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Old 02-16-09, 01:28 AM   #1
RubenX 
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Reputable Online Gold Dealers

I want to buy some gold. But I'm not interested on companies that keep the gold for you, I want it shipped to my home. Having the gold in my hand and looking at it every now and then will be a motivation to keep saving/collecting. I am mostly interested in 1oz gold bullion bars and 1oz American Eagle Gold Coins (both are around a thousand bucks each). But I don't always have a thousand bucks to stash away for the sake of saving/collecting, therefore I also want a dealer that offers smaller denominations like the half ounce and quarter ounce Eagle Coins and 10/2.5/1 gram gold bars.

Searching on google results on hundreds of pages full of adds from bogus looking companies. So far I've only found 2 sites that appear legit:

1) http://www.gainesvillecoins.com/
2) http://www.bulliondirect.com

I plan on ordering small 1 gram and 2.5 grams gold bars first to see how it goes, before buying my first full ounce bullion. But their selection on small bars and coins looks rather limited. I would love to find a dealer with great selection of small items, smaller than the standard 1 ounce bars and coins.

I first thought about making the thread in P&R since it is full of "bring back the gold standard" weenies. But in P&R, a thread like this would be inevitably derailed into a gold standard discussion, with numerous pro/con Obama remarks and very little helpful info.

If any Foosters around here know about any reputable/trusted gold dealers online, please provide linky. And if anybody have done bussiness with them, please post some feedback.

And for those of you who have no idea of what I'm talking about, here's a few pics of the things I want to buy/collect:




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Old 02-16-09, 02:02 AM   #2
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Me wantie.
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Old 02-16-09, 02:32 AM   #3
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Old 02-16-09, 05:45 AM   #4
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Now when you want to sell back, who do you sell to?
Spanish Conquistadors?
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Old 02-16-09, 08:21 AM   #5
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Not sure I would want to buy something like that over the net.
We used to have a coin dealer in the strip mall next to us that had gold as well. Maybe see if you can find a store first.
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Old 02-16-09, 08:24 AM   #6
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How about Ruben buys it, ships it to me, I resell it, and pocket the proceeds for the wedding. Now THAT sounds like a plan!
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Old 02-16-09, 09:44 AM   #7
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not sure i would want to buy something like that over the net.
we used to have a coin dealer in the strip mall next to us that had gold as well. Maybe see if you can find a store first.
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Old 02-16-09, 09:50 AM   #8
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Me wantie.
They are pretty aren't they?

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Now when you want to sell back, who do you sell to?
Selling them is not easy but that's part of the plan. The more difficult it gets to cash them back, the more probable they will remain as savings, as it was originally planned. Usually, the same gold dealers that sell them, buy them as well. And it works like stocks, there's a price to buy and a price to sell. When you buy, you always pay a little bit more than what the gold is worth because the dealer have to make some money for his services. When you sell, usually sell at a smaller price due to the same. It is a long term investment, not a short one. You actually loose money if you buy and re-sell over a short period of time.

Here is the price history chart, to get an idea:
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Old 02-16-09, 09:59 AM   #9
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"Reputable Online" isn't that an oxymoron?
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Old 02-16-09, 10:06 AM   #10
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Gold mining is one of the more destructive things that people do to this planet. And typically for hoarding and jewelry.
Investing in gold encourages more of it.
Try to find something else in which to invest. There are lots of options.
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Old 02-16-09, 10:11 AM   #11
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Not sure I would want to buy something like that over the net.
We used to have a coin dealer in the strip mall next to us that had gold as well. Maybe see if you can find a store first.
Buying an ounce of gold (around $1000 USD) over the internet is no different from ordering a PC from newegg.com or a road bike from bikesdirect.com. You just need to be careful about what companies you deal with (which is why I'm asking here). No biggie really.

Of course I would prefer to find a local dealer, provided it doesn't add too much to the price. But you always end up paying more with local dealers on everything (cameras, flash memory, bike jerseys, etc). A local dealer has to pay rent, energy bills, janitor's salary to keep the floors clean, etc.
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Old 02-16-09, 10:12 AM   #12
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^^ P+R in 5....4.....3...
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Old 02-16-09, 10:14 AM   #13
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I would just buy beat up american gold coins off ebay that have no coin-collecting value, only raw material value.

