Posted on 11/05/2021 4:46:16 AM PDT by LouAvul
..for worst case scenario. Etc.
Spot price is market value at point of origin exclusive of mining costs, etc. I get it.
But where to buy in a metropolitan setting. "Fast Ernie's Gold Depot" is likely not a good place. Nor the local pawn shop.
Where, in the big city, to pick up a few ounces? How to price?
Well said Presbyterian - that should work well enough in the short term.
apmex.com
Hero Billion
2 great places to buy.
I stick with American Eagles on the gold
To not pay a tax on the 401K or 403B fund, they need to stay in the account. Pull it out to buy anything an it is a taxable event.
Most funds allow you to buy gold and silver stocks but not the physical item.
I think that the old ads from the 00’s giving you a way to hold on to it in person - while claiming it still in the tax exempt account - have all been shut down.
That’s what you have to focus on. In the event of a societal collapse, gold and other high material goods are only of value if you can hang onto them until the system resets. If you are going to be like the rest of us, having gold may not be of much value to you, but having stored food and clothing and other bodily needs will be of more value to you.
You just need to survive until you can get to the other side. I’m not telling you to not get gold, but its value will only be if you can hang onto it and need it until the system financially resets.
I’ve got a gold horror story if anybody wants to read it. I bought several ounces of gold during one of my rich periods. Later, I had a poor period and needed some cash. I went to sell an ounce. The buyer, a local coin store, pulled some trick where they check if a magnet will pull the gold. It did and they claimed it was fake. This was a serialized, assay package from a reputable mint. I absolutely panicked. This was a LOT of money to me. I called the mint which luckily is in the U.S. and told them what happened. They panicked, too. I talked to the president of the mint. He told me to send them the gold. I was extremely reluctant, but he convinced me. I sent it them and they verified it and said it was good but sent me new ones. I took one if the replacements to another dealer who, instead of stupid tricks, put it on a scale and bought it immediately. The second dealer also showed me where they had gotten burned; an ounce of gold, in apparently original packaging, serialized from a major mint, they had cut open to find gold plated filler. Use extreme caution, there’s a lot of fakery out there.
I’ve used Monex to buy and sell physical gold and silver. I recommend them. Monex.com
It's cheaper to buy from individuals but then you need to know how to test for counterfeits. I like the Fisch system. Not cheap but easy, quick and reliable to use.
Anyone have info on Texas Precious Metals for gold eagles?
Get both
Silver is easier to trade with. Don't buy "proof" coins. You're just wasting money. Don't buy "collectables" like Morgan silver dollars.
If you're not a doom and gloomer but just diversifying.
Buy gold as GLD or a precious metals Mutual Fund.
Buy physical gold as 1oz coins. Again no proofs or collectables.
“pssst! On a percentage basis, my supply of LEAD has increased in value more than gold over the past ten years.”
Ab-su-pozi-tootly
Crappy investment, for many decades. “But it’s gonna turn around this time!” Riiiight . . .
Gold and Silver are good for some things, but not for others.
Can’t eat it. Hard to keep safe. Hard to move. Tough to sell at a good price when you need to.
But look on the brite side, . . .
for just 30 pieces, you can get somebody crucified.
***
I’ve bought my metals from Provident Metals for over ten years now. Reliable and speedy deliveries.
You can’t eat gold.
See if you can borrow on them. Repayments are taken out of future deductions or when you cash out.
For a different purpose, I took out a loan, paid back for a couple of years and then cashed out when I retired.
An argument against that is that the amount borrowed is not working for you tax free, but if what you used the money for pays off better, you are ahead. In these times, buying gold and silver seems like a good use.
Try Gainesville Coin out of FL. We have used them.
You can’t eat a car either.
So why do you own a car?
Answer: for the same reason that you own anything. For its utility and amenity.
And that is also why you should own silver and gold.
Here is an example.
https://www.youtube.com/watch?v=Zg8mlMxY8xY
One picture shows a person using tin snips or wire cutters to snip off a piece of gold. I have seen videos of people using course files. Some people melt off little balls of gold.
Gold is infinitelely divisible because it is a molecule. It is extremely easy to divide, handle and reshape to any size and weight to appropriate amount.
Agreed, I would rather hand over a silver dime or quarter for bread and rice than a hunk of gold I paid big bucks for.
As for the lead and brass, I’ll be hanging on to that for when it is needed. Although I did break down and sell an old Russian Mosin-Nagant M91/30 rifle a couple of weeks ago. I bought it a dozen years ago at a pawn shop for $90 and had a guy offer me $300 for it, so I took the profit and gave the $300 to my daughter for her wedding cake. First gun I have sold in twenty years, it’s hard for me to turn one loose once bought.
Make sure there is no chocolate underneath the gold wrapper : )
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