View Full Version : Buying Gold?
I checked with Goldline about the possability of buying gold. It appears as if they are asking 30-35% above the spot price. Wow! I guess they have to pay for all those TV commercials somehow. Can you folks suggest any cheaper way to abtain gold? Thanks...
you mean besides panning for it?
ill sell you a broken 10k gold chain thats pretty messed up, haha.
About all you can do now is cough up some hard cashola and wait for the price to rise. I dont think there is a "cheap" way to obtain gold nowadays.....at least not legally that is ;)
Well there are plenty of parts of computers that are gold. So for any computer that got tossed in the trash for the last 10 years drove the cost of gold up.
stinkyDrunk
02-20-10, 08:49
Can you folks suggest any cheaper way to abtain gold? Thanks...
That 30-35% above spot doesn't sound right. There is a coin store near me that offers 1 oz. Gold Eagles for $55 over spot (about 5%).
montanadave
02-20-10, 08:50
www.kitco.com
Outlander Systems
02-20-10, 10:36
Kitco, though it's already been mentioned, and, if you can find a reputable seller, eBay. Usually on the 'bay, prices hover around spot.
A cheaper alternative is to go to your local bank and buy rolls of nickels...
clickclack
02-20-10, 12:33
www.apmex.com
www.gainesvillecoins.com
www.monarchpreciousmetals.com
gold is great but silver is the ticket to the future its underpriced heavily and has alot of potential.
smart of you thinking about moving your assets to physical
RAM Engineer
02-20-10, 12:42
http://m4carbine.net/showthread.php?t=23571&highlight=bullion
A thread from last year or the year before on the topic.
RAM Engineer
02-20-10, 12:44
A cheaper alternative is to go to your local bank and buy rolls of nickels...
Why is that?:confused:
I've been wondering about buying gold myself, but have a more general question about it (not new to investing, but new to buying precious metals as a form of insuring against uncertainty or massive devaluation of the dollar).
Doesn't gold work much like the stock market? I.e., the "smart few" buy early, run up the prices, then everyone starts pushing it to the masses saying Hurry, buy now, the time is right (but 80% to 90% of the upside potential has already been realized). It's the same old game: the masses will buy high, and at best will realize little growth, or at worst will be forced to sell low later.
Isn't that kinda' what's happening with gold right now? A number of the conservative radio commentators are pushing their audiences to buy gold (and getting healthy ad revenue for those recommendations). But I wonder if it is TRULY in the best interest of your average middle class person, like many of us here at this forum, to plunk down a good chunk of your investment/savings money into gold, thinking it will protect you from future devaluation of the currency.
rickrock305
02-20-10, 13:16
supply and demand!
i'd shop around though, that does sound high.
Outlander Systems
02-20-10, 13:34
Why is that?:confused:
A nickel is already worth more than a nickel, in nickel:
http://www.coinflation.com/
The price has been floating between 105% and 135% of face lately.
Start Here:
http://news.coinupdate.com/obamas-budget-includes-coin-composition-changes-0138/
I will second Ebay. You can get the spot price or better on any given day. In this economy there are plenty of legit people selling a little gold for quick cash.
I know an older guy who bought a bunch of 1oz American Eagles in the 90's when the tech bubble was swelling and gold was around $500 an oz. Since his business is down right now, he sells a coin or two on Ebay for some quick cash to get him through the month.
ForTehNguyen
02-20-10, 14:45
buy metals from APMEX, goldline was charging way too damn much. They tried to sell me some numismatic stuff and that really annoyed me. I only care about metal. Silver has more potential than gold, and I have more silver than gold for this reason. Also Pre 1982 pennies are worth 2.22 cents and any recent nickel is worth around 5.3 cents melt value.
Pre 1965 90% silver coins are a nice way to get silver on the cheap.
I went to a local jeweler who had some 1 oz bars for about 5-8% above spot price. They come sealed and with certificates. One thing I've found is that you will spend more per oz. in coins vs. 1 oz bars. However, at current market values, 1 stinking oz of gold will pay for 1 good quality AR so its hard to put money into precious metals instead buying another rifle.
Mo_Zam_Beek
02-20-10, 15:27
I am not your financial advisor and you should not take this as advice, however you may want to ask yourself why you are buying gold. If it is to possess physical gold in the event of a sustained melt down wherein the domestic fiat currency has little to no value and you need gold for trade, you may want to consider the impracticalities and cost of using gold to trade. Instead silver is probably a better substitute in such a situation primarily do to denomination amounts, costs over spot at the time of purchase, and clearly recognizable minting and purity stamps (coins) even by those that know next to nothing about it.
