Never done it. Can buy a couple thousand ever month or so. What life has taught me is there will be all kinds of fees and filling out forms with my driver's license and wait times and low balls etc. After all, they kind of got you by the balls when you go to sell it because it's not like a lot of people are buying it. How to biy and sell physical gold without getting raped by gatekeepers?
I bought a bunch of unsealed silver tubes one time, and weighed them when I got home. Found one of the tubes under weight and sure enough it was missing a coin. Wierd thing is that the coins filled the tube just like the others. Turns out it was a fraudulently moulded tube with treasury stamps on it. Never went to that guy again. Only buy and sell sealed tubes.
Here's what I've got for you... It isn't much either but it helps.
A.) Become a shareholder of first majestic. 100 first majestic shares gets you a .50cent discount per oz.
B.) Find someone else that you know well that understands inflation and is stacking... Share the shipping cost together.
C.) Buy when the premiums are lowish.
It's not much but it helps. There really isn't a great way to not lose money on top... Besides buying from a third party and then you have to worry about getting ripped off.
Pull up the US mint site and see who is authorized to sell minted gold in your area. That gets you a bit of security, then compare their prices. An American Eagle 1 oz gold coin is the same anywhere (unless you are buying a fake off some Fly by night place). https://catalog.usmint.gov/bullion-dealer-locator
In my area there are 2 companies, one posts their prices daily -both what they will sell and what they will pay to buy it that day, the other doesn't but charges @ $50 per coin more for an American Eagle. They both are honorable companies that have been in business for a long time. I've bought from both as the one that charges $50 more has a renegade attitude and I appreciate and support that. BTW, there are gold covered tungsten coins that are identical to a US Gold Eagle. There is a machine that will check and verify if it is authentic 100% gold, you can't tell from the naked eye.
Currently you can buy up to $5000 per transaction without filling out any government forms.
There is a machine that will check and verify if it is authentic 100% gold, you can't tell from the naked eye.
That's my biggest fear. I can't independently verify metal authenticity and I don't trust anyone. Wherever there's a shit load of money to be made/stolen, people will find a way.
@Jammicsmith - If you are buying from a US mint authorized dealer with a along term reputation you will be getting a fair transaction. Click the link to the US mint I posted above and enter your state to see who is near you.
beece has a point. Long established businesses generally have more to lose than to gain from short term scams like selling adulterated gold. Gold doesn't tarnish or rust, pretty much anything cheaper that you could potentially mix it with will, so a few months/a year later they'd have a lot of angry customers asking why their "gold" turned green.
The chinks are making some really good fakes that are tungsten with a electrocoating of gold. Even small stuff. So best to find a local dealer you can trust. Try to get to know them. They will tell you stuff like 'I buy this right from smelter' or something like that. And they have fancier tools to detect fakes.
Thanks. I think the best solution is not buying gold significantly above melt value. That way if you do have to do an assay you're not losing too much.
It would really depend on the equipment you're using to measure it, and what quantity you're measuring. For a single coin you'd likely have problems, but for a bar of gold or even a handful of coins, the ol' Archimedes should work just fine.
If you're buying it solely for it's intrinsic value then buy bars. The brand is not important, they are al the same thing.
Coins can be pretty nice though but you will pay a premium. I don't like the ones with odd purities so either .999 or Eagles for me (the extra metal on Gold Eagles makes it hardier). For Silver I always go with .995 which is pretty standard.
Also, they will tarnish, specially silver. That is normal and nothing to worry about.
Best way not to get scammed is comparing prices. It's a very competitive market and tons of online retailers to look up.
I wouldn't buy from a random gypsie in a flee market though, plenty of fakes. Find yourself a reputable store or buy online from a larger retailer.
Never heard of oil. Personally I wouldn't worry that much about that. Yes you can keep them in a very dry environment and envelop them and all kinds of stuff but you are only slowing down the process and if you really want them to look nice there are products to restore silver.
Kugerrands are the nicest thing to come out of that hell hole. Use to have one with an antelope on it, but my drug addict nephew traded it for pills and crack.
One thing to consider is having smaller pieces of silver. If shit gets real and the government starts to slide and people don't want dollars anymore then silver might jump up to say $600 a troy oz. You have all these 1 troy oz bars or rounds you bought. You just want to buy a few groceries but don't want to give them a $600 item for it. So consider buying some 'junk silver' which is old dimes and quarters that used to made with silver. I find the premium on junk silver to be much less than the premium on the larger 1 troy oz pieces. And that is after you figure out exactly how much pure silver is in the old coins (sometimes about 80% silver to 20% copper).
