Where to buy gold and silver locally

[robbieg19]

Looking for recommendations on where to buy gold and silver.   I'm in Murfreesboro and looking to purchase some gold and silver but would prefer to buy it locally, instead of online.  

TIA

[i1afli]

I can’t directly answer your question, but when I tried to buy locally several years ago the local gold shops wanted quite a premium over what I could get online.  I ended up purchasing gold and silver from apmex.com and had no problems. Can’t beat the selection. 

[10-Ring]

41 minutes ago, i1afli said:

I can’t directly answer your question, but when I tried to buy locally several years ago the local gold shops wanted quite a premium over what I could get online.  I ended up purchasing gold and silver from apmex.com and had no problems. Can’t beat the selection. 

Thanks for sharing.  I have been interested in buying silver for a while and haven't because it's difficult to find a steady source at a good price.  Apmex offers free shipping on orders over $200, that's hard to beat.

[robbieg19]

I found a place in Brentwood. Nashville Coin Gallery.  Great place if you want to buy locally. The prices were inline with the online dealers and the service was fantastic.  

[Grayfox54]

I guess I just don't get it. Why hoard gold and silver? You can't eat it, it won't protect your life. If the economy tanks, won't their value bottom out as well?   Explain it to me. 

[robbieg19]

The reason I buy gold and silver is a hedge against inflation, I don't look at it as an investment, more of another way to diversify my assets.  I have money in a savings account that pays less than 1% interest, yearly inflation is much higher so, the spending power of the money in the bank is actually shrinking.  It could very well loose value but gold and silver has never been worthless. Cash isn't very good to eat either and it won't do much to protect your life.  I have a small percentage of my savings in gold and silver so I wouldn't call it hoarding, if I have a hoarding problem it's with ammo .  I have 401Ks, IRAs and other investments including things that will protect my life if needed but, if the economy tanks I imagine the other investments will bottom out as well. Trying to follow the advice of not putting all your eggs in one basket.  

[Wheelgunner]

2 hours ago, Grayfox54 said:

I guess I just don't get it. Why hoard gold and silver? 

It's a hedge against the dollar losing value and works because precious metals are sought after worldwide, even in a bad economy. 

Say I have $60.  I save $20 of it in cash.  I invest $20 of it in stocks.  And I pay $20 for an ounce of silver. Then the U.S. suffers a severe economic downturn.

My stock is now worth only $5.  And due to outrageous inflation, the $20 cash I have can only buy $10 worth of goods.  

But the value of my ounce of silver rises with inflation.  It also rises because other people buy gold and silver in bad times.  So I can sell my ounce for $40, or $50.  My net position in dollars is stabilized by the change in pm value.

Edited January 4, 2023 by Wheelgunner
I'm a liberal arts guy. Economics doesn't come naturally to me.

[Grayfox54]

Well, I've never been much of a financial wizard. My money plan has always been try not to spend what ya ain't got. That's served me pretty well. 

The metals I prefer to invest in are brass, copper and lead. 

Edited January 4, 2023 by Grayfox54

[btq96r]

People can talk about how gold and silver protect value against inflation, and that may be true on paper.  Have we ever had a period in modern memory where attempts to convert gold and silver to transactional currency happened en masse for the perceived value?  The GFC in 2008 and COVID in 2020 maybe gave us some examples of people trying to redeem gold and silver for cash?

I'm not trying to be facetious, just asking a question.  I keep enough knowledge to opine on stocks and legal tender, but don't really understand the value of precious metals as anything other than the hedge as a theory.

With the topic of this thread being where is a local dealer for gold and silver, I wonder how much of a barter system really exists now, let alone in a time of crisis.  You can look up the exchange rate of gold and silver to the USD, but nothing is guaranteed on the availability of a buyer or the price from what I understand.  It would be a classic free market transaction without any price controls.

Gold is real pretty to look at, and a friend gifted me a special run 35yr old gold coin from the West Point mint over the holidays which was extremely generous, so my interest has recently been piqued some.  But if I'm looking to have funds that can survive the worst to come, give ma a money market account tied to treasury securities and US Government securities.  The yield may not beat inflation (especially currently), but it's safe as can be, and I know I'll have the value in cash hit my account in 2-3 business days.

Edited January 4, 2023 by btq96r

[Jeb48]

I sold off a lot of my silver when the Hunt brothers drove the price up, a local wood stove store was taking silver at the inflated price so I bought two wood stoves for our new house for basically pocket change. It was in my coin collection that I had collected in my younger years and I didn't really actively collect anymore. When I cleaned out my parents house I ended up with more silver coins my Dad had collected, that currently fills a couple of ammo boxes in the gun safe. Not sure what I will do with it in the long term. My Dad apparently got rid of a lot of his when the price was up too because I remembered a lot more at one time. Not a big fan of gold and silver as an investment and don't really need the money, so it may just let it sit in the safe for now.