Hello,
I was wondering how I go about buying gold. I want to keep the gold myself, not stored away. Thanks!
Go to Google and punch in the word coins and your zip code. You’ll likely find a coin or gold/silver shop near you. Go there and buy bullion coins. Don’t fall for paying extra for stuff just because it has collectible or “numismatic” value. In the event that you’re actually using stuff, all that’s going to matter is how much gold the item you want to buy with contains. It won’t matter which government stamped it, if any, (as long as the amount stamped on it is accurate), and it won’t matter what year it was minted. A one ounce gold South African Krugerrand is worth exactly as much as a one ounce 1933 American gold coin, for a gold saver.
I was tutored online in gold buying by anarcho-capitalist A.B. Dada, of Unanimocracy. There’s also a now-mostly-inactive forum which was very instructive.
Also http://www.goldmoney.com http://www.pecunix.com http://www.bullionvault.com
(Don’t buy gold ETFs, though)
I like the Northwest Territorial Mint. Reasonably priced bullion, coins, rounds, etc. and a large selection.
What’s wrong with a gold ETF? I mean if you can buy actual gold (in your hand), that is better, but with goldmoney etc. you aren’t doing that either. So the government can confiscate either one pretty easily.
Or are most gold ETF’s charging more in fees?
The issue is whether the gold is allocated or unallocated. ETF’s gold is unallocated, which means you own a share of the overall pile of gold, but not specific bullion bars. If something bad happened to the fund, and it didn’t have as much gold as it claimed, you might not get your gold.
Of course, you’re right that the government can always take it away if it wants to, whether it’s allocated or unallocated.
Go on Ebay and look for krugerrands and American Gold Eagles. Only buy from people with good feeback histories. You will have to shell out a bit for shipping insurance, too.
It’s not just that; they trade in “paper” gold; see http://www.financialsense.com/editorials/turk/2007/0305.html
Burt Blumert of the Center for Libertarian Studies is a gold dealer. Go to LewRockwell.com and click on the link for Burt’s Gold.
I like Southland Coins. http://www.southlandcoins.net/Default.htm For getting your feet wet (buying small amounts) the premiums they charge are cheaper than elsewhere.
I only have about two ounces of gold, but over two hundred ounces of silver.
For 4 to 7 coins, BullionVault on eBay is a good deal. The top bidding if you snipe can usually land below CNI’s price. Of course you have to pay for shipping and insurance which adds about $3 to each coin. They don’t do large quantities because 1) They would have to do more government forms and reporting 2) The insurance would cost more on shipping. Who ever you order from, you will most likely have to wait for a week or two to get delivery. The main thing to look at is the dealer spread. For instance, at CNI, for a Canadian Maple, the difference between buying the coin and selling back to them is $25, where as the Austrian Philharmonic is $15. The Austrian is a better deal because of the margin on selling back. Both have the same amount of gold. Another thing, CNI includes free shipping and insurance on their quotes. Something to think about. There is also the problem that with certain coins, specifically the Maple, if you sell over… I think it’s $15k in one transaction, the dealer has to file a form with the government. Something that isn’t disclosed is that bullion dealers are governed under the same provisions as banking. (For reference see: http://www.fincen.gov/antimoneylaundering060905.pdf)
Personally I would stay away from CNI. They are slow and they still owe me a balance from a transaction. I haven’t gotten the check yet and it’s going on 2 months. Bullion Vault has great communication but is limited on quantity. They do have an online trading forum that they mediate. Haven’t used it but it looks interesting.
Things to remember: How quick you might have to turn some of it into cash. Depends on what part of your finances you are converting. But if you need cash quick to pay rent or such, an ETF is quickest. Although, like other people said, it’s more risky and it’s less anonymous. Gold coins are next. Easy to sell a couple at a time. Bars are harder because of their high value and low colectable status. Don’t worry about collectable status though, you just want good .999 or better gold. The Krugerand is actually alloyed to be able to be handled in regular cash transactions. It harder. But it also usually sells for less than the other coins. Takes more work to actually get the gold out of the coin. I think the Austrian is the best bet.
I believe these are reputable numesmatic dealers in the US where you can purchase and get good advice on coins: http://www.usrarecoininvestments.com/index.htm http://www.davidhall.com/ www.govmint.com/firstfederalmint/firstfederalmint.aspx If you prefer just plain ol’ gold and silver, you can go here: www.kitco.com Or, if you like electronic Gold, you can go here: www.goldmoney.com Hope it helps! 
Trianglechoke7,
I have bought gold as coins. It was not a great experience. I have had various online brokorage accounts. This I recommend for buying/selling gold. The stock symbol: GLD is an ETF that buys and holds gold. The share price of GLD is 1/10 of price of an ounce of gold. If gold is selling for $700/ounce the you can buy 10 shares of GLD for $700 (a SCOTTRADE account charges $7 a trade commission). I have bought GLD in amounts ranging from 100 to 2000 shares so the commission is small. I expect the price of gold in US$ to rise generally for a number of years. Like all commodities the price is up/down and can change fast. I just tend to hold over months and years. My current holdings were purchased more than a year ago and are up by a large %. Have fun!
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Bying coins is what dealers want you to do. Coins are unnecessary. They carry a significant premium without any significant benefit. If gold is returned as legal tender, you will lose your premium in a second. Don’t be fooled. Buy bars.
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ETF is not gold. It is a paper. Would you like to be stuck with paper claim when you need gold? The redemability of any paper claim, including GoldMoney or gold producer stock, can be simply suspended at a whim of your government. 1933 anyone? You doubt that? Then you are making no sense saying you want gold in the first place. You think something big is possible to happen, where dollar will fall in relation to gold, and yet, you think government will just stand by and watch?
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Kitco. You want lowest premium with highest guarantees and reputation. 1 oz or 100 oz gold bars. TAKE DELIVERY
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If you’re thinking what I am thinking, then buy some metric-denominated bars as well. Nobody knows what the hell is an ounce.
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Do not store in your bank, any bank. When G-man comes for it, they will declare bank holiday like that communist FDR did, and replace your coins or bars with paper.
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You should not sell it back for paper.
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If you do, make sure you sell for cash, or pay taxes on profits you never made (non-participation in inflation tax is taxable event).
Bueno Suerte
I buy a small amount of gold and silver coins every month, usually investing around the same amount. Generally Mexican Pesos, French Francs, and South African Kruggerands for gold, and US Silver coins minted before 1964 for silver.
I buy from a place online that has a monthly acquisition plan and allows a small amount as a minimum, with the package shipped insured. Sure, the shipping cost adds to the total, but I plan to hold them over time. Appreciation should cover fees and costs, and I feel more secure having actual physical gold.
In my experience Kitco is reliable to deal with. I am far from an expert, however.
When you find an event you would like to attend, simply bring your items along on the date indicated. Bring anything that you believe to be gold, silver, or platinum. We are happy to examine anything that you bring, in whatever condition it may be in; don’t worry about polishing the silver. Everything from single earrings to coins to flatware should be brought to these events. sell your gold