where to buy gold?

[trey4sports]

i am curious where to buy gold. I know there are tons of commercials and what not but how do i know im not getting ripped of? rather than buy shares of gold stock i feel much more comfortable actually having gold in my hand.

does anyone know where i can buy physical gold at a fair market value?

[Dr.3D]

Many here use http://apmex.com/

[TCE]

Many here use http://apmex.com/

+1

[KCIndy]

+1 too!

[trey4sports]

do you guys have any advice for a gold noobie? i see all kinds of different gold. rounds, bullion, and whatnot. I just want something basic to protect against inflation. are they all the same in terms of value, just different designs? i mean i know its valued based on weight but does the design make a difference?

[RedStripe]

i went to a local coin store and bought a 1oz coin for market price? seemed pretty easy to me

[Dr.3D]

do you guys have any advice for a gold noobie? i see all kinds of different gold. rounds, bullion, and whatnot. I just want something basic to protect against inflation. are they all the same in terms of value, just different designs? i mean i know its valued based on weight but does the design make a difference?

Well, it's best to stay away from what's known as investment or numismatic coins. Those will cost a lot more for the same weight of metal.

Try to stay with a recognized coin if at all possible and one that is just bullion grade.
Eagles, Maple leaves, Buffalos etc. are very well recognized.

Of course there are rounds from various manufacturers that are very nice and still have a very low sellers commission. As long as the manufacturer is well known, there shouldn't be much problem with them when it comes time to sell them.

Basically, try to get the most gold or silver for your money.

[KCIndy]

do you guys have any advice for a gold noobie? i see all kinds of different gold. rounds, bullion, and whatnot. I just want something basic to protect against inflation. are they all the same in terms of value, just different designs? i mean i know its valued based on weight but does the design make a difference?


I would definitely recommend getting the "real thing" rather than stocks, shares, or any other sort of paper.

If you're planning on spending thousands of dollars, gold is a good bet. If you're talking hundreds, you might want to consider silver. (Personally, I'm a big fan of silver no matter what, but the pros and cons of silver are a different post)

Apmex.com really does have some of the best prices, especially if you watch for their specials.

[TCE]

Advice for gold:

1. Stay away from the big stuff and go small. Not many people will trade for a 1 or 5 oz bar, but they will likely make a deal for 1/10 oz coin or 1/4 oz. The smaller the denomination, the easier it will be to resell.

2. Keep with recognized coins issued by governments. American Eagles are likely the best choice for Americans since it is pretty easy to recognize and verify that it is legit. Stay away from rounds, bars, etc. until you know the ropes a little more, and even then, I like the recognized coins much better.

3. Diversify. Throwing a bunch of money into gold is not a good idea just like putting all of your eggs in one basket is not a good idea. I would tend to lean toward silver right now because it is at the lower end of its high whereas gold is quite expensive presently.

3D: For a collector or vendor, yes, buying an Apmex coin won't confuse them in the least, but it still lowers the pool for resale since there is a higher percentage of people who don't know Apmex vs. those who don't know the American Eagles.

[cindy25]

go to a flea market or local coin show. shop around. pay cash (credit cards mean bank fees, sales tax)
same as buying anything else

[cindy25]

go to a flea market or local coin show. shop around. pay cash (credit cards mean bank fees, sales tax)
same as buying anything else

[trey4sports]

cool, great advice guys. I called up my dad to get some advice and all he would tell me was to buy gold ETF. I not comfortable though having paper.

BTW, I don't have to pay a capital gains tax on gold (physical form) right?

[Dr.3D]

cool, great advice guys. I called up my dad to get some advice and all he would tell me was to buy gold ETF. I not comfortable though having paper.

BTW, I don't have to pay a capital gains tax on gold (physical form) right?

The IRS wants you to.

[trey4sports]

The IRS wants you to.

wow, that really sucks

[TCE]

cool, great advice guys. I called up my dad to get some advice and all he would tell me was to buy gold ETF. I not comfortable though having paper.

BTW, I don't have to pay a capital gains tax on gold (physical form) right?

The paper variety can be manipulated much more easily. If you have the gold in your hand, it is safer. I know there have been countless stories of gold manipulation, so I'll let those who know about that post.

There is a special tax on gold that is I believe 30%, but check that to make sure. However, if you are using it as a hedge for inflation, then it won't matter anyway. You should be holding onto your gold for minimally 5 years.

[pahs1994]

APMEX is always a good choice if you can't find a place the sells it locally

[Dr.3D]

wow, that really sucks

Yeah, no matter what you do to keep them from stealing your money though inflation, they have a way to making it come out in their favor.

[erowe1]

i went to a local coin store and bought a 1oz coin for market price? seemed pretty easy to me

Didn't you have to pay sales tax?

[erowe1]

Generally you're better off not buying it locally, since what you will pay in sales tax in just about every state is more than it will cost to ship it to you from an out of state dealer.

Just get basic items that have the lowest possible fees added to the spot price of gold when you buy it. Generally Krugerrands and 1 oz. gold bars are pretty good choices, but compare prices and see for yourself when you actually buy. Occasionally a place will have a special sale going where they give you a discounted price on a particular item or send you a free ounce of silver with it or a free copy of Creature from Jeckyl Isle or something.

[erowe1]

BTW, I don't have to pay a capital gains tax on gold (physical form) right?

You're legally obligated to. But they don't have the same record keeping on that, so it's easy to avoid, at least for now, unless you feel morally obligated to pay whatever tax they say you have to pay them (which I don't believe, but I wouldn't want to interfere with your moral convictions if it's the case for you).

Another ETF option is a fund of gold mining stocks, such as GDX. That way you're not just storing your money in gold, but investing in companies with actual potential for growth, rather than simple preservation, which stands to be a good investment if you think that the price and demand of gold is likely to go up significantly in the near future, since such a scenario would result in a boon to the profits of those companies.