Preferred Form of Gold

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August 11, 2011 - 9:02pm
#1
lead_dog
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Preferred Form of Gold

I'm curious what others prefer as their form of gold.  For simplicity sake, let's say we're just talking 1oz pieces and not bars or fractions of ozs.  In that case, would it not be best to just buy the cheapest gold coin you can, whether it be krug, philharmonic, maple or whatever?  The over spot rates are much higher of course on American Eagles than others, although I own those as well as krugs. Still, do you just buy the cheapest well-known 1 oz piece or am I missing something?

Pretty new to this so just asking.  Thanks for listening and sharing.

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August 11, 2011 - 9:25pm
#2
Dr Durden
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lead_dog wrote:The over spot

lead_dog wrote:
The over spot rates are much higher of course on American Eagles than others

Not always true in my experience. 

If you haven't seen this, it's a pretty good indicator of what people are willing to pay for coins: http://www.24hgold.com/english/buy_sell_gold_coins.aspx?co_id=0

I prefer whatever has the lowest premium at the time I'm buying. I have everything from 5 gram bars to graded, slabbed Eagles. I'm not a collector, just a holder and saver. If I came down to a bar and a coin at the same price, I'd definitely buy the coin if that's what you're asking.

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August 11, 2011 - 10:07pm
#3
Tripel_Play
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Go to a few local coin

Go to a few local coin shops.  Ask what they buy various coins at.  Then ask what they sell them at.  Write it all down, do some simple math, and the winner should be fairly obvious.

In my experience, coins buy and sell differently in different areas.  In some areas, Sovereigns sell well, but in others (like mine), they don't.  I learned that one the hard way. 

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August 12, 2011 - 8:36am
#4
pourty
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I prefer easily recognizable coins

For a few simple reasons:

1. Easier for you (and anyone you sell to eventually) to verify authenticity.

2. Those who have a clue won't ask too many questions if they know what a Krugerrand looks like, but a random bar is a harder sell unless you're selling to a dealer.

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August 12, 2011 - 9:07am Response to: I prefer easily recognizable coins
#5
Red Pill
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or..

 www.bullionvault.com  and www.goldmoney.com ? 

as it's good delivery and stays in the Viamat vaults you have no problems with any of the buying / selling complications, and get more for the $ because you're buying and selling at spot price. 

depends if you actually think TEOTWAWKI is coming or not as to whether you actually need coins in your hand. 

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August 12, 2011 - 6:54pm
#6
lead_dog
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I already own a fair amount

I already own a fair amount of gold and a lot of silver. I've bought from Apmex, Provident Metals and GoldSilver.com.  For me, Apmex has the best service, Provident Metals the best prices.

I just went to the Apmex page at 6:48 P.M. EST on 8/11 and looked at gold bullion coins. Here are the cheapest 1 oz prices by coin (assuming someone only wanted one for comparison sake):

  • AGE = $97.99 over spot, random year
  • Canadian Maple Leafs = $79.99 over spot, random year
  • Austrian Philharmonic = $79.99 over spot, random year
  • Kruggerands = $69.99 over spot, random year

What I was asking is this: Why wouldn't the Kruggerand, in this example, be the logical and only choice if the goal was to store wealth in gold?  It's known as well as the AGE, yet $30 less.

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August 13, 2011 - 11:15am Response to: I already own a fair amount
#7
Animal Sacrifice
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Centenarios

I know the rules specify 1oz and not fractional amounts, and the Centanario (50 peso Mexican gold piece) has 1,207 ozt, but the premium here is about $9,00 and it is recognizable by every citizen here and readily salable at any bank. The same is true for 20 peso, 10, 5 etc. It is also true for Mexican silver coins.

It would be rather difficult to have USA gold/silver coins recognized and accepted here and besides, I consider the Centanario the most beautiful gold coin ever minted.

Ashé-O

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August 13, 2011 - 7:41pm
#8
97guns
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ive been buying 1/4oz.

ive been buying 1/4oz. commemoratives, i just scored a lot of 2 last night for $1578/oz and 2 days before that another pair at $1634/oz.

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August 14, 2011 - 11:49pm Response to: I already own a fair amount
#9
Gil
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If your objective is to own a

If your objective is to own a highly convertible 1 oz. gold coin for the lowest possible number of FRNs, by all means go with the Krugerrand. But remember that there are a horde of other criteria by which people judge gold coins and many of them are not rational. Go into a local dealer's shop and experience the coins in person. Maybe one or another will sing sweetly to you and then you will have to own it, premium be damned. It happens more often than you might think.

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August 15, 2011 - 12:18am
#10
Brotha Bob
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Any 1 oz. Coin

I prefer any government issued one ounce coin for store of value reasons. Maples, eagles, buffaloes, pandas, rands.

Am starting to accumulate more fractional coins. I hate the higher mark ups, but, if I have to spend my gold, in the future, rather have some smaller coins on hand.

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August 15, 2011 - 12:40am
#11
Strongsidejedi
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conversion of gold coins to local currency

Does anyone have experience to report of carrying gold coins across international borders and then converting to local currency?

Do banks in Europe purchase 1 ounce gold or fractional gold coins?

Do they prefer particular coinage?

I was just looking at the Bank of China's website in Hong Kong.

It appears they do trade in Canadian Maple Leaf and China Panda's.  I do not see that they accept US minted Eagles or Buffalos.

http://www.bochk.com/web/market/trading_rates/precious_metal_trading_prices.xml?section=market&level_2=trading_rates&fldr_id=279

Therefore, I developed the view that purchases of coinage specific to certain global regions permits future exchange.

Since we are talking about the possibility of future fiat paper collapsing to zero, the gold or silver bullion play would be to offset conversion volatility not now, but in the distant future when the local fiat paper currency is non-existant but you may need to convert gold.

This would be akin to a distant ancestor collecting St. Gauden's coins and successfully passing it through several generations to present day.  That ancestor would have converted $20 US to 1 coin.  We would then be converting that coin back to $1800 US FRN's today.

I am surmissing that 1 ounce of China Panda will convert to some future amount of Yuan in 2020 or that 1 Vienna Philharmonic will convert to some future Euro or Other replacement paper in 2020 also.

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March 21, 2012 - 11:05pm
#12
Silver Rock
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Avoid Being Caught in a Common Gold Scam

Recently, I read an article about how Congo born, Dikembe Mutombo, an all-star NBA defender, was nicely scammed in a fake gold deal. Evidently, he and Houston based oil executive Kase Lawal were beguiled into believing that they could purchase around $30 million worth of the precious metal at a hugely discounted price to the prevailing global market price from dealers in the African country of Kenya. It just goes to show how even two intelligent men can be duped by what is such a common gold scam. I mean who wouldn’t want to buy gold at a huge discount to the prevailing price, pick up the metal and then dump it onto some bullion dealer and get paid the market price thus making an absolute killing. This story inspired me to write about several common gold scams that have been around for a while and should be avoided. But, even though they may be well documented, there is a sucker born every minute. It is surprising how the lure of making quick easy money can fool any greedy, well intentioned individual..........

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