buying gold

03 September 2020, 19:35

Kensco

I used to buy 1 Oz. Krugerrands. Norman has the correct approach; buy from a reputable firm, not some cold-call, faceless prick.

As it turned out, I bought those Krugerrands for my ex-wife. If she held on to them, she tripled her money.

I never invested in gold again. I guess if this pandemic ever ends, and people become optimistic, and the price of gold fell to $1,000, I might be interested, but I don't see that happening.

I think you have a better chance of doing well with Google, Amazon, Shopify, or Apple.

03 September 2020, 19:37

TomP

A cautionary tale. Back in the late 80s I paid for a bag of junk silver coins, planning on some inflation. Coin dealer was taking forever to deliver. Turns out, he'd been paying his shop's expenses with customer money and had delivered none of $140K of stuff. He went to jail for awhile and was supposed to pay restitution when he got out (he did, for a year or so). It was a $2400 lesson, cheap tuition as that kind of education goes. Many have paid more for less.

Precious metals should hold their value, but cashing them in depends on someone else having the money to pay for them, and some third party having goods that he'll sell for cash. There are reasons why we do not use gold and silver coins, and why we now have laws prohibiting the melting of pennies for raw copper (and zinc).

I'll posit that a better investment is tooling for your vocation. Guys with backhoes and MIG welders have lists of favors owed as long as your arm, and can often get plumbing and electrical work done quick for no money. Our current stock market may be in somewhat of a bubble, as is real estate in general and commercial real estate in particular.

Oh, and one of the middle eastern countries was said to have bought a load of gold bars that turned out to be gold-plated tungsten. X-ray fluorescence alloy testers are a bargain at $30k or so if you're doing a lot of this kind of thing. Scrap dealers like them for grading steel.

03 September 2020, 20:22

john c.

quote:
Originally posted by TomP:
A cautionary tale. Back in the late 80s I paid for a bag of junk silver coins, planning on some inflation. Coin dealer was taking forever to deliver. Turns out, he'd been paying his shop's expenses with customer money and had delivered none of $140K of stuff. He went to jail for awhile and was supposed to pay restitution when he got out (he did, for a year or so). It was a $2400 lesson, cheap tuition as that kind of education goes. Many have paid more for less.

Precious metals should hold their value, but cashing them in depends on someone else having the money to pay for them, and some third party having goods that he'll sell for cash. There are reasons why we do not use gold and silver coins, and why we now have laws prohibiting the melting of pennies for raw copper (and zinc).

I'll posit that a better investment is tooling for your vocation. Guys with backhoes and MIG welders have lists of favors owed as long as your arm, and can often get plumbing and electrical work done quick for no money. Our current stock market may be in somewhat of a bubble, as is real estate in general and commercial real estate in particular.

Oh, and one of the middle eastern countries was said to have bought a load of gold bars that turned out to be gold-plated tungsten. X-ray fluorescence alloy testers are a bargain at $30k or so if you're doing a lot of this kind of thing. Scrap dealers like them for grading steel.

i am retired and have house, cars, etc paid for and so have a FEW xtra bucks, sometimes, to play with. i don't gamble, go on cruises etc. low risk money markets are paying like 1% and i want something with a higher return. of course my wife says sell all the guns. not gonna happen. yet. i realize the value of gold will fluctuate but will never be nada

03 September 2020, 20:43

Jason P

John:

I am not big into investing in gold but have bought it in the past. In my opinion an absolute solid online company is apmex.com.

I believe they are the biggest retailer (online) in the U.S. I have bought coins, silver, and gold from them. All has went very well.

Take a look at it and let us know what you think.

03 September 2020, 21:20

custombolt

Save your money and wait for gold to get cheap -sub 1400-. Buy certified one ounce American Eagles.

By a semi--retired rare coin & bullion dealer 1981-current.

JM-Dallas

03 September 2020, 21:57

john c.

quote:
Originally posted by Jason P:
John:

I am not big into investing in gold but have bought it in the past. In my opinion an absolute solid online company is apmex.com.

I believe they are the biggest retailer (online) in the U.S. I have bought coins, silver, and gold from them. All has went very well.

Take a look at it and let us know what you think.

thats the same company an investment counselor
told me to use. however, he also said that it gets stolen a lot by the post office when its shipped to you. said to have it shipped to a business. whats the difference?

03 September 2020, 21:58

john c.

quote:
Originally posted by custombolt:
Save your money and wait for gold to get cheap -sub 1400-. Buy certified one ounce American Eagles.

By a semi--retired rare coin & bullion dealer 1981-current.

