Question on Buying Gold

[schoolsout]

BullionDirect has 1oz Gold Eagle for
GCAE100 American Eagle Gold Coin (1.000 oz.) $1,498.71

The thing about BD is if you buy over time and smaller purchases, they will hold your gold for you until you accumulate enough to spread shipping/insurance out over several purchases instead of having each purchased shipped at the time.

 

[frogfish]

Why not look at the US Mint Site (usmint.gov), they actually have a list of gold bullion dealers by state.
I tend to purchase from one of three local coin shops, but then I live in a larger metropolitan area and have the luxury of many shops around to choose from. I have bought from the mint, but that was as a collector rather than a bullion purchase.

 

[cdaigle430]

The best thing is NOT to post on a public forum that you have or collect gold if you know what I mean. It makes you a target for the unsavory characters lurking about-especially since posts in this site are searchable on the WWW.

I think copper is the way to go. I don't know about you folks but around here people are steeling copper from abandoned homes, commercial buildings and power companies left and right. Some risk there lives, while some have died.

Gold is way to high right now to purchase and make a profit. If you just want to buy it to add diversity to your portfolio or as an armageddon security blanket-thats a different story.

 

[houstonscott]

Buying gold is not an investment, it's more like insurance. If you think of gold and silver that way you will understand more if gold is right for you. Your gold and silver buys will be used when your money is no good and can't buy food, fuel or anything else.

HS

 

[schoolsout]

I hear what you are saying, but the stash is in a well-protected location not at my house. It is not in a Safe Deposit box, either.

As far as gold being too high, I'll have to disagree. It has a long, long way to run. The world has never seen the debt monetization/financial shenanigans going on the world over...never in history.

The US Dollar is what is over-valued, if you want to know the truth.

 

[schoolsout]

Buying gold is not an investment, it's more like insurance. If you think of gold and silver that way you will understand more if gold is right for you. Your gold and silver buys will be used when your money is no good and can't buy food, fuel or anything else.

HS

This is true, but it doesn't have to be that extreme. Gold is insurance, indeed.

You buy gold to preserve your purchasing power. When you need a more common currency that is accepted (say paper dollar), you sell gold for paper dollars and then buy the good(s) you need at the time you need them.

 

[schoolsout]

from a few days ago
I knew they had proposed it, but missed the gov signing it into law


Gold, Silver Now Legal Tender in Utah
With Gov. Gary Herbert’s signature on March 25, the state of Utah became the first in recent times to officially accept gold and silver coins as legal tender at their true value, prompting praise from sound-money advocates warning about the future of the Federal Reserve System and its fiat money.

The "Utah Legal Tender Act," as the new law is known, “recognizes gold and silver coins that are issued by the federal government as legal tender in the state and exempts the exchange of the coins from certain types of state tax liability,” according to the bill. The law does not force anyone to accept or pay in precious metals, but rather provides the option for those who wish to do so voluntarily.

 

[schoolsout]

How did this turn out?

you'd be up about 30% if you had bought then...

Meanwhile, people will still call you a nut as your investment goes up and theirs go down. Good times.

 

[brin]

Buying gold is not an investment, it's more like insurance. If you think of gold and silver that way you will understand more if gold is right for you. Your gold and silver buys will be used when your money is no good and can't buy food, fuel or anything else.

HS

Think about your post for just a minute...do some critical thinking...Just who will want gold if everything falls apart and food, water, medicine etc. are in short supply...? No one, I submit will have any use for gold, silver ,diamonds...they will however, have a desire for food, seeds, land to grow it on...think about it , seriously. In such dire times...what good would gold serve the end user..? The person who purchased it..:confused2:

 

[schoolsout]

Think about your post for just a minute...do some critical thinking...Just who will want gold if everything falls apart and food, water, medicine etc. are in short supply...? No one, I submit will have any use for gold, silver ,diamonds...they will however, have a desire for food, seeds, land to grow it on...think about it , seriously. In such dire times...what good would gold serve the end user..? The person who purchased it..:confused2:

You really do not have a proper understanding of how trade really works.

You skipped this last time I asked you, but why do you have a quote in your sig from Atlas Shrugged? Do you know what Ayn Rand stood for?


Do some reading on how trade works....Grains/seed and other food items spoil. You may have a bag of wheat (more than you need) and need something else. Well, the guy who has what you need also has all the wheat he needs. What are you going to do? Gold (or any other substance that has similar properties to gold) do not perish and can be stored indefinitely. You need gas...the guy with the gas needs water and you don't have any...what will you do? your whole argument is entirely false.

and there is a reason gold has gone up by $400+ since this post was started.