It depends on where in the world you are. I think in the USA they don't charge tax on it but I'm not sure. In Canada no tax is charged on things that are not collectable (numismatic). I think Euros who are even allowed to buy it have sales tax in most places. So if you can first avoid tax that is good. Now if you buy large sums at one time (maybe over $4,000) then many stores have to keep a record of that and ask for ID. I think it is if they are audited later and need to prove that they had real customers and are not money laundering but check that out for your local area. The government can then of course have a paper trail to see who bought large sums. Now look for what your local dealers charge over spot. That is the 'premium'. That is where they make their money from and many times the spot price doesn't reflect the real world supply and demand. That spot price is really just the price of the fake silver and gold that is sold in the market which doesn't really exist so they can suppress the price of the real stuff. There are reputable online dealers who can sometimes offer a low premium. I've heard good things about Miles Franklin in regards to delivery time and low premiums and customer service. Many dealers might be overwhelmed at this time so customer service may drop a bit.
Forms? No Fees? No, you got to pay the guy for his service. You'll pay more for silver because of demand. Spot price is for paper metals. Real metal costs what you can buy it for.
Buy from a currency exchange/ reputable dealer. A few thousand a month budget buy an oz or 2 of gold you can buy 1 oz rounds (coins) or 5gram/10 gram wafers.a few thousand a month of silver will be bulky/not easy to move around. You will always pay more than spot and sell less than spot price. So think long term 25 years ago gold was 500 or so an oz it’s closer to 2k now. Never tell anyone what you have. Think of it more as a hobby than a get rich plan as there are better ways to make a quick buck.its basically a long term hedge against inflation. Also think in terms of a crashing/ dead economy is there going to be anyone around you that will be able to / want to buy. You can’t eat it you can’t burn it and it won’t shelter you.this is why it’s more of a hobby.
Rule of thumb. If there are fees and shit. Walk away. Buy for price of gold in weight, unless it's a coin or something collectable, then it's probably best just to buy gold if you don't know what you are doing.
If you buy gold and silver you're going to get screwed no matter what.
- Gold and silver markets are manipulated.
- The price of gold and silver is the same that it was over ten years ago.
- Gold and silver are a shitty investment. If you put your money into something and ten years later the price hasn't changed and inflation is going up dramatically over ten years you just lost a lot of buying power of your money.
If you want a good investment find some good stocks that actually preform well or put your money into different cryptos like bitcoin, eth, dash, ltc. You will be thankful you did.
Don't expect to buy gold and silver and then ten years from now to make a profit. Your money will remain unchanged or even worse be worth LESS than what you put in it.
Boomers all tell you to put your money in gold and silver. They never tell you that the price is unchanged in over ten years. Look it up.
You want something that will be worth more in ten years, five years, 1 year... whatever. Learn how to trade stocks and crypto the right way and you will actually make money.
The big gains will come if the government falters or fails. Think of the Soviet collapse. Think of the raging inflation in Venezuela. Also -- there are times when the system will back off on the suppression of these things when it becomes necessary. Gold in 1970 was about $40 an troy oz. Now it is $1,783 per troy oz. Yes it has been stagnate for 10 years but then there comes big jumps.
[ + ] Version6
[ - ] Version6 6 points 3.5 yearsDec 10, 2021 09:11:48 ago (+6/-0)
[ + ] FacelessOne
[ - ] FacelessOne 6 points 3.5 yearsDec 10, 2021 08:57:19 ago (+6/-0)
[ + ] x0x7
[ - ] x0x7 7 points 3.5 yearsDec 10, 2021 10:04:28 ago (+7/-0)
[ + ] KeepPoal4fags
[ - ] KeepPoal4fags 0 points 3.5 yearsDec 10, 2021 14:09:20 ago (+0/-0)
[ + ] Qwertytoal
[ - ] Qwertytoal 0 points 3.5 yearsDec 14, 2021 19:03:30 ago (+0/-0)
[ + ] Mikehaggar1776
[ - ] Mikehaggar1776 4 points 3.5 yearsDec 10, 2021 12:41:32 ago (+4/-0)
A.) Become a shareholder of first majestic. 100 first majestic shares gets you a .50cent discount per oz.
B.) Find someone else that you know well that understands inflation and is stacking... Share the shipping cost together.
C.) Buy when the premiums are lowish.
It's not much but it helps. There really isn't a great way to not lose money on top... Besides buying from a third party and then you have to worry about getting ripped off.
