OT- Gold coins for investment ??

jCarroll · Apr 24, 2010

I"m ready to convert the currency under my mattress to 1oz gold coins. Local dealers charge the spot price of gold + fee ($65) + sales tax; so the total price is about 15% over the price of gold. However, I walk out with the coin in hand.

Any experience with internet or mail order dealers? Any recommendations? What to avoid?

rbuckel · Apr 24, 2010

Check to see what you can sell it for the day after you buy it.

Anonymous-0 · Apr 24, 2010

This is the real world.You hand over your (toilet) paper money with one hand and take the metal of the Gods with the other.Anything else could leave you scammed.Oh,and I believe one ounce coins are the best.

hoosier boy · Apr 24, 2010

Not to be a pain but dont do it. US cash is good anywhere in the world, ever hear of the drug trade being busted for gold coins - their too smart for gold. Like the other poster implies, the dealer/operators will be the ones that make out.

HughB · Apr 24, 2010

The folks who sell gold use fear to sell it. I can tell you all kinds of reasons why it is a bad investment but if you have your mind made up you will probably still buy it. Google the following. "is gold a good investment"

Ray · Apr 24, 2010

You can't eat gold,it has a false value like diamonds.If things get that bad you couldn't trade a hand full of gold for a hamburger.

Spook · Apr 24, 2010

Gold is not a good investment. Plus now ya gotta store it someplace.

jcsinga · Apr 24, 2010

I cant agree with you on the false value of gold, diamonds mabye, unless you want to cut something hard and they make synthetic diamonds for that now.

But gold has many real world uses it will always be worth something.

Now as an investment its not for me I prefer to go out and find my own in Mother Nature.

HughB · Apr 24, 2010

Gold is not worth anymore or less than the public will pay for it. In good times gold will lose value. It is subject to a bubble in value just like realestate. remember, all bubbles burst.

Foghorn Leghorn · Apr 24, 2010

Honestly, that is an extremely poor idea. You are paying 15% over current market to take possesion. Then what? What would liquidation costs be another 15? You need 30% movement to the upside to break even?

If you feel you must invest in gold, then buy shares of GLD on the NYSE in an account from anyone you want. Each share is 1/10 of an ounce that is stored in a vault in London. Do some research on this. You get the same benefits as far as apreciation goes with none of huge costs you are considering.

My own personal opinion is that it is far too late to buy gold. The easy money has been made already and only fools buy high.

A much better option would be to look at other commodities. My personal favorite is oil, and I own shares in several oil companies and oil service providers in Canada. This will serve the same function as gold if you are trying to protect yourself from inflation or the falling value of the dollar.

Owning businesses that produce various commodities is a much better alternative IMHO, but good luck to you in whatever you decide.

jcsinga · Apr 24, 2010

Agreed, its the same as anything, only worth what someone will pay for it. But it is a useful mineral and will always some tangeable(sp?) value whereas the paper dollars may not.

I not recommending gold as an investment as up until recently only barely kept up with inflation but I do have some tucked away.

IH2444 · Apr 24, 2010

I am not sure that htere is more gold "sold" than exists.

kruser · Apr 24, 2010

Got some Silver bars if you are interested!

1- (800) BR 459

farmerjohninpa · Apr 24, 2010

believe it or not, crude oil,petro, and gas is and has been a few of the best investmentsfor a while. with the usage getting to be beyond the capability of the refineries to stay up with it will continue to grow in value! it is a limited resource, that we are sucking up like water. this past winter in europe,the weather was a record breaker for cold. there were shortages of the oils and gas and as a result factories had to close to keep houses heated !!
weather patterns are changing all over the world,so it is a safe assumpttion that this trend could only continue and each year drive up the cost of heating commodities.

T_Bone · Apr 24, 2010

Hi jCarroll,

Gold(Au) and Silver(Ag) is sold upon four nines fine, ie; 0.9999 as considered pure gold & silver. This is only achieved by the electroplate refining process.

AU & AG are sold on the troy ounce

There's only two names that can be trusted too yield 1oz of .9999 fine without additional refining, and that is Englehard or Johnson Matthey. They contain no alloys.

I haven't checked recently but the Canadian Maple Leaf was a 1oz AU round of .9999 fine. They weigh 1oz. I would want to confirm that before buying them today. This coin contains no alloys or did not.

