Gold/Silver buying questions

[MrCobaltBlue]

Hey guys, I have a few questions.

I was going to start a IRA with my tax refund but now I'm leaning towards gold/silver but I wanted to know what a few things:

Is there like a 'gold buying guide' or wiki that can help out a first time buyer?

Where should I keep it? Buy a safe? or get a Safety Deposit Box at a local bank?

Is there a chance the Government can confiscate my gold/silver like in the Gold Seizure of the 1930's?

Also should I go bars? or coins?

Thanks in advance.

 

[Cleaner44]

Here is a good resource: http://cmi-gold-silver.com/buy-sell-gold-silver.html

I would suggest at least picking up some Silver Eagles, 1oz coins. Great place to start.

 

[WilliamC]

Look at www.mjmp.com as a source.

 

[Cleaner44]

A Safety Deposit Box is good, as is hiding the coins in an untraceable place.

 

[fastmanfunnay]

i buy all of my precious metals from www.apmex.com - quality products, great service, decent shipping times.

i keep all of my bullion locked up in a filing cabinet in my home. you dont really need a 100+ dollar safe. just keep it in a safe place and dont run your mouth about how your buying gold and silver and you should be fine. but still try to find a place to hide it where you can at least lock it up with a key.

 

[AceNZ]

I would avoid a safety deposit box. Banks are allowed to inspect and possibly confiscate items in a safety deposit box under certain circumstances.

 

[Gammerus]

How safe of an investment is gold? and what kinda of gold should you invest in?

 

[slantedview]

i buy all of my precious metals from www.apmex.com - quality products, great service, decent shipping times.

i keep all of my bullion locked up in a filing cabinet in my home. you dont really need a 100+ dollar safe. just keep it in a safe place and dont run your mouth about how your buying gold and silver and you should be fine. but still try to find a place to hide it where you can at least lock it up with a key.

trying to help the thread along -

what kind of gold coins from apmex would you recommend?

 

[Corydoras]

I don't own any gold or silver for investments. However, goldmoney.com is offshore, so unlikely to undergo seizure, especially if you choose Zurich over London.
http://goldmoney.com/

What I have read is that coins are better than bars, because harder to forge or drill.

I like the information at goldismoney.com, and there's an interesting sticky about starting in precious metals:
http://goldismoney.info/forums/forumdisplay.php?f=63
http://goldismoney.info/forums/showthread.php?t=7228

 

[Kregener]

I second CMI.

DO NOT use a "safety deposit" box! The only thing it keeps safe, is the ability of the bank to LOCK YOU OUT FROM YOUR ACCESS TO IT.

Gold eagles are good investments, but I would start with SILVER if I was you.

Bag or half-bag of silver dimes or quarters, depending on the size of your...."refund".

 

[liberty_Forever]

Yes, I also agree....

DO NOT use safety deposit box at banks!! The government confiscated those boxes in the 1930s. . . Gold is easy to hide. . . the best gold/silver investments are the 1oz coins. Bars look 'cooler' but the coins are more liquid.

 

[Kingfisher]

One more agreement. Buy actual gold and or silver and store it yourself.

 

[Dave Pedersen]

The government keeps a list of who buys gold so they can steal it from you later when everyone is without electric power. Buy in small quantities and don't buy from business who require personal information, they will just hand that over to the feds.

If the feds know you own gold they will bust down your door at 2am shoot your dog and take what they want. The best way to keep something is to keep it secret.

 

[Dr.3D]

Silver is usually a better investment. There is less silver out of the ground than their is gold.
You see, silver is used in industry where nearly all of the gold ever mined is still around.
Silver gets used up and there is very little left. This is why the silver market is so volatile.
There is less of it and so it takes less money buying it to make a difference in the market price.
Look at the increase in price between gold and silver for the past 5 years.
Silver has beat gold hands down.

If you had bought silver just six months ago, it would be around 30% more valuable now than it was then.

 

[dsentell]

Silver is usually a better investment. There is less silver out of the ground than their is gold.
You see, silver is used in industry where nearly all of the gold ever mined is still around.
Silver gets used up and there is very little left. This is why the silver market is so volatile.
There is less of it and so it takes less money buying it to make a difference in the market price.
Look at the increase in price between gold and silver for the past 5 years.
Silver has beat gold hands down.

If you had bought silver just six months ago, it would be around 30% more valuable now than it was then.

Definitely correct. I purchased Silver Eagles on August 7, 2005 and paid $9.25 each (that includes shipping). As I write this, I could purchase the same number of Silver Eagles for $18.99 each (also includes shipping).

That is just an example. Quite an increase in value. Gold has not been nearly as dramatic . . .

 

[Brother Butch]

Great forum for expanding your knowledge of gold and silver, the FED. and more.

http://www.goldismoney.info/forums/

 

[AceNZ]

Definitely correct. I purchased Silver Eagles on August 7, 2005 and paid $9.25 each (that includes shipping). As I write this, I could purchase the same number of Silver Eagles for $18.99 each (also includes shipping).

That is just an example. Quite an increase in value. Gold has not been nearly as dramatic . . .

Gold went from $440/oz in Aug 2005 to $911/oz today. That's 207% vs. 205% for your example above. So why is gold not as dramatic?

 

[youngbuck]

If you know what you want, www.apmex.com is a really good place. If you want investing advice, especially for gold, check out www.eldoradogold.net .

 

[Dave Pedersen]

Silver is setting new records this morning January 25th

 

[AceNZ]

Silver is setting new records this morning January 25th

So is gold. Spot is now $918, after spiking up above $920.