Where to Buy (Physical) Gold in/near NYC?

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SagerXX's picture
SagerXX
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Where to Buy (Physical) Gold in/near NYC?

Hey all --

Just trying to find out if anyone knows of/has dealt with a reputable dealer of actual gold in/around New York City?  Where are they?  What was your experience like?  

Thanks mucho!

Viva -- Sager 

scepticus's picture
scepticus
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Re: Where to Buy (Physical) Gold in/near NYC?

sager, why not just get a goldmoney account? They have just announced a new service in which you can have your gold shipped to you in 100g branded 'goldmoney' bars.

 

 

LogansRun's picture
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Re: Where to Buy (Physical) Gold in/near NYC?

www.coloradogold.com

Call Melissa she's outstanding and her family has been in the business for years.

www.usagold.com

John or Michael Kosares are great.  Mike is the author of The ABC's of Gold.  You'll see his articles on 24hgold.com and other places quite often. 

They're both based in NY (maybe not City but around there) so you may have it shipped to them and pick it up.  BOTH are outstanding!  I've bought $manyK's of gold/silver/platinum/palladium from them so......

 

 

ao's picture
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Re: Where to Buy (Physical) Gold in/near NYC?

Sager,

I agree with LogansRun about usagold.com.  Michael Kosares' book, The ABCs of Gold, was one of my introductions to the world of precious metals.  It's a little dated relative to what's available now but still a good starting place.  A lot depends on what you're looking for and how much you're buying.  If someone's looking to buy local, I'd assume they're interested in making a smaller cash purchase and avoiding a paper trail.  In fact, someone local to me is selling some gold coins and I'm going to take a look at them this weekend for this very reason.

Some things you want to ask yourself include the following:

1) If you're interested in coins, do you want bullion or collectible coin?  Bullion would be more vulnerable to potential confiscation but collectible are harder to know the value of and their premium may break down in a SHTF scenario.  I have a small holding of collectibles but hold mostly bullion coins.

2) What size do you want, 1 ounce or smaller sizes?  One ounce is the most common size but in a SHTF scenario, the value of gold would be such that you will probably need "change" for transactions (i.e. smaller denomination sizes or silver coins).  I have mostly 1 oz. coins but do have a number of smaller size coins like French roosters (0.1867 ounces) as well as 90% silver coins.

3) What type of bullion coin ... American Eagles, Canadian Maple Leaves, South African Krugerrands, Austrian Philharmonics, etc?  Premiums are high for these coins now and they're not easy to find (I had my gold dealer call and offer me $14K to exchange some Eagles I hold in an IRA for gold bars).  I like Eagles but the Philharmonics seem to be very popular lately.  The percent gold content of each is factored into the price so I wouldn't be concerned about that.

4) Do you want bars, and if so, what size?  Larger bars especially are a more compact form of storage with a lower premium than coins but an assay may be required at time of sale (because they're more vulnerable to counterfeiting than the coins).  If it's a larger order (100 oz. or more), you can take delivery directly from the Comex and probably pay the lowest premium but I personally wouldn't want to hold my gold in that form.

5) Where do you want to keep it?  Do you want it in personal possession, safe deposit box, storage facility, or offshore?  Each has their advantages and disadvantages.  Personally, I wouldn't hold a large amount of gold in a safe deposit box because the contents are readily vulnerable to confiscation under the Patriot Act in the event of a national emergency/martial law scenario.  The HSBC storage facility is in NYC but if the Big Apple were to be nuked, it may be a bit tricky gaining access to that gold.  I would favor the storage facility in Delaware instead.  Offshore can range from storage in Swiss facilities to Perth Mint Certificates.  After investigating the Perth Mint Certificates, I didn't find them particularly appealing due to costs, the Australian government, and the remote location.

6) Do you want to hold it in a tax deferred account like an IRA or a taxable form?  If you sell it at a profit, you pay a 28% collectibles tax rather than a 15% capital gains tax.  Holding it in a retirement account like an IRA will be advantageous from a tax perspective, especially if gold goes up as much as we expect.

7) Do you want your purchase to have a paper trail?  Considerations such as purchase size, in person versus distance purchase, cash versus check, etc. all come into play and the answers seem to vary depending upon who you talk to.  I'm not sure regarding the all the legalities here, money laundering laws, etc., but I do know, for better or worse, all my distance purchases by check have a paper trail.  Just be careful when you're carrying a sack of gold in your canoe on a flooded river that you don't overturn and lose it all.

