Can I buy gold with 500 bucks?
Submitted by G Class Stat on Wed, 09/17/2008 - 19:17
Thats as bout as much as I can spare at this point... but I know nothin about buying gold or any stocks/commodities.
Is this american gold dealer advertised here on DP any good?
How/where do I store this gold?
How do I profit from it?
»
Buy silver instead while you can....
Go to your local dealer and buy junk silver (the newer the better though....the old stuff has worn out significally.)
You could barter with oxen
you could barter with oxen like the fed chairman suggested to
Ron Paul after the Doctor mentioned gold. im not sure if it was greenspan or bernanke but its on youtube.
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Yes you can
American Gold Eagles come in sizes of 1 oz., 1/2 oz., 1/4 oz., and 1/10oz.
At today's prices, you should be able to buy 1/2 oz. and a 1/10 oz. coin or about for $500. (maybe not the 1/10 depending on the dealer)
However, I would follow the recommendation to instead buy silver with that amount of FRN's at least until you have about $1000 face value or so of 90% coins. (about 7250 FRNs)
Only then would I switch to gold simply because it is easier to transport larger amounts of money because it weighs less per value. (a 1/2 oz. gold eagle is about the size of a quarter and will cost you about 444 FRNs yet putting that amount to silver quarters would net you about 201 of them at about 2.20 FRNs each. So with silver you have more to carry and store for the same value of FRNs as gold)
BUT
ALWAYS BUY PHYSICAL AND TAKE DELIVERY!!
Stay away from margins and ETF's/mining Stocks.
Actual silver and gold is no one's liability, and you don't have to pay someone to store it or insure it. And if you know how to hide it, you don't need a safe either. (unless you have a whole bunch of it, then a safe is recommended)
AND DON'T PUT ANYTHING OF VALUE in a 'safety deposit box.' The Feds WILL confiscate anything in there if they want to. Despite what your bank or the Feds tell you. Don't believe me? Go ahead and risk it then....
Go to a local coin shop.
Ask what they have: "junk" silver coins, silver bullion, maybe some tenth-ounce gold coins. They will sell to you for cash so there is no record. Don't buy rare or "numismatic" coins unless you are very knowledgeable about them.
Before you buy precious metals, however, attend to some more basic survival needs like gun, ammo, "bug out bag" (a backpack that contains food and shelter items that will enable you to spend a week outdoors in any kind of weather) and stock up on good storage foods and clean water.
New Hampshire and Ecuador
I deal with Bullion Direct
I just put another order for 20 silver eagles at $16.15.
http://www.bulliondirect....
I paid by check to get a discount of about $13.00. Shipping is about $10.40 reg., or 19.40 insured added to that price. The other day I purchased 40 coins @ $14.80. These are 'delayed' and will fulfill my order when their warehouse gets to it. They say they are experiencing unprecedented volumes of orders right now due to market crashing. So I am patient and trust it will be fine. The last time I bought silver coins it was at Smyrna Coins in TN. But I paid too much there. I like Bullion Direct.
If you really want gold and only have $500, I would purchase .10 oz gold eagle coins. You can get about 4 coins right now at about $99 a piece. I like the .10oz gold because in a crisis its way easier to trade for things.
My next bit of money will go into .10oz gold now that I got my goal in silver this past year.
If you buy from Bullion
If you buy from Bullion Direct or Swiss America, how do you avoid it being reported to the IRS? I don't know of any local coin shops in MA.
“Liberty means responsibility. That is why most men dread it.” -George Bernard Shaw
Well,
evaluate your situation. Each of us have a different situation. What I have done is started buying a little freeze dried foods (holds up for like 20 years) , bought a gun some ammo, bought a little silver, smaller size gold. Buy gold and silver local (go somewhere you pay cash and no receipts). Make a list of stuff you think you may want to get. Try to first bring down debt also put aside a little to get these other things. It can be done if you put a little aside for each. It works really. I had an Aunt who carried a little note book and wrote down every single dime she spent, she died a wealthy woman. Peace
Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.
So... buying gold and silver is more for survival?
Bartering and purchasing stuff for when the dollar is useless?
For what though?
