Latest / SILVER / GOLD / $UFD Meme Coin Investing & Global Economics / 👍HOW To (Not to) Buy Silver & Gold Bullion 💰

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👍HOW To (Not to) Buy Silver & Gold Bullion 💰 · SILVER / GOLD / $UFD Meme Coin Investing & Global Economics

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  Today we're joined by coin Shop Chris and I'm going to ask him a
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  question. I've never bought silver before
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  in my life. I'm new to silver stacking and
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  Chris is going to help guide me to avoid some pitfalls and some
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  things that I should do when I go on this new journey of buying
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  silver. Chris, welcome to Ron's
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  Basement. Ron, week after week you have
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  done amazing job is I always enjoy coming back on Yeah, well
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  you know Chris, I don't own any silver or anything like that and
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  I'm new to stacking or maybe even for the viewer who's
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  joining us right now who has stacked silver or gold for that
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  matter for decades, we might have some helpful tips for them.
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  What's what's kind of the first thing you would tell someone
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  who's new to silver stacking in terms of things they want to
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  look out for as they as they start their journey?
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  Well, you know, the first thing I, I really like to ask for,
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  Ron, is where your mindset is. And what I mean by that, where
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  your mindset is, is are you afraid of the dollar collapsing?
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  Are you worried about the banks crashing down?
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  Are you trying to get your money out of the bank?
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  Where is, you know, you think the dollar is going to collapse
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  completely, You know, then then we talk about, well, how much
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  can you afford? How much do you want to buy
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  today? Not buy, but transfer.
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  Excuse me, I say that all the time.
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  Or is this me a monthly thing? Is this me a quarterly thing?
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  You know, trying to get people's mindset.
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  So I mean let's let's just say. Your mindset is you think the
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  dollar is going to collapse at some point.
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  We don't know when I would recommend one ounce stuff.
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  Wrong generic. Not know really generic or cheap
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  coins from really overseas to like the Kangaroos.
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  You know, I mean you know I would stay away from the Eagles
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  with a new stacker at this at this time.
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  I would tell them maybe 90 percent 40% server at this time.
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  You want to gain as many ounces as you can for the cheapest
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  price, and when you're and when and when you're starting out.
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  Probably a good way to start is with with one ounce increments,
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  whether that be bars or rounds or coins.
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  But the key is, I think what I hear you saying is make sure
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  that you're getting good quality silver from a reputable source.
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  But maybe if you're just starting, don't run out and buy
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  a 100 ounce bar or something like that.
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  Well you know then you know you yeah repo sources like pinbacks
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  you know you're you're but your sponsor.
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  Yes. You know I don't have a promise
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  somebody new coming and buying a one ounce, 100 ounce bar.
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  It's just it's just how much you can afford.
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  You know you don't want to get something on and have to turn
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  around six months to a year and have to sell it right off the
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  bat. It's really silver and goes a
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  long time hold you. You know it's there if you need
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  it and what are you going to get back from it.
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  You don't want to. You really don't want to turn it
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  back in the Fiat unless you don't have to.
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  You you know it's it's really about your mindset.
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  You know Again we all go back to that is what you want out of
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  your silver. You know a lot of people.
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  There's a lot of Youtubers out there.
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  You, you know, and you talk about sometimes too, Ron, you
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  know, silver's going to go to the moon.
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  Gold's going to go to the moon. Yes, it could go to the moon.
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  But you know, we we have to be cautious about that, you know,
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  because we don't know if it's that's going to happen anytime
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  soon. It might take five years, 10
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  years might happen six months from now.
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  It might happen tomorrow. But don't over get don't
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  overspend what you can afford to spend at one time.
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  Yeah, and if and if you're going to buy physical metal, going to
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  buy the actual physical metal, don't buy it and expect that
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  you're going to turn around and flip it three weeks or even 3
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  months or maybe even three years later.
