Buying Gold

[Condor]

Has anyone bought gold lately? I never have, but am thinking about it. Maybe anywhere from 10-20 ozs. Like many other buyers it would be a hedge against run-away inflation. Comments would be welcome. I'd rather hear advise from members on this board than some self serving dealer that I don't know from Adam....

[Dave77459]

My commodities-loving friends have suggested buying CEF (ticket symbol). Its a Canadian fund that buys and holds tangible gold based on shares sold. The benefit is liquidity, but it trades like a commodity.

 

They also suggested buying silver. It is under-valued right now compared to its historical relationship to gold. My buddy is using SilverSaver.com to buy and hold silver each paycheck.

[dynodon]

My thought would be unless you have pounds worth of it actually stuck away in a safe spot only you can get to, that a few ounces won't do much good, say in case of a really bad melt-down etc.

 

As a way to maybe gain some money like playing the stock market, there are companies that you can invest with, but I somehow will do that with stocks, but not with Gold...not logical I know.

 

If you buy gold coins, Kugerands? or real US gold coins, chances are they will go up in value and may be a bit more useable in case of a disaster? Again though a few will get you through a few days, if you need years worth of security, you need a LOT of them!

[hipshot]

if i were going to invest in gold, i would certainly only buy "hard/tangible gold".

gold "bonds", or certificates, are nothing more than paper.

they are NOT backed by "real" gold bars, as in Ft. Knox!

just jt

[cecdoo]

Internet bubble?, realestate bubble?, Gold bubble? I was always taught to buy low, but then again I am still working for a living, so what the H#ll do I know. Craig

[marinakorp]

I have , and I do regularly.

 

There are severla ways to "play" gold.

 

One way is to purchase an ETF. This is not REAL gold. You do not own the physical, and can not get delivery of gold. It is Ok to use this for trading purposes, but not for "long term" hedge or SHTF scenario. There are others, like "POOL" accounts etc that can be used for similar purposes.

 

The other way is to buy physical.

 

Depending on how much you want to buy, there are several choices.

 

 

My personal favorit is tulving . He is an ass, but always ships, and has the lowest fees , but you have to buy ALOT at one time... I can't use him these days. I have a few friends that use him with some regularity.

 

APMEX

Kitco

 

They are Ok, depending on the sale, you can get some decent prices on the costs over spot.

 

APMEX has more "numismatic" stuff (and I don't care with bullion to a point) and has some decent selection of Assayed bars, fractionals, etc.

 

Kitco sells more bullion.

 

Bullion Direct.

 

This is my favorite when buying smaller quantities over time. They have am "exchange" that allows you to buy from others, they chage 1% transaction fee. They allow you to "store" the PM until you are ready to take delivery. This allows you to buy a few times, over a few monthes (as funds permit) and to save on shipping...take deliver y of all in your account at one. They are GREAT.

 

E-bay

EXPENSIVE!!!!!!!!!!!!!

 

Craigs List

Meh...too much work sometimes

 

 

"CASH FOR GOLD"

They are Ok.. .can get a decent deal depending on the spread. Premiums are fairly low.

 

Pawn Shop -

gotta know what the decent prices are..they are going to pull numistmatic crap...

 

Coin Shop

Premiums are high. Can build a relationship and get a deal in the long run. Meh...I usually go for the Bullion Direct route.

 

 

Oh... and there is another way.

 

I usually buy silver ...and when the Gold to silver ration gets low (low 50's or lower)... I trade for Gold (lose a few OZ silver on the trade)... and then when the ration gets HIGH (70's)... I trade Gold for Silver... then when it drops I trade silver for GOld (etc)

 

 

 

 

 

My motto is... if you can't hold it... you don't own it when it comes to PM.

 

For the record... all of my PM's were lost in a boating accident last week, along with all of my guns and ammo...

Edited November 16, 2010 by marinakorp

[bongobobny]

Not a good time to buy with prices at record highs!! Great time to sell...

[flb_78]

If the worst does happen, brass, lead and steel will be much more valuable than gold.

 

I also believe those who have a stock of toilet paper and feminine needs will be in a position of power as well.

[friesman]

If the worst does happen, brass, lead and steel will be much more valuable than gold.

 

I also believe those who have a stock of toilet paper and feminine needs will be in a position of power as well.

 

the scary part is , you could be right,,,,,,lol!

 

Brian

[Condor]

I think the key word here is 'Precious' metals. There's a limited quantity of solid gold available. Not so with Silver, which I think is considered 'semi-precious'. It's all a supply and demand thing. If the supply is high there never will be a demand. I know all those things suggested will be in demand, but that's in a dooms-day scenario. I'm also in the physical camp. Buying certificates is scary to me. I wanna hold it. Certificates could be manipulated into a ponzie scheme. I did take a look at Bullion Direct. Interesting. I also found this site. GOLD PRICE It seems to have a lot of information to chew on. Thanks for the comments so far. They help a lot. Going to go out and stock up on T-Paper...

