Shopping for GOLD

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  • Thu, Apr 01, 2010 - 11:19pm

    #11
    Peak Prosperity Admin

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    Re: Shopping for GOLD

straight,

If you noticed, kemosavvy’s post was dated over a year ago.  There is no widespread supply shortage presently that I’m aware of.  Also, I’d be interested in the name of your Australian coin dealer selling silver coins at spot, unless they are limited edition, undesireable coins or lower purity coins.  I sincerely doubt they would be selling more desireable silver coins such as American eagles or Austrian philharmonics at spot.  Also, with regards to the Perth Mint, there are front end costs, back end costs, and annual administrative costs above and beyond any premium over spot.  For that reason alone, I don’t think Perth Mint certificates are a wise choice.

  • Fri, Apr 02, 2010 - 12:39am

    #12
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    Re: Shopping for GOLD

[quote=kemosavvy]

i consider myself late to the game as gold has shot up over the last few days, but i’m ready to take the plunge. i called up http://www.goldline.com and had them give me a rundown on gold prices and buying info. since i’m a pessimistic skeptic (and miserable bastard all around) i thought i’d get the general thoughts of the crowd to help me with my first purchase.

1. what is a good price on america gold eagle?

2. go with collectible or bullion pieces?

steve

[/quote]Don’t worry bout it. Gold is so cheap right now. Hold your nose and jump. In a few months you’ll be so happy you did!

  • Fri, Apr 02, 2010 - 01:05am

    #13
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    Re: Shopping for GOLD

[quote=Davos]

[quote=kemosavvy]

i consider myself late to the game as gold has shot up over the last few days, but i’m ready to take the plunge. i called up http://www.goldline.com and had them give me a rundown on gold prices and buying info. since i’m a pessimistic skeptic (and miserable bastard all around) i thought i’d get the general thoughts of the crowd to help me with my first purchase.

1. what is a good price on america gold eagle?

2. go with collectible or bullion pieces?

steve

[/quote]Don’t worry bout it. Gold is so cheap right now. Hold your nose and jump. In a few months you’ll be so happy you did! (Same advice in 2010…see this is an old thread…)

[/quote]

  • Fri, Apr 02, 2010 - 01:31am

    #14
    Peak Prosperity Admin

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    Re: Shopping for GOLD

Hi,

I purchase from http://www.the-moneychanger.com

They usually charge 3.5% over spot.  They ship within 1-2 weeks.  They will confirm on the phone their availability.  They have a free daily market commentary.

Silver/gold for me is about 90/10. 

Over time, all premuim disappears.  It is the intrinsic value of the metal content that will drive your results.

There is much more available gold than silver now.  When gold rises to “outrageous” rates of $2-3K, the sheeple will then discover silver.  The percentage increase in silver will be much higher.

As for wealth preservation/barter:  silver is the obvious choice.  A 1 oz Krug will be much too valuable for trading.

I would recommend 90% silver.  Bags of old US coins.  They are accepted on sight (no assay req’d), the cheapest form of silver (currently) to buy, and are US coinage (i.e. money). 

If you buy rounds from some source, you may need to be assayed…unless you have silver from an accepted and “known” mint.  This means:  you may NOT receive the spot price when you want to swap your silver…because the actual silver content of your holdings may need to be verified.

Think ab the folks who had 400 oz gold bars…until they were assayed and found tungsten.

In any event, either metal is much better than any paper.  I do think you will need some paper (for now), but metals are the better position.

For perspective:  paper is being produced like crazy…as you already know.  Consider these old charts from the St. Louis Fed:

http://goldsilver.com/newsletters/newsID/3592/

Then listen to the explanation of the gold cycle by Mike Maloney (RichDad advisor):

http://goldsilver.com/player/id/67/cID/2/

I think his logic is credible.

In any event, I think metals are part of the necessary preparation.

Regards,

tomadkins

  • Fri, Apr 16, 2010 - 07:28am

    #15
    Peak Prosperity Admin

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    Re: Shopping for GOLD

My recent research leads me to believe that Tulving may be the best place to buy if a paper trail is not a concern. Using Maple Leaves as an example.

Buying:

Canadian Maple Leaf BU 1 Oz .999/.9999 Pure Gold Coin – Dates Our Choice       Spot +$29.95

2010 Canadian Maple Leaf BU 1 Ounce Gold – .9999 Pure – Brand New Coins         Spot +$34.95

Selling:

Canadian Maple Leaf 1 ounce 24KT-.999 And/Or .9999 BU                                Gold Spot +$10

A $20 buy-sell spread.

Free shipping, free insurance, 20 coin minimum.

I’d like to hear if anyone disagrees w this opinion.

  • Sat, Apr 17, 2010 - 03:58pm

    #16
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    Re: Shopping for GOLD

My question is about buying 1 oz. gold coins of lesser purity (American Gold Eagle and Krugerrands, at 91.6% pure) vs those of higher purity (Canadian Maples, Chinese Pandas, Austrian Philharmonics, and Australian Kangaroos, at 99.9% pure).  I.e., why would one buy the former when they can get the latter?  Do people realize that when they puy American Eagles or Krugerrands, they are getting less gold?  Once I realized American Gold Eagles were a lower % gold, they went down in value, in my perspective. 

But am I missing something?  Are there other factors that I and others should be considering? 

Thanks!

  • Sat, Apr 17, 2010 - 04:29pm

    #17
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    Re: Shopping for GOLD

pinecarr:

You are missing something. An American Gold eagle is not 1 oz., it is heavier. It contains 1 oz. of pure gold. Since it is 91.6% pure, it takes more totla weight to add up to 1 oz. of pure gold. I like the Gold eagles over the purer ones as they aren’t quite as soft and won’t “bend” as easily. But I have Eagles and Maples just incase I have to go to Canada. 

  • Sat, Apr 17, 2010 - 04:35pm

    #18
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    Re: Shopping for GOLD

Look at the weight of American Gold Eagles and Krugerrands.  They are actually 1.0909 troy oz so you are still getting the value you expect.  You are just buying a coin made of a gold alloy that is more durable.

  • Sat, Apr 17, 2010 - 04:41pm

    #19
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    Re: Shopping for GOLD

markf57 and goes211, thanks!  I didn’t realize that!

-pinecarr

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