Gold Coins
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Car-Guy
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
These? What type of gold coins and from where? I've bought and sold lots of gold, mostly for bullion value and mostly in person at coin shows or coin shops. Very little on line... Don't trust the US Post Office.
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Car-Guy
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
That's just bullion value.... Note; Maple Leafs are 24k gold so they scratch easily. Most other popular gold coins e.g. AGE's, Krugerrands, etc are 22k gold and are much more durable.
Minted gold coins will usually carry a small premium over "spot" since they are minted and the weight and purity are well known. Another buyers note, there are counterfeits out there so learn how to detect them... It's not hard.
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calmloki
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
We bought Philharmonics for $425 each on 10/1999. Current value is ~$1828. Works out to about a 7.2% compound interest rate. We bought online and they were mailed to us. Pretty exciting - like getting pistols and cases of ammunition from the Brown Santa trucks - it just didn't seem plausible to get a little heavy package in the mail that was worth thousands of dollars. Haven't sold any.
prudent_one
Recycles dryer sheets
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For a novice, I would only recommend buying bullion gold coins from a large dealer like APMEX, JMBullion or SDBullion. There are a lot of fakes out there.
Yes, I've been through that PM phase a few years back to the tune of about $100K. Bought a lot of coins from APMEX and JM Bullion online. They are very reliable and trustworthy, but their prices leave a bit to be desired if you buy in smaller quantities. They ship via UPS and FedEx insured, so there's no risk to you. The process is well-oiled. Reputable local bullion dealers can be a good source too.
If you're new to the game, you want to start with Gold bullion, in the form of the most fungible and lowest premium coins. Specifically 1 oz. Gold Eagles and Gold Buffalo coins, or Gold Maple Leafs. They come in different weights, but the 1 oz. coins are by far the most common and lowest premium to own. These coins have the lowest price over spot, the are recognized and transacted worldwide by all coin dealers, and any PM dealer or private collector will buy them immediately. With bullion the condition of the coin is not as important. This is not true of all coins.
Coins that are less recognizable or have some numismatic value must generally be sold to other collectors who will pay for the numismatic value - and their condition affects their value. Otherwise, coin dealers and other bulk buyers ignore semi-numismatic value when buying coins and just offer the spot bid price. That's why I would avoid coins with higher premiums over spot. (True numismatic [rare and vintage] coins are a completely different animal that I don't have the knowledge or experience to touch.)
[Side note: you will buy Gold at the 'ask' spot price (plus premium) and sell at the 'bid' spot price (with a small premium if you're lucky). As of right now, the difference between ask and bid price is $1820.50 vs. $1810.50. That's a pretty low spread IIRC.]
Although bars seem like a very efficient way to buy PM, Gold bars are much less trusted and easier to counterfeit than gold coins. The only gold bars that should be purchased are ones 'in assay' - i.e., in security-sealed and serialized packaging - from a recognized source. (Don't take them out of the package!) Loose gold bars are highly scrutinized and much harder to sell quickly.
Avoid all the marketing hype around the myriad different types of gold and silver coins. If you're just buying PM as an investment/store of value, stick with the simple bullion coins and you'll be much better off profit-wise in the long run.
One last thing, different states tax coin purchases differently. Knowing your state's laws can help you save money. For example, in CA purchases of gold bullion are taxable if they are under $1,500. So for me, I always spend more than $1,500 when I buy PM. https://www.apmex.com/state-sales-taxes
Hopefully some of this info will help you get started. Good luck!
If you're new to the game, you want to start with Gold bullion, in the form of the most fungible and lowest premium coins. Specifically 1 oz. Gold Eagles and Gold Buffalo coins, or Gold Maple Leafs. They come in different weights, but the 1 oz. coins are by far the most common and lowest premium to own. These coins have the lowest price over spot, the are recognized and transacted worldwide by all coin dealers, and any PM dealer or private collector will buy them immediately. With bullion the condition of the coin is not as important. This is not true of all coins.