If the proverbial sh^t hits the fan... all I need to survive (and for my family) is 1 canteen of water a day, about 2600 calories of anything and a fresh pair of socks. And of course weapons. What would I need to buy if North Carolina goes Mad Max? I guess more weapons and ammo... fuel? To go where?
Semper Fortis
http://www.jbs.org/
Semper Fortis
Its not just for "survival" its for "preservation" of wealth.
If they start hyper-inflating like crazy, then gold/silver will prevent that portion of your savings from being "inflated away."
Do some reading on what happens in countries when they hyperinflate (Zimbabwe, or Argentina decades ago, & the old German Weimar Republic before WWII). When hyperinflation begins occurring, the goal of most people is to convert their paychecks (or anything in gov't currency) into "hard" goods as quickly as possible; that way they have something to "barter with" -- because while the value of paper currency can go "poof" from one day to the next, anything that is a "hard" asset stays exactly the same from day after day.
Gold and silver are simply some of the most compact/portable and most universally recognized and understood of the "hard assets." It is easy to store the value of a house in gold coin -- it would fit in a shoebox -- but buying, storing and trading the same amount in virtually anything else (whether it was say Rice, or Car Tires, or well, whatever -- you'd have to have to fill your entire garage or possible a warehouse -- to store a "house" worth of anything else).
And when people become desperate for "stable" valuables, the value of PM's will rise even above what they are today. In short, if a depression hits, you may be able to by a fairly new car with just one or two ounces of gold -- or a house with a few dozen 1 oz gold coins (i.e. for a tenfold "flip" of their current valuation).
At the same time -- the PROBLEM with Gold/Silver is that while they "preserve" wealth, they are non-performing assets -- that is they do NOT pay you "interest" or "dividends" -- they just sit there NOT going "poof."
So a wise man -- one who knows the house of cards may crumble -- will set aside maybe 10% or 20% of his "savings" in PM's as a form of insurance against that day of disaster (while fully KNOWING that he is risking losing "current" value and losing potential "gains" from that choice).
But all investments have risks. Stick $500 in PM's and yes, the margin value on any given day may be down slightly or even significantly from what it was when you purchased it -- but it will NEVER disappear completely, and is likely to come back "up" in fairly short order; but by comparison, had you bought $500 in Lehman Bros stock... the ENTIRE value could have "disappeared" in a day, week, or a month when you weren't paying attention.
buy
silver shot!!!
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okay...sure...and..
.999 fine shot can be easily split up for smaller trades.
how about buying a meal?
how about buying a meal? buying gas? etc etc etc..
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
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Hahaha....very good points.
Hahaha....very good points. This might make me reconsider investing in silver actually. :)
Few questions...
Anyone use bullion direct? I was just on their site after I heard it recommended on a podcast posted on here a couple of days ago. How are their prices in comparison to local dealers? Also, how long will it take to receive shipment at this point? Finally, how do we pay without being tracked and leaving ourselves open to future confiscation?
Awesome podcast btw:
http://stevequayle.com/qf_september_15_2008.mp3
“Liberty means responsibility. That is why most men dread it.” -George Bernard Shaw
Hopefully, something like metals
would be useful when the SHTF for monetary purposes, which is what it has always been used for.
If you look at history, money has always been needed, and used.
It helps to smooth transactions between people who want to trade. But they might not necessarily want to trade their cow for the chickens that I might have. But, they'll take a form of money(metals) so they can then trade that for what they do want.
Again, historically, even when things go bad, people don't just hole up forever. They come out and form little communities. That's what will happen. New things will spring up.
Money is as old as man. It will be useful.
For purchasing in amounts like $500,
I think you'd be better off with silver, if you can find any.
Silver is cheaper to buy, has what would appear to be a much higher upside percentage for gain, and is small enough denomination to spend in a monetary crisis.
Gold is more for storing wealth in something with intrinsic value, in a relatively small form, and decent liquidity.
But the value is, and will be, so high that trying to spend it may be cumbersome. It's sort of like going into a store to buy a pack of gum and asking if they have change for a $10,000. If you know what I mean.
Although it would be fine if you were wanting to buy a car or a house, or something real big like that.
If the money fails, which it looks like it's maybe doing, then you have to look at the precious metals as potential money, and the values of the coins will come into play for "spendability".
Silver is a much more easily traded commodity for smaller purchases.
