Gold % Silver - please post advice for n00bs

[Benaiah]

I've been considering putting my money into gold and silver for a year or so now. Where do I start? Do I buy stuff that they actually ship to you? Does it matter if it's American, Canadian, South African, ect?

Just wondering where to start. From my initial reading, it looks like I should buy stuff that I can physically own, right? Any advice or links would be appreciated.

Thanks.

[edit] why do people buy gold and silver on Ebay? It seems to go above market price, especially when you include shipping & handling. Is there a benefit to buying on Ebay?

 

[Freedom]

I've been considering putting my money into gold and silver for a year or so now. Where do I start?

A great place to learn about gold & silver investing is: http://www.goldismoney.info

Do I buy stuff that they actually ship to you?

I've heard it said, "If you don't hold it, you don't own it!"

Does it matter if it's American, Canadian, South African, ect?

Not really, some coins have a higher premium, i.e. you pay more per ounce.

Just wondering where to start. From my initial reading, it looks like I should buy stuff that I can physically own, right? Any advice or links would be appreciated.

Here is a reputable precious metals dealer:

http://www.APMEX.com

[edit] why do people buy gold and silver on Ebay? It seems to go above market price, especially when you include shipping & handling. Is there a benefit to buying on Ebay?

Well, some people believe that gold will be over $2,000 in the future, so overpaying a little bit today is inconsequential in the long run. If that's the case, it's only about how much gold you have in your hand.

 

[misconstrued]

These guys are great:
http://www.lewrockwell.com/blumert/burt-gold2.html

Here's an online gold market where you can buy and sell Gold:
http://www.bullionvault.com/

If you want to invest in gold fund through your stock portfolio:
http://finance.google.com/finance?q=NYSE:GLD

 

[propanes]

How to Invest in Silver (and gold) with one fund

I like CEF, a fund traded on the AMEX of physical, audited 50/50 gold/silver in Canada since 1967.

http://www.silveranalysis.com/

 

[RPFTW!]

Go to apmex.com and buy those 1 oz (.999) Fine Silver Rounds.

 

[fsk]

You have to first ask "Why am I buying gold or silver?"

If you're buying for a SHTF scenario, physical metal in your possession is the only option.

ETFs are bad because they lease out their holdings for short sales. They have "gold-denominated debts" instead of actual metal.

Futures and futures options are also a possibility, but I heard you need to put up a lot of money to open a futures or futures options accounts.

 

[Kregener]

DO NOT buy "certificates", they are "paper money" and can be denied you when the dollar collapses.

Buy physical gold and silver and a safe for your home.

And some guns.

And plenty of ammo.

And food storage.

And a British Berkefeld Big Berky water filter.

 

[Benaiah]

//

 

[noxagol]

Yes I have the SHTF scenario in mind. I was never worried about it, but I am getting married soon. It is my responsibility to take care of my wife, even during a SHTF scenario. I just want to be prepared for anything so that I can always keep her as safe as possible.

Then buy the physical stuff and devise a clever or secure way of storing it. I have mine hidden in plain sight quite cleverly.

 

[kylejack]

Does anyone have an opinion on Proof vs. Uncirculated? I don't care much about presentation, but does proof appreciate better than uncirculated? I'm thinking about buying some silver American Eagles.

 

[Discobolus]

Does anyone have an opinion on Proof vs. Uncirculated? I don't care much about presentation, but does proof appreciate better than uncirculated? I'm thinking about buying some silver American Eagles.

If you don't care about presentation, go for uncirculated...they are the lowest % above spot, and to me look just as good...and if it comes to you needing them for an emergency, no one is going to care if it is just shiney and not really shiney...

 

[virginiaJim]

silverstockreport.com this guy has a link to find your local coin shop search. Use coin shops and coin shows that come to your city. Dont buy it online because shipping will kill you and dont fall for Ebay. You dont want to bid on a price for silver that is being bid on at a silver market outside ebay. You will always pay an inflated price over spot price.

Coin shops and only coin shops are your best bet.

 

[fsk]

Then buy the physical stuff and devise a clever or secure way of storing it. I have mine hidden in plain sight quite cleverly.

How do you "cleverly hide it in plain sight"? I've been thinking of buying some physical metal myself, but I'm hung up on the "How do I store it safely?" issue.

 

[kylejack]

How do you "cleverly hide it in plain sight"? I've been thinking of buying some physical metal myself, but I'm hung up on the "How do I store it safely?" issue.

Safety deposit box is semi-safe. If you want to go a bit more paranoid than that, you can bury it or cut a hole in the dry wall and plaster it back over with the metal in between the walls.

 

[Benaiah]

silverstockreport.com this guy has a link to find your local coin shop search. Use coin shops and coin shows that come to your city. Dont buy it online because shipping will kill you and dont fall for Ebay. You dont want to bid on a price for silver that is being bid on at a silver market outside ebay. You will always pay an inflated price over spot price.

Coin shops and only coin shops are your best bet.

DO I need to look out for counterfeit bullion and coins? If so, do you know of a site that explains what to look for?

Thanks.

 

[kylejack]

DO I need to look out for counterfeit bullion and coins? If so, do you know of a site that explains what to look for?

Thanks.

Just deal with reputable dealers. The US Mint lists some that are certified.

 

[Benaiah]

bump.

 

[Discobolus]

usually 100 oz silver bars are the ones to look out for as they are easiest to fake

here is a good discussion as to how and why:
http://goldismoney.info/forums/showthread.php?t=170284&highlight=silver+lead&page=2

10 oz bars of engelhard and johnson mathey are my personal favorite for storability and reputability

 

[literatim]

Platinum is nice if you don't want all the bulk of gold and silver.

 

[Scott Wilson]

In a SHTF scenario you want small denomination bullion coin.

Why?

Bullion is easy to identify by anyone as it states on the coin what it is and how much it weighs. The layman on the street will know it has real value.

Small denomination coins are necessary because if you are using the coins to barter you cannot get change.

I would recommend 1/10 ounces of gold, 1 ounce silver coins, and a large bag of junk silver.

If you buy gold to resell to the metals market later you want larger denomination coins or bars as the premium on smaller denominational coins adds up very quickly.