Best way to avoid the 10% when purchasing precious metal coins

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GoingRogue's picture
GoingRogue
Status: Member (Offline)
Joined: Apr 20 2017
Posts: 6
Best way to avoid the 10% when purchasing precious metal coins

I'm wondering who has suggestions for how the standard fee can be avoided? Any suggestions?

LogansRun's picture
LogansRun
Status: Diamond Member (Offline)
Joined: Mar 18 2009
Posts: 1433
What 10% are you talking about?

State Sales Tax?  Cost over spot price?

GoingRogue's picture
GoingRogue
Status: Member (Offline)
Joined: Apr 20 2017
Posts: 6
Yes, how to avoid the buy/sell spread

ie the cost over spot. Is there an organization out there where we don't have to pay that?

GoingRogue's picture
GoingRogue
Status: Member (Offline)
Joined: Apr 20 2017
Posts: 6
Yes, how to avoid the buy/sell spread

ie the cost over spot. Is there an organization out there where we don't have to pay that?

reflector's picture
reflector
Status: Gold Member (Offline)
Joined: Aug 20 2011
Posts: 260
re: low premium PMs

GoingRogue wrote:

ie the cost over spot. Is there an organization out there where we don't have to pay that?

here's a few options for you.

if you're looking for lowest-premium PMs, you can buy silver for 2-3% above spot if you are buying 100oz bars. here is a good price comparison site:

https://comparesilverprices.com

likewise for gold prices, 1-2% above spot on 1oz bars:

https://comparegoldprices.com/

also, if you look on ebay "daily deals", you will see some PM offerings, as of right now, one good one is ebay # 141003733476, modern coin mart has 1oz royal canadian mint gold bars for $5 over spot ($1271 currently). if you pay with a 1% cash back credit card, that takes $12-something off the price, so you can actually buy gold for around $7 UNDER spot price that way.

if you only want to buy coins specifically (you mentioned coins), you may want to look into the mexico 50 pesos gold coin, and the austrian and hungarian 100 corona gold coins, all of which tend to sell at very small mark-ups over spot.

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