Diversify with precious metals

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Ok Lions I have finally submitted and joined the fold on stacking precious metals although I didn't really buy all that much just a few coins from the Melbourne Mint which was an experience within itself.

After following a lot of you on Hive and Leo Finance for quite some time I took the plunge and I have to be honest going through and readin a few posts you're all a lot thriftier than me. It appears to be quite challenging to find precious metals under their spot price in Australia with prices more common quite over the spot price.

For example an Ounce of Gold is currently $AUD2600 and private sales are marked at $AUD3200 - $AUD3800. There seems to be a strong market for buying right from gold dealers and selling to the open private market.

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My first purchase was the Melbourne Minted pure 999 pure silver one try ounce coin depicting everyone's loveable Australian icon the Kangaroo.

Today's price was $AUD41.60.

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Given that silver is relatively affordable I also picked up this one troy ounce 999.5 Pure Silver Eureka coin for the same price although this beauty wasn't minted by the Melbourne Mint and is produced by the Australian Bullion Company which also produces items from the Royal Australian Mint.

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Fortunately the price of Silver has come down a little bit compared to the start of the week but it is still higher than a fortnight ago. The current economic pressures experienced around the world plus news on China and Russia teaming up to make a new currency backed by precious metals seems to have caused some price escalation and a fair bit of hype.

Having seen the current spot price of Silver I can see why there are quite a few people investing in precious metals if I had of started many years ago in my youth a Troy Ounce was around $AUD15 and not sitting in at $AUD28 that's almost doubled in price!

I am not too keen on buying coins and want to eventually branch into Bullion bars as coins are often over priced and aren't reflective of the current spot price. But the mints I purchased them from do undertake buy backs and there are even some other Silver coins that have appreciated well above today's spot price.

Here's to starting a new collection.

I am keen on learning some tips from people on where and how they cut a bargain in the precious metals sector and any tips you'd be willing to pass on.

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22 comments
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I’ve got a tiny bit of gold, but definitely prefer silver. Nonetheless, mostly crypto.

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Is there a benefit to Silver over gold?

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Well, I can afford it. 😅

But mostly because of its gazillion uses in high tech applications.

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I have heard that a few people go to coin stores or facebook groups. Other than that, I don't know about the rest though.

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FB market place is a lot more than direct from the Gold store.

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I buy both bars and rounds. I actually don't have any coins.

I noticed that the more "collectible" stuff tends to have a quicker turnaround or profit. That is if you buy them closer to the price you'd pay for one bar + premium.

The bottom line is that you aren't buying precious metal for the fiat return.

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Yeah, that's what I noticed. 1OZ of Silver in a coin is quite expensive in comparison to bullion. Perhaps a change in investment.

I'm interested in ebay listing of Bullion which is like $600 - $1000 more than buying direct. Seems quite profitable.

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I personally would not use eBay for that sort of stuff, but you'll have to do some exploring.

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I'm always glad to see another person start stacking, be careful with fake stuff on eBay, and try watching for times when the premiums slip down and then buy more. I think anything under U.S. 20 dollars is a steal for silver. Cheers!

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Thank you for the advice, Is there a benefit to Silver over Gold or other precious metals?

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interesting this example of investing in metals. I believe that this war that was born in Europe has all explained how important raw materials are, and therefore also metals.

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Yes it does especially once rebuilding is to occur imagine how much gold and silver will be needed to rebuild the technology and machinery that has been destroyed.

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Thanks for sharing the Silver Treasure, Melbourne's West - @melbourneswest. The 0.9995 pure is interesting, first time, I've seen it, on Silver. I have heard that the American Silver Eagle, is actually, 0.9993.

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It is always a great choice and right one to invest in right precious metals because of the future I must confess. I always prefer silver

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That is a good point and I think one that needs to be remembered as Silver is used quite a lot in things

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(Edited)

Welcome to the club, I love stacking.
You can usually get a deal for buying a lot of a single item, also look for the cheapest rounds or coins you can get, but that can be bland I buy different rounds and coins and pieces but it's just one of each,, the main focus is on the best deal and buying it in bulk and ideally buying when the market is down.

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Thank you, here's to more investment in precious metals!

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There is a considerable sized premium in buying silver reflecting a wide separation between the Paper Price and the Physical markets of silver. The cost efficient Stacker will tend to go to large bullion bars to minimize their premiums since coins like the ASE are far too high.
I like to Collect Stack so I tend to pick up a few coins and balance it against a few cheaper silver Rounds if I can.

Happy Stacking @melbourneswest

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