How do you buy gold?

[bamademo]

I know this is a stupid question but is it a commodity you can buy through a brokerage? Or can I just go down to a local pawn shop and buy it up?

[frankenforpres]

1. bulliondirect.com nt

[existentialist]

4. buying gold

You can also go down to the local pawn shop.

[Richard Steele]

2. Most coin dealers will have some bullion coins in stock. nm

[Buzz Clik]

3. Do you know any pirates? They usually have gold.

[Richard Steele]

7. Yeah, but they charge an arm and a leg!

[Buzz Clik]

9. GROAN!!!

[GaYellowDawg]

25. Make that an arrrrrrrrrrrrm and a leg!

Can I have a groan, too? :rofl:

[Buzz Clik]

27. oy.

[hatrack]

5. You can also check for coin shows - most fair-sized cities have them fairly regularly

nt

[Ian David]

6. There's that company that's sponsoring the Air America Cruise. n/t

[roamer65]

8. Be very careful on buying pre-1933 US gold coins.

Only buy them in certified PCGS, NGC, ICG or ANACS plastic slabs. Counterfeits were a real problem back before 1933 and still are to this day. These 4 services are the main professional coin grading and authentication services.

There is nothing quite like an authentic $20 gold Double Eagle. It is a piece of old-time Americana.

[Elwood P Dowd]

20. What are $20.00 Gold Liberty coins from the 1880s bringing these days?

My mother has some she acquired about 15 years ago. They are legit, but not the highest grade or the lowest grade. I can't remember these numismatic grades.

[roamer65]

23. Depends on the date, mintmark and condition.

I would recommend buying a 2008 United States coins "Red Book". It will describe the position of the mintmark on the $20 Libs. Note that Philadelphia mint coins will have no mintmark.
"CC" is the most desired mintmark by collectors. The Carson City, NV mint was in production for only 23 years and produced some rarities.
If they are all circulated common date and mintmark coins, they are worth a small premium over their spot value. "Redbook" them before ever selling them, IMHO.
Each Double Eagle contains .9675 oz of gold, btw. The price of gold was set at $20.67 an ounce for the duration of Double Eagle production, so that is why they are slightly lower than 1 oz.

Hope this helps, Elwood!

[Elwood P Dowd]

28. I saw in some of her papers that they had a rating of MS-61 or MS-62 -

can't remember which. My nephew's friend who works for a jeweler says they're worth well over $1,000.00 each. I better go over there and get all the details.

[Art_from_Ark]

30. Are those MS-61, 62 coins in "slabs"?

("Slabs= hermetically sealed cases from major grading services)

I've seen dealer buy prices for MS-62 $20 Liberties for more than $1000, with MS-61s on the borderline.

[Elwood P Dowd]

34. No, they are not hermetically sealed. They are in plastic but not sealed.

Just got off the phone with her, and she purchased them from a place called FAMC. If I remember correctly, that's run by a religious right-wing nutcase by the name of Larry Bates. Some of her gold coins, the $5.00 ones I think, were inherited, but the $20.00 Eagles came from FAMC. She can't find the paperwork other than a packing slip. She is almost 90 years old.

[Art_from_Ark]

36. I just checked up on FAMC

Mr. Bates does seem to be a "colorful" character, to say the least.

If those coins are graded "MS-61" or "MS-62" but are just in plastic flips instead of slabs from a major grading service, I would have my doubts about their actual condition.

[Elwood P Dowd]

40. She bought them back in the early 1990s.

Did they put them in hermetically sealed plastic back then? I've seen the coins, and they look nice with very few signs of wear. They look much better than the small gold coins she inherited from my grandmother. I'm going over tomorrow and check them out again.

[Art_from_Ark]

43. The first "slabs" came out in 1986

and were introduced by PCGS (Professional Coin Grading Service). Others soon followed.

The ANA (American Numismatic Association) had an authentication service before 1986, but the coins were just put in plastic flips and came with a photograph. ANA (later becoming ANACS) went to slabs a little later. NGC (Numismatic Guaranty Corporation) and its slabs also appeared around that time. There have been several others pop up since then, some have faded (like PCI), and others have just been cheap imitations of the big names.

