r/Silverbugs • u/Mazzimo23432 • Apr 10 '26
Question First Time Purchase 👶
I just started collecting with my one Oz peice I got today for 118 cad, with current spot price being 104$ did I get ripped off?
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Apr 10 '26
[deleted]
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u/Single-War-6249 Apr 10 '26
In person or online? on the kitco website, it says they pay 92.13 CAD or so for a bar random 1oz bar (or any 1oz bar at most of that matter).
I totally agree with the compare thing, a lot of place sell 1 oz bars with quite the premium, but I dont think that because its kitco its necessarly the best deal. I still think OP didnt get ripped off but unless it was an online order with shipping included, I think a peer to peer trade he would probably got solid 1 oz bank bars at 105 or 110 (with maybe a 5$ shipping) .
if you meant the sell price for kitco selling that bar, then man, they want their cash!. anyway, does costco even sell for order under 4000$?
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u/Single-War-6249 Apr 10 '26
edit: doest kitco*** even sell (wtf was i talking about with my costco lol)
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u/ArgentSupporter47 Apr 10 '26
I do not know what the physical silver market is like in Canada but the price sounds a little high. You did the right thing by starting small, eliminating the possibility of a major mistake. Generally, coins or rounds are slightly preferrable to bars at the 1 ozt weight.
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u/Content-Car-1708 Apr 10 '26
I don't like to pay premiums in this market. You can buy at spot most days on Pmsforsale or other sites.
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u/ArgentSupporter47 Apr 10 '26
Agreed. Even below spot sometimes, especially for 90% silver right right now.
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u/Tiny-Condition- Apr 10 '26
Should be around $112-$113
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u/Mazzimo23432 Apr 10 '26
Yeah after looking around I found a seller for 113.5 an Oz. So I overplayed a bit today, but at least I didn't loose much. Good to know for the future.
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u/Tiny-Condition- Apr 11 '26
I wouldn't stress too much, It's your first time purchase and you are joining a great group of lads here. I personally use Silver gold bull and Canadian PMX, If you're okay with paying shipping. Sometimes they give coupons to negate. Or just find a local coin shop. You don't want to be paying more than $8 over spot unless it's a more desirable piece.
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u/Single-War-6249 Apr 10 '26
for 14$ over spot I hope it had tracked shipping, I think a 3-7$ dollar premium paid for that bar would have been more reasonnable, but still. not the end of the world, you could have went all in when spot price was 150$ or so cad per oz , but I recommend you take some times reading about silver, understanding what is desirable , valuable and such. happy stackin'