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Old 11-28-2012, 18:38   #1
tower59
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Acquiring Precious Metals

What's the current best place to purchase physical gold and silver? Thinking about either standard one ounce gold coins and/or bullion, plus standard silver coins and/or bullion. Goal here is nothing exotic- stuff that is easily traded back in and converted to paper currency at some point in the future- simply as a hedge for an unstable currency. There are a million places on line that offer these products, but looking for real recommendations! Thanks!
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Old 11-28-2012, 18:53   #2
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I just bought some silver from Gainsvillecoins.com. I read some good reviews on them and ordered some silver from them. I was very happy with there service although they took around a week to ship.
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Old 11-28-2012, 18:56   #3
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Gold - remember that any purchase over $600 must be registered. John Smith can buy three 1/10 oz. coins from any number of dealers, and no ID is needed. You want to buy a 1 oz. coin? OK, but you can be tracked, and remember that the Feds called in all gold at one point.
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Old 11-28-2012, 19:13   #4
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Gold - remember that any purchase over $600 must be registered. John Smith can buy three 1/10 oz. coins from any number of dealers, and no ID is needed. You want to buy a 1 oz. coin? OK, but you can be tracked, and remember that the Feds called in all gold at one point.
The governement has recalled gold from citizens before. However I don't believe your comment on registration to be true. If it is, please cite your source or the statute.

The fourth paragraph of the link below states gold is not registered.

http://www.onlygold.com/Articles/ayr...r_15_2004).asp

I researched it quite a bit and found no clear evidence a gold registration bill was passed. I found several references that it is not registered. Mostly it is on conservative blogs, and when you trace the US House Bill # it goes to "gender identification" not gold. Although there was a House bill in Washington State that dealt with it, but basically put the requirements in for businesses that are likely pawn shops. If you find something different, please post it. But don't post a blog...

Last edited by Jonesee; 11-28-2012 at 19:31..
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Old 11-28-2012, 19:35   #5
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You can buy gold or silver coins at pawn shops and from coin dealers. I would buy silver eagle one ounce coins that are 99.9% pure silver. The government has never messed with silver like it did with gold so you should be fairly safe with it.

I believe that the statute on reporting $600 gold transactions on a 1099 comes from Obamacare like the 3.8% tax on real estate capital gains.

If you want to amuse your friends try advocating that we stop taxing people all together and instead we just print all of the money that the government spends. It makes for an interesting arguement. We print almost half of it now anyway.
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Old 11-28-2012, 19:51   #6
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the statute on reporting $600 gold transactions on a 1099 comes from Obamacare like the 3.8% tax on real estate capital gains.
That was written in the original obmacare bill, but as best I can tell it never made it through. It was supposed to have gone into effect January of 2012. I can find no reference that it has ever gone into effect.

Last edited by Jonesee; 11-28-2012 at 19:52..
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Old 11-28-2012, 20:00   #7
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I like the U.S. Mint and also ebay. Ampex is recommended by many, though I've not used them. They recently became available on ebay also.
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Old 11-28-2012, 20:40   #8
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I use Apmex. Great service and their web site is nice. Use a check or wire transfer though and get a 3% discount from the credit card price. They ARE on Ebay too but you will be paying the credit card price. They also advertise their buy back price on most items.

Last edited by cowboy1964; 11-28-2012 at 20:40..
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Old 11-28-2012, 20:52   #9
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Apmex and Gainesville Coin are the largest, and both have sterling reputations. For gold, I like Krugerrands. For silver, I like 90% "junk" coins. For my views on the topic click here.
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Old 11-29-2012, 10:33   #10
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If you're buying in any quantity Colorado Gold gets my vote. Very low commission, total price is easy to see.

If you're buying in smaller quantities then eBay or local coin shops are best bets. As always on eBay only deal with people with rock solid ratings.

Best price is something like APMEX or Colorado Gold if buying in quantity. For smaller quantities, in my experience eBay will get you the best prices but you have to be patient and disciplined. Know the price you want to pay and never bid higher. Some jokers seriously overpay because they just have to win. Finally my local coin shop is next. There I pay a small amount over spot but state tax is tacked on so in the end they're likely to be the most expensive. There's not a lot of pawn shops in my area but the few that I've walked into looking at firearms had me retreating quickly. The prices were just ridiculous. I would think their PMs would be just as bad. Plus you'll have state tax on top of a bad price.

