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Need advise on buying physical gold

 
Anonymous Coward (OP)
User ID: 8829646
United States
11/21/2012 10:20 PM
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Re: Need advise on buying physical gold
Now I'm no "doomsday prepper" but I do have my share of legal guns and own a home in the country (property taxed like crazy but that's another matter). Even the Roths I put in gold index funds are losing. Now I'm sure they're not in "physical gold" funds (due to performance) but I thought they were. Everything I have is stagnant and the cost of living keeps going up. I wish I had invested in anything PHYSICAL at the time. I'm ready to at least go forward with taking the tax hit and buy gold / sliver. My question is do I buy local? Buying over the internet has it's inherent risks, fees and paper trails. What should I consider when I buy precious metal locally?
Anonymous Coward
User ID: 28246826
United States
11/21/2012 10:24 PM
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Re: Need advise on buying physical gold
If anyone thinks the future looks bright with the 16 trillion debt and growing and the upcoming Fiscal Cliff....good luck.
Anonymous Coward
User ID: 28246826
United States
11/21/2012 10:28 PM
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Re: Need advise on buying physical gold
Now I'm no "doomsday prepper" but I do have my share of legal guns and own a home in the country (property taxed like crazy but that's another matter). Even the Roths I put in gold index funds are losing. Now I'm sure they're not in "physical gold" funds (due to performance) but I thought they were. Everything I have is stagnant and the cost of living keeps going up. I wish I had invested in anything PHYSICAL at the time. I'm ready to at least go forward with taking the tax hit and buy gold / sliver. My question is do I buy local? Buying over the internet has it's inherent risks, fees and paper trails. What should I consider when I buy precious metal locally?
 Quoting: Anonymous Coward 8829646
Buy bonafide coins like Silver or Gold Eagles and you will buy them for the bullion value. I don't want bars because someday people might not trust them. AND don't buy overpriced collectible coins because if things collapse who would care about the collectible value?
Anonymous Coward
User ID: 1103915
United States
11/21/2012 10:43 PM
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Re: Need advise on buying physical gold
How can you have put so much money into something and not know what you have or how to use it?

[link to www.fool.com]

go there. figure out what you have.

IF it is a Roth then it is not in a fund - it has invested in the fund. Divest your shares in the fund but do not close the IRA! Money earned within the Roth is TAX FREE and is not reportable.

Once you have the cash back in your IRA, CONVERT IT (the IRA) into a Self Directed Retirement Account. Then...you - as the custodian - can go to your local coin shop and purchase phsyical metals for the IRA. You own it, you hold it. As long as you buy more than $1000 at a time you pay no sales tax and if you keep the purchases under $3000 and at lease 21 business days apart they will not have to report it to the FED, only taking your IRA info for thier records as I mentioned.
Anonymous Coward
User ID: 918818
United States
11/21/2012 10:47 PM
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Re: Need advise on buying physical gold
Ten Commandments for Buying Gold and Silver


1.Always take delivery.

2.Never buy premium if you can avoid it.

3.Buy bullion for business, numismatics for fun.

4. Buy silver first, then gold.

5. Buy small gold first, then large.

6. Never buy exotic coins or modern rarities or anything you don't understand.

7. Know your dealer.

8. What governments can't find, they can't steal.

9. Never swap bullion coins for U.S. $20 gold pieces.

10.Never break the law.


[link to the-moneychanger.com]
Anonymous Coward
User ID: 918818
United States
11/21/2012 10:49 PM
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Re: Need advise on buying physical gold
If you have $5,000 or less to spend

At least half in silver (either US 90% silver coin or 1oz. Silver Rounds) and half in British Sovereigns, French 20 Francs, Mexican Pesos (10, 5, 2.5 or 2) or some other inexpensive, fractional gold coin.


For $10,000 buy

Two-thirds US 90% silver coin or 1oz. Silver Rounds, with the balance divided between a fractional coin like British Sovereigns, French 20 Francs, Mexican Pesos (10, 5, 2.5, or 2) AND Krugerrands, Austrian 100 Coronaes or Mexican 50 Pesos.