[roamer65]

32. If they are mint state, the are worth much more.

I suggest finding a reputable coin dealer to appraise them. If they are authetic, mint state $20 Libs are worth a much larger premium over the gold content. The biggest price diffential on $20 Libs is between certified MS-62 and MS-63. MS-63 and higher mint states are much harder to find since most of the mint state $20 Libs were scraped by counting machines in European (primarily Swiss) banks. Most mint state $20 Libs and St Gaudens spent a good part of their existence in European banks, due to the ban on personal gold ownership in the US until 1974.

[Art_from_Ark]

64. There never really was a ban on owning US gold coins

Technically, in the early days one couldn't own more than 5 coins of the same date and mint, but essentially US gold coins (with one notable exception) were legal to hold and were often bought and sold from the 30's through 1974. I bought my first US gold coin (an 1852 $2.50 Liberty) at a coin show in Joplin, Missouri, in 1972, and my first gold coin ever in 1967 or 68. But I do remember going to a coin show in 1967 and seeing $20 gold pieces for the first time and thinking that the owner was breaking the law by not turning them in.

[Art_from_Ark]

29. The problem with the Redbook

(and I am speaking as one who received his first Redbook in 1967), is that with the current coin market, the prices are already out of date before it even goes on the store shelves-- and it shows retail prices, which have to be discounted when selling. However, it can give an idea of the rarity of certain dates over others.

And you are right about the "CC" coins-- they've really shot up, in comparison with the run-of-the-mill dates.

[roamer65]

33. You are correct.

I only use it for mintages. Prices are even out of whack from the 2007 Redbook.

[roamer65]

35. There is magic in the two C's of the "CC" mintmark.

The mintmark invokes all the lore of the Wild West and the Comstock Lode with collectors. I don't think I'll ever sell my "CC" $20.

[Art_from_Ark]

38. That's one of the reasons why CC's are so popular

The Carson City Mint was only in operation during the heyday of the Wild, Wild West. Those cowboys sitting at the gambling table in the old westerns could very likely have been using "CC" dollars.

I had the good fortune to have had the opportunity to visit the old CC Mint about 10 years ago. They have a collection of CC coins that would make your mouth water :)

[roamer65]

54. Haven't been there yet, but I have a recent silver 1oz minted...

on old press #1. It sits in my silver dollar collection next to all the other "CC" coins. One day I'll head out there to see the museum...;)

[Art_from_Ark]

61. Speaking of CC coins

I kick myself every time I think of those GSA CC dollars that I let slip through my fingers for $65 each :banghead:

[bbinacan]

10. You can buy it

through many traditional brokerage firms. If you want the actual gold, try buying Krugerrands or the Canadian Maple leaf coin. I believe they are the highest quality. If you want a "play" on gold, buy stock in a company that mines gold. If you have a lot of money, you can buy gold bricks. When you buy them this way, keep them stored at a sanctioned bank. If you take delivery of the bars and want to sell them, you'll have to pay to have them assayed.

[SaveOurDemocracy]

15. What about American Eagle gold coins?

Lesser quality?

[bbinacan]

19. To tell you the truth

I don't know. The Krugerrand has always been considered the "gold standard" (pun intended). :hi:

[Art_from_Ark]

47. The problem with Krugerrands is that they fell out of favor

because of the anti-apartheid embargo imposed on them back in the mid-80s. Although all Krugerrands that were minted before the law took effect were "grandfathered" (exempted from the law), a lot of investors, dealers, and even customs agents thought that the law extended to all Krugerrands, and the stigma has remained even after the restrictions on Krugerrand ownership were completely abolished.