I do question the whole gold as investment thing, but whatever. Interesting last 12 months for both gold and s&p, pretty tight correlation there. I think canned goods and ammo are where it's at in the short term.

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Old 02-16-09, 10:35 AM   #14
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Here is the price history chart, to get an idea:
So gold is at it's highest point in years and you think this is a good time to buy? You need a time machine so you can go back to 2001 to make your purchase.
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Old 02-16-09, 10:46 AM   #15
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Pick up a copy of Coin World. The dealers in this publication are reputable, and many of them offer what you are looking for.

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Old 02-16-09, 10:49 AM   #16
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I do question the whole gold as investment thing, but whatever. Interesting last 12 months for both gold and s&p, pretty tight correlation there. I think canned goods and ammo are where it's at in the short term.
Yeah, long-term, gold has been a very bad idea. I bought some in 1982 @ $800/oz. It's taken me 25-years to break even!!!. Given inflation during that time, I still haven't broken even as my dollars are only worth 1/8th of what they were back then. Any "investment" must earn at least inflation-rates to maintain purchasing power.

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Old 02-16-09, 10:50 AM   #17
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So gold is at it's highest point in years and you think this is a good time to buy? You need a time machine so you can go back to 2001 to make your purchase.
Is not the gold that's high, gold has remained stable. Is the dollar that has been going down the drain. Don't put your fate on the dollar doing a comeback any time soon:

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Old 02-16-09, 10:55 AM   #18
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Check out coin dealers in your local neighbourhood/town.I know the one in town here sells gold coin and bars
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Old 02-16-09, 11:01 AM   #19
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Is not the gold that's high, gold has remained stable. Is the dollar that has been going down the drain. Don't put your fate on the dollar doing a comeback any time soon:

I'm not putting my faith anywhere. Wait, I have no faith so, whatever. Besides, the two graphs that you posted have completely different timelines. Makes it difficult for a glancing comparison.
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Old 02-16-09, 11:04 AM   #20
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Yeah, long-term, gold has been a very bad idea. I bought some in 1982 @ $800/oz. It's taken me 25-years to break even!!!. Given inflation during that time, I still haven't broken even as my dollars are only worth 1/8th of what they were back then. Any "investment" must earn at least inflation-rates to maintain purchasing power.
An acquaintance did an exercise showing that if you diligently rebalance every year to keep gold at 2% of your portfolio you will come out ahead (before transaction costs). Or, rather, would have come out ahead over the period of years that he looked at.
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Old 02-16-09, 11:08 AM   #21
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Is not the gold that's high, gold has remained stable. Is the dollar that has been going down the drain. Don't put your fate on the dollar doing a comeback any time soon:
Then short EURUSD and buy EURPLN
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Old 02-16-09, 11:21 AM   #22
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An acquaintance did an exercise showing that if you diligently rebalance every year to keep gold at 2% of your portfolio you will come out ahead (before transaction costs). Or, rather, would have come out ahead over the period of years that he looked at.
Depends when you got started. As long as you didn't buy in at the top in 1980, you'll be fine:

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Old 02-16-09, 12:16 PM   #23
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I've used www.ajpm.com several times to buy Bullion and other silver and gold products. I have a bunch of silver coins and some ingots that I've been accumulating over the years - not necessarily because I think they're going to be more valuable some day, but if the unthinkable happens, it's good to have something with intrinsic value to barter and trade with.

These days the "unthinkable" doesn't seem so far-fetched, either...
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Old 02-16-09, 02:42 PM   #24
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I've never considered gold to be an investment, just a place to put money other than a bank.
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Old 02-16-09, 08:57 PM   #25
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"Reputable Online" isn't that an oxymoron?
Naw...the oxymoron is "reputable gold dealer". With gold prices currently near historic highs, this doesn't seem to me to be a good time to buy.

If you had bought gold at $400/oz back in the 1980s, you could have more than doubled your money. However, if you'd bought a 6% bond back then, you'd have quadrupled your money. Gold generally is a lousy place to put your money.
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