I need your advice
edmundfitzgerald
Posts: 4,306 ✭✭
My first time posting on this forum, but I've been busy reading your conversations the past couple of days.
I do not own any gold, but have been thinking about buying the 1 ounce bars on ebay that sell anywhere from 1,100 to 1,300.
I am simply thinking about buying one or two bars a year for my young children for when they get older.
Question.......Is chasing gold at these prices not a good idea, even if I'm going to hold them for a long time.
Question.......Is buying the one ounce gold bars on ebay a good or bad idea. I think I prefer the sealed gold bars with
serial numbers from banks. Is that the best ???
Thanks for your exprienced opinions, as I have none whatsoever.
I do not own any gold, but have been thinking about buying the 1 ounce bars on ebay that sell anywhere from 1,100 to 1,300.
I am simply thinking about buying one or two bars a year for my young children for when they get older.
Question.......Is chasing gold at these prices not a good idea, even if I'm going to hold them for a long time.
Question.......Is buying the one ounce gold bars on ebay a good or bad idea. I think I prefer the sealed gold bars with
serial numbers from banks. Is that the best ???
Thanks for your exprienced opinions, as I have none whatsoever.
0
Comments
I do prefer coins, but if you like bars, the sealed ones with serial numbers will be sold easily in the future. (Pamp, JM, Credit Suisse, Engelhard)
eBay is a good source of gold coins/bars. You may want to check these websites too: www.apmex.com , www.gainesvillecoins.com, www.providentmetals.com
As SilverBaron says: keep on stackin'!
If you can use bing and one of the other rebates plans like ebates or mrrebates or even bigcrumbs you can usually find some for below spot price.
They're kind of fun and they don't take up a lot of room.
Mine look like this, they're common and you can usually find them without a huge premium.
If you're buying for your children, you may want to consider coin bullion (any of the major countries mintage) from reliable sources. It will be easier for your children to liquidate in the future (and easier to determine the value), especially if they are not PM savvy. If you do want bars from eBay, your #2 question is spot on and prudent, stick to bars like Pamp or Credit Suisse (and other well known bars) in the assay cards. The premiums are a bit higher, and so they are when sold too.Be careful on eBay, fake gold is out there. If it seems too good to be true it probably is. Consider other bullion dealers like APMEX, Gainesville, etc. I'm sure you will get much good advice here.
Another question.
On Gainesville.com I see that the 1 oz. credit suisse bar is 1161.00 ......whereas the 2010 American Eagle 1 oz. $50 piece in MS70 is 1312.00. Why the difference in prices if they are both 1 ounce of gold ?
I'm thinking of buying 1 of each. But if I'm only going to buy one, which is the better to buy. I like the coin, but the bar
is cheaper. Thank you.
<< <i>Thanks for your good input everyone.
Another question.
On Gainesville.com I see that the 1 oz. credit suisse bar is 1161.00 ......whereas the 2010 American Eagle 1 oz. $50 piece in MS70 is 1312.00. Why the difference in prices if they are both 1 ounce of gold ?
I'm thinking of buying 1 of each. But if I'm only going to buy one, which is the better to buy. I like the coin, but the bar
is cheaper. Thank you. >>
IMHO, buy straight bullion rather than slabbed bullion. You pay a huge premium for that MS-70 grade, with no reasonable assurance that you will get any grade premium for it when you sell it.
I would not even pay any small premium for MS-69 slabbed bullion. Recently we sold 20 misc. slabbed American Gold Eagle coins to somebody on here, for no premium other than our regular generic eagle premium, and he immediately de-slabbed them.
Don't worry about current spot if you are buying for the long term. It might go up and it might go down. Don't lose sleep over it. Just buy it now and hold it.
TD
P.S.: Why the handle EdmundFitzgerald? I only ask because I saw the Fitz launched in River Rouge Michigan in 1958. I was 8, and my best friend's father had some vague connection to it. They were going to see the launch, and I tagged along. Wow!
You could also try silver as a cheap alternative before spending 1000 plus on gold.
You could get 5 silver eagles and a 1/4 ounce gold eagle every 3 months that way you could cost average your purchases a bit.
Bars are a fine way to get gold and silver but American eagles are very easy to buy and sell anywhere.
Groucho Marx
TD
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
When you say fractionals, do you speak in terms of 1/4 and 1/2 ounce gold coins ? Are these better then 1 ounce coins ?
They certainly are cheaper.
I do like the golden eagles, and is everyone in agreement that the MS69's are just as good as the MS70's.
I think I like the graded ones as I know fakes pop up in all collectable markets.
If anyone has some ms70 golden eagles from those years and is looking to sell them, or if anyone could
refer me to a website that sells them at a fair price, then I would appreciate it. I've been looking on ebay, but
I'm a novice buyer, and you guys know a lot better then me. Thanks.
You are getting some great advice here! These guys all know their stuff. As stated a few times, if its bullion you want, then buy bullion. Stay away from graded eagles...leave those for the hobbyists. I really liked the idea of diversifying with silver/gold eagles. If you planned on buying 2 oz of gold per year, it may be better to buy 1 oz of gold (2 of the american eagle 1/2 oz gold coins) and then 50 of the american eagle silver 1 oz coins. This way you dont get left out in the cold if silver happens to outperform gold in the coming years (something ALOT of us think is gonna happen!). Best of luck in your aquisitions, and even at today's prices, I really dont see the downside to converting paper money into real money!
I see that on ebay many bars have sold for 1250+, whereas gainsevillecoins.com has the same bars at 1193.00.
A bit confusing, but oh well.
<< <i>I see the gold bullion bars pamp credit suisse are nice.