I have dealt with Bullion Direct
Right now my last order is waiting to be filled from 5 days ago since I paid by check
One min left
http://cgi.ebay.com/1-2-OZ-CREDIT-SUISSE-GOLD-BAR-999-RARE-B...
20mins left on this quarter ounce844est
http://cgi.ebay.com/1985-CANADIAN-GOLD-1-4oz-MAPLE-LEAF-9999...
Does my burka make my butt look fatwa?
Does my burka make my butt look fatwa?
1/10 Oz Gold Eagles
Although the premium is quite high (15-20%) I saw them listed today for around $90 each.
This is what I have been buying (1 a month plus some junk silver). I don't have cash for full 1 oz eagles. So it's that or no gold for me.
Good luck!
-LF
_______________________________________________________
"Let the good heart speak words of true peace, not inciting others to further war." -- B.I.S.
week ago
Bought 1/10 oz gold coins at $80 last week.
Dennis from Poker Face ---- protest rock - truth music
www.pokerface.com
Dennis from Poker Face ---- protest rock - truth music
www.pokerface.com
Hello
I'm a rookie at this but we have purchased gold and silver and we are not in it for the profit but for the security of purchasing power and or trade or bartering in the future. I am of the belief that the dollar will collapse. As for where to store it, that would be a personal preference but I would suggest keep it in your personal possession opposed to a say a banks' safety deposit box. Just hide it good. Also, try purchasing from a local gold/coin dealer to get an idea of what they are charging compared to online purchase plus shipping. Good luck.
If you only have $500 total...
Then investing ALL of your savings in PM's is pretty risky.
If it is a portion of what you have to invest -- i.e. it is what you are willing to risk or want to get OUT of dollars...
Then it might be better to buy silver rather than gold.
With Gold you're only going to get a couple of fractional ounce coins, meaning if/when you want to sell you have to sell out the whole works... with Silver (provided you can find it these days) you will get a lot more full-ounce coins, which makes it easier to sell small amounts should you need to liquidize it back into dollars.
Aha..
That answers my question 'fore I asked. Whats a good compay to go through?
Semper Fortis
http://www.jbs.org/
Semper Fortis
Go to a local coin shop.
Ask what they have: "junk" silver coins, silver bullion, maybe some tenth-ounce gold coins. They will sell to you for cash so there is no record. Don't buy rare or "numismatic" coins unless you are very knowledgeable about them.
Before you buy precious metals, however, attend to some more basic survival needs like gun, ammo, "bug out bag" (a backpack that contains food and shelter items that will enable you to spend a week outdoors in any kind of weather) and stock up on good storage foods and clean water.
New Hampshire and Ecuador
get pre 64 silver US dimes!
get pre 64 silver US dimes! that is what I would buy with 500.00!
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐
You might consider buying
You might consider buying silver coins as well or instead of the gold. If gold & silver bounce back to where they were even 2 months ago you will gain more with silver. Currently silver:gold ratio is approx 72:1 but for most of this year it has been somewhere around 52:1. If that ratio gets back to 52:1 silver will have a greater gain.
...
You can buy fractions of an ounce or you can buy grams.
With that amount, you might want to look at silver.
I can recommend Swiss America: http://www.swissamerica.com/
Just give them a call.
If you're only buying a half-ounce coin, it shouldn't be too hard to protect it.
Profit?
This is about survival.
___________
Lisa C.
**This space is available.**
Ron Paul "Sign Wave Across the USA" -- November 5th!
Not to discourage you. But
Not to discourage you. But this is a topic that's been beaten to death around here. Look in some of the old posts about gold and silver and you will find a treasure trove of sources for gold and silver on your budget and what to do with it when you get it.
Things are only impossible until they are not.
-- Jean Luc Picard
Things are only impossible until they are not.
-- Jean Luc Picard
http://cgi.ebay.com/10-20...
http://cgi.ebay.com/10-2008-1-4-Oz-Ounce-American-Eagle-Gold...
There are several others listed too.
Trust in God, but tie your camel tight.
"Socialism needs two legs on which to stand; a right and a left. While appearing to be in complete opposition to one another,they both march in the same direction." - Paul Proctor
Yes
You can buy a half ounce gold coin with change left over. At your local coin store. Or from APMEX.