Hope this helps.

 

LogansRun's picture
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Re: Where to Buy (Physical) Gold in/near NYC?

AO,

Almost all your questions are answered in the ABC's of Gold by MK and they're exactly proper.  MKosares doesn't really prefer the larger bars as they're harder to buy but he does like nusmatics and actually they're having a sale on a couple (not many left) as we speak.  You can even pay via credit card and only buy 1 which is very abnormal in todays environment.  Most vendors want at least an order of 10oz gold, 500oz silver, 10oz platinum or 10oz of palladium.  Colorado gold is like that but again, they are really outstanding to deal with...same with USAgold. 

Check out what you want/need and go from there.  One thing with local dealers and buying from them one at a time, some you may not be able to trust where as the two that I mentioned are top notch and I fully trust.  Buy soon, IMO!  I think we're getting to that point of the truth HAS to come out and when it does, gold/silver are going to go through the roof.  If I'm wrong, at least you have some shiney waiting for you or your children/s.

PM if you have any questions.

Best!

SagerXX's picture
SagerXX
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Re: Where to Buy (Physical) Gold in/near NYC?

 Thanks LogansRun & ao -- all good info as I prep to purchase some PMs...

Viva -- Sager

SagerXX's picture
SagerXX
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Re: Where to Buy (Physical) Gold in/near NYC?

And just for the sake of thoroughness and to clarify my own thoughts --

ao wrote:

Some things you want to ask yourself include the following:

1) If you're interested in coins, do you want bullion or collectible coin?  Bullion would be more vulnerable to potential confiscation but collectible are harder to know the value of and their premium may break down in a SHTF scenario.  I have a small holding of collectibles but hold mostly bullion coins.

Bullion, methinks.  Don't need to pay a collectibles premium.

ao wrote:

2) What size do you want, 1 ounce or smaller sizes?  One ounce is the most common size but in a SHTF scenario, the value of gold would be such that you will probably need "change" for transactions (i.e. smaller denomination sizes or silver coins).  I have mostly 1 oz. coins but do have a number of smaller size coins like French roosters (0.1867 ounces) as well as 90% silver coins.

Seems like having some 1-oz and some smaller is a good idear.  Or -- 1-oz gold plus some silver coinage for "making change"...

ao wrote:

3) What type of bullion coin ... American Eagles, Canadian Maple Leaves, South African Krugerrands, Austrian Philharmonics, etc?  Premiums are high for these coins now and they're not easy to find (I had my gold dealer call and offer me $14K to exchange some Eagles I hold in an IRA for gold bars).  I like Eagles but the Philharmonics seem to be very popular lately.  The percent gold content of each is factored into the price so I wouldn't be concerned about that.

Pref American Eagles, but am flexible -- any widely-accepted coin is fine.  I've noted that Eagles carry the biggest premium (in what few pricing charts I've seen)...

ao wrote:

4) Do you want bars, and if so, what size?  Larger bars especially are a more compact form of storage with a lower premium than coins but an assay may be required at time of sale (because they're more vulnerable to counterfeiting than the coins).  If it's a larger order (100 oz. or more), you can take delivery directly from the Comex and probably pay the lowest premium but I personally wouldn't want to hold my gold in that form.

Bars are waaay outta my financial reach.  And seems unwieldy from a financial transaction point of view.  Although I suppose it'd work if you were planning along the lines of Rawles over at survivalblog -- he figures you hold PMs until the point post-SHTF that a new stable currency is established and then buy into that currency.  So in that scenario bars are fine.  But I can't imagine that far down the road...

ao wrote:

5) Do you want to hold it in a tax deferred account like an IRA or a taxable form?  If you sell it at a profit, you pay a 28% collectibles tax rather than a 15% capital gains tax.  Holding it in a retirement account like an IRA will be advantageous from a tax perspective, especially if gold goes up as much as we expect.

I think the teensy amount involved dictates keeping it handy/nearby.

ao wrote:

7) Do you want your purchase to have a paper trail?  

Negatory.

ao wrote:

Hope this helps.

It surely does, man.  Thanks!

Viva -- Sager

Oh yeah -- I've found a dealer in Albany (much easier drive than NYC):  

Ferris Stamps & Coin Co. -- 114 Central Ave, Albany.

Feedback I've seen has been positive to very positive.  Probably pay them a visit in the next 10 days...

LogansRun's picture
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Re: Where to Buy (Physical) Gold in/near NYC?

