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Place NOT to Buy Gold

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  • Wed, Feb 04, 2009 - 04:49pm

    #1

    joe bender

    Status Gold Member (Offline)

    Joined: Jun 17 2008

    Posts: 328

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    Place NOT to Buy Gold

this is just a little alert for those of you who are contemplating buying gold coins

and bullion.

i purchased some coins in october i was overcharged. i was promised it would be taken

care of it is now feb. and i have not recieved a credit on my credit card.

i was also promised some dvd’s which i did not receive.

the name of the company i initially contacted was monex. i then was 

shifted to monaco financial. then the final company was zoomcoin.

this was all with one phone call. the sales rep was extremely rude the last time i spoke with him.

i would not recoomend buying from this company and obviously i will not do so again.

i am now contacting my credit card company to try to get my refund.

CAVEAT EMPTOR

  • Wed, Feb 04, 2009 - 05:01pm

    #2
    vegas316

    vegas316

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    Posts: 8

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    Re: Place NOT to Buy Gold

Thats unfortunate. I have bought a couple of bags of junk silver and some bullion from them with no problems. Did you get your metal okay?

  • Wed, Feb 04, 2009 - 05:55pm

    #3

    joe bender

    Status Gold Member (Offline)

    Joined: Jun 17 2008

    Posts: 328

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    Re: Place NOT to Buy Gold

got the metal but it took a long time

  • Wed, Feb 04, 2009 - 06:09pm

    #4

    Aaron M

    Status Platinum Member (Offline)

    Joined: Oct 22 2008

    Posts: 790

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    Re: Place NOT to Buy Gold

Joe2baba,Did you ever get credited the appropriate amount?
Good to see you by the way, I was just wondering what happened to you yesterday.

Aaron

  • Wed, Feb 04, 2009 - 06:20pm

    #5

    Mike Pilat

    Status Silver Member (Offline)

    Joined: Sep 09 2008

    Posts: 155

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    Re: Place NOT to Buy Gold

I was just wondering if you guys had a sense of whether or not it is cheaper online vs. a store.

Living in the DC Metro Area, I have found a high volume shop that has done a very good job of maintaining inventory even when I hear most other places have shortages. They have lately been marking up bullion $40-75 / ounce vs. the paper price, depending on the type.

  • Wed, Feb 04, 2009 - 06:49pm

    #6

    ccpetersmd

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    Joined: Oct 12 2008

    Posts: 103

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    Re: Place NOT to Buy Gold

I’m sorry for the troubles you experienced, joe2baba.  Like vegas316, I have purchased metals from Monex in the past, and have had no problems.  Delivery times were a bit long, but that was when many people were reporting shortage.  But, everything did arrive, and I had no extra charges (I did a money order from my bank, not a credit card).  My experience with Monex has actually been very good, and I keep in periodic communication with one of their brokers (he called today, as a matter of fact, and a couple of times a couple of weeks ago when gold was sitting at $820 or so per ounce).

I can’t claim that Monex is the best place to buy, or has the best price, but my experiences have been good.  Mike, I cannot speak to the advantages of online versus local.  I did check here, but in Iowa, there is only one bullion dealer of account.  At that time, the price he quoted was slightly higher than what I ultimately found at Monex, but that is no guarantee that it would always be so.  I also checked a couple of other sites that I found on the internet, with calls to their offices, and the price quotes I received were similar to Monex.  In the end, I chose Monex, just because they seemed the most professional.

Jim Sinclair has written on his site (http://jsmineset.com/) about there being a way to buy at spot price directly from NYMEX (http://www.nymex.com/gol_fut_cso.aspx), and take physical delivery, but I haven’t figured out how to do that, yet.  If anyone does figure that out, please let us know! 

  • Wed, Feb 04, 2009 - 06:49pm

    #7
    MarkM

    MarkM

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    Posts: 347

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    Re: Place NOT to Buy Gold

Mike, your upper end is about what I have paid recently at my local gold/silver shop for K’rands, bullion closer to the lower end of your range.  It is more than the quotes I see on the net.  However, I walk out with metal in hand and that is worth a little premium to me.

  • Wed, Feb 04, 2009 - 08:11pm

    #8
    Fivemileshigh

    Fivemileshigh

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    Posts: 9

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    Re: Place NOT to Buy Gold

http://www.monexfraud.com

 

 

  • Thu, Feb 05, 2009 - 12:24am

    #9

    mainecooncat

    Status Silver Member (Offline)

    Joined: Sep 08 2008

    Posts: 155

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    Re: Place NOT to Buy Gold

Hi Mike,

Regarding coins — gold/silver eagles, 40/90 junk — I’ve been able to get better deals in local shops than I have on-line and that’s before even adding in delivery cost and other possible add-ons like bullion processing fees and insurance.

I haven’t bought from this dealer: Golden Eagle Coins. (Though I came close and then the shop down the road came through for me.) However, their site is quite nice to navigate unlike, in my opinion, most coin and bullion sites. They also seem to "check out" in the sense that they have existed for quite some time and have a positive record with the better business bureau. In fact, the other day some poster (forget who) said they bought a gold eagle for $1,045 and on that day these folks had them at around $975.

Side note: You can guy gold eagles and the newer gold buffaloes directly from the US mint, though it seems like they get a slightly higher premium than most. But I guess at least you know they’re authentic.

  • Thu, Feb 05, 2009 - 12:46am

    #10

    Ready

    Status Silver Member (Offline)

    Joined: Dec 30 2008

    Posts: 150

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    Re: Place NOT to Buy Gold

[quote=Mike Pilat]

I was just wondering if you guys had a sense of whether or not it is cheaper online vs. a store.

Living in the DC Metro Area, I have found a high volume shop that has done a very good job of maintaining inventory even when I hear most other places have shortages. They have lately been marking up bullion $40-75 / ounce vs. the paper price, depending on the type.

[/quote]

Mike,

I started online, but quickly learned it wasn’t for me. There are many reasons, but here are the big ones:

1.)   I get uppity when 3 weeks go by and my gold has not arrived. I start to feel like they are playing the float. If they take my order, they should ship the gold the same day. I certainly wire the money within an hour.

2.)   Typically you have to buy in $5K increments or more online. This is OK, but at $3000 the transaction legally has to be reported to the IRS. Since I am buying gold partly because I cannot predict what is going to happen with the govt, I don’t necessarily want them to have the address on file where they can come pick it up by force if there is a meltdown. Buying 3 coins keeps you under this level.

3.)   Buying smaller quantities on a regular basis is a sound investment strategy. Cost averaging typically works to the benefit of the investor.

4.)   I like to talk to the owner and learn from him what he recommends, and what others are doing. He has helped me to round out my strategy. For example, I typically walk out with a small sack of trash silver that can be used better for transactions like buying groceries in the event the dollar tanks. If I go there with $2900 to spend, I’ll buy gold at spot and then pick my own trash silver to make up the difference.

5.)   There is no tax on gold when you buy locally, but there is typically shipping or other charges to buy over the net.

There are the intangibles of knowing who you are dealing with and trusting the product, etc. If your local guy earns your trust, there just doesn’t seem to be a downside to me.

Hope this helps

best,

Rog

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