[b:1ba46f8732]ALL [/b:1ba46f8732]other gold coins may contain 1oz of gold BUT not 1oz of .9999 AU. They will weigh more than 1oz as they contain "other" metals so you can "refine" 1oz of .9999 AU. All of this type of coin has alloys added to the gold/silver.

In the 1800's, the Chinese would get a USA $20 gold coin and rub the coin in a silk bag thus removing a small amount of gold/silver. When they had that coin wore down they would exchange for another coin and do the same. They could make wages doing this with gold at $25oz!

[b:1ba46f8732]NEVER[/b:1ba46f8732] buy precious metals and let a company(Bank) hold them for you. This has been a scam for over a thousand years.

Very seldom will you ever get the "premium" back when selling your investment. The normal is you will get spot. The premium is a manufacturing/refining charge. ONLY in a heavy buying market will you get more than spot gold price when you sell.

Tons of scammers in the gold/silver bullion market.

That should get you started.

T_Bone

ted regentin · Apr 25, 2010

Find Jim Sinclair's Mineset on the web. He is quite the gold guru. He posts information on gold almost every day. He predicts $1650 gold very soon and he has a pretty good track record. Always keep gold and silver in personal posession. I believe that the dollar will soon be replaced. Google the Amero for information on a new currency.

ohiojim · Apr 25, 2010

foghorn has it right,...to many takin cuts out..

36 Coupe · Apr 25, 2010

You will have trouble buying anything wit a 1oz gold coin.A woman tried to pay for groceries with some 5 dollar coins.Store refused to take the coins at face value.Woman went to the bank where the teller tried to take her by givng here face value Manager stopped that.I would sell you 30 pounds of potatoes for a silver dollar because I know the value of silver but I need some one who knows the market when I want to buy something with that coin.We use canadian coins here as long as we dont take them to the bank.There was a time when you could only get 65 cents for a Canadian dollar bill.

buickanddeere · Apr 25, 2010

Silver has more practical uses than gold. Also does platium and paladium are good.
Land with road access and water in a temperate climate is always useful.
A few cases of ammo can be a good investment.

Gun guru · Apr 25, 2010

Just some thoughts here. Gold is an okay investment, but to buy gold coins is not the best way to do it, you may want to buy shares of a precious metals mutual fund or something on that order. A friend of mine comes from a wealthy family, his dad is worth about 10 million dollars, and he has about 30-40 thousand worth of gold bars, not practical but he is wealthy and stores the gold in his home. But paying 15% over the base cost would not be worth it to me. Besides talk to a bank and see if they can redeem gold/silver coins if the entire US economy gets real bad, like food shortages, gasoline goes to $15 bucks a gallon, etc. If it were me I would want silver coins in 1 ounce denomanations, and an ounce of silver is about 25 dollars. And an ounce of gold is 1000 dollars, not real practical to trade with. But I understand your point in that the US greenback is only a piece of paper that is only backed up with a % of gold in the US treausury dept.

armand tatro · Apr 25, 2010

Kruser: if I remenber Jr. Sampels used car lot phone number was BR549. Armand

omahagreg · Apr 25, 2010

My grandparents bought into the whole Y2K thing, and bought several silver dollars. They knew a certain year was worth more than others (sorry, can't remember which, maybe 1923), and so all, or most of them, were that year. After the whole concern was not realized, my Dad was trying to sell these back-probably because he lived in the 'big' city of Omaha. Most of the coins weren't worth more than face value, because the 'good' mint was not included with any of them. They had gotten scammed and how! Never heard how much they bought them for, but we know it was WAY more than face value! Be careful! Greg

Mike (WA) · Apr 25, 2010

Many are buying silver and gold as an "Armageddon Investment"- value will go up if the economy tanks, but more importantly, if you have coins (especially silver), a "black market" economy will emerge wherein you can get a loaf of bread for, say, a silver dime, rather than the $15 in "official" paper money.

But for this to work, you have to have actual possession. By the time everything tanks, and you send off to London for your goods out of the vault, the vault will have long since been emptied, and the caretakers of it will have your goods, in Brazil.

teddy52food · Apr 25, 2010

Real money can't be counterfited. The buying power of gold & silver stays the same. Years ago it took a $20 gold piece to buy a good Colt hand gun. That same gold piece still buys a good one today.

RayP(MI) · Apr 25, 2010

According to Dave Ramsey, gold is a very poor investment.

tlak · Apr 25, 2010

If Glenn beck is pushing it, it must be a good deal. I guess it's peaked now, so why would somebody buy?

OT- Gold coins for investment ??

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