I see that on ebay many bars have sold for 1250+, whereas gainsevillecoins.com has the same bars at 1193.00.
A bit confusing, but oh well. >>
Most of the eBay buyers don't do their homework!
<< <i>"De-slabbed".....I love that word!!!
You are getting some great advice here! These guys all know their stuff. As stated a few times, if its bullion you want, then buy bullion. Stay away from graded eagles...leave those for the hobbyists. I really liked the idea of diversifying with silver/gold eagles. If you planned on buying 2 oz of gold per year, it may be better to buy 1 oz of gold (2 of the american eagle 1/2 oz gold coins) and then 50 of the american eagle silver 1 oz coins. This way you dont get left out in the cold if silver happens to outperform gold in the coming years (something ALOT of us think is gonna happen!). Best of luck in your aquisitions, and even at today's prices, I really dont see the downside to converting paper money into real money! >>
I caught the PM bug thinking GOLD and have bought nothing but SILVER as of now. Bullion! I have the dough but have been skittish on the price of gold. Silver to ME is a no brainer at this point in time.
ISO 1978 Topps Baseball in NM-MT High Grade Raw 3, 100, 103, 302, 347, 376, 416, 466, 481, 487, 509, 534, 540, 554, 579, 580, 622, 642, 673, 724__________________________________________________________________________________________________________________________________ISO 1978 O-Pee-Chee in NM-MT High Grade Raw12, 21, 29, 38, 49, 65, 69, 73, 74, 81, 95, 100, 104, 110, 115, 122, 132, 133, 135, 140, 142, 151, 153, 155, 160, 161, 167, 168, 172, 179, 181, 196, 200, 204, 210, 224, 231, 240
<< <i>Yes, edmundfitzgerald is for the vessel that sank. Interesting that you saw it off as a boy.
When you say fractionals, do you speak in terms of 1/4 and 1/2 ounce gold coins ? Are these better then 1 ounce coins ?
They certainly are cheaper.
I do like the golden eagles, and is everyone in agreement that the MS69's are just as good as the MS70's.
I think I like the graded ones as I know fakes pop up in all collectable markets. >>
Add up the cost of two half ounces or four quarter ounces or ten one-tenth ounces and you will see that you are paying much more for the ounce of gold than if you bought a one ounce coin.
As I said, sometimes you can get a bargain on a fractional, but you can't count on getting it when you are ready to buy.
TD
If you don't have a bing cashback account search the forums here for details.
Here's a good starting point on bing cashback
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Ditto!
American Gold Eagles- are my choice.
Ditto!
If you are going to buy a few oz. a year, every year, I wouldn't worry about it so much.
Ditto!
IMHO, buy straight bullion rather than slabbed bullion. You pay a huge premium for that MS-70 grade, with no reasonable assurance that you will get any grade premium for it when you sell it.
Ditto!
is everyone in agreement that the MS69's are just as good as the MS70's
Evidently not!
Silver to ME is a no brainer at this point in time.
He's looking for a keepsake as an investment. I guess you could go with a bunch of 2000, 2004 and 2007 Silver Eagles and have a whole bunch of keepsakes! Not a bad idea, in fact.
If the keepsake aspect is important, I would suggest that the coins slabbed by PCGS as MS-69 make sense, in that they are relatively low premium and encapsulated for posterity. However, there is nothing that substitutes for actually handling the coins themselves especially if you think it's important to expose your kids to real money "up close & personal".
I knew it would happen.
<< <i>
<< <i>I see the gold bullion bars pamp credit suisse are nice.
I see that on ebay many bars have sold for 1250+, whereas gainsevillecoins.com has the same bars at 1193.00.
A bit confusing, but oh well. >>
Most of the eBay buyers don't do their homework!
Actually a lot do, if you figure the s&h charge by Gainseville or APMEX and cc charge, a lot of time, if the seller offers free s&h, the eBay sale is cheaper, and as mentioned previously, using your ebay bucks, big crumbs etc or Bing on a BIN, will beat the bullion dealer prices.
<< <i>
<< <i>
<< <i>I see the gold bullion bars pamp credit suisse are nice.
I see that on ebay many bars have sold for 1250+, whereas gainsevillecoins.com has the same bars at 1193.00.
A bit confusing, but oh well. >>
Most of the eBay buyers don't do their homework!
Actually a lot do, if you figure the s&h charge by Gainseville or APMEX and cc charge, a lot of time, if the seller offers free s&h, the eBay sale is cheaper, and as mentioned previously, using your ebay bucks, big crumbs etc or Bing on a BIN, will beat the bullion dealer prices. >>
As in every thing, the truth is in between.
Check the average selling price for a Philharmonic, a 2010 ASE or a JM bar.
It's true, though, that you can find some fair BIN and be lucky to win some auction at the right price.
Don't get me wrong, I like eBay and I shop there a lot. Sometimes, though, I find better prices at Gainesville or ProvidentMetal (Apmex shipping charges are outrageous).
Does anybody know off the top of their head what the upper limit of Paypal protection is?
Run on open.
<< <i>If you are going to buy from strangers on eBay, be sure to use Paypal to have some protection if the seller fails to deliver.
Does anybody know off the top of their head what the upper limit of Paypal protection is?
Run on open. >>
$2,000 I believe.
<< <i>If you are going to buy from strangers on eBay, be sure to use Paypal to have some protection if the seller fails to deliver.
Does anybody know off the top of their head what the upper limit of Paypal protection is?
Run on open. >>
Ebay buyer protection covers the purchase price of the item:
"eBay Buyer Protection is available for items purchased on the US eBay.com site and covers the full purchase price and original shipping costs on eligible items."
Ebay Buyer Protection
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey