Do u mean the 1st method - import the silver and sell like any other local dealer or 2nd method - we share the 100oz and split the cost evenly?

There's no way I'm gonna sell u evenly with 1st method. Cos I gotta spend my time and pay my money first together the stocks. I have to earn smth. Just like any local dealers aka vampires.. Hehhe

I totally agree with u. I discipline myself to save certain amount of money monthly. I used to save them in banks and earn close to nothing as interest. Until I learn about metals and fiat currency. So, I allocate some of my money from my savings to buy silver. I will buy gold too when my savings increase.

Ai...yo... so many vampires... becoming World War Z

But seriously, 50 - 60 oz oredi >USD1,500.... can buy directly oredi.... Find some trustworthy kaki and can start importing direct....

The problem is more on what is the courier fees (or they actually send through sea freight?) from Mints / APMEX / etc... to KL?

Does it worth the hassle if we are accumulating slowly.....

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This post has been edited by livina2011: Nov 14 2013, 12:12 PM

Want to become kaki or not? We share the 100oz la. With XtraLeoGecko.

This post has been edited by hey_there: Nov 7 2013, 11:13 PM

There are some nice discussions over here since last thread and it looks like you guys are optimist to get silver at dirt cheap price. I agree with your getting silver from oversea (BEFORE shipment to Malaysia) is cheaper than local market but the bold part in your statement above definitely not true. . Please enlighten me if any overseas dealers offering silver bar at RM3.00 premium (based on exchange RM3.23, it is USD0.928 above spot price) for 1oz JM bar. I would stack not a parcel but a lorry into my vault and be a vampire.

The lowest premium over spot is Scottsdale and Silvertowne silver bar which is a lot more than USD0.928 as you quoted and JM bars premium about USD0.20-0.50 above Scottsdale/Silvertowne Bars.

Lets see how much premium you pay if buying from scottsdale itself. .

At this moment, silver spot price is traded at $21.65 and scottsdale selling $232.51 ($23.25 each) for pack of 10 with minimum purchase of 7 (70oz). This price remaind the same till 390oz. A little bit more discount if you purchase 400oz and above ($231.53 for 10, make it 23.15 each, 10 cents save for each bar)

Since you guys are planning to buy 100oz, hence the price is $23.25 each (Spot: $21.65). Premium: $1.60 (RM5.20 based on exchange RM3.25/USD) *Remember, Scottsdale is the lowest premium bar over spot price and you already pay $1.60 premium for it. Is RM3 premium over spot for JM bar make sense?

10oz Buy from Scottsdale = $232.51 = RM755.66 (exchange RM3.25/USD) BEFORE SHIPMENT
10oz Buy from BSM = RM812.50 AT YOUR DOOR STEP (I wish to compare with SilverStreet but our price does not update follow the spot price. Our regular buyers normally text/call us for latest price instead of depends on web. FYI, we are working on new platform on our web to follow spot price and could be ready by the new year. Stay tune). Those who buy from SilverStreet before definitely aware that our price is RM10-RM20 cheaper than other dealers for every 10oz.

How much the shipment cost? Since Scottsdale does not ship to Malaysia (or at least does not list the shipping fee to Malaysia), we take APMEX shipment cost as reference:

Shipping & Handling Fee: $49.95
Charge for 100oz: $33 ($0.33/oz)
Total shipment fee (100oz): $82.95 (RM269.59 for 100oz based on RM3.25/usd)

RM755.66 + RM26.96 = RM782.62 for 10oz (not includes RM25 bank fee (your side) which about RM0.25/pcs and extra $10 per transaction to cover for bank fee at the receiver's side. Overall about RM0.575/pcs).

Total you pay after bank fee: RM788.37 for 10oz.

BSM Price: RM812.50 for 10oz

Different Scottsdale vs BSM price: RM24.13 (assume this profit for BSM which is 3.06%) *Please note that Silver Street selling price is RM10-20 lower than BSM for every 10oz for bulk purchase. The profit could be as low as 0.523%-1.79%.