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  Because the spread between what the any coin shop or or bullion
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  dealer is going to buy it from you for and sell it to the
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  public for will will, will will significantly eat into your
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  profits. I mean I think if people are
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  buying physical metal they almost, you know they almost
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  have to buy it with a 5 or 10 year horizon or at least be
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  comfortable with that. Sure, something could happen in
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  the next three weeks or three months that that that makes the
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  price of the metal skyrocket. But don't count on that.
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  Make sure say what you're buying in your mind.
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  You're comfortable saying, yeah, I'll hold on to this for five
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  years or I'll hold on to this for 10 years or I'll hold on to
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  it for the rest of me. I've bought silver for 20 years.
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  I've never sold an ounce, right. I'm, I'm comfortable when I buy
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  silver that I'm not going to be faced with the prospect of of
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  needing to convert that, convert that back to Fiat at any time in
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  the immediate future. Sure, in a case of emergency,
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  you know, I know that I could do that, but I I think it's
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  important for people to realize it's not a a get rich quick
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  scheme. Absolutely not.
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  And you know, and especially if you're a new stacker, you know,
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  I I would really highly recommend not advice.
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  I recommend this. Stay away from your graded
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  coins, your semi numismatics and your numismatics was what I mean
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  by that is like your Morgan. Dollars.
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  You know you want, you know all your Australian Cougar Bears or
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  the the crawlers. You know those have a carrier
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  Prem. Your Silver Eagles carry a
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  little bit of premium right? Right now.
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  Still, you know really. One ounce Buffalo rounds.
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  Those are the most recognizable rounds around the world.
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  Around the world. One ounce Buffalo rounds.
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  Pinbacks has them in stock last time I checked.
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  I don't remember the price on top of my head, but just you
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  know, we all gonna shop around and to see who has the best
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  price. That might be your local coin
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  shop. That might be an online dealer
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  that might be going to E on eBay you know but stay with you know
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  people have excellent feedbacks you know that Pinbacks pinbacks
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  is a sponsor of the channel. What I have found this has been
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  my experience and and I always recommend to people do your own
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  work, do your own due diligence. But but for me what I found with
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  Pembex, what I liked about Pembex was the quality and the
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  price. So to me that presented a very
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  good value proposition. When I compare their prices to
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  other online bullying dealers, they're better or at minimum
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  extremely competitive and I feel like I don't have to go
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  searching all over the place and spending hours and hours and
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  doing research on all these different companies that to me
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  it's kind of like a one stop shop where I know I'm getting a
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  really, really good value. If you're looking to buy gold,
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  silver or platinum, do yourself a favor and check out Pim Bex,
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  the online precious metals bullion dealer and sponsor of
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  Ron's Basement. I was a happy customer before
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  they offered to support the channel.
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  You'll find they have the best prices, quality and service.
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  I think Pim Bex is best, and you will too.
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  And be sure to tell him that you're from Ron's basement and I
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  want to circle back to something you mentioned earlier as well.
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  That I think's important, especially for the new stackers
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  out there. When Chris talks about
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  numismatic coins, he's talking about collectible coins, coins
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  that derive part of their value from the silver or gold content,
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  but also derive maybe as much or even more of their value from
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  their collectibility perspective.
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  And the pitfall there is that if you're not an expert in that
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  field, it's very difficult for the average person to get a
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  really good value when buying numismatic coins.
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  And unfortunately, what sometimes happens is that
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  especially people new to stacking will be encouraged to
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  get into new numismatics and and and they wind up unfortunately,
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  sometimes vastly overpaying when really what they wanted to do
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  was to get their hands on some silver and gold.
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  And that's why the rounds or some of the sovereign coins with
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  the lower premiums, or this one ounce silver bars, or five ounce
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  silver bars, or 10 ounce silver bars, or gold for that matter,
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  often represent what is the best option for someone who's first
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  getting into purchasing precious metals.
