[x]

See Where You Rank in Washington

  1. I want to put some money into gold. I'd rather buy gold coins or bricks :) but would consider mining stock if the commissions are too much. Any help appreciated.
  2. GLD tracks the price of gold
  3. Goldmoney.com has really low commissions and is very reliable. They are a digital gold company but you can take delivery any time you want in bars of 100 grams. You can also get big bars if you really have a lot of gold.

    If you are thinking about miners look at GDX or GDXJ to play it with an ETF. GDXJ is pretty new but it covers a bunch of the juniors. Use a discount broker and it won't cost you much.
  4. You can probably buy physical gold coins right now for under 1,200 an ounce. I just bought some stuff today, a 1/4 1972 krugerrand as well as a 1/10 ounce platinum U.S. Liberty and 10 ounce silver bad. If you don't want to pay the premium some of the older fractional things are better. You pay a higher premium for 10 Eagles and Maples, etc. The bar ran me $178.

    If you have a safe deposit box I'd recommend putting it there. I was nervous when I had my gold in my house so I moved it all to a safe deposit.

    Yomama
    I'd be nervous buying gold that was stored by an overseas company that opened in 2001. And I don't care if Warren Buffet came to my house and told me not to worry.
  5.  
    Originally Posted by dolphin13 View Post

    You can probably buy physical gold coins right now for under 1,200 an ounce. I just bought some stuff today, a 1/4 1972 krugerrand as well as a 1/10 ounce platinum U.S. Liberty and 10 ounce silver bad. If you don't want to pay the premium some of the older fractional things are better. You pay a higher premium for 10 Eagles and Maples, etc. The bar ran me $178.

    If you have a safe deposit box I'd recommend putting it there. I was nervous when I had my gold in my house so I moved it all to a safe deposit.

    Coins are probably the way to go, the only problem is you generally end up spending quite a bit on the mark up. The up side is that you can have the gold in your hand the very same day you buy it.
  6. just looked at goldmoney.com. They're charging you 2.5% plus storage fees. I punched it in for 5 years and the storage fee alone is 210 total for those five years. No thank you!!!!! Gold would have to go to 1400 just to break even. I would rather store it under my bed and risk getting robbed. lol
  7. No way can you buy gold without their being commission (or over spot value).

    Haven't seen it, will not see it. Be careful of buying gold bars, as some of them are actually painted gold on top (or is gold the 1st 1/2 inch or so, and then its mainly Tungsten underneath). To see what I mean, Google Search Tungsten Gold Bars. I prefer to go with the coins based on that alone. If you buy the 1 OZ gold coins, you don't pay as much in terms of over spot value, as you would if you say invested in 1/4th oz British Sovereigns, which is the route I went when I 1st got involved about a year ago because I had a little bit of $ to play with, but not a lot.

    However though, with gold (and silver also) you'll have to understand that it's not a real appreciation, because as the price of gold and silver and coins have gone up, the value of the dollar has gone down and will continue to go down. What you're doing when you make these investments is you're protecting your assets. If you think you're going to make a quick large gain investing in Gold and Silver, forget about it.

    And the best thing, is actually having the coins (gold, silver, whatever), on hand in your possession.
  8. and don't worry about paying over spot for coins because you should be able to sell over spot.

    I've sold gold and silver on ebay and craiglsist. Sold 6k in silver to a guy on craigslist a few of months ago. We met at a bank with armed guards. I bought the silver for $19 a coin 30 mins before I met him at the bank and sold it to him for $20 a coin. Made $300 for less than an hours work. at the time silver was about where it is now
  9.  
    Originally Posted by dolphin13 View Post

    just looked at goldmoney.com. They're charging you 2.5% plus storage fees. I punched it in for 5 years and the storage fee alone is 210 total for those five years. No thank you!!!!!