Sager,

Just remember that the smaller the bar/bullion the higher the markup.  As for which coin, doesn't matter one bit.  Maple, Philharmonic, Eagle, Krug, Panda...doesn't matter.  Gold is gold when it comes to needing it.  If you're trading physical TODAY, you'll make more 2-3% with an Eagle than a Maple but when you will really need it (if you need it), then gold will be gold.  If you have the opportunity to buy pre-1933's then you'll be paying a bit of a premium because of the confiscation issue.  IMO, the pre1933 is not needed in todays environment as the gov't will TAX the hell out of sale if they want to do anything.  Confiscation can't really happen.  As for paper trail, the only way is if you pay via CC and they show that it was a gold coin/bar.  OR, if it's over 32.5oz in ONE form.  33/1 oz coins your fine.....1/33oz bar and there's a trail.  If you're buying silver, get denominations at this point.  Pure Silver Rounds (Amarks, APMEX, Perth Mint) are great for seasoned collectors but for the layman they will recognize an eagle, maple or philly over an Amark and give more for such.  DO NOT PAY too much of a premium on the silver!  PM me if you have questions on that issue.  Good luck and have fun.  I love buying physical PM's.  Something REAL in your hands.....yippeeeee!

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Re: Where to Buy (Physical) Gold in/near NYC?
SagerXX wrote:

Oh yeah -- I've found a dealer in Albany (much easier drive than NYC):  

Ferris Stamps & Coin Co. -- 114 Central Ave, Albany.

Feedback I've seen has been positive to very positive.  Probably pay them a visit in the next 10 days...

Mission accomplished.

 

LogansRun's picture
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Re: Where to Buy (Physical) Gold in/near NYC?

congrats Sagar!  If you need anything in the future, you know I'm here to support!  Welcome to the CLUB!

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Re: Where to Buy (Physical) Gold in/near NYC?

Congrats Sager,

Beautiful shiney stuff, isn't it.

I agree with Logans Run, nothing like the look and feel of it (geez, I sound like a Midas here).

What'd you buy, if I might ask, and why? 

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SagerXX
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Re: Where to Buy (Physical) Gold in/near NYC?
ao wrote:

What'd you buy, if I might ask, and why? 

Eagles.  Cuz they're there.  

And yes it's great to have 'em and it's another check on the list....  

Next up:  a comprehensively kick-tushie medicine kit.  

Oh yeah:  and a community of about 100 multi-skilled-and-complementarily-so people on good land.  

And I have to figure out how to make a proper music system viable post-grid.  (I make my own music but there's really no substitute for Koko Taylor, sometimes...)

Eaaaasy!  

VIVA -- Sager

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Re: Where to Buy (Physical) Gold in/near NYC?

Just walk up to the COMEX gold window and tell them that you're a Rockefeller.

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Re: Where to Buy (Physical) Gold in/near NYC?

Message me privately if you want to know where I buy my 999.9 pure free market gold coinage. 

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Re: Where to Buy (Physical) Gold in/near NYC?
SagerXX wrote:

Oh yeah -- I've found a dealer in Albany (much easier drive than NYC):  

Ferris Stamps & Coin Co. -- 114 Central Ave, Albany.

Feedback I've seen has been positive to very positive.  Probably pay them a visit in the next 10 days...

Thanks Sager.  I just called them up.  Their markup is only slightly higher than the mail order/internet dealers (I compared them to Northwest Territorial Mint.  They were $60/ounce for 1 oz eagles, vs $55 for NWT mint) - and there's no 5 ounce minimum - and I can drive downtown and take possession immediately instead of waiting 6-8 weeks for delivery by mail.  They even have junk silver in any quantity I want - down to a single coin again with similar markups to the big online dealers (slightly higher for very small quantities).

I will pay them a visit too this week.

Steve

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Re: Where to Buy (Physical) Gold in/near NYC?
steveyoung wrote:
SagerXX wrote:

Oh yeah -- I've found a dealer in Albany (much easier drive than NYC):  

Ferris Stamps & Coin Co. -- 114 Central Ave, Albany.

Feedback I've seen has been positive to very positive.  Probably pay them a visit in the next 10 days...

Thanks Sager.  I just called them up.  Their markup is only slightly higher than the mail order/internet dealers (I compared them to Northwest Territorial Mint.  They were $60/ounce for 1 oz eagles, vs $55 for NWT mint) - and there's no 5 ounce minimum - and I can drive downtown and take possession immediately instead of waiting 6-8 weeks for delivery by mail.  They even have junk silver in any quantity I want - down to a single coin again with similar markups to the big online dealers (slightly higher for very small quantities).

