Buying gold/silver

[child of the King]

Since it appears that the US dollar may be greatly devalued or of no value, what is the process for buying gold/silver? Is there a site to learn about the actual mechanism and what kinds of things to be wary about and/or watch to avoid. My only thought was to contact a bank but this may not be the best route. If anyone has thoughts or experiences, it would be interesting.

[Rondaben]

I've done my transactions with APMEX.com. Haven't had any problem buying or selling metals.

It's pretty easy. As far as suggestions, I'd buy generic silver rounds. Don't buy silver or gold eagles--you pay a couple of bucks at least per oz premium for the "numismatic" value.

Buy silver, not gold. Silver is more portable. Easier to trade for consumables if you need too because it will be of a smaller denomination. Silver is also relatively underpriced with respect to Gold. Silver is usually 1/15 the price of gold.

[Jec]

My dad & brother-in law owns a coin shop and thats pretty much all that is traded all the time is the gold and silver bullion. I would not go to the bank at all, but would start to look at local coin shops and dealers. Go from one shop to the other and get used to what they are charging you for a 1 oz., half oz., quarter oz., and tenth oz. See what the going rate is and then ask around at the shops for the price of gold and silver for that day. You can go online to a reputable bullion site or look it up on wall street news paper. Ask them "how much do you charge over spot"? This is the profit they make over the going rate of the day. Some charge approximately $20.00 over spot for a oz of bullion gold or "junk" gold. Junk gold is just another name for saying you want a oz of gold that has no numismatic value. Hope this helps.

-jec

[Jec]

Also, this is just my opion, when the usa goes down the tubes, maybe the gold eagles will be worth more becasue it will be all that is left and will go up in value. Who knows? I buy the eagles becasue they are american and the value is just a little better in my opinion becasue I think the gold content may be more pure and higher quality.

-jec

[Chariots]

Here is a left field thought. Silver or Gold eagles have a face value. $1 silver or $50 Gold. Because they are legal tender a transaction made with either of these coins can be legally described as the face value of the coin. For example, an 80lb lamb may sell for $80 Cash. If you find someone willing to exchange 4 silver 1 ounce eagles for this animal legally you have sold a lamb for $4.00.

Thoughts or comments!

[New_Begining]

The bible says that in the last days the silver shekel will be the currency in Isreal. Does Israel sell Silver shekels or is it just paper currency?

[BackHomeAgain]

Here is a left field thought. Silver or Gold eagles have a face value. $1 silver or $50 Gold. Because they are legal tender a transaction made with either of these coins can be legally described as the face value of the coin. For example, an 80lb lamb may sell for $80 Cash. If you find someone willing to exchange 4 silver 1 ounce eagles for this animal legally you have sold a lamb for $4.00.

Thoughts or comments!

Now you're thinking like a "GOOD" accountant! :thumb

[FarmBoy]

Now you're thinking like a "GOOD" accountant! :thumb

There was a recent court case where an employer paid his employees with silver coin based on market value but reported face value to the IRS. Of course the employees paid ridiculously low income tax. IRS called foul and hauled him in. He won the case.

I'll have to find a link...

[adc]

I bought two gold coins last year. They didn't come with a proof of authenticity saying that it's genuine gold - only the coins. They are not "proof" coins just ordinary gold coins. Should I have received some proof? if I ever sell them the purchaser might want to se proof, all I have is the ordering letter I sent and a copy of the courier waybill. Not even a receipt!

[jds6958]

I bought two gold coins last year. They didn't come with a proof of authenticity saying that it's genuine gold - only the coins. They are not "proof" coins just ordinary gold coins. Should I have received some proof? if I ever sell them the purchaser might want to se proof, all I have is the ordering letter I sent and a copy of the courier waybill. Not even a receipt!

Proof coins are not worth it imho...all you need is a straight bullion generic coin...some arguments can be made for specific coinage but most arguments are not that strong...