Where to buy gold/silver?

I would think walking around buying things with gold wouldn't be the least bit practical simply because of how expensive it is, as well as the fact that no businesses will be set up to handle transactions in gold. How do they change out your gold? How do they verify it's real gold? Do you receive the de-valued cash in return? If so, how much? I don't know, I understand investing in gold, but I also know that many gold investors don't have the physical gold in their possession.

Edit: Removed my last comment as research was not able to prove it valid.
 
One buys gold as an insurance policy and hedge against the rest of their portfolio. This is in case the rest of your investment tanks. It is only supposed to be a very small portion of your total investment and strategy.

It is not supposed to be your only investment.

If you don't have a high net worth but think buying gold is a great idea, go right ahead and accumulate your ounces, just don't say that you weren't warned. Even if it keeps going up for a while longer, you'll be too scared to sell any of it. And when it starts to fall, you'll be too scared to sell it at a loss.
 
Medic1210 said:
I would think walking around buying things with gold wouldn't be the least bit practical simply because of how expensive it is, as well as the fact that no businesses will be set up to handle transactions in gold. How do they change out your gold? How do they verify it's real gold? Do you receive the de-valued cash in return? If so, how much? I don't know, I understand investing in gold, but I also know that many gold investors don't have the physical gold in their possession.

Edit: Removed my last comment as research was not able to prove it valid.
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Gold, like other commodities, is only worth what people are willing to pay for it. From the practical standpoint, you can't eat it and you can't live in it.

If you read "The Road", you may remember that the characters found a cache of Krugerrands. They left them where they found them because they were of no practical use.

Buy .22 ammo. When the s**t hits the fan, it will be worth it's weight in gold. :D
 
I know that you can actually buy gold coins in different weights (and corresponding values), but I don't know how an economy would function using it in day to day business transactions. As for it being expensive and requiring some form of "change" after purchases, if you have a gold coin worth say, $650 and use it to buy a loaf of bread, change might not be a concern if bread is selling for $650 "dollars" a loaf.;)

I still think that a case of 250 rounds of 12ga. buck shot in the hand, will beat two gold coins in the bush though.;):D
 
Well, my coworker mentioned that while it's not as though the american dollar would be worthless, merely that it would be worth "less". So if a loaf of bread would go for $650, wouldn't the price of gold correspondingly go up as well? Like say, $50,000 for an once;). That's sort of the idea I was pursuing. Though I would agree that in a SHTF situation, firearms and bullets are priority #1. Perhaps camping gear would be #2? Not sure if I would consider leaving my apartment to looters in order to move to a location with more readily available food and water sources. Kinda makes me wish I had a house next to the woods or beach. Though perhaps I'm confusing economic collapse with an apocalypse or something.
 
If you want trade coins, start buying rolls of American silver eagles. 20 to the roll and 1 ounce .9999 pure per coin. At least you will be able to hand over a couple for a tank of gas, a can of peaches, etc.
 
Well, at we least don't have to worry about inflation........much. :D


zimbabwe_dollars.jpg


BTW, if that bill was good today it would be worth about $27,600 USD, but it isn't.
 
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I had an uncle pass a couple of years ago. He had hundreds of ounces of silver that my aunt sold. I bought several ounces. She was selling when the market price was $13 per ounce. As the silver price crept up I continued to buy more until the price hit $20. Quite frankly I got very lucky as far as timing. I think silver is very near it's peak and I'm going to ensure a hefty profit and dump a bunch today. A $32 per ounce profit in about 3 years is pretty good...but lucky. I would never say never to playing around (responsibly) with metals, but I don't think now is the time. I had a little luck with palladium as well, but that is even more unpredictable with the way automotive plays into it. All this said, I have other investments that I hope to secure my future with. Metals are for fun.
 
I should have added that I deal with a local coin shop that has a long history in my town. There are no tricks and he is very above board on pricing. I just got back from selling some silver. There were three people in the shop selling and one looking to buy premium ealges. A couple of years ago I was buying what I call ugly eagles. My ugly eagles are Silver eagles that were in circulated condition so that they can't add any numismatic value into the price, but they are still silver eagles. My ugly eagles sold for an average of $46/ounce and bars $45/ounce today.

DO NOT SELL anything, especially gold, to jewelry stores or the shops that have popped up since the price of gold has soared. Make sure you understand the meaning of "troy ounces", "karat", and especially "penny weight". The pop up stores really confuse people using these terms and how they pay accordingly.
 
UffDa said:
If you read "The Road", you may remember that the characters found a cache of Krugerrands. They left them where they found them because they were of no practical use.