[ + ] beece
[ - ] beece 4 points 3.5 yearsDec 10, 2021 09:27:45 ago (+4/-0)*
In my area there are 2 companies, one posts their prices daily -both what they will sell and what they will pay to buy it that day, the other doesn't but charges @ $50 per coin more for an American Eagle. They both are honorable companies that have been in business for a long time. I've bought from both as the one that charges $50 more has a renegade attitude and I appreciate and support that. BTW, there are gold covered tungsten coins that are identical to a US Gold Eagle. There is a machine that will check and verify if it is authentic 100% gold, you can't tell from the naked eye.
Currently you can buy up to $5000 per transaction without filling out any government forms.
[ + ] jammicsmith
[ - ] jammicsmith 2 points 3.5 yearsDec 10, 2021 09:31:31 ago (+2/-0)
That's my biggest fear. I can't independently verify metal authenticity and I don't trust anyone. Wherever there's a shit load of money to be made/stolen, people will find a way.
[ + ] beece
[ - ] beece 2 points 3.5 yearsDec 10, 2021 09:43:21 ago (+2/-0)
[ + ] Broc_Liath
[ - ] Broc_Liath 1 point 3.5 yearsDec 10, 2021 09:49:19 ago (+1/-0)
[ + ] solomonpapermaster
[ - ] solomonpapermaster 0 points 3.5 yearsDec 10, 2021 14:20:02 ago (+0/-0)
[ + ] Broc_Liath
[ - ] Broc_Liath 1 point 3.5 yearsDec 10, 2021 09:51:27 ago (+1/-0)
Come to think of it... that's not a million miles off having a bank.
What does that entail?
Is it practical to do it by measuring density? Or are tungsten and gold too similar
[ + ] TerryB
[ - ] TerryB 2 points 3.5 yearsDec 10, 2021 13:48:59 ago (+2/-0)
[ + ] GrayDragon
[ - ] GrayDragon 1 point 3.5 yearsDec 10, 2021 10:16:02 ago (+1/-0)
https://www.runtogold.com/fake-tungsten-gold-found/
[ + ] Broc_Liath
[ - ] Broc_Liath 0 points 3.5 yearsDec 10, 2021 10:21:15 ago (+0/-0)
[ + ] Whatthefuck
[ - ] Whatthefuck 1 point 3.5 yearsDec 10, 2021 12:35:02 ago (+1/-0)
[ + ] solomonpapermaster
[ - ] solomonpapermaster 3 points 3.5 yearsDec 10, 2021 09:33:04 ago (+3/-0)*
Coins can be pretty nice though but you will pay a premium. I don't like the ones with odd purities so either .999 or Eagles for me (the extra metal on Gold Eagles makes it hardier). For Silver I always go with .995 which is pretty standard.
Also, they will tarnish, specially silver. That is normal and nothing to worry about.
Best way not to get scammed is comparing prices. It's a very competitive market and tons of online retailers to look up.
I wouldn't buy from a random gypsie in a flee market though, plenty of fakes. Find yourself a reputable store or buy online from a larger retailer.
[ + ] Broc_Liath
[ - ] Broc_Liath 1 point 3.5 yearsDec 10, 2021 09:46:07 ago (+2/-1)
[ + ] Version6
[ - ] Version6 2 points 3.5 yearsDec 10, 2021 13:11:35 ago (+2/-0)
[ + ] solomonpapermaster
[ - ] solomonpapermaster 1 point 3.5 yearsDec 10, 2021 14:05:32 ago (+1/-0)
[ + ] Broc_Liath
[ - ] Broc_Liath 0 points 3.5 yearsDec 10, 2021 14:31:20 ago (+0/-0)
If people just keep them in a safe then fair enough. I polish the silverware every christmas, I'm well used to it.
