Posted: 10/15/2007 7:46:49 PM EDT
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There are a couple posts right now talking about "money in the BOB" and "banks not having much cash on hand". So I have a topic that I need advice on that might help people in both discussions and I think warrants it's own seperate post. I would like some precious metal coins/bars to hoard and roll around in with the little woman. (Cash gives her paper cuts)  OK, serious question- Where do I buy gold coins without paying a large premium? I have a lot of experience with stocks/mutual funds but no experience with gold and silver. How do I check on the going market price per ounce of each PM so I know I'm not getting ripped off? Thank you, SOG |
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Apmex is a pretty widely used place. There is a price chart on the home page www.apmex.com/ another trusted place www.bulliondirect.com/catalog/selectProducts.do?category=1 |
Nice thing about my local mint is that there are no minimums for buying bullion. |
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I recently decided to grab some silver. I have a small budget. very small. From the little research I've done the difference in purchase vs sell price made bullion the best choice. My father swears by 90% silver coins but the spread is just to wide for me to consider. Most of the coin places around me didn't have 1oz rounds or bars. The one that did was a total prick. So I ended up ordering through apmex. I probably should have just waited but I am too excited about getting it. The prices were only off by about $0.02 an once. However paying shipping hurt. As for gold. If you do the math the smaller coins 1/10oz etc just are not worth it. I wouldn't do it unless you have enough for an once. |
| I've purchased bullion through ebay in the past. If you watch auctions, you can often pay a price that basically splits the spread between buy and sell prices. If you are fortunate, you can find a local seller and arrange to meet in person to complete the transaction, thus avoiding shipping fees. |
| I heard/read the US Mint suspended gold sales for the time being until they can re-think gold sales since the price is rising so rapidly (I think the remainder of 2007). Larger denominated bullion coins command less of a premium. It's cheaper to buy a one ounce coin than a 1/10th ounce coin, premium wise. |
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So how does someone just getting into PMs not get ripped off? I remember a story of a guy electroplating a silver ealge (or something) with gold and selling it as pure gold. Again it was a story, but it makes you wonder if you are buying the real thing. How do you test? Regards, SOG |