Gold Questions (PLEASE HELP)

[Mentalfloss]

I just want to say thanks for any help you can give me on gold. I have Finally got my credit cards payed off and have extra money to invest. I was reading the post of Buying Gold or Silver and it got me thinking. I want to start buying Gold and the wife gave me a go as long as I don't go crazy buying. I starting looking on AMPEX for prices and on eBay.

My first questions is about gold on AMPEX, when buying gold should I stick with only Pamp Suisse (With Assay Card) and with that what is Pamp Suisse (With Assay Card) the price of it is $51.70 per gm or should i go with Fine Gold Oriana Bar where it is only 49.63 per gm or 1 gram Sunshine Minting - .9999 Fine Gold Bars that are only $46.59 Whats the diff golds gold right.

Next what does it mean when they say (As low as $9.99 over spot per bar!) or (As low as $6.95 over melt value!)

What about buying gold on eBay safe or not

what does it mean when you see (24K FINE GOLD 1,3 GRAINS BAR NUGGET INGOT 999.9 GOLD) what is INGOT mean?
Thanks for any help or advise you can give to me

 

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[ivan salis]

clearly your a newbie * spot or melt --is the current price of gold on the worlds "metal" trading market -- (on the main page --theres a word "metals" it gives you up to date --gold price per troy oz of gold in us dollars-- note *** there is a differance between regular oz and troy oz --learn it ) its how many "grams" per oz there are. troy oz's are heavier in the numbers of grams in them -- .999 is 24 K pure gold -- when prices are quote as "$ (so much ) over spot / melt" thats the "excess" handling fee your paying the minter (their profiets) to take in the gold , assay it and make into "marked" bars to sell -- some mint places have been in bussiness a long time and are well known , since they have done bussiness for so long folks "know" their stuffs good full weight and purity % no questions asked. (so they can get away with asking a bit more for "their" name brand ) --but you are correct -- gold is gold -- a ingot is a term for a "bar" of gold -- in this case --of the size you speak of a very small one

grains are also a term of measure also in the gold world --- I very strongly urge that you study terms and weights of measure and deal only with reputible well known folks --to avoid get burnt in your dealings --and remember the buying price of gold is full "spot" price and "handling cost" to you -- however when selling gold most likely will be at spot or slighly below spot --so the "dealer" can make a profiet by selling it at spot plus handling -- thus gold has to go up a certain amount just to cover the "exchanging cost" --before any profiet is gained

 

[Mentalfloss]

I just want say thank you for the help. This is why I like this place, people get to the point and tell you how it is.

 

[raptor]

If at all possible stay away from ebay( no real guarentee) APMEX has been my choice for precious metals for a long time now and are very good people to deal with.I have never had a problem with APMEX and have dealt with them at least 45-50 times.Remember as the prices of metal goes up the shysters come out and play.

 

[Mentalfloss]

If at all possible stay away from ebay( no real guarentee) APMEX has been my choice for precious metals for a long time now and are very good people to deal with.I have never had a problem with APMEX and have dealt with them at least 45-50 times.Remember as the prices of metal goes up the shysters come out and play.

that's funny shysters i like that, i am going to stay with APMEX do you think the price of gold is going to drop or only go up from here

 

[raptor]

Mentalfloss. I think the gold rocket is about to fly high. What we just witnessed was a market correction but that said its up up and away.

 

[jewelerdave]

I honestly think apmex is overpriced but this is also coming from a gold wholesaler.

A few Facts to Consider

If your buying gold and expect to sell it in your lifetime. And you plan on staying in the USA and dont count on the metric System ruling the US. I recommend sticking to Easy math items.

Easy math Items are things like
1/10th oz. 1 oz 1/2 oz 5oz 10oz etc.
Keep it transparent so when you got to sell its easy for you, and the buyer.
This is a big reason why things made from the Franklin mint and TV scams are such a hard sell. Odd purity, odd weight. No easy math. no demand.

Where you go to sell has a bit part too it as well.

Examples. If you indend to hang on too it till you die, and leave it to grand kids...best to sell before and leave them cash or a trust. I have seen a lot of gold and coin collections end up at pawn shops, taking a %50 hit or more, in order to trade that cash for Video Games, Methamphetamine, some $500 car...stupid kid crap.
So be cautious if your leaving it to family and you have not educated them how to buy and sell. Your only doing some Fat pawn shop owner a favor by making the next payment on his new sports car .

Work with a trusted Dealer, or become a local dealer. Locally at coin shows here in Colorado I have made myself a hub for trading gold and silver. I keep my margins thin, I keep it open and honest, transparent.
I take the odd ball and off weight and odd alloy gold and silver, Melt it down, Refine it to pure, and sell it back at units of standard weight and measure.
I can run on thinner margins than internet companies like apmex. And still beat out local coin shops and other dealers. Just by networking, showing honest pricing on buying and selling, A lot of product can be moved and honest money can be made.

