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.

[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]

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 jack555a@hotmail.com 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%3d&tabid=409&mid=883

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