Silver mistakes - yours or others

[Guest]

I'm new and I've done well on some things by avoiding high premiums.

I did make a mistake of assuming when buying a 10 oz bar it being a certain way. 

What are your silver mistakes and what are other silver mistakes you see happen?

[buckeyecoins]

Not joining this forum before I started stacking/collecting, that was my biggest mistake.  I'd hate to say how many bad decisions I've made (either buying or not buying) because I didn't do enough due diligence.  

[kimchi]

I 'knew' in my heart when I should have bought PMs in 2016 (without any research - I got a 'sign' if you like, and believe in such things). I didn't get onto it quickly enough and so missed the lowest spot in recent years.

I then bought silver within the UK (20% VAT) before I properly researched and found out it's only fractional VAT from Europe here (at present).

I bought a couple of high priced silver proof commemoratives from the Royal Mint which seemed too good to be true the way the commemorative sellers push these things here - it was

I've learned the hard way, but in the medium/long term I am very confident I am going to make a lot of money on silver since I got clued up

[Markh]

I've not made any mistakes with PM's.. I put this down to our north American friends on Silver Doctors and silverbearcafe websites but that was a long time ago, also sites like Celtic gold eu. Max keiser was both an inspiration and profitable guy to listen too. Books helped along the way also. I never done any royal mint comemmeratives just straight bullion stacking.This year I decided to venture into the collective Arena, not purchased much but premium heavy items. Only doing the high premium stuff for this year only as I prefer stacking, but by doing so it has re-enforced my love of stacking. I haven't made any mistakes because I believe going the PM route will maintain my wealth in the long term. to me the PM's are money which fiat currency is not. The hard way of  learning is for people who lack the the ability to cut out all the bullshit and work out what is relevent. Sometimes all that is needed is a good old slap around the head to wake them up.?

 

[kimchi]

.

[BackyardBullion]

Remember that no-one technically makes a loss or profit until things are sold. 

PM's are not for making a boat load of cash - this might be a happy byproduct of an economic disaster or crash - but generally nobody makes money from PM's, you just preserve wealth.

The biggest mistake anyone could make is overspending and being forced to sell at a time when it is not right, then you realise a loss!

As to my worst mistake...got to be a "Tibetan silver" US trade dollar off eBay. Paid £25 for something completely worthless. Not the biggest burn ever!

[Markh]

1 minute ago, BackyardBullion said:

 

 

As to my worst mistake...got to be a "Tibetan silver" US trade dollar off eBay. Paid £25 for something completely worthless. Not the biggest burn ever!

I've bought a couple of over priced silver ice hockey collectables, but they we're for friends. I gave one of your BYB silver bars to another they loved it. They said it was different.?

[kiskelo]

Bought a funnel web spider off ebay for £21, after testing turned out to be fake. Seller posted stock pictures of a real one. Got my money back from ebay and reported the seller but they did nothing and he carried on selling them. 

Lesson learned, test the silver you buy from ebay.

[buckeyecoins]

4 hours ago, kiskelo said:

Bought a funnel web spider off ebay for £21, after testing turned out to be fake. Seller posted stock pictures of a real one. Got my money back from ebay and reported the seller but they did nothing and he carried on selling them. 

Lesson learned, test the silver you buy from ebay.

Or just buy certified.  Personally I have a mix of raw and slabbed, but the slabbed give me peace of mind even with the higher premium.  With few exceptions there are only two ways I will buy gold - certified or direct from the mint.  Gold is too expensive to take that risk.

[Keenstacker]

My Biggest mistakes have been, buying coins/bars from eBay without reading the item description, if I had I would’ve seen the GENUINE COPY warning! Also over bidding as the thrill of the bidding wars were getting the better of me haha. I’m a sucker for the auction thrill but I only use eBay to sell nowadays seen as I can’t be trusted to buy.

I’m still relatively new to all this and I REALLY appreciate the help, information and awesome deals this forum provides. 

[Guest]

23 hours ago, BackyardBullion said:

Remember that no-one technically makes a loss or profit until things are sold. 

PM's are not for making a boat load of cash - this might be a happy byproduct of an economic disaster or crash - but generally nobody makes money from PM's, you just preserve wealth.

The biggest mistake anyone could make is overspending and being forced to sell at a time when it is not right, then you realise a loss!

As to my worst mistake...got to be a "Tibetan silver" US trade dollar off eBay. Paid £25 for something completely worthless. Not the biggest burn ever!

 

16 hours ago, Keenstacker said:

My Biggest mistakes have been, buying coins/bars from eBay without reading the item description, if I had I would’ve seen the GENUINE COPY warning! Also over bidding as the thrill of the bidding wars were getting the better of me haha. I’m a sucker for the auction thrill but I only use eBay to sell nowadays seen as I can’t be trusted to buy.

I’m still relatively new to all this and I REALLY appreciate the help, information and awesome deals this forum provides. 

Ebay seems like a very difficult place to get into when it comes to silver. I could easily see many people making mistakes there. If I ever get into Ebay I expect to make mistakes along the way. 

Edit: What are PMs? 

[JunkBond]

Precious Metals

[ifing]

If you are new, maybe better to stay away from ebay. And buy from retail sellers, some of them you also see on ebay, but there it cost a few Euro more. Because Ebay wants its cut, and then paypal.