Coins that are less recognizable or have some numismatic value must generally be sold to other collectors who will pay for the numismatic value - and their condition affects their value. Otherwise, coin dealers and other bulk buyers ignore semi-numismatic value when buying coins and just offer the spot bid price. That's why I would avoid coins with higher premiums over spot. (True numismatic [rare and vintage] coins are a completely different animal that I don't have the knowledge or experience to touch.)
[Side note: you will buy Gold at the 'ask' spot price (plus premium) and sell at the 'bid' spot price (with a small premium if you're lucky). As of right now, the difference between ask and bid price is $1820.50 vs. $1810.50. That's a pretty low spread IIRC.]
Although bars seem like a very efficient way to buy PM, Gold bars are much less trusted and easier to counterfeit than gold coins. The only gold bars that should be purchased are ones 'in assay' - i.e., in security-sealed and serialized packaging - from a recognized source. (Don't take them out of the package!) Loose gold bars are highly scrutinized and much harder to sell quickly.
Avoid all the marketing hype around the myriad different types of gold and silver coins. If you're just buying PM as an investment/store of value, stick with the simple bullion coins and you'll be much better off profit-wise in the long run.
One last thing, different states tax coin purchases differently. Knowing your state's laws can help you save money. For example, in CA purchases of gold bullion are taxable if they are under $1,500. So for me, I always spend more than $1,500 when I buy PM. https://www.apmex.com/state-sales-taxes
Hopefully some of this info will help you get started. Good luck!
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Lsbcal
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I bought 6 Maple Leafs in 1980. Sold a year or so later but I kept one to remind me that they are pretty but a lousy investment.
All of the above advice is solid.
I can only comment on my very small purchase of silver through SD bullion. It was an easy transaction that took a little bit of time but not terribly long. Pricing depends on the amount purchased and method of payment. I like using the card for most purchases for protection but SD won't allow that until a certain number of transactions are completed.
I received a package in my mailbox from a rather strange ball bearing manufacturer that contained about 10 ounces of silver bars.
I can only comment on my very small purchase of silver through SD bullion. It was an easy transaction that took a little bit of time but not terribly long. Pricing depends on the amount purchased and method of payment. I like using the card for most purchases for protection but SD won't allow that until a certain number of transactions are completed.
I received a package in my mailbox from a rather strange ball bearing manufacturer that contained about 10 ounces of silver bars.
Sunset
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Lots of great information.
I was curious, so had to look and now have a question:
Did you buy the Air-Tite Holder w/Black Gasket - 30 mm or the one without the gasket, or none ?
In the 1990's gold had a real return of -28.2%, in the 1970's it had a real return of 1365.4%. There is no real way to know if the 20's will be like the 70's, or if so, if the market will react to gold the same way with a competing very similar new asset class like crypto.
My suggestion, like any sort of sector/stock bet, is to research the subject and try to be open minded as to what the real probabilities are. Look for real information rather than articles/forums that are pumping a particular asset class (and boy is that common with commodities), this particularly means sites that try to link you to a gold selling sponsor. These sorts of sites are similar to investment advisors, they are more often just salesmen, they are not actually trying to advise you.
My suggestion, like any sort of sector/stock bet, is to research the subject and try to be open minded as to what the real probabilities are. Look for real information rather than articles/forums that are pumping a particular asset class (and boy is that common with commodities), this particularly means sites that try to link you to a gold selling sponsor. These sorts of sites are similar to investment advisors, they are more often just salesmen, they are not actually trying to advise you.
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For the gold bullion? None. The coins come in their own plastic sleeve or in tubes if you buy in quantity. The holders are mostly for collector's numismatic coins. They protect the coins from small scratches and wear. Mine are just sitting in a safe, so no worries. I do keep my semi-numismatic coins in the plastic holders though.
copyright1997reloaded
Thinks s/he gets paid by the post
This might help: https://findbullionprices.com/closest-to-spot/?category=gold
As someone else noted, stick to the big players (Apmex, SDBullion, Provident, JM Bullion, BGASC). I myself tend to only buy new coins (no random manufacturer). Note that some coins and bars and rounds have had enhanced security features added over the last few years. Also note that if you buy in bigger quantities, e.g. 20 for US Eagle, some places (like BGASC) will ship in an unopened US Mint tube. (But 20 of them is a heft $38,674 as I type this.)