Buy .22 ammo. When the s**t hits the fan, it will be worth it's weight in gold. :D
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If any person is using the fictional story "The Road" to guide any sort of financial moves, they might as well just take a .22 round, kick back in a lazy boy, and shoot themselves now.
 
2TONYB said:
If any person is using the fictional story "The Road" to guide any sort of financial moves, they might as well just take a .22 round, kick back in a lazy boy, and shoot themselves now.
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What is your problem? I was writing about a hypothetical situation. Explain to us what good gold and silver would be if there is nothing to buy.
 
UffDa said:
What is your problem? I was writing about a hypothetical situation. Explain to us what good gold and silver would be if there is nothing to buy.
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Problem? I don't have a problem. Silver has been a very profitable commodity to me. I wouldn't buy any right now, but snapping it up over the past couple of years has worked for me. You personal losses with metals are unfortunate and have obviously skewed any forward thinking regarding metals.
I am familiar with the storyline of "The Road". I skipped right to the movie. I know the book probably differs a bit. My point was...you might as well shoot yourself in comfort now, rather than suffer through the hell that is painted in the story.
 
2TONYB said:
My point was...you might as well shoot yourself in comfort now, rather than suffer through the hell that is painted in the story.
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Sometimes rephrasing a sentence makes a big difference.;)

I'm not soured on metals because of my experience. Win some:lose some.
 
CWL said:
If you want trade coins, start buying rolls of American silver eagles. 20 to the roll and 1 ounce .9999 pure per coin. At least you will be able to hand over a couple for a tank of gas, a can of peaches, etc.
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I was considering that, though it seems like purchasing a spare tank of gas or can of peaches now would be preferable to spending $1000 on a roll of silver coins and trading a few of those for the same later.

2TONYB said:
All this said, I have other investments that I hope to secure my future with. Metals are for fun.
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Hmm, truly it seems wiser to have a diverse range of investments. However, I'm not exactly sure what the going market price for all precious metals are. It would seem like my best option would be to find a well-known form of the metal(gold sovereigns, silver eagles, palladium stillwater coins) and auction them up on eBay for a slight cut from the going market price.

To be honest, I have no experience in such matters. I'm not even sure where I would look if I wanted to buy and sell stocks. Being a paranoid individual, I keep imagining attempting to buy some stocks and finding out that all I did was just give someone money for absolutely nothing. Ditto with the purchase of fake precious metals, etc.

However, I figure the best time to buy would be when I see newspapers being spammed with "Buying Gold Now" ads. Sadly I didn't catch onto this a few years back when this exact thing happened.


On a practical level however, it doesn't seem like such investments would do much to aid me during an economic collapse, but rather to make sure I don't end up broke when the crisis is over.

I was thinking maybe 3 gold sovereigns, 20 silver eagles, 5 palladium stillwater coins, and 2 platinum eagles. With the rest going into a shotgun, a handgun, ammo, a couple cans of propane, and food with long shelf life:thumbup:. Though truthfully, I was thinking it would be easier to get the stocking list from a Mormon if the stereotype is true:D, no offense.
 
Noctis3880 said:
I was thinking maybe 3 gold sovereigns, 20 silver eagles, 5 palladium stillwater coins, and 2 platinum eagles.

Don't forget a partridge in a pear tree. :D

Though truthfully, I was thinking it would be easier to get the stocking list from a Mormon if the stereotype is true:D, no offense.
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A long time ago my immediate manager was a Mormon. He was a very good natured guy and I picked on him unmercifully. Among other things, I used to say that in a disaster all I needed was a gun and the address of a Morman. He would just roll his eyes.:D One day I said the same thing and he said,"If there was a disaster, I would share our supplies with you, but keep in mind that Mormons have guns too." I didn't heckle him anymore after that.;)
 
Well it's June now, and contrary to predictions, it seems like gold prices have gone up again, albeit slightly(IMO). So I've decided to go for 4 gold sovereigns, 20 silver canada dollars, and 1 palladium maple leaf. I'll be watching the news carefully to see if I should invest further. Would you say the collapse of the American economy would drive up the prices for precious metals? Also trying to look more into getting a handgun.
 
Noctis3880 said:
Well it's June now, and contrary to predictions, it seems like gold prices have gone up again, albeit slightly(IMO). So I've decided to go for 4 gold sovereigns, 20 silver canada dollars, and 1 palladium maple leaf. I'll be watching the news carefully to see if I should invest further. Would you say the collapse of the American economy would drive up the prices for precious metals? Also trying to look more into getting a handgun.
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So Noctic3880....gold hit $1900/ounce today....about $400/ounce more than when this thread was started....Did you ever buy any????
 
My broker called me today very urgently. He thinks gold is peaked and so I sold my position... at a very tidy profit.
 
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