Anyone Here Buying GOLD Online ?

smokeyCityTeacher wrote:Reading some of the other forums, decided to diversify a bit and buy a little bit of GOLD.

Id like to hear from those who have used and online service to buy GOLD and what your experiences are.

My goals is to diversify 20% of my savings into GOLD

So where do you live?....I'll be right over with a metal detector!

Many gold coins are 90% gold such as an American Eagle, British sovereign, or a krugerrand. that does not mean you are not getting a full oz. or a decimal equivalent. A krugerrand will have a total weight higher than one troy oz. But you will still be getting one full troy ounce of gold. One troy ounce weighs 31.15 grams. An American ounce weighs 28.349 grams. As you can see, one troy oz. is almost 3 grams heavier than a standard ounce. One troy pound is twelve troy ounces verses sixteen ounces to an American pound. This is a COMMON mistake. Do not be fooled.
If you buy a Krugerrand, A Philharmonic, An Eagle, A Buffalo, A Maple leaf, A Sovereign, A Creddit Suisse or a Pamp Suisse. or a few others, These are easily identifiable coins around the world. DO SOME RESEARCH!!!!!!!!! A FOOL AND HIS MONEY ARE SOON PARTED!!!!!!!!!!! $1150.00 + for an ounce of gold is a HUGE investment, don't get ripped off. buy from REPUTABLE people!!! Also Eagles Maple leafs Krugerrands, and Suisse Pamp come in smaller denominations such as 1/2 oz. 1/4 oz. 1/10 oz. These coins usually cost more than a solid ounce. I.E. 1 1/10oz. coin may cost $125.00. or more.

cokehead wrote:

smokeyCityTeacher wrote:Reading some of the other forums, decided to diversify a bit and buy a little bit of GOLD.

Id like to hear from those who have used and online service to buy GOLD and what your experiences are.

My goals is to diversify 20% of my savings into GOLD

So where do you live?....I'll be right over with a metal detector!

i live a few miles from my safety deposit box in the bank (assuming they don't confiscate it)

Duengeon master wrote:Many gold coins are 90% gold such as an American Eagle, British sovereign, or a krugerrand. that does not mean you are not getting a full oz. or a decimal equivalent. A krugerrand will have a total weight higher than one troy oz. But you will still be getting one full troy ounce of gold. One troy ounce weighs 31.15 grams. An American ounce weighs 28.349 grams. As you can see, one troy oz. is almost 3 grams heavier than a standard ounce. One troy pound is twelve troy ounces verses sixteen ounces to an American pound. This is a COMMON mistake. Do not be fooled.
If you buy a Krugerrand, A Philharmonic, An Eagle, A Buffalo, A Maple leaf, A Sovereign, A Creddit Suisse or a Pamp Suisse. or a few others, These are easily identifiable coins around the world. DO SOME RESEARCH!!!!!!!!! A FOOL AND HIS MONEY ARE SOON PARTED!!!!!!!!!!! $1150.00 + for an ounce of gold is a HUGE investment, don't get ripped off. buy from REPUTABLE people!!! Also Eagles Maple leafs Krugerrands, and Suisse Pamp come in smaller denominations such as 1/2 oz. 1/4 oz. 1/10 oz. These coins usually cost more than a solid ounce. I.E. 1 1/10oz. coin may cost $125.00. or more.

THe safer way to do it might be to roll over some of my 401k into a GOLD 401k which I will have the option to do as soon as I terminate my employer next year.

Yeah - its starting to sound like hoarding silver and gold in my house is not the way to go.

Of course I might just be posting this to throw you all off from coming at me with a metal detector

Cap wrote:So, what will hold value better? Diamonds or Gold? Which is more abundant?

Diamonds have no value now. They are pure marketing. Go into any pawn shop and see what diamonds are "worth". A stone that retails for $2000 was probably bought by the dealer for about $200.

How you buy gold depends on what you want to do with it. You can buy bullion if it's something you think you are going to stick in a box and sell at some later date.

If you think the world is going to end and you might need to use it as currency at some point, you need to make sure that it will be acceptable to a majority of people.

A gold bar with a hallmark on it doesn't mean much if the person you are trying to give it to doesn't recognize the hallmark. Unless I am an assayer, how do I verify it is what you say it is?

That's where Krugerrands and US Eagles come in. They are a known quantity.

I bought some silver from Midas Resources and if I get some spare cash, I'll buy some more.

Cap wrote:<snipped>...That's where Krugerrands and US Eagles come in. They are a known quantity.
I bought some silver from Midas Resources and if I get some spare cash, I'll buy some more.

I just bought a few dozen silver eagles and will buy a couple hundred more this month. These bullion coins will be recognizable to anyone who buys and sells silver as a legitimate store of silver or gold.

I will of course pay if im wrong about the safe deposit box strategy but ill assume that storing about $4,000 in silver in a SDB is not be a catastrophic risk.

