Buying gold

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Bought some books, then bought my first bullion today.

1 oz & 1/4 oz gold eagle coins, and 25 1 oz canadian maple leaf silver coins (seems hard to find cheap silver eagles in stock).

I'll see how long it takes to get that, and finish the rest of the books (one of them is Crash Proof as recommended), before I buy more.

Thanks for the tips.
 


I've been buying and selling metal for ages ... pleased to say my last major buy was at $320 an ounce for gold and $4.45 for silver :) Great hedges. Tou touch on a couple of the points from the thread:

1) Getting a safe deposit box is a good idea if you cannot provide a secure physical environment for the bullion.

2) Buying gold and silver in anticipation of a societal crash is a retarded idea. If there is a significant societal crash no one is going to give a shit about gold and silver that doesn't already -- the only ones using it for money post-apocalypse will be the same ones agitating for using it now (not to be vindictive -- this group happens to include myself; I'm just not a moron who thinks that people will suddenly say, "Oh, it was gold and silver that we needed to be using!" and that I will be the ruler of Alabama after the fall because I am Very Wise.)

3) I third, fourth and fifth APMEX -- they are great. CNI has great prices if you're buying in quantity, and their service is top-notch. If you're interested in gold and silver numismatics PM me; I have some great private sources (ie. collectors and investors as opposed to storefronts.)


4) Stay away from ETFs. It is simply not gold. You can't make any claim against most commodity ETFs unless the fund goes into default -- might as well just invest in futures. If you are interested in digital management of a physical gold and silver asset to which you can actually gain access, have a look at GoldMoney. You can fund and defund straight out of your bank account in most countries, which makes for fun speculating on spot price, you can transfer out via Kitco and other bullion dealers into small denomination stuff, or bail out the big stuff if you have sufficient balance available.


Frank
 
fm1234 said:
2) Buying gold and silver in anticipation of a societal crash is a retarded idea. If there is a significant societal crash no one is going to give a shit about gold and silver that doesn't already -- the only ones using it for money post-apocalypse will be the same ones agitating for using it now (not to be vindictive -- this group happens to include myself; I'm just not a moron who thinks that people will suddenly say, "Oh, it was gold and silver that we needed to be using!" and that I will be the ruler of Alabama after the fall because I am Very Wise.)
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The whole world won't go down just because one economy goes into a depression. It'll have effects, but it's not going to kill everyone to the same degree. So if, say, the US dollar became hyper inflated, $10,000 in the bank would become worthless. But if I had 10 ounces of gold saved instead, it would be worth $100,000 of those crappy dollars ... I can afford the inflated food while my neighbor starves.

It's a hedge against the US dollar... swap gold with yen, oil, or anything else that isn't USD and it'd serve the same purpose... gold just seems like a nice easy store of value to choose.
 
Historically, Gold has almost always been a premium store of value.

Money (paper money) has never been a store of value because it can be so easily counterfeited (printing up money, even officially is counterfeit).

Real money is a means of exchange. You'd like it to be a store of value between receiving it, and spending it. Paper can't do that. Metals can.

And the nice thing about gold, is that every currency divides into it. Gold will never become worthless. A national paper currency from any country is susceptible to hyper inflation or currency destruction (default).
 
Geez. The value of gold almost doubled in 5 years. It is a great hedge to inflation and I'm looking heavily into it. I did not realize how much the USD has fallen until i saw the price for 1 ounce of gold. It is an eye opener. I am personally checking out APMEX to make an investment today!
 
Soooo... yesterday the US Mint ran out of and stopped selling its 24-karat gold buffalo coins.

APMEX is out of 32 of its top 40 products... APMEX Top 40.

WAMU collapsed in a blink, not because of its bad assets, but because its account holders withdrew $16 billion in just 10 days.

Looks like a run on the banks and the gold suppliers to me...
 
How about posting a couple of nice pics of gold. I like to print out things for inspiration and post them on my wall :D Seriously I do that.
And no I'm not asking you to do it for proof, I know you by seeing you around dnforum (or is it WHT?) and know your not all talk.
 
Hey, not trying to be an asshole, but it might be a good idea not to talk about hoarding physical gold in a public forum.
 
As far as where to put the gold, I was thinking a safe deposit box at Wachovia, which seems to be a bank that will weather this. Bad idea?
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What is Wachovia?


directresponse said:
poto,

I just asked my wife since she is the one who actually checked on this. Its 100K / tax id / bank. Since we have numerous tax ids we're covered under that.

Also, you are covered up to 200K for a joint account / bank.

Let me know if you think this is incorrect. Thanks.
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Looks like they are trying to up the $100K limit to help regain some confidence:

FDIC seeks an increase in guaranteed deposit limits - Sep. 30, 2008
 
jryan21 said:
What is Wachovia?
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Hah. Amazing how a bank with $800 billion in assets, $400 billion in deposits and only something like $100b in mortgage-backed securities could disappear and have its assets sold for $2 billion over the course of a single weekend. I'm not sure how that even happened.

As for not talking about it on the forums... if you're gonna be a burglar, ain't it easier to steal your neighbor's wii than drive across the country to find and steal my coin?

And the address you'll find for me all over the web, on my sites, on my domains, etc. isn't my address, it's the address of the registered agent to receive legal documents for my LLC. Please don't beat them up looking for my coins.

~~

BTW, someone shared this chart with me today on another forum, showing the hidden inflation of the US dollar...

It's how much USD versus how much gold it would take to buy oil over the years:

feb252008_1.gif


The split starts in the 70s when the dollar was decoupled from the gold standard.
 
It's pretty interesting actually. You can see the recession of the 80s, as well as the oil-shock that hit in the early 90s (y'know, when Dan Rather was wondering around in red underpants, and painted blue).

What I find weird is the big dip in '01. Surely prices should have spiked due to Sep11.
I remember petrol prices rocketed and stayed astronomically high for a month.
 
Dan Grossman said:
As for not talking about it on the forums... if you're gonna be a burglar, ain't it easier to steal your neighbor's wii than drive across the country to find and steal my coin?
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Consider that the person targeting you could be your neighbor, and that this forum post may be here and indexed by Google for the next 10+ years.

Not trying to be paranoid, but if you post with your real name (I do too) its worth being a bit careful.
 
FDIC guarantees 100k I believe, but not its purchasing power. So yes, buy gold. Lots of it.

Dan Grossman said:
I'm trying to think of a way to safeguard my savings against the US economy, and the US dollar, becoming any worse.

I've already pulled out of most investing activity, and I have more than $100,000 in some bank accounts, which isn't safe since it's above the FDIC insured amount.

I thought perhaps buying gold bars or coins would be a safe store of value I could convert back to dollars in the future.

Is this a good idea? Any advice on where I can read about risks and regulations involved?

What about trustworthy places to make the purchase?
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the time to buy gold is when the economy is doing great and no one cares about precious metals. hold onto it until the economy goes downhill.
 
The paper price of gold quoted on the markets has been diverging pretty rapidly from the price sellers are charging for the physical stuff, which is becoming increasingly hard to find, with even government mints running out of metal to coin.

Think the spot price will catch up to that eventually? What is holding the paper price down?
 
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