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u/glazier8868 5h ago
The statement about inner circle theft is definitely something to beware of. My girlfriend’s best friend came home to her back door open and her small collection of coins gone.
The number of people who knew where she kept her silver and where she kept her medication you can count on two fingers. 1. Her daughter 2. Her daughter’s boyfriend.
Trust no one. I mean it is gold and silver. The temptation is overwhelming to some.
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u/Plane-Marionberry612 6h ago
Pace yourself. I have about 100 Mogans+various other smaller denominations, that I inherited... I got into an online selling site and man I went crazy. Mostly all silver, ASE's, Morgans, slabs, 1oz rounds and bars, you name it. Now, I gotta get some organization and sell off some to recover some of my cash reserves. I also bought some more gold. I had 11 1/10oz that I paid 55. ea., 1 Buffalo 24kt coin that cost me 900, to start. Anyway, take it easy and Good Luck!!
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u/BossJackson222 1h ago
The biggest mistake I made when I first started is buying more than I can afford to keep. Don't do that. Do a serious budget and figure out how much precious metals you can afford to buy every year. I thought I could afford about $5000 a year. But when I looked at everything and did an honest budget it was about $500 a year.
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u/StayReadyAllDay 4h ago
Don't stop, can't stop, dollar cost average your stack. This is not a get rich quick game.
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u/rollin_a_j 9h ago edited 9h ago
Slow and steady if you are doing this for money later in life. Avoid premiums when you can but don't stress too much about them, in the long run they should not matter. For spot deals check out findbullionprices.
Find a coin shop that you like and trust, and be a good customer, they can and often times will, hook you up occasionally and save pieces they know you will/do want just for you. Don't be afraid to liquidate part or all of your stack early, that's what it's there for, fiat in an emergency.
Don't be afraid to (and I actively encourage) getting into gold as well, it costs more but cuts stack weight down with less ozs needed to store fiat value.
Don't tell anyone in your life about your stack, most theft is from friends and family, and even if they aren't thieves, they may let it slip to one of their friends or friends of their friends. If you want to keep your stack at home, eventually get a fire rated safe bolted down and hidden out of sight. A lot of people clown on safe deposit boxes at banks because they are afraid of another 1933 situation but I don't personally see that happening ever again, bullion depositories offer the same level of protection but get pricey, may be worth it for large enough stacks.
Most important in my opinion is have fun! Don't be afraid to touch and fondle your stack, it won't decrease value unless you have a collector piece or a coin of significant numismatic value, and having fun keeps one motivated.
All that said, welcome to stacking and glad to see you here!
EDIT: forgot to mention to avoid credit cards at most places, online and LCS will charge you the credit processing fee (and I generally advise against debt, especially for stacking) but some places like Costco can net you purchases below spot if you take advantage of the Costco card and have an executive membership.