So if you are new and already here, because you read this, then buy from the cheapest most senionr seller here, and the risk for  failure is minimum.

[Guest]

6 minutes ago, JunkBond said:

Precious Metals

Thanks. Should of realized that. 

4 minutes ago, seXes said:

If you are new, maybe better to stay away from ebay. And buy from retail sellers, some of them you also see on ebay, but there it cost a few Euro more. Because Ebay wants its cut, and then paypal.

So if you are new and already here, because you read this, then buy from the cheapest most senionr seller here, and the risk for  failure is minimum.

That's the plan for now. 

[HawkHybrid]

silver takes time to understand. one of the mistakes

I've made is overestimating the liquidity of silver and

overestimating my understanding of it. as a result,

like many who don't properly understand the difference

between junk silver, generic rounds and government

mint silver, I sometimes chose generic rounds. don't let

your 'government is getting it wrong' ideas to influence

your choice towards generic rounds, as they are usually

the worse of the 3 for newer stackers.

(uk relevant opinion)

(if I can continue to put in place safeguards so that my

future mistakes makes as small a financial impact as

possible. I can continue down the silver stacking road

and see where it takes me)

 

HH

[Thelonerangershorse]

Bought a tube of maples this time last year, could have bought a bitcoin instead.

[BackyardBullion]

4 minutes ago, Thelonerangershorse said:

Bought a tube of maples this time last year, could have bought a bitcoin instead.

Don't live with regrets - not worth thinking about!

[999magnum]

So far since starting to buy silver on ebay I've been burned once and about to get burned another time maybe. The first time was for 2 oz of junk silver. The seller had many auctions for junk silver, 100% feedback ,blah blah blah. He accepted a best offer for $16 US per oz x2. Spot was at $17 at the time. He sent the ship conformation, then just decided not to ship. Closed shop after getting a bunch of neg feedback. I got my money back yesterday and had fun writing a nice neg feedback. Another one which I'm still waiting for is for a 1oz bar. I emailed them asking if they will ship soon after waiting 5 days. Someone replied that yes they would ship it soon and that they had a death in the family. Weather the death in the family is true or not, I've heard it many many times and I take it as a sign that things are about to go to sh!t. But, but, those are 2 minor transactions out of the over a dozen others that went great and for most of them I got a great deal. Learn to test the silver. I do the magnet, weight, and measurements for most things I get on ebay unless its from the big sellers. Those only get the magnet and/or weight. I never had to do the water test yet, but I think if I had to it will be simple.

[blackadder]

On 11/30/2017 at 23:35, 999magnum said:

So far since starting to buy silver on ebay I've been burned once and about to get burned another time maybe. The first time was for 2 oz of junk silver. The seller had many auctions for junk silver, 100% feedback ,blah blah blah. He accepted a best offer for $16 US per oz x2. Spot was at $17 at the time. He sent the ship conformation, then just decided not to ship. Closed shop after getting a bunch of neg feedback. I got my money back yesterday and had fun writing a nice neg feedback. Another one which I'm still waiting for is for a 1oz bar. I emailed them asking if they will ship soon after waiting 5 days. Someone replied that yes they would ship it soon and that they had a death in the family. Weather the death in the family is true or not, I've heard it many many times and I take it as a sign that things are about to go to sh!t. But, but, those are 2 minor transactions out of the over a dozen others that went great and for most of them I got a great deal. Learn to test the silver. I do the magnet, weight, and measurements for most things I get on ebay unless its from the big sellers. Those only get the magnet and/or weight. I never had to do the water test yet, but I think if I had to it will be simple.

I can never get over the people who bid on ebay coins,where the seller already has 20 plus neg feedback.

[KDave]

Biggest mistake I made was buying silver from bullion by post, 2 tubes of britannias , high premium, VAT, the lot. This was my first silver purchase back in 2014.

[blackadder]

12 hours ago, KDave said:

Biggest mistake I made was buying silver from bullion by post, 2 tubes of britannias , high premium, VAT, the lot. This was my first silver purchase back in 2014.

Looked at them a few days ago to price check something..were £34 more expensive,but then most of their stuff is,Everything has sale tags on it too.

like the shops that have 20% closing down sales,yet are still open 3 years later

[BackyardBullion]

 

[craig12]

buying too many different products to get to my 140 oz , I must have bought over 20 different products , when I open my storage box I sort of get a bit down that I didn't get organised in my sort of way , my heart said buy 14 x 10 oz bars  but we got sidewards and ended up with 1 oz this and that and before you know it you've got a mish mash of too many products    at the minute I think ive got about 40 different products when 14 would have done 

 

ps sorry 1 product would have done  14 x 1 x 10 oz bar 

[JunkBond]

Hey @craig12, but if you accumulated various bits chasing good deals you probably saved money!. 

[ilovesilverireallydo]

A friend of mine had a hook up at a scrap dealers where they would sell him stuff at 5% over spot, that way they still make money as they buy it less than spot. He made the mistake of bragging to the owners son of how much more he makes off some of the items he buys from them, by picking numismatic and re-saleable items. The son convinced the father to set up their own eBay shop which he ran, and cut out my mate completely. 

It amazes me the kind of stuff these kind of shops get.