The rest of my diversification will be GOLD but will be in a the form of a GOLD IRA. Ive been reading online about this and its looks straightforward enough that I understand how it works. In this scenario I don't store the GOLD myself.

Call it a conspiracy if you want but there are plenty of articles written about GLD and SLV funds that indicate fraudulent practices.

If you are buying PM's as an asset protection because you fear a currency collapse (or worse), the last place you would want any wealth would be in a IRA, Stock Market or Bank.

The ground work is being laid for taking over 401(k)'s and converting them into some sort of government annuity.

This should make you all warm and fuzzy : http://www.carolinajournal.com/exclusives/dems-ta ... ounts.html

Shared prosperity : http://www.sharedprosperity.org/bp204/bp204.pdf

Black_And_Blue wrote:Call it a conspiracy if you want but there are plenty of articles written about GLD and SLV funds that indicate fraudulent practices.
If you are buying PM's as an asset protection because you fear a currency collapse (or worse), the last place you would want any wealth would be in a IRA, Stock Market or Bank.
The ground work is being laid for taking over 401(k)'s and converting them into some sort of government annuity.
this should make you all warm and fuzzy : http://www.carolinajournal.com/exclusives/dems-ta ... ounts.html
Shared prosperity : http://www.sharedprosperity.org/bp204/bp204.pdf

Time to roll into a ROTH, pull the cash buy and bury the gold.

Of course I could buy GUNS with the $. Thats one investment that will never deflate in value.

SmokeyCityTeacher, you are way to right with the buy guns comment. I have bought 2 guns about 5 years ago at retail, and the retail for them is about $150 more than what I paid. That is a pretty good rate of return. I didnt buy them for collection or investment purchase, but to use, and I have, but the increase in value of firearms is crazy.

One of the nation's largest labor unions, the Service Employees International Union (SEIU), is promoting a plan that will centralize all retirement plans for American workers, including private 401(k) plans, under one new "retirement system" for the United States

**Broken Link(s) Removed**

A little history.

https://en.wikipedia.org/wiki/Bimetallism

https://en.wikipedia.org/wiki/Free_Silver

https://en.wikipedia.org/wiki/Gresham's_law

http://www.americanrhetoric.com/speeches/williamj ... 896dnc.htm

I wouldn't buy silver or gold unless its hands on. Don't ever buy it and get a pc of paper saying you own it.

Buying gold in today's market is a huge risk. It's way overpriced compared to the the cost to produce it. The price will crash. When it will crash is unknown, but right now it's just gold investors chasing other gold investors driving the price up and up. The classic overheated bubble market.

Yanche wrote:Buying gold in today's market is a huge risk. It's way overpriced compared to the the cost to produce it. The price will crash. When it will crash is unknown, but right now it's just gold investors chasing other gold investors driving the price up and up. The classic overheated bubble market.

I don't think it's a big risk. Look a the world markets; Greece has overspent and gone into near bankruptcy, Spain is in debt, France is considering leaving the Euro, and Germany is in turmoil due to loaning money to (smaller nations) The U.S. was taken completely off the gold standard by Richard Nixon. This was done to pay the debt for the Vietnam war. Today Obama is printing toilet paper I.E. Fiat currency to finance govt. health care and other Marxist adventures. The bottom line is there is a HUGE amount of paper with nothing to back it up with. Gold and silver were money 5000 years ago. It will still be money long after the U.S.A. is history. I plan on making a purchase of gold and silver as soon as I can. California New York, New Jersey, Illinois and even Pennsylvania have long been living way beyond their means. Has anyone on this forum ever been in a large debt? I am talking about $20-50,000 in debt. I was. It took 15 years to climb out of debt. There is nothing more satisfying than to climb out of debt the hard way. A bitter lesson learned the hard way is never forgotten!!!!! I NEVER WANT TO BE IN DEBT AGAIN!!!! The first thing we (me and Sabeth) did was to pay for CHRISTmas one year without using a credit card. We did it. Then take the card, (not the balance) with the highest interest rate and paid as much as we possibly could, and paid minimum payments on everything else. when it was paid off, not only was it a relief but now we were able to take THAT payment and put it towards the second highest interest card untill we paid that one off. And so on until we were finally out of debt. It wasn't easy but it worked. It took sacrifice and doing without and a lot of discipline but the govt. can do it also. Until then which I don't see anytime soon I will buy more gold and silver when ever I can. because dollar bills are not as soft as Cottonelle. Gold and silver will still be money...

Don't let your objections to the overspending of governments cloud your thinking on your investments. Clearly the price of gold is higher than the cost to produce it. What's pushing it higher? Investors. It's a classic bubble market, just like tech stocks a decade or more ago. Remember the Internet bubble bust? The recent housing price bubble bust? You can make a lot of money riding any investment bubble, up or down. The challenge is knowing when to get out. That's very difficult to know, especially for amateur investors.

On the other hand if you believe the world's future money exchange medium will be precious metals go for it.