Place NOT to Buy Gold

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joe2baba's picture
joe2baba
Status: Martenson Brigade Member (Offline)
Joined: Jun 17 2008
Posts: 807
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

vegas316's picture
vegas316
Status: Member (Offline)
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Posts: 15
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?

joe2baba's picture
joe2baba
Status: Martenson Brigade Member (Offline)
Joined: Jun 17 2008
Posts: 807
Re: Place NOT to Buy Gold

got the metal but it took a long time

A. M.'s picture
A. M.
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Joined: Oct 22 2008
Posts: 2367
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

Mike Pilat's picture
Mike Pilat
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Posts: 929
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.

ccpetersmd's picture
ccpetersmd
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Posts: 799
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! 

MarkM's picture
MarkM
Status: Platinum Member (Offline)
Joined: Jul 22 2008
Posts: 837
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.

Fivemileshigh's picture
Fivemileshigh
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Posts: 17
Re: Place NOT to Buy Gold

www.monexfraud.com

 

 

mainecooncat's picture
mainecooncat
Status: Gold Member (Offline)
Joined: Sep 7 2008
Posts: 488
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.

Ready's picture
Ready
Status: Platinum Member (Offline)
Joined: Dec 30 2008
Posts: 917
Re: Place NOT to Buy Gold
Mike Pilat wrote:

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.

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

plantguy90's picture
plantguy90
Status: Gold Member (Offline)
Joined: Jan 26 2009
Posts: 271
Re: Place NOT to Buy Gold

Monex takes credit cards???

Mike Pilat's picture
Mike Pilat
Status: Platinum Member (Offline)
Joined: Sep 8 2008
Posts: 929
Re: Place NOT to Buy Gold

For those who have not yet seen, the site below appears to be the "definitive" site to compare the so called "physical" market of gold. It simply displays data from eBay sales in a easy to understand format. There is also a link to the corresponding page for silver: http://www.24hgold.com/english/buy_sell_gold_coins.aspx?co_id=0

Also, I've dug up a page that has some information on the legal reporting requirements when buying metals: http://www.certifiedmint.com/myths_lies.htm

Enjoy!

Mike 

 

joe2baba's picture
joe2baba
Status: Martenson Brigade Member (Offline)
Joined: Jun 17 2008
Posts: 807
Re: Place NOT to Buy Gold

if you would have read the post you would have seen i called monex. got shifted to monaco and the final deal went thru zoomcoin, they are subsidiaries of monex. so yes they took credit card payment. no i have not received credit for the over charge. the salesman is an asshole. i bought st. gaudens so they have collector value as well.

i have friends who used apmex and were very happy. i have heard no complaints from them.

joe2baba's picture
joe2baba
Status: Martenson Brigade Member (Offline)
Joined: Jun 17 2008
Posts: 807
Re: Place NOT to Buy Gold

wish i had seen this then.

KKPSTEIN's picture
KKPSTEIN
Status: Silver Member (Offline)
Joined: Oct 20 2008
Posts: 120
Re: Place NOT to Buy Gold

I'm involved with Joseph Wealth Systems. It is a really ethical way to get involved in buying and selling, free market, bullion coinage, credit cards accepted.

Joe2baba: What do you consider "a really long time" to get the gold, and how was it delivered? (Reg post? Private courier?).

Best!
Kirsty

Ken C's picture
Ken C
Status: Platinum Member (Offline)
Joined: Feb 13 2009
Posts: 753
Re: Place NOT to Buy Gold

I have used APMEX and I was happy with the transaction. They also seem to have good prices relative to other dealers.

 

I wish I could do business with a good local dealer (Los Angeles). One of the problems with buying locally here is sales tax. Now 8.25 % and soon to be 10% Very high indeed. However, the state makes up for it by giving POOR services, and treats people like slaves.

 I wish I could get out of here.

capesurvivor's picture
capesurvivor
Status: Platinum Member (Offline)
Joined: Sep 12 2008
Posts: 963
Re: Place NOT to Buy Gold

kenc,

We have no tax here unless your purchase on gold is less than $1000. I don't know if that is a state or federal law, find it weird but it's true here in MA.

 

SG

grl's picture
grl
Status: Silver Member (Offline)
Joined: Nov 30 2008
Posts: 188
Re: Place NOT to Buy Gold

Kenc, I live in OC and I am almost positive this holds true in LA too. If you buy over $1000 worth of PM there is no sales tax. I have heard that one of the best dealers is up in your neck of the woods: CNI (in Inglewood) You might want to give them a call and ask about the sales tax.

Ken C's picture
Ken C
Status: Platinum Member (Offline)
Joined: Feb 13 2009
Posts: 753
Re: Place NOT to Buy Gold

HI Lisa G

 

Actually it was CNI that I called when I was looking at buying. I asked about whether sales tax was collected on purchases and he said yes it was. That ended the conversation for me. I did not know about the $1000 threshold. Are you sure that is the case?

 I think that I need to investigate further because it would be nice if I could walk in with cash and take out PM without paying 8-10% to the state. Ridiculous amount of tax isn't it.

 

Ken

 

Ken C's picture
Ken C
Status: Platinum Member (Offline)
Joined: Feb 13 2009
Posts: 753
Re: Place NOT to Buy Gold

I just got off of the phone with a guy at CNI. It tells me that if I spend more than $1500 then there is no sales tax. He says the rule used to be $1000 but it is now $1500. I wish I had known that before.

 

At least now I know I can buy locally and not have to buy via the internet.

 

Ken

capesurvivor's picture
capesurvivor
Status: Platinum Member (Offline)
Joined: Sep 12 2008
Posts: 963
Re: Place NOT to Buy Gold

It must be federal then but they must have raised it in the last few weeks. Really weird.

Need to save up and buy 2 at a time. Wait...gold falling.

 

SG

grl's picture
grl
Status: Silver Member (Offline)
Joined: Nov 30 2008
Posts: 188
Re: Place NOT to Buy Gold

Ken, sorry for the delayed response, I just checked this thread. yes! I am sure about the $1000 threshold - at least in OC and I believe it is a state tax policy but you never know about LA county ... they have a lot of mouths to feed. I haven't bought at CNI but I know people who do and I am quite certain they wouldn't do so if they were paying those ridiculous sale taxes. CNI, from what I have heard, is one of the best dealers around. Actually, I think I originally heard of them from one of Chris Martenson's posts about buying gold.

Addendum: Just read the rest of the thread - duh. So there's your answer. I wasn't aware that the threshold went up to $1500. Oh well, California is looking for money wherever they can find it.

coolhandluke's picture
coolhandluke
Status: Bronze Member (Offline)
Joined: Dec 1 2008
Posts: 41
Re: Place NOT to Buy Gold

I had a great experience with monex.  I know others who have as well.  APMEX is also good.

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