    How much weight did you do the calculation for? The amount they charge doesn't go up until you own quite a bit. It is the same price to store 20 ounces as it is to store 1 ounce. So over 5 years you pay an average of $42 a year to store more than $20,000 worth of gold. That still isn't that great, but that is why I mentioned taking possession of bars.
  10. We have rarely seen clients earn a profit when they possess the gold. Those using trusted custodians are more willing to sell upon advice and hence achieve a better overall return. There is tremendous risk buying at the high so we are recommending no more than 2-3% of your investable net worth. glgl.
  11.  
    Originally Posted by Mr Galt View Post

    We have rarely seen clients earn a profit when they possess the gold. Those using trusted custodians are more willing to sell upon advice and hence achieve a better overall return. There is tremendous risk buying at the high so we are recommending no more than 2-3% of your investable net worth. glgl.

    Someone named Galt is advising people not to own more than 2-3% gold, I guess Alan Greenspan isn't the only Rand follower to lose their way.
  12. thanks for all the good info so far. Will let you know when I pull the trigger
    Thread Starter
  13.  
    Originally Posted by SavageChrist View Post

    No way can you buy gold without their being commission (or over spot value).

    Haven't seen it, will not see it. Be careful of buying gold bars, as some of them are actually painted gold on top (or is gold the 1st 1/2 inch or so, and then its mainly Tungsten underneath). To see what I mean, Google Search Tungsten Gold Bars. I prefer to go with the coins based on that alone. If you buy the 1 OZ gold coins, you don't pay as much in terms of over spot value, as you would if you say invested in 1/4th oz British Sovereigns, which is the route I went when I 1st got involved about a year ago because I had a little bit of $ to play with, but not a lot.

    However though, with gold (and silver also) you'll have to understand that it's not a real appreciation, because as the price of gold and silver and coins have gone up, the value of the dollar has gone down and will continue to go down. What you're doing when you make these investments is you're protecting your assets. If you think you're going to make a quick large gain investing in Gold and Silver, forget about it.

    And the best thing, is actually having the coins (gold, silver, whatever), on hand in your possession.

    yes, but if there is inflation anyway, your other appreciated assets' real value decline too, so why not put the money into somehting you know will appreciate with inflation?
    Thread Starter
  14. some stupid cocksucker once told me bullion.nwtmint.com and if you're buying any quantity, he was right. (claim that good advice now! you dropped OT with two weeks of blue horseshoe remaining)

    most of the gold/silver/plat that I bought was from ebay when Bing.com was first around and giving the rebate for ebay purchases (that was a sweet deal).

    have something in mind and a price you're willing to buy it at, go to a couple local gold dealers and let 'em know. They frequently get someone that comes in with a small gold coin they know nothing about that sell it at a tiny fraction of spot, and for a quick turnaround many of them are willing to sell right at spot - even fractional gold eagles that usually command a premium.
  15.  
    Originally Posted by userid363 View Post

    yes, but if there is inflation anyway, your other appreciated assets' real value decline too, so why not put the money into somehting you know will appreciate with inflation?

    because if you're running a commodity trade and willing to do it via paper, there are some that have lagged the surge in gold as a currency replacement and may have more of an ability to move.
  16. I've made quite a bit over the last couple years selling buying/selling gold/silver. It def becomes addicting.
  17.  
    Originally Posted by LeftyMark View Post

    I've made quite a bit over the last couple years selling buying/selling gold/silver. It def becomes addicting.

    yep. lefty is where I got it from. I really will have to buy him a nice dinner if we ever meet. Man has literally made me thousands of dollars by turning me on to the hobby.
  18. Watch your local newspaper or google "coin shows" in your area. They are usually free to enter and most high end dealers sell Gold Mapleleafs, Krugerands and the like at a tiny markup based upon the previous days close. That's the closest you'll get to buying commission free, but there's still a markup.

    I got a couple of pounds that way years ago.
  19.  
    Originally Posted by raisethis2 View Post

    I got a couple of pounds that way years ago.

    niiiice.

    wanna be my friend

    :)

Similar Threads