There are a lot more other businesses offer better margin than 3% out there but the prospect of silver/gold (precious metal) keep us running. . Labeling silver traders in Malaysia as vampire is a little over. The profit in this business is just too thin. Honestly, we are paying almost similar premium as you guys (imagine, you guys save $0.10/each if buy 70oz and 400oz. Do you think dealer get USD0.50 less than what you guys paying? In our dream lah!).

There are a lot of hidden fees when buying from oversea. The above comparison does not includes some other hassles. Eg: If you are unlucky, you have to collect your parcel at customs at LCCT Pos office, Sepang (even your parcel is non tax item and customs have to improve on this) which would add extra cost (time, petrol, toll). Not to mention the waiting time to get your bar and trust (if you share bulk).

You might get RM20-RM25 cheaper for every 10oz if buy from oversea but you are facing risk of paying more than local price if you are unlucky.

By the way, please challenge me if the above calculation is not true. Healthy discussion would be appreciated. .

Thanks.

This post has been edited by Seng_Kiat: Nov 8 2013, 06:19 AM

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This post has been edited by livina2011: Nov 14 2013, 12:44 PM

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This post has been edited by livina2011: Nov 14 2013, 12:32 PM

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This post has been edited by livina2011: Nov 14 2013, 12:34 PM

If you guys think I am bias, so lets be it. . I am just sharing about my own experience of those charges and fee. You guys might need to experience it yourself to understand those charges. .

Mate, what is the buyback price by oversea dealers?

APMEX, based on spot 21.75, buyback sunshine Bar at $21.85. Sellback to APMEX may have many to take into consideration:
1. Are they accept buyback outside of US? I doubt so.
2. Shipping cost back to US
3. Time taken to get money clear

Silverstreet, based on spot price $21.75, buyback silver bar at spot + USD1 ($22.75)

The bold part tells the overall story about buyback. Or perhaps, you may recommend us about our buyback policy?

I think you got confused with bullion and numismatics... The ones you listed above are semi-numis and numis, they are priced at a larger premium over spot.

Regardless of that, numismatic value is stripped off if you sell back to metal dealers, all they want is the silver content.

The colored lunar dragon is over S$100 if you buy direct from Perth Mint. It contains 1oz of silver but it also runs at very limited mintage this these numismatic coins are meant more for collectors.

I have a 5 ounce silver coin that I bought for RM1800... You can't compare just the raw silver content when it is a numismatic coin.

There is no one buying this collector items for resell/making money. Hahaha.

Perhaps you are the first one

No doubt, cheap, but is this on sale forever at $1.19 above spot?

for him, everything is just the same. he wouldn't accept other opinion.

well I did. When metals are in bearish trend all my bullion gold and silver were underwater. However my semi-numis and numis coins have held strong. Some coins which I bought for $30 was sold for $30-50, some of my past year releases were sold at over twice my purchase price.

Personally I have converted all my bullion gold and silver into semi-numis and numis, and years go by I believe their value will only increase.

Do check eBay on past years Chinese Pandas or Perth Mint kookaburras...

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This post has been edited by livina2011: Nov 14 2013, 12:11 PM

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This post has been edited by livina2011: Nov 14 2013, 12:36 PM

Seng_Kiat, I do run a business myself and I understand you have your operation cost to sustain, but personally I hope the premiums for gold and silver bullion can be lower... as the few pioneers to offer physical silver in local market, I believe it is key to ensure prices are attractive so that more of us will start to stack metals.

I am stationed in Singapore, and I don't stack silver mainly because the premiums are way too high... that being said Singapore's metal market is much larger than Malaysia and most people here buy silver in kilos and not in ounces. Still, the thought of 12-15% premium over spot pretty much killed my appetite for silver.

This was made known to my regular dealer but the premiums won't be dropping anytime soon if buyers' market is still small. Its more or less a chicken-and-egg situation now. We all want low premiums but market demand is not high enough for dealers to bring in large quantities of silver (in tons, not in ounces). Dealers want more buyers but they can't reduce premiums as their cost is high. So in the end some of us just reach out to overseas large metal dealers like APMEX.

I think this is normal... its the same situation in Singapore too.
My dealer gives me better buyback price if I get my metals from him.
He also buyback metals that was not sold by him at spot.

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This post has been edited by livina2011: Nov 14 2013, 12:11 PM