BTW, the $600 reporting requirement never made it into law.
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Old 11-29-2012, 11:16   #11
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What is the lowest commission you guys have seen from a dealer? I see a lot in the 3-4% over spot range when buying and some even higher. I think that is where you may find some savings.
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Old 11-29-2012, 11:47   #12
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What is the lowest commission you guys have seen from a dealer? I see a lot in the 3-4% over spot range when buying and some even higher. I think that is where you may find some savings.
Usually depends on the quantity. Take a look at Colorado Gold. Click on the item you want and they clearly show you the out the door total that includes commission and shipping. I've found them to be the lowest but I haven't done an exhaustive comparison.

Colorado Gold charges 1.25% for orders <$25k, 1% for $25k - <$50k, .75% for $50k - <$100k and .5% for >=$100k. That charge includes commission and shipping.

This is over their cost of the item you want. You can't really go off the the spot price because spot will always be lower than the cost of any finished product whether bullion, smaller bars, or rounds. Each product has a premium based on size, popularity and whether it is also legal tender. For example, typically bullion bars have a smaller premium (price over spot) than smaller bars which have a smaller premium than non legal tender rounds which have a smaller premium than legal tender rounds (like eagles and maple leafs) And once you get into fractional ounce rounds the premium really ramps up.

That's my long winded way of saying that first decide on what products you want and in what quantities. Then shop at the reputable places for the best out the door price to you.
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Old 11-29-2012, 11:49   #13
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What is the lowest commission you guys have seen from a dealer? I see a lot in the 3-4% over spot range when buying and some even higher. I think that is where you may find some savings.
Silver 2.50 over spot for an eagle, that's mint cost too if I am not mistaken.

Gold for $40 an ounce.
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Old 11-29-2012, 12:14   #14
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Silver 2.50 over spot for an eagle, that's mint cost too if I am not mistaken.
That is mint price. Who's selling silver eagles at mint price? Are there additional costs like shipping?

I always price things in out the door pricing, whether guns, ammo, metals, food what have you. Shipping and handling is the one area where I see the biggest variance. Many a "good deal" turned bad once I saw the shipping charges.
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Old 11-29-2012, 14:36   #15
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That is mint price. Who's selling silver eagles at mint price? Are there additional costs like shipping?

I always price things in out the door pricing, whether guns, ammo, metals, food what have you. Shipping and handling is the one area where I see the biggest variance. Many a "good deal" turned bad once I saw the shipping charges.
Local coin shop on 200 coins.

Oh, no additional costs... just cash money.
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Last edited by UneasyRider; 11-29-2012 at 14:37..
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Old 11-29-2012, 14:41   #16
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Local coin shop on 200 coins.

Oh, no additional costs... just cash money.
Ok, how do they make their money?

Also does state tax not apply over a certain dollar value? Just curious.

Thanks.
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Old 11-29-2012, 17:20   #17
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Ok, how do they make their money?

Also does state tax not apply over a certain dollar value? Just curious.

Thanks.
Really simple answer.

Sales price is only half the profit equation. Their purchase price of the coins they sold is the other half.

If they felt the market price was starting to move downward they may have locked in their gains on the coins.

All commodity markets are the same. gold, silver, petroleum and pork bellies...
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Old 11-29-2012, 17:47   #18
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Ok, how do they make their money?

Also does state tax not apply over a certain dollar value? Just curious.

Thanks.
No tax from this guy and I have no idea if they charge tax on coin sales in Florida. He is one of these "You give me cash, I give you coins, and I don't want to know your name" guys.

I think he buys a bit low. I am a buyer not a seller so I have not been there with him but when he buys a quantity he has a phone list and calls my mother who is very open about who she is (she's 81) and my Mom calls me.
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Old 11-29-2012, 18:41   #19
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been buying from Provident Metals for a while now. fast, discreet shipping. website is pleasant to navigate, as well.
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Old 11-29-2012, 19:04   #20
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I use Northwest Territorial Mint. When I was shopping around I found they had the lowest price over spot of all the sites I looked at; right on the web site they show Bid (what they pay) Ask (what they sell for).

http://bullion.nwtmint.com/

I have a few pounds of the stuff.

Last edited by F350; 05-02-2013 at 15:23..
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