 

[brin]

You really do not have a proper understanding of how trade really works.

You skipped this last time I asked you, but why do you have a quote in your sig from Atlas Shrugged? Do you know what Ayn Rand stood for?


Do some reading on how trade works....Grains/seed and other food items spoil. You may have a bag of wheat (more than you need) and need something else. Well, the guy who has what you need also has all the wheat he needs. What are you going to do? Gold (or any other substance that has similar properties to gold) do not perish and can be stored indefinitely. You need gas...the guy with the gas needs water and you don't have any...what will you do? your whole argument is entirely false.

and there is a reason gold has gone up by $400+ since this post was started.

Trade on an international scale is one thing...I am talking about folks in their local communities trying to survive..the picture you have painted is one in which our fiat currency fails completely...State will print their own currencies..some towns in the US are already doing so...have you never heard of barter..that is what I suggest will happen...you cannot eat, drink or obtain much other utility from gold...other than it is pretty...get real...A genuine emergency where the dollar fails....folks will care less about your gold and silver and care more about eating and drinking as well as obtaining the medicines they need...I don't agree with all of what Ayn Rand had to say...that's for sure.

 

[schoolsout]

Currencies have failed throughout the history of man...it is nothing new. Sure, bartering will go on, but that is not efficient in society.

Look up Weimar or any other currency failure and you will see that holding things such as gold (or other currencies) saved those that did so.

Again, you do not understand how trade on any real scale occurs if you're thesis on gold is "you can't eat it."

 

[brin]

Currencies have failed throughout the history of man...it is nothing new. Sure, bartering will go on, but that is not efficient in society.

Look up Weimar or any other currency failure and you will see that holding things such as gold (or other currencies) saved those that did so.

Again, you do not understand how trade on any real scale occurs if you're thesis on gold is "you can't eat it."

OK - So since you don't think I understand how trade on any real scale occurs...I will just give up...If the worse happens and you need to eat or need water..come see me.....I won't want your gold though but I may have some work you can do around the farm in return..

T

 

[ultrarunner]

No.,.. I didn't buy any since the reaction from the brothers as far as me using them for gifts to their kids was lukewarm at best...

Hey, I'm saving money getting out of the gold coin business.

 

[beppington]

IMO the answer to the "Gold" vs "Food/ water" questions is ... some of both! :thumbsup:

Diversification. I've heard it called 'the only free lunch'.

 

[zonta223]

Hi
If you want to buy directly from a registered mint you can buy from the Australian mint.
look here
Royal Australian Mint

You are sure you get what you pay for

regards

 

[grsthegreat]

I agree that the people buying gold are in for a shock when the price drops out. The market is so volatile right now and people are pushing up the price of gold but there is no real reason for it. No one is really seriously thinking that the US dollar will become useless are they??? i mean seriously. If push comes to shove the good old US govt can simply write off all foreign debt...simply not repay it. What the he** can they do about it.

I sure get tired of these people that think there will be no food or other commerce unless they have gold.

They brag about how they made double their investment in 4 years.....my ford stock made 300% increase since i bought it at its low. My LVS (las Vegas sands) stock went from $5.xx back in 2009 to $45.xx today. And i bought alot of it. If i would have purchased gold instead...id be alot poorer.

 

[JB4310]

Gold is a survival investment, every managed portfolio has some. There will always be a need for a currency no matter how bad things get. gold could be it.

Yeah it will probably come back down to earth eventually, but has staying power better than any stock. That has been proven over and over again.

$100. blue chip stock dropping and selling for $10. Gold is never going to loose 90% of it's value even at these, what seem to be inflated values.

The sad thing is that since gold is priced in dollars it does reflect somewhat the declining value of the dollar.

I read somewhere that all the gold ever mined in the world would fit in a school's gymnasium

I've got 3 ounces of gold, bought it for less than $400 an ounce, also have 60 OZ of silver, payed peanuts for that, can't remember the exact price.


Should I sell? I don't think it's gonna go much higher.

JB

 

[ultrarunner]

The one thing in the back of my mind is what if a cheap way to produce gold is found?

The technology is so good that flawless diamonds can be made... who knows what the next big gold strike will bring or an asteroid of gold collides with earth... well maybe not.