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Bought gold? Share your experience here.

I'd like to buy gold, but the notion still seems to me a very foreign thing, indoctrinated as I am in the Way of the greenback. I feel like there's no way to gauge whether I'm going to be ripped off. Goldline, for example, is a total scam, and I'm wary of other gold sites because of it.

So, if you did buy gold, what was your experience? Did you have to shop around much? What should one be wary of? And who did you ultimately settle with?

And are you satisfied? Well.. I guess the satisfaction will come after certain events within a year or two, huh..



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Find a reputable company

And get your precious metals delivered. I don't even trust security boxes in banks. Of course you'd have to either get a safe or be real smart about hiding places.

I knew nothing about the precious metals market when I made my purchases, and don't really feel motivated to research the issue deeply. I heard the best "store of value" purchase is bullion coins, so that's what I bought. I first purchased some french francs from Midas Resources (the company that's advertised on the Alex Jones show) at what I later found out was an inflated price.

A friend recommended California Numismatic Investments, so I ended up buying the bulk of my gold and silver from them - after doing some comparison shopping I found that their prices were the lowest. Their buy-back price seems to be higher than other companies I've looked at as well. I purchased a few years ago and the value of my coins (even the ones from Midas) have gone up a bit over 50% since then, so it was definitely a good buy.

Good luck with your investment!

Pay Dirt.

I've thought about this a bit, but haven't acted on it yet. So, I can't say how good of an idea it is, but maybe you'll like it. Since I'm kind of worried about getting ripped off too, I've been thinking about how I could assure myself about the value of gold I intend to buy. I figure that the kind of people capable of making fake, or diluted gold coins, would also be able to subvert simple tests that I'd be capable of doing. So, instead of buying gold or jewelry from a typical source, why not buy gold directly from someone working a placer deposit. Native gold is usually quite pure and it would be hard to replicate the look of nuggets, flakes and flour gold. Nuggets are also often worth more than their weight if they look pretty. You could always smash them into a coin if you couldn't find a better way to use it or make a coin, and all you would need is a balance to prove its worth.

Have you looked into

Have you looked into Everbank?

https://www.everbank.com/personal/precious-metals.aspx

My thinking is a seller like Everbank would be more reliable and trustworthy than a small shop (unless one has a longstanding personal relationship with the shop owner) and questions regarding buyer/seller responsibilities and the quality and value of purchases would be greatly diminished.

Visit local coin shops

or cash for gold places. I sell bullion coins myself and I also sell bars the problem is that I run out of inventory very quickly. The markup you can expect at most places is 5% above spot if you are buying and just a few bucks below spot if you are selling normally about 3%. Make sure you know the troy ounce gold content of the coin or bar not the troy ounce of its weight. There is a difference since most coins are usually between 21 karat to 22 karat. I like the Krugerands personally because they don't have a denomination and the gold content is exactly one troy ounce allthough the coin as a whole is heavier. I'm going to leave a public dropbox link up for the next day or two so you can download a pdf of an old gold booklet I have. It's a great quickstarter for buying. Here is the link: https://dl.dropbox.com/u/2081115/Gold.pdf

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    Thanks

    for the guide.

    Some advice...

    I've been buying Silver, never seem to have enough $ for Gold ;-(

    Same principles apply though...
    Go for "Bullion Coins", not Collectables.
    Shop around for best price above "spot" (Price on charts from Kitco.com), don't forget about shipping costs.
    Watch for any "Special Offers".

    1 Ounce Coins (Eagles, Maple Leafs, Krugerrands, etc.) are your best bet. Smaller sizes are available, but the cost per ounce goes up as the sizes go down.

    Check here for a list of dealers/prices http://www.goldshark.com/ and here http://comparegoldprices.com/

    Read Peter Schiff's guide here...
    http://www.goldripoffs.com/

    Pick a dealer (or two), set up an account, watch the charts for a "Dip", then BUY!

    Don't worry when the price goes down just after you buy, it always does that! Check back in a month or two. ;-)

    I have bought some gold at

    I have bought some gold at various points. I really seem to gravitate to US circulation gold (not modern US Mint bullion gold). I find it fun to put collections together.

    However, I generally buy silver. It has a lower entry cost and a more volatile market that seems to make it easier to buy at troughs in the price. Just in the last year it has had two pretty good sized corrections. I generally buy locally for the convenience. Kearney Coin Center (http://kearneycoincenter.com/) is the local shop I frequent. They don't seem to have a lot online but the guy there is super friendly.