4 ms·

Do you have any first hand experience with buying gold from local dealers? I've never really looked into it but the vast majority of gold dealers in my city are

by cc439 8y ago

Do you have any first hand experience with buying gold from local dealers? I've never really looked into it but the vast majority of gold dealers in my city are also pawn shops geared toward purchasing gold rather than selling it. While I'm unsure as to their exact pricing model for selling gold, the way in which pawn shops are known to buy precious metals leads me to believe I'd be paying significantly more than whatever the current spot price is if I was to buy through them.

adventured 8y ago
The safest way to buy physical gold is directly from a mint like the US or Canadian mint (obviously assuming you trust the government/mint in question). The next best is to use a trusted dealer and buy the mint products that have verifiable serial numbers. For example: https://www.apmex.com/product/98353/1-oz-gold-bar-royal-canadian-mint-new-design-in-assay https://www.apmex.com/product/98353/1-oz-gold-bar-royal-cana... Canadian Mint 1oz bar, at a small mark-up over the price of gold. Comes sealed and has a serial number.
- cc439 8y ago
  Now that is an actually reasonable markup. I guess my only concern there would be shipping, which can be insured but gets a bit pricey when you're insuring $1,200. Thanks for the link!
dragontamer 8y ago
American Eagle Gold coins are US-Government issued, serial-number stamped official Gold coins of the US Government. Created by the US Mint, you have strong assurances that you are recieving in fact, 91.67% gold / 22 karat (an alloy, because pure gold is too soft for the typical consumer). If you do want 99.99% Gold / 24 karat, the US Mint also makes the Buffalo coin. But that's usually harder to store. American Eagle coins are super easy to obtain and trade. Just go to any gold shop and ask for an American Eagle gold coin.
- coryfklein 8y ago
  1 oz gold spot is $1210 per ounce [1] 1 oz American Eagle coin direct from the mint? $1,490 [2] That's a 23% "transaction fee". You'll get much much lower buying gold (or bitcoin) from somebody else. [1] http://www.kitco.com/charts/livegold.html http://www.kitco.com/charts/livegold.html [2] https://catalog.usmint.gov/american-eagle-2018-one-ounce-gold-uncirculated-coin-18EH.html?cgid=gold-coins#start=1 https://catalog.usmint.gov/american-eagle-2018-one-ounce-gol...
  - dragontamer 8y ago
    You certainly don't buy gold coins directly from the mint. You buy them at only a bit higher than spot price from 3rd party distributors. For example: https://www.apmex.com/product/1/1-oz-gold-american-eagle-bu-random-year https://www.apmex.com/product/1/1-oz-gold-american-eagle-bu-... American Eagle coins have a slight premium, due to their guarentee by the USA Mint itself. If you don't care about serial numbers and want to just have bullion, you can buy other gold coins. But American Eagles are great because they are enforced by the powers of the US Government itself. So you get a bit of security (and therefore, the price of the coin is slightly higher compared to gold). But not much higher. Really, it isn't. Checkout 3rd party sites like apmex or your local gold shop if you don't believe me.
  - hakfoo 8y ago
    The Gold Eagles sold direct to consumers by the mint are either "proofs" -- struck with a special finish, or a special minting targeted towards collectors. You're paying a premium for the "W" mint-mark and fancy box. They also make a non-collector version and sell them to bullion dealers, who then mark them up modestly for retail. To get access to them direct, you're probably buying hundreds of coins at a time.

by cc439 8y ago

adventured 8y ago

The safest way to buy physical gold is directly from a mint like the US or Canadian mint (obviously assuming you trust the government/mint in question). The next best is to use a trusted dealer and buy the mint products that have verifiable serial numbers. For example: https://www.apmex.com/product/98353/1-oz-gold-bar-royal-canadian-mint-new-design-in-assay https://www.apmex.com/product/98353/1-oz-gold-bar-royal-cana... Canadian Mint 1oz bar, at a small mark-up over the price of gold. Comes sealed and has a serial number.

cc439 8y ago
Now that is an actually reasonable markup. I guess my only concern there would be shipping, which can be insured but gets a bit pricey when you're insuring $1,200. Thanks for the link!

dragontamer 8y ago

American Eagle Gold coins are US-Government issued, serial-number stamped official Gold coins of the US Government. Created by the US Mint, you have strong assurances that you are recieving in fact, 91.67% gold / 22 karat (an alloy, because pure gold is too soft for the typical consumer). If you do want 99.99% Gold / 24 karat, the US Mint also makes the Buffalo coin. But that's usually harder to store. American Eagle coins are super easy to obtain and trade. Just go to any gold shop and ask for an American Eagle gold coin.

coryfklein 8y ago
1 oz gold spot is $1210 per ounce [1] 1 oz American Eagle coin direct from the mint? $1,490 [2] That's a 23% "transaction fee". You'll get much much lower buying gold (or bitcoin) from somebody else. [1] http://www.kitco.com/charts/livegold.html http://www.kitco.com/charts/livegold.html [2] https://catalog.usmint.gov/american-eagle-2018-one-ounce-gold-uncirculated-coin-18EH.html?cgid=gold-coins#start=1 https://catalog.usmint.gov/american-eagle-2018-one-ounce-gol...
- dragontamer 8y ago
  You certainly don't buy gold coins directly from the mint. You buy them at only a bit higher than spot price from 3rd party distributors. For example: https://www.apmex.com/product/1/1-oz-gold-american-eagle-bu-random-year https://www.apmex.com/product/1/1-oz-gold-american-eagle-bu-... American Eagle coins have a slight premium, due to their guarentee by the USA Mint itself. If you don't care about serial numbers and want to just have bullion, you can buy other gold coins. But American Eagles are great because they are enforced by the powers of the US Government itself. So you get a bit of security (and therefore, the price of the coin is slightly higher compared to gold). But not much higher. Really, it isn't. Checkout 3rd party sites like apmex or your local gold shop if you don't believe me.
- hakfoo 8y ago
  The Gold Eagles sold direct to consumers by the mint are either "proofs" -- struck with a special finish, or a special minting targeted towards collectors. You're paying a premium for the "W" mint-mark and fancy box. They also make a non-collector version and sell them to bullion dealers, who then mark them up modestly for retail. To get access to them direct, you're probably buying hundreds of coins at a time.