Advice For Putting Small Amount of Money in Gold/Silver?

[mport1]

I am looking to put a small amount of money (like a few thousand dollars) into gold and/or silver and am looking for advice because I don't know much about how to go about it. I know this has been asked a ton, but I assume my small purchase may mean that I should do things differently than someone who is making a large purchase.

I would like at least some physical gold/silver and do not want anything that is marked up significantly because of its value to collectors. I would also need it shipped to either St. Louis or Atlanta.

Where can I find the best price right now on gold and/or silver and how much should I buy of each? Should I also invest some money in something like a gold index fund (and if so which one(s)? Is that Live.com deal coming back which gave the ability to get a large discount? Any other suggestions on how to go about this? Thanks for the help.

 

[hugolp]

Btw, Gold is up $20+ in the last hours.

Hugo

 

[Josh_LA]

you mean to tell me you've been listening to FTL and defending Ian Freeman all this time and you never knew how to do this?

I'm shopping right now myself. I'm using eBay

you can also try APMEX, SeekBullion, BullionDirect, and Scottsdale silver

ALWAYS ASK AND BARGAIN. ask if it's immediately available.

 

[ImpeachKingGeorgeII]

I would like at least some physical gold/silver and do not want anything that is marked up significantly because of its value to collectors.

I'd go for simple bullion, not numismatic coins.

Where can I find the best price right now on gold and/or silver and how much should I buy of each? Should I also invest some money in something like a gold index fund (and if so which one(s)? Is that Live.com deal coming back which gave the ability to get a large discount? Any other suggestions on how to go about this? Thanks for the help.

Best prices? Probably your local coin shops, pawn shops? I think the live.com deal is over.

 

[slamminshaun]

I'd go for simple bullion, not numismatic coins.



Best prices? Probably your local coin shops, pawn shops? I think the live.com deal is over.

I agree with this. If you have a few thousand dollars, coins (but not numismatic coins) and bullion are good.

 

[gls]

Unfortunately I don’t expect the Live.com cash back offer to return. Microsoft really got in over its head on that one. There’s a thread on fatwallet.com with people bragging about creating multiple accounts and scamming the system for upwards of $20,000. Now it appears they're denying some people even legitimate rebates.

Look into APMEX. They're reputable and the prices are about as good as you'll find anywhere else. Send a check or money order to avoid the credit card/bank wire fees.

 

[mport1]

you mean to tell me you've been listening to FTL and defending Ian Freeman all this time and you never knew how to do this?

Haha, well I know a few names and the general idea but I wanted to ask people who are experienced in the area so I can get the best possible prices for what I want to do.

So, does everyone think I should just get only gold coins and not invest in something like a gold etf?

 

[Danke]

Look into http://www.midasresources.com/

Supposedly Ted there is selling gold at $830.

 

[Dr.3D]

So, does everyone think I should just get only gold coins and not invest in something like a gold etf?

Since the metals are a long term proposition, it is best to have the physical metals.
EFT would be paper metal and may not be worth the paper it is written on in the future.

 

[Elwar]

I was pleased with http://www.kitco.com

You send them a cashier's check and they put money into your account. You can then buy from a large selection of gold and silver.

You have the choice of either just buying it and they hold it for you, or you buy it and they ship it to you. If you're paranoid go with the latter, if not go with the former.

I invested $20k at one point that way. I think their commission is about %4-%5 after buying then selling it back. And they expect you to claim any taxes on your own...ie they don't tell the IRS what you bought and sold.

 

[lucius]

I am looking to put a small amount of money (like a few thousand dollars) into gold and/or silver and am looking for advice because I don't know much about how to go about it. I know this has been asked a ton, but I assume my small purchase may mean that I should do things differently than someone who is making a large purchase.

I would like at least some physical gold/silver and do not want anything that is marked up significantly because of its value to collectors. I would also need it shipped to either St. Louis or Atlanta.

Where can I find the best price right now on gold and/or silver and how much should I buy of each? Should I also invest some money in something like a gold index fund (and if so which one(s)? Is that Live.com deal coming back which gave the ability to get a large discount? Any other suggestions on how to go about this? Thanks for the help.

Use cash, buy 90% US silver pre-1965 coins (junk silver) from a local shop, and take immediate delivery. Get a feel for prices on the internet/ebay. Look for bargains, but just get in the habit of buying regularly at first. Most importantly, have fun with this...

Get a red book, doesn't need to be current and read it: http://coins.about.com/od/coinvalues/fr/redbook.htm

For information only, 90% Silver U.S. Coin Bags: http://www.monex.com/prods/silver_90.html

 

[Brian4Liberty]

Since the metals are a long term proposition, it is best to have the physical metals.
EFT would be paper metal and may not be worth the paper it is written on in the future.

What he said.

Especially if you are long term and it's not a lot of money...Go with gold and silver bullion coins.

ETFs and mining stocks are better for short term trading (low transaction cost, fast and easy buy/sell).

 

[Josh_LA]

Haha, well I know a few names and the general idea but I wanted to ask people who are experienced in the area so I can get the best possible prices for what I want to do.

So, does everyone think I should just get only gold coins and not invest in something like a gold etf?

gold ETF is as paper as stock, bonds and FRNs, they're just paper.

Try redeeming it for gold, and try selling it in bad times.

If you're under 5K, go all silver, if you're 5-10K, you can get some gold some silver.

PM me if you got any more Qs

 

[Arklatex]

I recommend buying the ETF GDX.

You can sell it quickly at anytime, very liquid, plus it will appreciate at a multiple of the price of gold and silver. Plus - it pays a dividend while you're waiting for the price appreciation!

If you set on having the physical then buy the pre 1964 US Coins. You can find them at APMEX by the bag, or if you want the best prices and don't mind waiting use NWTMINT

 

[Bruno]

Buy one oz. of gold and spend the rest on silver.

 

[devil21]

With the rising price of gold, you should only look at fractional coins (1/10oz Gold Eagles, 1/4oz Austrian Phils, etc) and gram bars. You can go a little bigger on silver, like up to 10oz bars but single oz coins are preferred. I only buy from APMEX and have no complaints at all. A good ratio is 30% gold to 70% silver. Pound for pound, silver will likely increase in value more than gold will. In other words, it's a lot easier for silver to double in value than for gold to double.

 

[mport1]

Thanks for all the great advice everyone.

 

[fedup100]

Remember the link on Daily Paul that told the story of the guy in Argentina that said only those with bags of gold and silver rings were able to survive well?

I assume he was referencing gold and silver bands, he said on the street, you will not get spot or a good price of exchange with gold coins or bars.

For people with small amounts of money, wouldn't this be a better option? If so, where to buy these rings?