Lorddimples
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Location: NYC
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| Gold Silver buying |
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I apologize for must be a question frequently asked. If so direct me to the thread - I couldn't find in Search.
I'm interested in buying gold or silver. Where should I go? Obviously I'd like low fees, high security/insurance & good reputation in the company that sells.
I would appreciate your opinions likewise on the issue of buying gold in light of the bail out. Pro / Con.
thanks
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Tue Sep 30, 2008 4:50 am |
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bijan814
Full Member
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you can also buy from eBay.
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Sun Nov 23, 2008 11:46 pm |
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SimpleSeeker
New Poster
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Location: Dallas, TX
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| Buying Coins |
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Gun shows also set up booths where people sell gold and silver. Most of these booths will also have sales tax. It is however easier to barter and haggle with the guys selling at a booth, than the guys in the store. I have found some good deals on coins that weren't really in good shape, but had the basic metal I was looking for. There are also individuals who will sell gold and silver coins just from their own collections. These private exchanges are tax free. Knowing the different coin values as well as there metallic value is also helpful. I go to http://www.coinflation.com every weekday in order to check this.
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Sun Feb 01, 2009 2:39 am |
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moneysaver
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Joined: 10 Jul 2008
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quote:
Originally posted by coaster
Unless you're buying a fairly large amount, gold and silver bullion is usually bought in the form of bullion coins. The coins are one ounce of 24K metal. They're minted by government mints in various countries. The more popular coins are the American Eagle, the Canadian Maple Leaf, the South African Krugerrand, the Chinese Panda, and the Austrian Philharmonic. If you're just buying to own the metal, you should know that you paying a small premium over the metal's value, usually around 12% - 15%, to buy, and get nicked for a like amount when you sell, so the value of your investment is down 25% - 30% at purchase. In other words, these coins are bought strictly as a buy-and-hold investment, not as a trade. And the market is near all-time highs right now.
There's no fee for buying these coins. The markup and the discount are the dealer's profit. The minimum purchase is one coin, but the shipping makes that uneconomical. If you're in a decent-sized metro area, there will be dealers you can buy from locally. Then you've got sales tax. Insurance is your own responsibility. Most homeowners' insurance will insure for extra premium. As for reliability, ask how many years they've been in business. Reputation? Ask around. Read back issues of coin magazines. I do business with a firm called Resource Consultants in Tempe, AZ and have no complaints. Your mileage may vary.
Unless you really know what you're doing, in which case you wouldn't be here asking questions, stay away from collector coins, also known as "rare" coins or numismatics.
http://www.usmint.gov/mint_programs/index.cfm?action=american_eagles
Nice piece of information here. Thanks.
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Fri Feb 06, 2009 4:20 pm |
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jtownes
Contributing Member
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Joined: 04 Feb 2009
Location: Toronto
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According to an article on SeekingAlpha.com – (http://seekingalpha.com/article/118999-the-u-s-dollar-waiting-to-tank-gold-s-run) – the U.S. dollar and gold have long had an inverse relationship; as the former sinks, the latter rises and vice versa. What, then, are we to make of recent events, with the dollar going from strength to strength and the price of gold rising even faster? The article argues that gold’s rise could be due speculative overreach and warns that gold bugs could be in for a nasty surprise if the U.S. dollar continues to rise and the inverse relationship reasserts itself.
[edit]
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Thu Feb 12, 2009 8:34 pm |
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littleroc02us
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My personal opinion is to never buy gold.
In the book, Stocks for the Long Run, Jeremy Siegel has a graph that shows what would have happened to a single dollar invested in gold, bonds and stocks since 1801.
One dollar invested in bonds in 1801 would yield $13,975 today.
One dollar invested in stocks in 1801 would be worth $8.8 million today.
One dollar invested in gold in 1801 would be worth $14 today.
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Fri Feb 13, 2009 10:19 pm |
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littleroc02us
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Actually if you read the book "Stocks for the Long run" you will see that stocks have outperformed Gold from 1801 to the late 90's early 2000. This is the first time in history according to his studies where Gold is worth more. But according to history the stock market will rebound strongly. I would go with the statistics.
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Mon Feb 16, 2009 2:12 pm |
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tokmik
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Location: Vestal City, NY
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If you want $620, but you've already found someone who will give you $600, why don't you just take the $600. Surely all the hassle you will need to go through to find someone who will buy it for $620 can't possibly be worth the extra $20! Gold Buying Events
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Mon Apr 27, 2009 1:37 am |
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