Question on Buying Gold

schoolsout · Mar 31, 2011

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 · Mar 31, 2011

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 · Mar 31, 2011

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 · Mar 31, 2011

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 · Mar 31, 2011

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 · Mar 31, 2011

houstonscott said:
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 · Mar 31, 2011

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 · Sep 2, 2011

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 · Sep 2, 2011

houstonscott said:
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 · Sep 2, 2011

brin said:
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.