.
May 02, 2023, 08:32 AM
pace40As long as its a large, reputable dealer, I wouldn't worry. Demand gets a little nuts when banks start crashing.
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Pace
May 02, 2023, 03:31 PM
joel9507TBH, I don't know that I'd buy any PM that wasn't in stock, to ship next business day. 32 business days is nuts.
How did they take payment? In full, in cash, up front?
I assume they at least locked in the price as of the market at the time of the purchase, while they try to fill the order?
May 02, 2023, 03:51 PM
old dinoI have never ordered online, but that is me, because I prefer to walk into a place and walk out afterwards with metals in hand.
I started buying in the mid to late 80s from C Rhyne in Seattle. Never let them hold ... only buy to walk away in hand.
Then this happened :
C Rhyne Closes ...May 02, 2023, 03:57 PM
Gustoferquote:
Originally posted by old dino:
Never let them hold ... only buy to walk away in hand.
I do the same. Ain't much point in owning physical metals unless they're in your possession, IMO.
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May 02, 2023, 04:53 PM
phil in indyYeah I sent a check next day air. I've heard of this company for quite a while. I also did check their BBB rating. I might be naive but I'll give them the benefit of the doubt for a little while longer.
May 02, 2023, 05:21 PM
MikeinNCMy rents have a bag of silver nickels, dimes, quarters and half dollars for the unexpected…mom says they can use it for trading if the economy fails and TEOTWAWKI a happens….
I told mom I have several thousand .22lr for the same reason. She looked at me funny, but dad didn’t.
OP, your reason is why I haven’t gotten any silver…if I can’t put my hands on it I’m not gonna drop a thou and wait..
Hope it gets delivered in the end
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DCFD4quote:
Originally posted by phil in indy:
Yeah I sent a check next day air. I've heard of this company for quite a while. I also did check their BBB rating. I might be naive but I'll give them the benefit of the doubt for a little while longer.
Did they cash your check and honor the spot prices for that day at least? Kinda a crappy time to buying PM as spot and premiums are ridiculous right now
May 02, 2023, 06:28 PM
phil in indyyes they cashed the check and the receipt states shipment typically occurs at 10 to 15 days. It also has in red type that due to extreme high order volume expect 20 or more business days. Yes the receipt I have shows the silver I bought at $24.70 per 1 oz round. the $5 gold eagles at $222 each, and the $10 eagles at $525 each
May 02, 2023, 06:33 PM
flashguyquote:
Originally posted by phil in indy:
I kinda hate to say which company, because it might not be their fault but its a large business and to be honest they told me when i placed the order they did tell me it could take a while to get the order in. We're talking about a half dozen gold $5 eagles, half dozen gold $10 eagles, and 200 1 ounce silver rounds.
I would guess it's the silver that is holding up your order. The guy on TV has been reporting big delays in shipments of silver coins due to the shortage of silver worldwide.
flashguy
Texan by choice, not accident of birth May 02, 2023, 07:34 PM
apprenticeWaiting sucks, but I'm sure you'll get your order. This sort of thing isn't unheard of.
Wouldn't be a bad idea to call up customer service and let them know your concerns though.
May 02, 2023, 07:41 PM
sjtillquote:
Wouldn't be a bad idea to call up customer service and let them know your concerns though
Yup.
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May 02, 2023, 08:03 PM
pace40That silver price you paid is 2.5% below current spot. The 1/10s and 1/4s are way below current premiums. Did your purchase have a market conditions clause?
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Pace
May 02, 2023, 10:54 PM
phil in indyNope, no market conditions clause.
May 03, 2023, 02:29 AM
Rey HRHI don't have experience in buying precious metals but I do have general knowledge of commodities trading.
I find it strange that a business will sell you gold and silver that they don't have at a locked price unless they have their price locked in at the same time or they already have orders placed.
I'm not saying anything is wrong but someone is losing money selling you at that low price relative to current spot price.
"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.
May 03, 2023, 05:56 AM
pace40quote:
Originally posted by phil in indy:
Nope, no market conditions clause.
Then I refer back to my previous post. Oh, and I forgot, congratulations on your acquisition! New metals give a warm & fuzzy.
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Pace
May 04, 2023, 07:23 AM
gjgalliganA bit of diversion...
With all the talk of the country going fully digital on money I would expect gold & silver to become pretty much useless INSIDE this country. I would guess the govt will outlaw the use & possession of it.
What use is to the "black market" if it can't be converted to cash?
Integrity is doing the right thing, even when nobody is looking.
May 04, 2023, 07:43 AM
oddballOver a dozen years ago, the last PM order I made was from Apmex and it was smooth like prior ones, shipment to my house in under a week. I guess things are crazy now.
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