Gold Coins

Anyone who invested in Gold last year is now up 40%.

Gold bars are not the way to go because when you want to sell they have to drill in them in order to make sure it's real. This cost money and also damages the bars. Coins are the way IMO.

Gold is not going to slow down anytime soon IMO.

So if I wanted to buy some gold coins, what's the best way to go about it? Anyone ever buy gold from someone who's not a friend who happens to deal gold?

How would I go about finding a reputable dealer?

cough Ebay *cough Bullion *cough

Depends on the coin. Some are much more valuable to collectors than others. If you look hard enough, there is always a deal somewhere.

Not interested in finding rare coins or anything like that...just investing in plain gold.

So far from what I'm learning they sell Credit Suisse and other types of "plain gold bars" on ebay and probably other sources.

I don't see a downturn, but it is more a seler's market now then a buyer's. There is also a strong possiblilty of the price climbing higher, and it will at least hold steady.

Rickmassmma, If you are just looking for gold coins, check out a local coin shop. Tell them your not a collector just wanting some bullion. You will pay a small premium over the spot price, but it will be cheaper than e-bay and no S&H.

Every website I've looked at is great at educating you on how to buy gold coins and how to get a fair price etc...but none of these sites tell you how to sell your gold...

So let's say I gradually invest in gold...like a small amount every month...currently it looks like 1/4 ounce for like $170...if I invest that every month for a year, and the price doesn't go up or down at all, I'd have just over 2k in gold...how do I sell the coins?

Obviously I can go on ebay or something like that, but that's a pain in the ass. If you walk into a coin dealer, obviously he won't give you what the going rate it, as he has to sell it for more than he paid you to make a profit...so who do you sell it to? Having a very small $2000 pile of gold is no good unless you can sell it...I may be wrong here, but I think if I'm buying a house and I show up to my closing with $2k in gold coins instead of a bank check or cash, It's not gonna work...

So is it easy to get $ for gold investments?

I checked out various websites that hold your gold in a vault and convert it to cash when you need it, but that's boring...having a bank account that moves with the price of gold doesn't seem as fun as having gold coins locked in a safe you have hidden under floor boards...

So how the hell do you sell the coins/bars?

Great questions Rick. ttt.

Rick, You are right selling back to a dealer you will sell at a discount. Ebay is a pain in the ass sometimes, but you can sell and make more than spot price. If the price doesn't move why would you sell anyway? You will also pay a less % over spot by buying 1oz. coins. The smaller the size the higher the %.
One lesson I learned going through a divorce, having some gold stashed away, can help a guy get by for awhile.

"Rick, You are right selling back to a dealer you will sell at a discount. Ebay is a pain in the ass sometimes, but you can sell and make more than spot price. If the price doesn't move why would you sell anyway? You will also pay a less % over spot by buying 1oz. coins. The smaller the size the higher the %. One lesson I learned going through a divorce, having some gold stashed away, can help a guy get by for awhile."

It was a hypothetical question...whether it goes up or down isn't what I was concerned with. Honestly, I just like buying things, so buying a new gold coin seems like a better option than a new paintball gun or whatever I'm spending $ on this week. The part about the gold not moving was just to estimate value...I'll re-word it a bit.

If I put some money towards gold every month, then need all the $ I can get because I have a big purchase coming up, like a house, how do turn my gold into actual cash?

If I have $5000 in gold and need money for a down payment on a house, how to I turn my pile of gold that's worth $5000 into $5000?

Selling on ebay and things like that will take time as they might not sell, or people might flake out on payment...is there an easy way to turn gold into cash without getting fucked? I mean, if you buy it at market value and it increases by 10% over the next year, but when you sell it you lose 10% when you sell it to a dealer, you didn't gain anything...

what's the best way to sell it for market value?

I looked at that site. It looks great, except their minimum purchase is 10 ounces of gold (over $6,500) and the minimum amount they buy back is 5 ounces (over $3000)...

I suppose the buy back isn't bad, as if you're going to invest in gold, whether it be a big chunk, or small amounts here and there, when it comes time to sell, most people investing in gold should have more than $3000 worth of gold.

The time frame isn't bad either, but I'm not in a position to drop $6500 on gold.

Not sure what the best way to buy is...

same question I posted on another thread:

I'm curious as to how you could avoid paying taxes on it(a deposit of over 10k into a bank)...I mean, lets say you have been buying (or some was giving you) savings bonds your whole life...like ever since you were born, your dad was buying you a $50 bond every month.

You're now 25 and looking to buy a house and cash in the bonds. Without figuring money you gained or anythign like that because this is hypothetical, 25 years of $50 in bonds every month is $15,000. If you deposit that into a bank, I can understand a red flag would be raised, but would explaining the situation get you out of taxes and shit? I mean, you don't have to pay taxes on savings bonds, right?

What if it was something other than bonds? What if you were buying gold over and over and sold the gold and it was a total of $15,000? In both situations your money was already taxed (assuming you're working a job that takes taxes out), so I have to assume you don't get taxed again when you convert your bonds/gold to cash.

Is that true?

If it is, what's to stop someone with a ton of $ in a safety deposit box from just depositing it and claiming they had investments in bonds or gold that they recently converted to cash?

I guess my question is who is the burden of proof on? Is it up to the fed's to prove you didn't do it legally or is it up to you to prove you did?

So if you bring in 15k in cash, it obviously gets reported, but what happens after that? Do they come after you looking for a reason why you had that much $? If you tell them you cashed in bonds or gold coins or something, what happens next?

Why not consider investing in gold via the gold ETF (GLD)?
No storage or shipment hassle.

If you want to invest in gold & silver you can buy direct from a few places ..

www.monex.com
www.kitco.com
www.goldseek.com

I have about $10K of each gold & silver bought a while back .. it will continue to go up as the US dollar eventually tanks

Any books y'all know of on this fascinating subject?

I was at the hospital the other day and was looking at a newsweek from earlier this year...one company was offering one ounce gold eagles for $499. I looked into it a little and 9-10 months ago that was the going rate for an ounce of gold...it's now in teh $650 ballpark.

And people seem to pay even more than that on ebay, as shipping from sites like bulliondirect.com is like $30 for a 1/10 ounce...so you end up paying $100 for a coin worth $70. I've been getting them on ebay for $70-$75 shipped.

I've found a new hobby...better than wasting my $...it's the only hobby I've ever had that is like/better than a savings account.

If you want some Silver you can pick that up for $3 an ounce sometimes. I have a number if you would like it.