[ + ] Master_Foo
[ - ] Master_Foo 1 point 3.5 yearsDec 10, 2021 18:25:23 ago (+1/-0)
[ + ] Ozark
[ - ] Ozark 2 points 3.5 yearsDec 10, 2021 09:09:14 ago (+2/-0)
[ + ] PeckerwoodPerry
[ - ] PeckerwoodPerry 3 points 3.5 yearsDec 10, 2021 09:31:35 ago (+3/-0)
[ + ] Broc_Liath
[ - ] Broc_Liath 0 points 3.5 yearsDec 10, 2021 09:52:04 ago (+0/-0)
[ + ] MichaelStewart
[ - ] MichaelStewart 1 point 3.5 yearsDec 10, 2021 12:46:03 ago (+1/-0)
[ + ] TerryB
[ - ] TerryB 0 points 3.5 yearsDec 10, 2021 14:01:56 ago (+0/-0)
[ + ] binrobinrro
[ - ] binrobinrro 0 points 3.5 yearsDec 11, 2021 22:14:31 ago (+0/-0)
[ + ] TerryB
[ - ] TerryB 0 points 3.5 yearsDec 10, 2021 13:43:17 ago (+0/-0)
[ + ] NeoNazirite
[ - ] NeoNazirite 0 points 3.5 yearsDec 10, 2021 13:09:55 ago (+0/-0)
Fees? No, you got to pay the guy for his service. You'll pay more for silver because of demand. Spot price is for paper metals. Real metal costs what you can buy it for.
[ + ] account deleted by user
[ - ] account deleted by user 0 points 3.5 yearsDec 10, 2021 12:24:13 ago (+0/-0)
[ + ] MasterAce
[ - ] MasterAce 0 points 3.5 yearsDec 10, 2021 11:54:17 ago (+0/-0)
A few thousand a month budget buy an oz or 2 of gold you can buy 1 oz rounds (coins) or 5gram/10 gram wafers.a few thousand a month of silver will be bulky/not easy to move around.
You will always pay more than spot and sell less than spot price. So think long term 25 years ago gold was 500 or so an oz it’s closer to 2k now.
Never tell anyone what you have.
Think of it more as a hobby than a get rich plan as there are better ways to make a quick buck.its basically a long term hedge against inflation.
Also think in terms of a crashing/ dead economy is there going to be anyone around you that will be able to / want to buy. You can’t eat it you can’t burn it and it won’t shelter you.this is why it’s more of a hobby.
[ + ] mongre
[ - ] mongre 0 points 3.5 yearsDec 10, 2021 11:06:46 ago (+0/-0)
[ + ] RecycledElectrons
[ - ] RecycledElectrons -1 points 3.5 yearsDec 10, 2021 21:08:56 ago (+0/-1)
[ + ] Master_Foo
[ - ] Master_Foo -1 points 3.5 yearsDec 10, 2021 18:22:22 ago (+0/-1)
Buy for price of gold in weight, unless it's a coin or something collectable, then it's probably best just to buy gold if you don't know what you are doing.
[ + ] toobaditworks
[ - ] toobaditworks -1 points 3.5 yearsDec 10, 2021 11:04:48 ago (+0/-1)
If you buy gold and silver you're going to get screwed no matter what.
- Gold and silver markets are manipulated.
- The price of gold and silver is the same that it was over ten years ago.
- Gold and silver are a shitty investment. If you put your money into something and ten years later the price hasn't changed and inflation is going up dramatically over ten years you just lost a lot of buying power of your money.
If you want a good investment find some good stocks that actually preform well or put your money into different cryptos like bitcoin, eth, dash, ltc. You will be thankful you did.
Don't expect to buy gold and silver and then ten years from now to make a profit. Your money will remain unchanged or even worse be worth LESS than what you put in it.
Boomers all tell you to put your money in gold and silver. They never tell you that the price is unchanged in over ten years. Look it up.
You want something that will be worth more in ten years, five years, 1 year... whatever. Learn how to trade stocks and crypto the right way and you will actually make money.
[ + ] TerryB
[ - ] TerryB 2 points 3.5 yearsDec 10, 2021 13:56:34 ago (+2/-0)
[ + ] uvulectomy
[ - ] uvulectomy 1 point 3.5 yearsDec 10, 2021 15:54:04 ago (+1/-0)
And if the shit hits the fan, who the fuck is gonna take your imaginary coins when there's no internet access?
[ + ] pshawman
[ - ] pshawman 0 points 3.5 yearsDec 11, 2021 19:28:29 ago (+0/-0)
If a transaction isn't so small it rounds to zero. It's a shitcoin.
[ + ] Special_Prosecutor
[ - ] Special_Prosecutor 0 points 3.5 yearsDec 10, 2021 14:20:13 ago (+0/-0)
[ + ] pshawman
[ - ] pshawman 0 points 3.5 yearsDec 11, 2021 19:26:21 ago (+0/-0)
[ + ] Special_Prosecutor
[ - ] Special_Prosecutor 0 points 3.5 yearsDec 11, 2021 21:01:37 ago (+0/-0)
[ + ] pshawman
[ - ] pshawman 0 points 3.5 yearsDec 11, 2021 19:27:17 ago (+0/-0)