Which reminds me. A lot of years ago some local radio station in Florida mentioned there was a countyT-Paper shortage. It went viral, and in about a week everyone had sold out of TP.... nationwide... So ya never know...

[Redneck]

I think it's probably on the late side to be buying. If it comes to a major melt down (I don't think so) a few ounces of lead would be worth more than a few ounces of gold. At this point I think you chances of loosing with gold are more likely than your chances of winning. But then again what the heck do I know I'm a Redneck.

[Dano]

Shoulda bought it back in the 70's and 80's when it was down below $250, I coulda been somewhat less poor by now!

[ADC]

I've been investing in a lot of lead over the last couple of years and I've been trying to pick up some silver now and then as well.

 

Arthur

[hipshot]

I've been investing in a lot of lead over the last couple of years and I've been trying to pick up some silver now and then as well.

 

Arthur

 

Arthur!

are you expecting "vampires" to come to your home to rob you?????

[ADC]

No not vampires,lead is for the bad guys and I think silver is for werewolves for vampires you need crosses and holy water

Arthur!

are you expecting "vampires" to come to your home to rob you?????

[KiteSquid]

Gold is at an all time high, I would be shorting it instead......

[ashley9187]

I have a decent supply of Gold, Silver and lead. Two in my safe one one by my bed and sofa. You know...just in case.

 

Bought gold when it was $400 oz silver when $14 oz

 

Right now Gold is 1337.00 oz and Silver is 25.48 oz. They will have to be in free fall for me to lose. Now I've done it!!!!

[Condor]

I have a decent supply of Gold, Silver and lead. Two in my safe one one by my bed and sofa. You know...just in case.

 

Bought gold when it was $400 oz silver when $14 oz

 

Right now Gold is 1337.00 oz and Silver is 25.48 oz. They will have to be in free fall for me to lose. Now I've done it!!!!

 

I had a freind buy a half mill in gold certs last year, kept it for 3 months and unloaded it. It was the only thing that turned a profit and let him break even for the year.... He's got bigger cajones than I'll ever have.

[GolfVenture]

I feel your concern Condor. After watching gold and silver for several years I finally invested in gold and silver about 12 months ago and silver has nearly doubled, of which I invested 90% in silver for most professional advice was to put more in silver for silver has more industry use than gold and silver is only about 60% off it historical highs while gold is conquering new highs..After my initial purchase Silver went down about 20% then it turn around and look at it now.

Just have one last thing to say,

Would of Could of Should of.

[Condor]

I feel your concern Condor. After watching gold and silver for several years I finally invested in gold and silver about 12 months ago and silver has nearly doubled, of which I invested 90% in silver for most professional advice was to put more in silver for silver has more industry use than gold and silver is only about 60% off it historical highs while gold is conquering new highs..After my initial purchase Silver went down about 20% then it turn around and look at it now.

 

Just have one last thing to say,

 

Would of Could of Should of.

 

Good advice, and I may look into spreading the money out a bit. Since I plan on holding on to it for a while it might be a direction to go. I'm also looking at wheat and corn futures. We all gotta eat.....

[RandyR]

Good advice, and I may look into spreading the money out a bit. Since I plan on holding on to it for a while it might be a direction to go. I'm also looking at wheat and corn futures. We all gotta eat.....

 

I have some ConAgra stock in my IRA. Another good stock of that ilk is Hormel. Any of the big packaged foods and/or agricultural companies that also own large tracts of land and processing facilities themselves.

[royalstarjac]

We may get to the point where a brick of .22 LR is worth more than an oz of gold. Just a thought.

[rentalguy1]

gold purchases are based on the assumption that it can be used as currency after the fall of the dollar and collapse of the world economies. This assumption will prove to be baseless, since there will be nothing to buy. It will revert to a barter system after this occurrence. Look at it this way, if you are a farmer, and have extra food that can be sold, would you rather have a gold trinket, or ammunition that can be used to hunt and defend the farm with?

 

Some people say that I am a doomsdayer, but I call it pragmatism. Many won't be ready when the event happens (I'm guessing within the next few years, at best), but I will. What's the worst that will happen following my line of thought? You will have food, water, and shelter should you ever need them due to any event (snowstorm, tornado, lost job, spouse dies, etc).

 

As was said, invest in brass, lead, and non-hybrid vegetable seeds. You'll be better off in the end.

[hipshot]

following along "rentalguy's" train of thought: my grandfather , when i was about 7 years old, told me.

"in your lifetime, you will see a time when a pound of salt is worth more than a pound of gold".

didn't mean much to me at the time, but i have always remembered it.

i agree with the "seeds and bullets" way of planning.

just jt

[Nemo]

If I bought physical gold, I'd have problems finding places to hide it and worries that someone would find it. The demand for gold will continue to rise within the next few years with China and other nations devaluing their currency and stocking large quanities of gold bullion. I recommend gold mines. The US has a monopoly on producing mines and as demand rises, don't be supprised to see a $5000 per oz price in the near future.