For $25,000 buy

Two-thirds US 90% silver coin or 1oz. Silver Rounds; half of the remaining third in Sovereigns, French 20 Francs, or 1/4 oz. American Eagles; and the balance in one oz. Krugerrands, Austrian 100 Coronas, Mexican 50 Pesos, or American Eagles.


For $75,000 buy

Two-thirds US 90% silver coin or 1oz. Silver Rounds; $5,000 worth of Sovereigns, 20 Francs, or 1/4 Eagles; the balance in Krugerrands, American Eagles, Mexican 50 Pesos or Austrian 100 Coronas. (For over $75,000 simply do multiples of this portfolio.)


[link to the-moneychanger.com]
Anonymous Coward
User ID: 918818
United States
11/21/2012 10:51 PM
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Re: Need advise on buying physical gold
If you want to invest in precious metals to simply protect your assets and don’t think you’ll ever need to actually barter with them, then:

If you have $5,000 or less to spend
Half in US 90% silver coin or 1oz. Silver Rounds, half in one ounce Krugerrands or American Eagles, Austrian 100 Coronas, or Mexican 50 Pesos.


For $5,000 through $25,000
Put at least half of your money in US 90% silver coin or 1oz. Silver Rounds; the rest in one ounce Krugerrands or American Eagles, or in Austrian 100 Coronas or Mexican 50 Pesos.


For $75,000
Get bags of US 90% silver or 1oz. Silver Rounds for 2/3 of your order; the balance in Krugerrands, American Eagles, 100 Coronas, or 50 Pesos. (For over $75,000 simply do multiples of this portfolio.)
Anonymous Coward
User ID: 1103915
United States
11/21/2012 11:04 PM
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Re: Need advise on buying physical gold
That's a good site for beginners AC818.

Keep in mind you will have to find a place to store/stash this stuff. NEVER NEVER NEVER in a bank. FEDs already have legal authority to confiscate safety deposits and other bank lock boxes under a number of BS reasons.

Silver rounds (US Mint business strike Silver Eagle coins) for the current or recent years are readily available and most coin shops have plenty. Never buy anything for numismatic reasons unless you have experience/education with a certain type and date range. That means; nothing in an NGC, PCGS or ANACS plastic holder unless you know what you are really looking at.

This may help.

[link to www.americanbullion.com]

[link to www.astrologyzine.com]
Anonymous Coward
User ID: 1103915
United States
11/21/2012 11:06 PM
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Re: Need advise on buying physical gold
If you want to invest in precious metals to simply protect your assets and don’t think you’ll ever need to actually barter with them, then:

If you have $5,000 or less to spend
Half in US 90% silver coin or 1oz. Silver Rounds, half in one ounce Krugerrands or American Eagles, Austrian 100 Coronas, or Mexican 50 Pesos.


For $5,000 through $25,000
Put at least half of your money in US 90% silver coin or 1oz. Silver Rounds; the rest in one ounce Krugerrands or American Eagles, or in Austrian 100 Coronas or Mexican 50 Pesos.


For $75,000
Get bags of US 90% silver or 1oz. Silver Rounds for 2/3 of your order; the balance in Krugerrands, American Eagles, 100 Coronas, or 50 Pesos. (For over $75,000 simply do multiples of this portfolio.)
 Quoting: Anonymous Coward 918818



NO NO NO!!!
Krugarands are NOT eligible for a ROTH IRA you cannot hold them as they are less than 90% pure gold. Read the requirements!
Anonymous Coward
User ID: 28182665
United States
11/21/2012 11:07 PM
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Re: Need advise on buying physical gold
How can you have put so much money into something and not know what you have or how to use it?

[link to www.fool.com]

go there. figure out what you have.

IF it is a Roth then it is not in a fund - it has invested in the fund. Divest your shares in the fund but do not close the IRA! Money earned within the Roth is TAX FREE and is not reportable.

Once you have the cash back in your IRA, CONVERT IT (the IRA) into a Self Directed Retirement Account. Then...you - as the custodian - can go to your local coin shop and purchase phsyical metals for the IRA. You own it, you hold it. As long as you buy more than $1000 at a time you pay no sales tax and if you keep the purchases under $3000 and at lease 21 business days apart they will not have to report it to the FED, only taking your IRA info for thier records as I mentioned.
 Quoting: Anonymous Coward 1103915


You CAN NOT hold the gold in your hand that is in a Roth or any other type of retirement fund, period! Unless you are a Rothchild and have the means to structure the corporate shell companies required to do such a thing. Think about it, the IRS isn't going to let you hold your own assets that are declared IRA funds.