Conversely, if you are buying large quantities of gold as a hedge I would encourage that read up on current thoughts related to the potential of a coming gold bubble and what Bufett's views are on gold as a hedge over time - in short it is an after tax looser.
Good luck
ETA - supply and demand / radio personalities hawking gold - you should also read up on how much gold has entered the system recently via expanded extraction efforts (since it was mentioned - Kitco in particular has dumped a lot of resources into extraction and is estimated to have increased the world supply by 5% themselves) and secondly supply is increased by all of the people that are selling jewelry as a result of high price and hard times. Lastly, I have read a couple of articles that relative to currency values Americans are the ones getting hosed on gold. Like I said, this is not advice just an encouragement to get informed before leaping in with both feet. Most of what I am reading indicates that a bubble is definitely forming but that there is still money to be made in gold. However it is like musical chairs and only the big boys are the ones in control of when the music stops.
clickclack
02-20-10, 15:36
i agree with silver.
as a matter of fact i got a some this week. I actually made a youtube video of it. it shows how to shop for silver online it is very informal and i curse but it may help you some.
http://www.youtube.com/watch?v=0jzJHiUvBp8
ForTehNguyen
02-20-10, 15:43
yea that's another reason why silver is desirable, it the event of currency meltdown silver is the currency for small and basic transactions. Carrying around 1oz gold bars as payment is like trying to pay for a loaf of bread with a $1000 bill.
Gold or silver?
In my opinion.. Both;)
Might be easier to spring for silver, though. 1/10oz rounds are very handy sizes but the premiums are a bit higher.
yea that's another reason why silver is desirable, it the event of currency meltdown silver is the currency for small and basic transactions. Carrying around 1oz gold bars as payment is like trying to pay for a loaf of bread with a $1000 bill.
In my mind, gold and silver are simply hedges in case of severe inflation/hyperinflation. However, none of us will ever use actual gold or silver to buy anything. The day that fiat has no value, neither will gold or silver. People might trade commodities (food, guns, ammo, knives, etc..) but gold and silver will be just as worthless as fiat currency. Money is just an illusion to keep us from having to trade actual goods. If fiat collapses they'll be mass panic and you can forget trading gold/silver as people will want actual goods. The day store shelves are bare, I won't trade a can of tuna for twenty ounces of gold.
As far as gold being in a bubble... who knows. Seems odd that G. Soros called gold the "ultimate asset bubble" in Davos last month. Then is comes out that his hedge fund doubled its gold holdings in the fourth quarter of 2009.
Never use those folks. They kill you in fees. I have bought and sold thousands of dollars of gold on ebay.
Bought a lot of nuggets and coins when it was at $300-$400 at spot or below spot, sold most of it a few years later when it hit $750. A very simple, straight forward process to master.
bulliondirect.com runs an exchange with both gold and silver. They take a small fee, otherwise it is whatever the market will do.
Pre 1965 90% silver coins are a nice way to get silver on the cheap.
When they say "pre 65" are 1965 coins included in this or is it 1964 and older?
When they say "pre 65" are 1965 coins included in this or is it 1964 and older?
I don't know the answer but you can kind of tell since the 90% silver ones are completely silver when looking at the edge.
ForTehNguyen
02-20-10, 20:50
As far as gold being in a bubble... who knows. Seems odd that G. Soros called gold the "ultimate asset bubble" in Davos last month. Then is comes out that his hedge fund doubled its gold holdings in the fourth quarter of 2009.
it cant be a bubble if only a few people participate in it, easily under 5% are even aware of what gold/silver are suppose to be. Also the people that call gold/silver a bubble are the same people who didnt see the much more massive bubble...the housing bubble.
A nickel is already worth more than a nickel, in nickel:
http://www.coinflation.com/
The price has been floating between 105% and 135% of face lately.
Start Here:
http://news.coinupdate.com/obamas-budget-includes-coin-composition-changes-0138/
Are nickels still made with nickel?
When they say "pre 65" are 1965 coins included in this or is it 1964 and older?
1964 and older.
Mero
Are nickels still made with nickel?
1946-2010 Nickel
75% copper, 25% nickel
Mero
Powered by vBulletin® Version 4.2.5 Copyright © 2024 vBulletin Solutions, Inc. All rights reserved.