I have had many people comment as prices go up at weekend shows...Wait, your buying silver eagles at X....where you not you selling them for that last week?

YES, Yes I was.

Bottom line, any large company only sells retail...because they have that marketing power, and it has to be paid for somehow.
Find a local dealer, There are thousands of them all over the US. Build a relationship with people who act as such, They are called Vest Pocket Dealers at Coin shows. They dont have stores, They dont have shops, Just tables. Or just deal out of pocket. Some major scores can be made from these guys. often underfunded, they pick up gold in collections all the time and have "go to guys"
For example, I am a go to guy here for a local shop...he cant afford to stock gold, so he sells me gold all the time at under spot, or at spot or darn close...why? Because he knows I will always bring him a pile of Ben Franklin any time he calls and gets a consistent price....So when the kid walks into his store and says, I need to sell these 1 oz Gold American Eagles so I can buy a video game...what are they worth. He can buy them %20 to %50 back of spot. Make a phone call and double his money and wait for the next one.

I dont agree with that practice, But its how the world works with some.

A good place to sell can be Ebay if you dont mind the %10 hit in fees. We sell what we produce there, Our 1/10th oz golds sell for a hell of a premium as it has become so collectible now. The last 08...the ones that no one wanted because they were private, now carry high premiums as its a rare coin and part of a series...the key in fact. Most of our 09s sell at a $20 to $40 premium...on a tenth oz gold. Last 08 I saw went for $220...for a tenth. Food for thought, some items can carry a collectible premium as well. those little Tenths last year when gold was at $800 people bitched and moaned because they were $5 over spot...in a year these same people could have tripled there money.

On that note. People often talk about whats better, Government. Or Private minted items.
What I find ironic is people who dont trust the government...seem to be in love with the coins they make. Why? god only knows.
Fact is. Gold is gold is gold. NO matter what, its only the marketing that has changed things. Often times larger shop coin and dealers knock what they dont have a source for or carry. Or they just want to buy it so cheap they cant lose.
Here is where marketing comes in. In the 70s the Franklin mint made a lot of stuff. It was all .925 silver, Or odd karat gold, and strange weights. to try to remove that transparency of the market from the product. How else do you get people to pay $20 per oz for silver when the rate was $1.50...marketing.
Of course now the things dont even sell for what they sold for as scrap...so much for that "investment"
This gave private mints a bad name. And of course the Late night TV things selling junk is no different.

There are however private mints who do a damn good job. And make things people want, buy, and are clear.
The First thing I did when designing a coin was to make Units of Easy to use, price, and understand weights. Secondly. Sell them at the same or less premium than government coins.
Third, Dont play the gouging game during shortages of product.
Forth, Give people straight up wholesale costs and set up vendors so they could make money too.
5th, Became "recognized by going to coin shows. Getting product out there, and letting people know the services provided.

Now I cant keep the stuff in stock.

Also, a word to the people who only buy government coins, Just a quick thing to keep in mind when it comes to confiscation...if it has someones name on it typically it can be claimed as so and so's property.
Anything that Says USA. Or CANADA or MEXICO or where ever. Can be claimed by who ever has there name on it as the maker.
Greece and Spain have recently done this on a lot of there older coins, Claiming its not collectible but there cultural heritage and have been confiscating things found or owned by private individuals.

I believe Jesus once said holding a coin when asked a tax question said, whos face is on here? well Caesar...Then give back to Caesar what has Caesars name/face on it.

Same can be said for today.

I also find it ironic that a lot of people who tote government gold are also ok with places like Englehard...they are private. Also Sunshine, NWT, APMEX generic stuff, etc etc etc. So long as a company is around for more than a few years, its acceptable.
Technically private mint goods are not confiscatory should the occasion arise...but frankly my feeling on the matter is if the Government came in and took your Gold Eagles away and gave you crisp $50 bills for each one there is not much you can do anyway...and for your own sake do what the soldier with the gun says. He is not going to care about any old laws...just current orders. Take the paper, your life, and be happy with it.

Just some good info and food for thought.

Below I am posting two pictures...what is more appealing for you to have?

 

[Mentalfloss]

wow thanks alot for the info that really helped me out alot lots to think about thanks again

 

[alexfm123]

Which picture do I prefer? Hmm..... Can i have both? But really, I dont really buy gold, but from what I have seen, APMEX seems like a reliable company. But like i said, I dont buy gold, i prefer silver. and like Dave said, try and find someone who does what he does. Buy and sell metals. Most of those guys are honest folk, and dont charge you an insane amount of money for something that you both know is not worth it.

Just my 2 cents on this. And JewelerDave, that was a great post you made. Very informative and insightful. I think I might print that one out.

alex.

 

[rsc]

Mentalfloss, Just a question? if I may? If tou are in Iraq, why not look into some gems? Precious stonse can be bought there for a fraction of the cost in the US. Right? Just pick up a few, nothing illegal, then swap for gold when you return to the US. Might just come out ahead... Be safe......
HH Gayle