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  Absolutely, Ron, you you, you know, I mean, I've seen at the
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  shop that I work at Ron and you know, people come in and the
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  granddad died or the father died or the mother died who stacked.
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  And I've seen many times, there's a lot, a lot of fake
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  Morgan and peace dolls out there.
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  If you're really going to, if that's something anybody wants
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  to stack, you know, I got very few of those.
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  I'll be honest, I don't stack those.
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  That to me they're they're not worth the money, but some people
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  love them. Go to a rapid old place, don't
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  even buy those off of eBay. I don't care how good their
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  feedback is, it's just too many fakes out there for those.
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  Make sure you're either buying something like pinbacks or your
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  local coin shopper on. I I can't stress that's the one
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  coin I will never buy off of eBay.
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  The is the 2 coins, the Morgans and the piece dollars.
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  I mean, I just won't touch them off there.
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  But you know, in another point on we got to cost average.
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  So let's say somebody's new and they got a couple 1000 bucks.
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  Well, they got 1000 bucks. Don't mean you're going to get
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  it all at one time, you know, get some one week, get some the
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  other week. Watch the price because the
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  price moves. We know the price moves all the
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  time. So if you can save yourself 6
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  bucks on the back end by not being all at once, you know 6
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  bucks it adds up quick. You, you know, I mean, I can't
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  tell anybody how, how to spend their money or how much to get
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  at one time. But now cost average is key.
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  You know, buy a little bit, buy a little bit every month, every
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  three months, every six months, every week, however you want to
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  do it, but can be consistent and you'll be amazed over time how
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  fast your your stack will grow. Now and I would like to make two
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  more points about this, Ron, I, you know another point about
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  cost averaging. If you're watching the silver
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  market and it goes down one day, goes down the next day, down the
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  next day, that is probably the time to start gaining a little
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  bit more because you want to try to buy on the way down.
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  Yeah. Could it go down more than that?
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  Yes, but we don't know. It's going to go down more than
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  that. Now if you start seeing a three
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  day run, drop, drop, drop, drop, that's when I come.
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  That's when my eyes start opening.
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  I'm I'm starting looking a little bit hotter now and trying
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  to get a little bit more you know because when it starts
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  going up three or four days I kind of back off because we just
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  don't know how much more it's going to go up.
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  I mean you know you you can play it that way too but my what I
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  what I look for is the three or four day dips in in a row run
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  then I really start zoning in Okay.
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  We're in a downfall, a little bit of a downfall, maybe a good
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  time. And it's worked.
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  It's worked for me. And there's a couple items
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  everybody should have you, you know, and really they're all
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  cheap items. There's one little bit expensive
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  item I'm going to talk about. Then we will wrap this up
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  around, you know, there's a pocket pinger, probably about 20
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  bucks, you know, that would tell you if you're there's the Coin
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  Ping app that will work well with that, that will tell you if
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  your Morgan dollars real you. You know most of your world
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  known coins. It will work with gold.
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  A pocket scale line, You know, especially with a gram scale,
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  they're like 1015 bucks on the Amazon.
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  It's worth. It's worth that money you don't
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  need. Nobody needs a Sigma unless
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  you're really into stacking. You know, Sigma's cost good,
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  good 1100 dollars, 1200 bucks, 1000 bucks for used one.
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  You know this is something cheaper, Yes.
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  And if you really start stacking.
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  Get yourself a good fireproof safe.
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  I can you know you know that is 1.
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  The biggest thing I do recommend you know Amazon.
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  You know I I hate you. You can go everywhere you want.
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  But if if you if especially have an Amazon credit card Amazon
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  normally has the deal. You can pay it off in 12 months
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  with no interest. And I and I got a Tiger King
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  safe. The made in China.
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  It's a good, you know, it's not the best say from, but it's
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  fireproof. It's that one one hour
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  protection if you have a fire. They're about 49 bucks.