I will pay them a visit too this week.

Steve

I had a good experience.  Nice (if eccentric) people -- just my type.    The old dude who either runs the place or is the Sage Emeritus quoted the spot price out of thin air (which I had just heard on Bloomberg radio 3 mins prior) -- no computer or phone earpiece or anything.  Kinda spooky.  In and out in 5 minutes, give or take.  You park in the little lot next to their building.  No trail.  Not the greatest neighborhood, though.  I wouldn't feel unsafe normally (then again, I lived in Bed-Stuy for a year), but when you've got some PM in your pocket...  

Enjoy -- Sager

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Re: Where to Buy (Physical) Gold in/near NYC?

SagerXX

I live about 20 miles north of albany.  About 6 months ago I called Ferris Stamp and coin to buy bullion coins.  I had cash in my pocket, ready for purchase, then drove into the neighborhood.  I saw too many rough looking types walking around and chickened out. 

 

Bluestone

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Re: Where to Buy (Physical) Gold in/near NYC?

Yes, not the greatest neighborhood.  I've spent lots of time in Albany, so I know just where it is.  I'll plan on going at lunchtime, morning or pm rush hour when there's lots of traffic.  How did you pay?  They say they hold a check until it clears if they don't know you well.

SagerXX's picture
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Re: Where to Buy (Physical) Gold in/near NYC?
steveyoung wrote:

Yes, not the greatest neighborhood.  I've spent lots of time in Albany, so I know just where it is.  I'll plan on going at lunchtime, morning or pm rush hour when there's lots of traffic.  How did you pay?  They say they hold a check until it clears if they don't know you well.

I went live...with cash.  They have a little back room not viewable from the street where all the counting occurred.  The young-ish woman (okay, she was probably 30, I guess this means I'm an old fart now at 44 [smile]) joked w/me about it -- "Gee, what's the funny feeling in the back of my head?  Gee, why am I lying on the ground?  Gee, what are those flashing lights?"  

I certainly moved w/alacrity between my car and the shop, and then back to my car -- albeit in mellow fashion (the whole thing reminded me of trading F.E.C. for Renminbi in China in '88 [a few months before Tiananmen] on the street...a tad cloak'n'dagger).  

In retrospect I surmise that the folks at Ferris are so sanguine about it because they're in good w/the local precinct -- and the "rough types" know this and don't hassle their customers.  Or perhaps the local toughs figure we're just trading $50 for some moldy old stamps...

Either way, worked for me.  I was there about 4 p.m. on a weekday...  Will be going back fairly soon to pick up as much (small denomination) silver as my life allows me to spend the cash on...

Viva -- Sager

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Re: Where to Buy (Physical) Gold in/near NYC?

If You did not want to drive a lot, this could be a good choice also: 

http://jwspaidtosave.com/goldforsave

The registration was only 2 minutes and my gold coins were delievered in 4 days to Hungary.

To NYC will take max a week, because the coins are minted in Switzerland. 

PS: The delivery is insured.

 

 

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Where to buy gold & silver in N.Y.

I just found a great place. It is called Bullion Trading Llc it is located in midtown @ 45th Street.

I found the owner to be honest & trustworthy. The prices are the same like the online prices & you get to see & pick up your purschase on the spot.

 

You can reach them 212-997-2520

Jojoone's picture
Jojoone
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Where to buy gold & silver in N.Y.

I just found a great place. It is called Bullion Trading Llc it is located in midtown @ 45th Street.

I found the owner to be honest & trustworthy. The prices are the same like the online prices & you get to see & pick up your purschase on the spot.

 

You can reach them 212-997-2520

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Jojoone wrote: I just found a
Jojoone wrote:

I just found a great place. It is called Bullion Trading Llc it is located in midtown @ 45th Street.

I found the owner to be honest & trustworthy. The prices are the same like the online prices & you get to see & pick up your purschase on the spot.

 

You can reach them 212-997-2520

I suspect this is a plant because on their website they have a $90 premium for Eagles and gold is about $1300!!  Rip off. anyone else with a NYC dealer?

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Bullion_Trading
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Bullion NYC Dealer

We have all new wholesale pricing and you will be happy to notice that we are cheaper than A LOT of the heavy hitters. On top of that we have an office open to the public! 

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