[BeHereNow]

22. Vienna Philharmonics- my personal preference.

BHN

[BeHereNow]

11. I've been very happy with Monex-

I bought my metals through monex- be aware however
that BFEE quietly signed part of the Patriot Act 2 into law
on the very day they claimed to "capture" Hussein.
In short, what you need to know is this-
All gold dealers are required to repost to homeland security
any transactions over a certain amount.
Do NOT keep metal in your bank, they too are required to
report it.
I'm real happy with a guy at Monex who is aware of all of
this and has advised me through all the transactions.
PM me if you want and I'll give you his name and number.
BHN

[Turbineguy]

14. There are private vault companies

that do not have "bank holidays". Handy for storing gold.

[BeHereNow]

16. Honestly, I don't trust them either.

I guess I'm somewhat of a skeptic about everything these days.
I feel more secure having direct access to my metals.
BHN

[tuckessee]

62. Do you remember aprox. what that amount was? n/t

[BeHereNow]

63. 10,000 is what comes to mind, although, honestly I don't remember.

As you might guess, all news of it has been wiped from the web.

BHN

[Turbineguy]

12. The problem isn't so much buying it

as selling it.

However, I have found these people to be reliable: http://www.amergold.com/

Also good and for checking the spot markets: http://www.kitco.com/

[slipslidingaway]

13. Just make sure you are buying at the right time, gold broke it's

long term trend line years ago, just be careful and do your research.

http://gold-eagle.com/

http://kitco.com/

[SoCalDem]

17. wait until it goes DOWN in price..don't buy it NOW !!

If your bank has a stocks/analyst/planner person., ask them..but you will have to pay management fees and they make commission off your sales..

[BeHereNow]

18. Agree, it's probably not the optimum time to buy-

I would advise the op to keep a daily watch
on Kitco. The Chinese just opened the market
for trading in gold futures which is bound to
have some bending effects on the POG.
I'd wager that we will see some further decline in prices
at this point and THEN an upward trend.
Canadian energy stocks are also a good bet
for preserving assets, IMHO.
BHN

[rucky]

21. I've been saying that for 2 years now...

Damn!

[David Zephyr]

24. It's a little late to get on that wagon, IMO.

I'd caution you to think twice at this point.

[BeHereNow]

26. I disagree with you DZ

I think the POG will continue to rise-
not sure if this is the best time to buy however.
I think we will see another dip and then a blast off to
over a thousand an ounce.
Here's hoping!
BHN

[A HERETIC I AM]

37. You're "hoping" gold goes to over $1,000.00 an ounce?

I for one, hope your hopes are dashed, quite frankly.

[Art_from_Ark]

48. And why is that?

If gold goes up to $1000 or more, how would it adversely affect you?

[BeHereNow]

52. Because they are an asshole? n/t

bhn

[A HERETIC I AM]

56. I have to tell ya...

I've only alerted on about 3 posts in the years I've been here. Yours is not one of them.

Fine. You're entitled to your opinion.


In spite of that, it is my sincere desire that you attain the financial security you seek.

May all your trades be net gains.

[BeHereNow]

60. So far, so good.

You see I have DONE my research.
I have transferred out assets into what my research
indicated as safe havens.
I have openly shared much of that information with fellow DUers.
If you have a family, preserving your assets should be
your number one priority.
Forgive me for trying to do that for my family.
It's not like anyone in our fucking government
cares what happens to we, the people.

BHN

[Jim Warren]

66. I got mine so who cares.

Done your research have ya?

So it's good with you using a commodity mined with slave labor "If you have a family, preserving your assets"?

Progressive.

[BeHereNow]

70. Fuck "progressive," let's try reality based survival.

You don't know shit about my investments, so
I find your judgement towards me protecting my family
rather presumptuous.

And yes, I've got mine and would be willing to bet
you haven't done shit about yours.
Therefore, your snarky shit towards me.

[A HERETIC I AM]

53. Because I am not looking gleefully forward to more economic difficulty, that's why.

I hope that gold stagnates right around where it is, tensions in the Middle East ease, Oil plummets and the dollar rebounds.

If gold stagnates or goes down, is that OK with you?

[BeHereNow]

57. Dream on- and must you begrudge those of us who saw this coming?

Oil will not plummet.
The dollar will not rebound.