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  That's the most. And if for the viewers in the
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  United States, if you're going to collect the American junk,
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  silver or coinage or gold coins, pick yourself up the US coin
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  book. You know, you can get them off
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  of Amazon, eBay, you know, some even online deals or sell those
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  books. They're they're they're around
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  1215 bucks For the current issue.
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  The 2024 is out. Don't mean you gotta get the
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  2024. I recommend going on eBay and
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  gaining A backdated if you're new.
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  The prices have not changed that much for the past three years,
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  so save yourself a few bucks, put that few bucks towards an
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  ounce of silver and and you'll be happy.
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  Thank you, Chris. So yes, thank you Ron.
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  Sorry, I didn't mean to go on a long rant, but no, you you
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  provided a a multitude of information for I think
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  beginning stackers, intermediate stackers, and probably even the
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  advanced stacker may have learned a thing or two from you
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  for the people that are new. And correct me if I'm wrong on
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  this, Chris, you mentioned the Sigma machine that's a expensive
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  and if you said about $1100, it's most coin shops have them.
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  It's a little like scale type machine, but it actually can
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  confirm for you that like a silver coin is silver or that a
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  gold coin is gold. Is that is that correct?
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  Well, it's not. It's really not a scale, it's
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  just a verifier and I I really don't know how the thing really
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  works wrong. But you know, it can read the
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  content of the metal. But the coin shops also have
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  what's called an XRF machine. Not all coin shops use them.
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  These machines are very, very expensive.
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  They're like 15 grand, 14 grand. Some, you know, some that I've
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  heard some shop owners have paid up to almost 20 grand for these
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  machines. They can analyze, they can.
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  Analyze the metal content. And it'll tell you exactly what
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  you know. It'll tell you exactly what
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  metal it is in that coin bar, what does whatever, so they
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  don't have to drill a hole in it and test us to see the real
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  silver. You know, a lot of coin shops
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  don't have me yet because they are expensive.
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  You know, we're forceful enough to have two of them in our shop.
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  But you, you know, so Chris, can I ask you a quick question about
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  those machines? Absolutely.
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  Because I heard of, I heard a rumor that sometimes you like to
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  like stick your head on there and then press the button to see
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  what it comes up. And I'm going to recommend that
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  you don't do that anymore because we don't know what that,
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  what kind of, you know, radiation or whatever.
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  It's shooting into you. Well for first, first of all, I
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  went it when it worked. My head's too damn big because I
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  eat too many damn Ding dongs on. But.
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  Anyways, if everybody can give us a video or a thumbs up, share
• 16:15
  it and subscribe. We really appreciate that
• 16:17
  because that really helps us get the word out.
• 16:20
  Yeah, we do. We appreciate everybody being
• 16:22
  here and I'm thinking maybe Chris, next thing he's going to
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  say to me as well maybe they maybe we need to do a ping test
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  on my head, right? I'm not going to comment on that
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  one. It's hollow.
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  It's hollow in there. Well, you know, maybe I would
• 16:37
  text Susie and Steve if she wants to get your brain scan.
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  So, yeah, they're here. Let me see.
• 16:42
  Yeah, I'm pinging. Yeah.
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  It's definitely sounds, definitely sounds hollow.
• 16:47
  Chris, thank you so much. There's something really wrong
• 16:49
  up there or something right now you're.
• 16:52
  I'm not you don't have to tell me that brother.
• 16:54
  Have a good have a good rest of the day.
• 16:56
  On behalf of all the viewers, thank you.
• 16:58
  Coin Shop Chris you're very generous.
• 17:00
  If you want to support Coin Shop Chris, there's links in the
• 17:03
  description of this video. It says support Coin Shop Chris
• 17:06
  here and that'll show you a way that you can you can show some
• 17:10
  some support for Chris. Chris, we'll talk to you soon.
• 17:13
  Thank you. And I and I appreciate all the
• 17:15
  support and I thank you, Ron. Thank you very much.