I am interested in buying some physical gold, such as Canadian Maple Leaf or American Gold Eagle coins. Anyone have any experience in buying physical gold? Advice on what to look out for and any other issues relevant to this issue would be appreciated. After looking it appears that the going rate for these coins is about 75-100 $ above the gold rate per coin.
Buying Physical Gold
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Buy silver.
Actually it is better to buy 99.99% pure gold ingots as opposed to coinage becasue you are paying a premium for the supposed "collectable" aspect of the coin they are a rip off.
There are many Vietnamese jewelry stores in Westminster, Orange County South California selling gold coins for about $20-30 above the gold price per coin. My wife bought all her jewelry there for much lower price than jewelry stores in the mall. They also sell gold bar in 1 oz for the spot price + $10-20, they buy the same 1 oz gold bar for $10-20 below spot price. They make very little profit per transaction, buying or selling.
Gold is fairly high right now due to the economy and speculation.
That's why all the ads for selling you gold or buying your 'broken' jewelry. (rip off)
When the price is low (relatively), the ads disappear like magic.
Think before jumping into precious metals.
That's why all the ads for selling you gold or buying your 'broken' jewelry. (rip off)
When the price is low (relatively), the ads disappear like magic.
Think before jumping into precious metals.
Originally Posted By: tpitcher
Originally Posted By: Chris142
Buy silver.
Yea, too bad we didn't get at $8 an Oz..... My friends bought lots at that price...
My neighbor has Four hundrend (400)1oz coins that he paid $15 and under for each. I'm watching Silver and am still hoping to buy some but I just have not had time.
Originally Posted By: Chris142
Buy silver.
Yea, too bad we didn't get at $8 an Oz..... My friends bought lots at that price...
My neighbor has Four hundrend (400)1oz coins that he paid $15 and under for each. I'm watching Silver and am still hoping to buy some but I just have not had time.
Find a local dealer that doesn't charge too much over spot.
Remember you might want to sell it someday and having someone local you won't get screwed on both sides of the deal.
I've bought both online and local. Most of my stuff is between 2 local dealers. I have a good relationship with both of them. They are good folks.
Good luck
Remember you might want to sell it someday and having someone local you won't get screwed on both sides of the deal.
I've bought both online and local. Most of my stuff is between 2 local dealers. I have a good relationship with both of them. They are good folks.
Good luck
JHZR2
Staff member
6% over spot was about typical when gold was around 300 in the late 1990s. I worked in a shop then that bought and sold gold/silver.
Originally Posted By: Chris142
Buy silver.
+1 I bought a bunch before "Y2K" at about $7.20 an ounce, circulated Mercury dimes. All the gold guys wanted to sell me MS-65 gold coins at 2-3 times the bullion value.
Pondering it for a moment, I'd recommend waiting to buy until the price goes down.
Buy silver.
+1 I bought a bunch before "Y2K" at about $7.20 an ounce, circulated Mercury dimes. All the gold guys wanted to sell me MS-65 gold coins at 2-3 times the bullion value.
Pondering it for a moment, I'd recommend waiting to buy until the price goes down.
Originally Posted By: Pete591
Gold is very high right now.
Remember...buy low and sell high.
Depends how you look at it really.
There has been bazillions more money creation than there has been a rise in price of gold.
I say gold could double a couple more times and still be undervalued, if you want to take into consideration that gold has an intrinsic value compared to the paper that you buy it with.
As far as a bubble goes, I was reading that about .07% of the worlds wealth is in gold. That's pretty clear in my mind it's still a safe bet. Besides since 2009, investment in gold has gone down, all the while prices have crept up. It seems high for me, but overall we still have a long ways to go up before it crashes.
As far as pricing. I've used www.apmex.com for a good indicator of price. They seem like a pretty fair place to buy. But again, finding a local guy that you can buy sell and trade with is a better bet.
Gold is very high right now.
Remember...buy low and sell high.
Depends how you look at it really.
There has been bazillions more money creation than there has been a rise in price of gold.
I say gold could double a couple more times and still be undervalued, if you want to take into consideration that gold has an intrinsic value compared to the paper that you buy it with.
As far as a bubble goes, I was reading that about .07% of the worlds wealth is in gold. That's pretty clear in my mind it's still a safe bet. Besides since 2009, investment in gold has gone down, all the while prices have crept up. It seems high for me, but overall we still have a long ways to go up before it crashes.
As far as pricing. I've used www.apmex.com for a good indicator of price. They seem like a pretty fair place to buy. But again, finding a local guy that you can buy sell and trade with is a better bet.
Originally Posted By: Pete591
Gold is very high right now.
No it's not; it's half it's inflation adjusted fiat high. Silver is even lower historically, thanks to JP Morgan!
Gold is very high right now.
No it's not; it's half it's inflation adjusted fiat high. Silver is even lower historically, thanks to JP Morgan!
Personally I won't be buying gold anytime soon. But if you're going to buy it- here's how you go about it.
Do a little googling and find today's spot price of gold. Now look up all your local coin shops. Call them up and ask how much they're selling bullion for. Buy the cheapest one.
Do a little googling and find today's spot price of gold. Now look up all your local coin shops. Call them up and ask how much they're selling bullion for. Buy the cheapest one.
Originally Posted By: Drew99GT
Originally Posted By: Pete591
Gold is very high right now.
No it's not; it's half it's inflation adjusted fiat high. Silver is even lower historically, thanks to JP Morgan!
In $Oz, it hasn't varied up and down a total of 10% in the last 6 months.
Originally Posted By: Pete591
Gold is very high right now.
No it's not; it's half it's inflation adjusted fiat high. Silver is even lower historically, thanks to JP Morgan!
In $Oz, it hasn't varied up and down a total of 10% in the last 6 months.
Originally Posted By: Shannow
Originally Posted By: Drew99GT
Originally Posted By: Pete591
Gold is very high right now.
No it's not; it's half it's inflation adjusted fiat high. Silver is even lower historically, thanks to JP Morgan!
In $Oz, it hasn't varied up and down a total of 10% in the last 6 months.
The $Oz dollar isn't slated for the history books like the ol greenback is!
Originally Posted By: Drew99GT
Originally Posted By: Pete591
Gold is very high right now.
No it's not; it's half it's inflation adjusted fiat high. Silver is even lower historically, thanks to JP Morgan!
In $Oz, it hasn't varied up and down a total of 10% in the last 6 months.
The $Oz dollar isn't slated for the history books like the ol greenback is!
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