JM-Dallas

good advice. thanks

04 September 2020, 01:49

Jason P

quote:
Originally posted by john c.:
quote:
Originally posted by Jason P:
John:

I am not big into investing in gold but have bought it in the past. In my opinion an absolute solid online company is apmex.com.

I believe they are the biggest retailer (online) in the U.S. I have bought coins, silver, and gold from them. All has went very well.

Take a look at it and let us know what you think.

thats the same company an investment counselor
told me to use. however, he also said that it gets stolen a lot by the post office when its shipped to you. said to have it shipped to a business. whats the difference?

Not sure why one would be better than the other. I can only go by my experience, which has been good.
APMEX also tracks what you have bought and gives you a running total on your profit/loss from the appreciation/
depreciation of your purchases.

I'd say john c. is probably the best person to take advice from!

On a side note, the last time I checked the inventory at APMEX, they were out of. or low on about everything. Its amazing that they sell so many of the one kilo bars. I guess there are a lot of people with a lot of cash laying around.

04 September 2020, 02:14

Grizzly Adams1

quote:
how would one tell if the gold coins or those little bars or whatever they're called are real or fake?

Archimedes's principle .

Grizz

04 September 2020, 06:11

Peter

Buying gold or other precious metals is expensive. As was stated buy from a reputable dealer. But then what? If you keep it at home any new buyer will want it assayed. That costs money. The only alternative is to buy it, and then pay to have it stored in a safe at the dealer. That costs money. Buying retail and selling wholesale only works if the appreciation is huge!
Peter.

04 September 2020, 08:24

Beretta682E

One a brokerage account. Buy gld etf.

Liquid, accurate pricing.

Mike

04 September 2020, 15:51

p dog shooter

As with any hard commodity the old advice rings true.

By low sell high.

As with any thing it is only worth what you have to sell it for at the time you have to sell it.

04 September 2020, 20:01

TomP

quote:
Originally posted by Beretta682E:
One a brokerage account. Buy gld etf.

Liquid, accurate pricing.

Mike

And, you own exactly nothing but paper...no storage fees.

05 September 2020, 01:48

Beretta682E

quote:
Originally posted by TomP:
quote:
Originally posted by Beretta682E:
One a brokerage account. Buy gld etf.

Liquid, accurate pricing.

Mike

And, you own exactly nothing but paper...no storage fees.

It’s liquid and you don’t get hosed selling it.

But sales will be recorded on a 1099.

Mike

05 September 2020, 04:58

custombolt

Business delivery will not make a safer path for valuable parcels-

1. The seemingly substantial risk associated with mail losses is that First class insured U.S. Mail of any value is thrown in with all the other mail. Yep. Birthday cards, all that. Right into the hamper next to the grandsons' shoes from grandma.
2. Does your seller use first class, no insurance, only self-insured to save money? Ask them.
3. Ask the seller if you can get your purchase shipped via Registered delivery. It will most likely cost more. But, Insured Registered Mail is signed for by each handler along the way and kept in a safe until the driver arrives in most cases. It is the safest way to ship. Haven't lost one yet through the Registered mail service from the USPS.

quote:
Originally posted by john c.:
quote:
Originally posted by Jason P:
John:

I am not big into investing in gold but have bought it in the past. In my opinion an absolute solid online company is apmex.com.

I believe they are the biggest retailer (online) in the U.S. I have bought coins, silver, and gold from them. All has went very well.

Take a look at it and let us know what you think.

thats the same company an investment counselor
told me to use. however, he also said that it gets stolen a lot by the post office when its shipped to you. said to have it shipped to a business. whats the difference?

05 September 2020, 06:26

lavaca

Gold is a hedge and price is too high now.

05 September 2020, 17:44

john c.

so.....alternatives?

06 September 2020, 05:25

Bobster

Buy collectible gold coins graded 62 or above. They carry two forms of value and they don't make any more.

07 September 2020, 09:47

lavaca

This election is too close to call and that's scary. Makes it real hard to decide on a strategy. If the Dims win, market will tank. But don't want to sell short because I really think Trump will pull this out. The American people really can't be that stupid in spite of the main stream media.

09 September 2020, 08:53

NormanConquest

I don't know. What was it H.L. Menken said, "No one ever went broke by underestimating the intelligence of the American people."

12 September 2020, 20:44

TomP

quote:
Originally posted by lavaca:
This election is too close to call and that's scary. Makes it real hard to decide on a strategy. If the Dims win, market will tank. But don't want to sell short because I really think Trump will pull this out. The American people really can't be that stupid in spite of the main stream media.

Regardless of the election, this year's dip in GDP hasn't been reflected in the stock prices yet.
I think the election is background noise in comparison, and expect to see something in October.