I have no intent on taking the word of anyone on FR over that of my financial advisor nor do I intend on purchasing anything so pricey as gold before consulting my wife. I am simply soliciting for anyone’s experience with gold brokers either on line or over the phone.
I hear advertisements all day on the radio and TV, and I know that much of it is scaremongering. I would, however, like to have some tangible assets for long-term investments, and gold seems to be pretty solid.
Like all investments, there’s risk, and the cyclical nature of the markets, both financial and ores, leads me to believe that gold is likely to lose value at some point and will likely gain again at some point later. I know that it’s foolhardy to think that in a SHTF scenario people would take cold coins over practical goods in barter, but I figure IF (big if) the global markets and governments stabilize again, having everything in gold is not only dumb but costly.
Be sure to stock up from COSTCO with cases of SPAM. Gold is hard to chew.
Beware of the places advertising on TV. If you want to buy gold, you generally want it valued on its metal value. Right now that is $1711.49 per troy ounce. The places on TV will very quickly try to get you to buy collectible coins instead of bullion because there is nowhere to check their true value. If someone offers you gold for $1750 then you might say the markup is reasonable or not and be able to compare it to other sellers. On the other hand if someone offers you a "rare" coin for $2500 you don't have an absolute frame of reference on whether that's a good price or if you are being screwed on the mark up. Even if you can look up a price, are you sure that it is really a "Very Fine" coin instead of just "Fine"? There will be a big difference in value based on a very subjective grading.
BRAVO! That is the right answer.
There are reputable places online to buy gold and silver. Ebay is not one of them. I have bought all of mine through an online broker and I am very satisfied.
I just came across this story this morning:
http://www.peakprosperity.com/forum/how-much-gold-and-silver-do-i-need/36682
I find that buying gold and silver online can be expensive, and you cannot get your hands on it as quickly as I would like. It takes time to get stuff processed and mailed to you.
I have not been able to find a decent dealer in my area. The storefront guys are pirates, and the coin dealers are as unhelpful as a gun store owner.
Storage is also an issue. If you are buying gold, you probably do not trust banks, so a safe deposit box might not be practical. So an in-home safe or storage option should be considered.
If you have any specific questions that you do not want published to the world, feel free to frepmail me.