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OKAY... TIME TO BUY SOME MORE GOLD

 
Mark In NYC
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User ID: 325789
United States
01/08/2008 01:22 PM
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OKAY... TIME TO BUY SOME MORE GOLD
I've long kept some of my portfolio in gold. But now it's time to get serious. My paltry 50 oz of metal aren't much today. I've decided to sell some of my Apple Stock and convert the proceeds to gold. Physical gold. I want delivery of it.

I am thinking of buying about 200 oz of gold to add to what I already own. Right now it's in a safe deposit (private one) and I have 7/24 access to it. I feel a private safe depository is safer than a bank under most circumstances. There was a time when gold was taken from private citizens and it could happen again. So if it's laying in a fed chartered bank it seems to me you'd have no ability to get to it if there were a national confiscation of it. In a private depository you might. Other issue is that you cannot get insurance cover for it at home (over 25k worth) and in a bank or safe deposit you can! And it's cheap!

So: Question is: How to buy it and fund the transaction with a minimum of fuss and reporting, etc.?? What point does a gold broker have to report a transaction? I know about the bank, etc. But I don't know about the rules for people who purchase gold.

Also, any consensus on how best to own it. Coins of 1/2 or 1 OZ each? Bars? If bars, what size?

The money will come from my sale of stock through my brokerage account. This is already money I'll pay tax on. No problem there. I just don't want huge records of my buying it shared with every government agency I can think of and a few I wouldn't know of anyway!

So for the sake of argument - assume the money can be wired or transferred some other way from the brokerage account to the gold company account. How best to do it? Size of purchase(s)? One big one? Several smaller ones? Same company or spread out the buying over a few companies? I need some advice - and not because of my doing anything illegal. I'm not. I just don't want to attract any more attention from official sources than I must.

I figured surely there are some experienced gold bugs here. This is a far cry from buying few futures contracts or picking up 10 krugerands when they were $280/each!

Your advice gentlepersons?
Life really is a banquet - and truly - most poor sucker are starving! Enjoy the ride baby.
Anonymous Coward
User ID: 299811
United States
01/08/2008 01:26 PM
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Re: OKAY... TIME TO BUY SOME MORE GOLD
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GLP