I bought a single Johnson Matthey silver bar today to add to my small, but hopefully growing, stash of bullion (almost entirely in the form of Gold and Silver Eagles). I was able to lock in when silver was at $14.85. I paid 0.79 over spot, which seems to be pretty good.
This is the first bar of any kind that I've bought, so I'm looking forward to seeing it in person. It will probably get to me in a couple of weeks, as I opted to pay with a personal check to avoid the extra charge when using credit card. In any case, I'll probably post a picture of it once I receive it.
5 comments:
Where will you keep it? In your house?
Thieves rarely read the internet.
how many ounces is a bar?
They come in different sizes, but I think the size that makes the most sense are the 100oz ones. So, it's close to 7lbs (100 troy oz = roughly 100 oz).
Will see how it goes... only did one bar for now. I think buying in larger quantities makes more sense, as the shipping cost is minimized. In my case, I had to pay $25 for shipping (25 cents/oz). When I tried plugging in an order for 5 bars, I noticed that the cost to ship does not change.
You have an opinion regarding buying bullion like this? I guess at this point I would say that I am in exploration/experimentation mode.
I really like owning physical metals in theory (ie no trans cost world)
In practice its really quite challenging to do it, as your seeing here even if you buy 100oz you are paying like 6% over spot to actually acquire it, assume another 6% to sell (worse if its a down market in metals)
I don't get why the trans costs are so high but its keeping me out
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