I do like silver's future potential for many reasons but it can become in wieldy to move, especially in a hostile environment that requires soeed and stealth. On the other hand, you could leave an older 100 oz. or larger bar laying around your house and not 1 out of a thousand people will even look twice at it because the don't know what it is.

Buy local, buy small quantities over time, and tell no one.
Anonymous Coward
User ID: 27352798
United States
11/21/2012 11:09 PM
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Re: Need advise on buying physical gold
BTW> I currently recomend buying silver because;

1. You can get more units of it for the same cash outlay

2. It will be easier to parse out later whether selling or using to barter

3. It has far more uses in industry and will see much higher percentage gains.

I started buying gold and silver in 1988 when silver was $7.45/oz and gold was about $280/oz. I am very happy with the direction both have taken; that is an ROI of about 750% on silver and a bit more than 655% on gold in todays prices.
 Quoting: Anonymous Coward 1103915


Silver is great but not very portable. It's HEAVY. Ten pounds is worth around $6,000. Try sneaking that across the border in a backpack. The same value in gold weighs like three ounces.

Another little tip, if you have your gold rhodium-plated it looks just like silver, easier to sneak it through check points.
Anonymous Coward
User ID: 1103915
United States
11/21/2012 11:09 PM
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Re: Need advise on buying physical gold
Correction; Rands are 91.67% and coins must be AT LEAST
99.5% Pure for investment purposes.
Anonymous Coward
User ID: 1103915
United States
11/21/2012 11:13 PM
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Re: Need advise on buying physical gold
How can you have put so much money into something and not know what you have or how to use it?

[link to www.fool.com]

go there. figure out what you have.

IF it is a Roth then it is not in a fund - it has invested in the fund. Divest your shares in the fund but do not close the IRA! Money earned within the Roth is TAX FREE and is not reportable.

Once you have the cash back in your IRA, CONVERT IT (the IRA) into a Self Directed Retirement Account. Then...you - as the custodian - can go to your local coin shop and purchase phsyical metals for the IRA. You own it, you hold it. As long as you buy more than $1000 at a time you pay no sales tax and if you keep the purchases under $3000 and at lease 21 business days apart they will not have to report it to the FED, only taking your IRA info for thier records as I mentioned.
 Quoting: Anonymous Coward 1103915


You CAN NOT hold the gold in your hand that is in a Roth or any other type of retirement fund, period! Unless you are a Rothchild and have the means to structure the corporate shell companies required to do such a thing. Think about it, the IRS isn't going to let you hold your own assets that are declared IRA funds.

I do like silver's future potential for many reasons but it can become in wieldy to move, especially in a hostile environment that requires soeed and stealth. On the other hand, you could leave an older 100 oz. or larger bar laying around your house and not 1 out of a thousand people will even look twice at it because the don't know what it is.

Buy local, buy small quantities over time, and tell no one.
 Quoting: Anonymous Coward 28182665


I've been holding it my hand for mor than 20 years. My IRA pays $35/month storage fee to a security firm which keeps is locked in a vault manufactured and certified by Brown Safes. The security firm is one of my LLCs and the safe is in one of my homes.

Tell me it can't be done...shut up.
Anonymous Coward
User ID: 28115964
United States
11/21/2012 11:16 PM
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Re: Need advise on buying physical gold
Your first 5k needs to be in silver ....

I recommend junk silver coins ( pre-65 ) quarters and dimes
For first 5 k

After first 5k .... Buy half gold half silver ... ( for the silver just get silver eagles ) for the gold I would stick to gold eagles or krugerrands as they are easiest to sell and most recognized

As far as where ...

Try eBay first look for deals that are cheaper than Amex from well reviewed seller .... Then Apmex after that

Don't tell anyone you know your doing it and find a long lasting fire proof safe at least over 5 hours at 1200 degrees ... Hide them
Well and enjoy

Do not put in safety deposit boxes ever ... See what happened when us givt confiscated gold in 1933 to those in banks and safety deposit boxes .... Keep it home keep it hidden