Premiums on Silver also tend to be higher than gold.
Quick question about storing bullion coins. Currently just have a few coins ($1k worth) that are in a small $70 safe but I don't feel it's super safe as it prob won't take long to find it or get into it.
I want to buy a few more coins ($3k worth or so). Don't want to get a safety deposit box at the bank for now. I was wondering if the hot temps (prob 140F in the summer) in the attic would damage silver/gold coins?
I want to buy a few more coins ($3k worth or so). Don't want to get a safety deposit box at the bank for now. I was wondering if the hot temps (prob 140F in the summer) in the attic would damage silver/gold coins?
SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
The melting points for silver and gold are both over 1700 degrees F.
True! Does the value of a bullion diminish if it's tarnished/dull/greyed etc though? I have no idea- just wondering. I did just find this old thread while Googling and as with most things on the Internet it appears there were varying views, mostly a no to the idea though.
https://www.cointalk.com/threads/is-storage-in-an-attic-safe.236706/
BTW on the topic of safe deposit boxes, here's an interesting point of view (the last paragraph:
"Gold is a HEDGE AGAINST government in the midst of a crisis. Gold does NOT rise with inflation. The 1980 high adjusted for inflation is about $2300. So if gold is a HEDGE, it is during a crisis. The risk of being able to get to a safe deposit box in a crisis diminishes greatly."
https://www.armstrongeconomics.com/...-it-safe-to-store-gold-in-a-safe-deposit-box/
https://www.cointalk.com/threads/is-storage-in-an-attic-safe.236706/
BTW on the topic of safe deposit boxes, here's an interesting point of view (the last paragraph:
"Gold is a HEDGE AGAINST government in the midst of a crisis. Gold does NOT rise with inflation. The 1980 high adjusted for inflation is about $2300. So if gold is a HEDGE, it is during a crisis. The risk of being able to get to a safe deposit box in a crisis diminishes greatly."
https://www.armstrongeconomics.com/...-it-safe-to-store-gold-in-a-safe-deposit-box/
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Sunset
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
No damage in the attic.
Attic probably only gets to 140->200F depending upon location.
Even paper would be fine as it burns at 451 F.
Smart thinking as a thief will either break open the safe, or carry it away.
Attic probably only gets to 140->200F depending upon location.
Even paper would be fine as it burns at 451 F.
Smart thinking as a thief will either break open the safe, or carry it away.
Sunset
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
The coins will be more attractive if not scratched up. Gold does not tarnish.
Bullion is sold based on it's weight value (plus small markup). Generally (IMO) buying Mint condition coins priced higher because they are "perfect" is dumb as it depends upon the next person willing to pay a lot extra for the prettiness.
Cool, thanks. So random designs, random years are all ok to buy? What about secondary market ones (but also from APMEX, SDBullion etc)?
Sunset
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I'm not a gold bug, as we have very little gold.
The only reason I can see to have gold is if SHTF, and just looking at world events right now, I can see gold would be at best awkward.
How do you buy 2 loaves of bread and some cheese with a gold coin ?
For SHTF, we have other things, like a large pantry, and some guns.
I can trade a box of rounds for food every day in desperate times.
I prefer my investments to earn income (stocks mostly).
The only reason I can see to have gold is if SHTF, and just looking at world events right now, I can see gold would be at best awkward.
How do you buy 2 loaves of bread and some cheese with a gold coin ?
For SHTF, we have other things, like a large pantry, and some guns.
I can trade a box of rounds for food every day in desperate times.
I prefer my investments to earn income (stocks mostly).
