Gold/Silver buying questions

[SnappleLlama]

BUMP for those of us who are now seriously considering purchasing silver/gold coins (anyone use Gainesville Coins?)....

note: I'm not a newbie to investing (I have an IRA and a 457), but I AM a newbie to investing in gold/silver!

 

[cien750hp]

advice from a precious metals dealer that i heard was that gold is the wiser investment here, because although silver could make more money, during a recession or depression the demand for silver will go way down due to people not buying the products it is used in (like electronics) so it will not keep its value during those times like gold will.

 

[Acala]

Silver

Demand for silver for induatrial uses may decline in a severe economic catastrophe. But silver is also the most likely post-collapse currency so whatever demand is lost to reduced industrial use will be more than made up in vastly increased demand as a medium of exchange.

If you are holding silver when the dollar does the Zimbawe, and silver becomes either a de facto local currency or even an official world currency, you are going to be wealthy.

 

[jack555]

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.

For Economic Collapse Bartering World-
-90 percent silver dimes (check coinflation.com for what they are worth and expect to pay spot to 75 cents over spot per oz)
(the dime is a smaller unit of silver than a quarter and could therefore be more useful)

-1/10 oz gold coins (kruggerand or eagle of maple)



For Investment-
-1 oz gold krugerand (cheapest spread, u can buy for 15 to 20 over spot and sell back for roughly spot, u will probable lose more money buying expensive coins like bufallos and eagles)
- 1 oz Silver American Eagles (dont pay more than 1.50 to 2.50 over spot) or1 oz Silver Rounds (pay no more than $1 over spot)




Dont buy graded coins or rare coins or anything unless your a numismatic expert. Are you investing in gold and silver or rare coins? Gold and Silver is a lot easier to not get screwed over with and a LOT easier to understand. I advise only paying the prices I mentioned or less.







edit- You need to decide between 22k gold like the krug and the eagle vs 24 kt gold like the maple or buffalo. They have the same amount of gold but 24k is more pure.. Upside is its more pure, downside isi it can be damaged easily.



Also buy from apmex.com, bulliondirect.com and call like 5 local stores to find best prices



email me at [email protected] if u need more specific help

 

[jack555]

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?

Ouch!

 

[bander87]

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?

Based on prices 5 years ago and peaks within those 5 years:

Gold: 1003.70 / 347.50 = 2.88 x 100 = 288%

Silver: 20.64 / 4.82 = 4.28 x 100 = 428%

 

[Mac_jam]

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 .

Does apmex.com require personal information?

 

[axiomata]

Bought my first gold/silver today. Guess that means I'm officially a gold bug. A couple 1 oz American Eagles and a couple 1 oz silvers for $2000, or about 10% of my assests.

Wish Apmex would accept credit cards without high fees. Getting a cashier check to them within 5 days is going to be a hassle.

I did notice that the price went up while the coins were sitting in my shopping cart lol.

 

[axiomata]

Does apmex.com require personal information?

Yes, name, address, and credit card # for verification if I recall correctly.

 

[123tim]

Bought my first gold/silver today. Guess that means I'm officially a gold bug. A couple 1 oz American Eagles and a couple 1 oz silvers for $2000, or about 10% of my assests.

Wish Apmex would accept credit cards without high fees. Getting a cashier check to them within 5 days is going to be a hassle.

I did notice that the price went up while the coins were sitting in my shopping cart lol.

Do the higher fee apply to smaller purchases? Say something on the order of a purchase of $75.00 to $100.00 dollars? I wasn't aware of this.

 

[axiomata]

Do the higher fee apply to smaller purchases? Say something on the order of a purchase of $75.00 to $100.00 dollars? I wasn't aware of this.

I'm not sure exactly how it scales but if you pay cash (ie check, money order, wires) my S&H was about $24, with credit it would have been about $94.

 

[Dary]

BUMP for those of us who are now seriously considering purchasing silver/gold coins (anyone use Gainesville Coins?)....

note: I'm not a newbie to investing (I have an IRA and a 457), but I AM a newbie to investing in gold/silver!

I see that Everbank has a IRA eligible gold account but they charge a 1.5 percent storage fee per year. Yikes!

Sterling’s IRA account charges a $15 setup fee, a $60 flat fee, and a $100 storage fee, but you have to buy the gold from a broker and then have it shipped to Sterling (so there is some costs there), and they also have some other fees.:

http://www.sterlingtrustcompany.com/linkclick.aspx?fileticket=PeWce3B23og=&tabid=409&mid=883

It might still be probably cheaper than Everbank’s 1.5 percent annual fee.