Several of us on Du have been trying to warn of and advise others
in this matter-
They called us "gold bugs" and paranoid.
Uh-huh. Tin foil capped delusional individuals.
Turns out we were right after all.

BHN

[Art_from_Ark]

58. It's not the price of gold that is causing the difficulty

The gold price is, in part, a symptom of economic problems.

However, some of this is just the result of more players getting into the game, like China, India, and oil sheikdoms. Some of this is just the result of gold catching up to inflation (although admittedly it has passed inflation, assuming that a 1900 dollar would have the buying power of 25 dollars today, while the amount of gold that would be worth a dollar in 1900 (approximately 1.5 grams) would be worth approximately $43 today).

[sandnsea]

59. I'm thinking $1200, maybe $1500, think of inflation

No way gold is done climbing. There's nowhere else to put your money.

[Joe Fields]

31. You may actually do better looking into gold mining stocks.

Do plenty of homework, whatever you do.

[BeHereNow]

49. NG is looking fairly promising-

I'm thinking of transferring some assets over to it-
are you familiar with it?
BHN

[Joe Fields]

51. used to own some years ago.

made a 30% return on my investment and got out.

[BeHereNow]

55. Barricks is now involved, so I am thinking about it, along with some energy stocks.

I bought SU some years back; have done nothing but
make money with it which turned out to be quite a blessing
as our uninsured daughter has had some significant medical expenses recently.
I've been researching some other Canadian energy stocks
that I feel fairly certain are set to rocket...

Any fucking thing is better than leaving our assets in the dollar
as far as I'm concerned.

BHN

[Kazak]

39. Now is the time to be SELLING gold...

not buying it.

[dasmarian]

42. this is very incorrect

Entering recessionary period, and adjusted for inflation gold still has 1k of headroom per ounce before it hits highs achieved around 1980. Gold is tied strongly to oil and currency. As the dollar devalues and oil increases in price, gold will do nothing but soar.

[BeHereNow]

50. Yep & yup. n/t

bhn

[Kazak]

68. Buy low, sell high, right?

Assuming of course there are a multitude of shmucks willing to buy... :eyes:

[distantearlywarning]

69. Well, I seem to remember lots of people saying, "Now is the time to be selling"

oh, about 200-300 dollars ago. And probably before that.

All those schmucks who bought anyway back then are probably kicking themselves now, right? Or maybe not...

[dasmarian]

41. ugh geez who would actualy buy bullion

Just buy the etf GLD, traded on the exchange through your e-trade account and is a bullion tracking stock.

"The investment objective of the Trust is for the shares to reflect the performance of the price of gold bullion less the expenses of the Trust's operations. The Shares are designed for investors who want a cost-effective and convenient way to invest in gold."

http://www.etfconnect.com/select/fundpages/etf_funds.asp?MFID=137311

[Art_from_Ark]

44. Personally, I wouldn't buy gold at a pawn shop

I still remember the fake $3.00 and $2.50 gold pieces that appeared at some of my hometown pawn shops a few years ago. Plus, it has been my experience that pawn shops do not offer the friendliest service when it comes to coins.

[catchnrelease]

45. Coin dealer

Sig. Other and I bought ours (Krugerrands) from a local coin dealer we've dealt with for years. Bought small amounts over time so it isn't reported the way buying large lots would be. SO sold his when it hit the 500 mark but I said no, I'll hang onto mine, I think it's going to keep going up. (Based on what I read here at DU re projections of the economy going into the crapper!) If it really does make it up to $1000/ounce I think that will be it for me. At the coin dealer you do pay transaction fees both buying and selling back.

[OmmmSweetOmmm]

46. eBay. nt

[KayLaw]

65. I bought silver

I used cmi-gold-silver.com

[conspirator]

67. You should buy both solid gold to keep in your basement , and gold certificates through a broker

If a crisis comes I don't think you will be able to recover any of the gold you have in the broker,
so keep some gold at home and buy a machine to test the gold.