Where and how do you purchase physical gold?

Discussion of the Gold portion of the Permanent Portfolio

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dualstow
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Re: Where and how do you purchase physical gold?

Post by dualstow » Wed Apr 11, 2018 1:04 pm

Jack Jones wrote:I don't have enough cash in taxable space to buy physical gold yet, but I'm planning on buying it from a brick and mortar place for privacy. I imagine I can walk in, buy a coin with cash and walk out without them knowing anything about me, right?
I think that's true, at least until an ounce is more than $10,000. I don't know for sure, because I used a personal check, never cash.
It seems unlikely that someone would go out of their way to buy a coin here and a coin there, at multiple local dealers, just to hide a large purchase. It would be more trouble than it's worth. So I would imagine you're right.

I found this. Hmm. https://www.caseyresearch.com/this-is-t ... cking-you/
buddtholomew wrote:
dualstow wrote:^ Hmm, I wonder if I missed my chance. ^
Short-term thinking, I know.
Nah, premium is 2.2% and gold is up less than 1%...the way I see it you are up 1.2% ;)
O0
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Re: Where and how do you purchase physical gold?

Post by buddtholomew » Wed Apr 11, 2018 1:11 pm

Bye bye gold...

Welcome back!
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Re: Where and how do you purchase physical gold?

Post by ochotona » Fri Aug 31, 2018 1:04 pm

Has anyone had experience buying from SD Bullion? Good, bad? Their prices seem very low.
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Re: Where and how do you purchase physical gold?

Post by ochotona » Sun Sep 09, 2018 6:49 am

Texas Precious Metals no longer has good prices. I don't know what happened but I won't buy from there now.
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Re: Where and how do you purchase physical gold?

Post by ochotona » Sun Sep 09, 2018 5:42 pm

ochotona wrote:
Sun Sep 09, 2018 6:49 am
Texas Precious Metals no longer has good prices. I don't know what happened but I won't buy from there now.
The CREDIT CARD prices are in the left-most column. They are much higher than CASH / CHECK / WIRE prices. I was comparing Tex CC prices vs. everyone else's cash prices. Silly me. I suggested they make the CC prices the right column, not the left. People read left-to-right.
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Re: Where and how do you purchase physical gold?

Post by dualstow » Sun Sep 09, 2018 6:44 pm

yeah, that’s weird. Put your cheapest price first unless you want to scare off customers!
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Re: Where and how do you purchase physical gold?

Post by Ad Orientem » Mon Sep 10, 2018 10:43 pm

I haven't done anything in gold for a while, however, I generally prefer local businesses assuming their prices are reasonable. Sometimes though one can find some very good deals online. The only precious metals purchases I've made lately were all silver and I got 400 ozs for .49 cents over spot from JM Bullion.
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Re: Where and how do you purchase physical gold?

Post by Lonestar » Mon Sep 17, 2018 8:33 am

ochotona wrote:
Sun Sep 09, 2018 5:42 pm
ochotona wrote:
Sun Sep 09, 2018 6:49 am
Texas Precious Metals no longer has good prices. I don't know what happened but I won't buy from there now.
The CREDIT CARD prices are in the left-most column. They are much higher than CASH / CHECK / WIRE prices. I was comparing Tex CC prices vs. everyone else's cash prices. Silly me. I suggested they make the CC prices the right column, not the left. People read left-to-right.
So with that considered are their cash prices still good compared to other dealers?
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Re: Where and how do you purchase physical gold?

Post by ochotona » Mon Sep 17, 2018 8:56 am

Lonestar wrote:
Mon Sep 17, 2018 8:33 am
ochotona wrote:
Sun Sep 09, 2018 5:42 pm
ochotona wrote:
Sun Sep 09, 2018 6:49 am
Texas Precious Metals no longer has good prices. I don't know what happened but I won't buy from there now.
The CREDIT CARD prices are in the left-most column. They are much higher than CASH / CHECK / WIRE prices. I was comparing Tex CC prices vs. everyone else's cash prices. Silly me. I suggested they make the CC prices the right column, not the left. People read left-to-right.
So with that considered are their cash prices still good compared to other dealers?
They seem OK. Not the best the day I looked, but leadership changes all the time for different products.
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Re: Where and how do you purchase physical gold?

Post by ochotona » Tue Mar 05, 2019 8:20 pm

Sophie, someone in the NYC area is asking me where to buy gold bullion. Any suggestions about local dealers? (they don't charge sales tax on local gold sales there, do they?)
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Re: Where and how do you purchase physical gold?

Post by sophie » Wed Mar 06, 2019 6:58 am

There are several in midtown Manhattan. Check google for listings and ratings. Oddly, I haven't tried any yet but I plan to next time I get around to buying gold. A couple have reasonable markups, and picking up in person saves on shipping fees.

There's no sales tax on gold as long as your purchase is over $1,000, and the gold isn't in the form of jewelry or similar.
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Re: Where and how do you purchase physical gold?

Post by Don » Wed Mar 06, 2019 10:21 am

sophie wrote:
Wed Mar 06, 2019 6:58 am
There are several in midtown Manhattan. Check google for listings and ratings. Oddly, I haven't tried any yet but I plan to next time I get around to buying gold. A couple have reasonable markups, and picking up in person saves on shipping fees.

There's no sales tax on gold as long as your purchase is over $1,000, and the gold isn't in the form of jewelry or similar.
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Re: Where and how do you purchase physical gold?

Post by ochotona » Sat May 11, 2019 1:53 pm

At some point in the future we're going to know if physical gold was worth it or not. If physical and ETFs track well enough during the next gold panic buying episode or bubble, then there was no point to owning physical; let the selling begin. We won't know for a while.
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Re: Where and how do you purchase physical gold?

Post by pmward » Sat May 11, 2019 2:26 pm

ochotona wrote:
Sat May 11, 2019 1:53 pm
At some point in the future we're going to know if physical gold was worth it or not. If physical and ETFs track well enough during the next gold panic buying episode or bubble, then there was no point to owning physical; let the selling begin. We won't know for a while.
I still think there would still be value in having some physical since it is the only asset we can directly own physically in hand. But I don't think I would want my entire stash in physical. I have a number in mind that I would like to build up to in physical, and once I'm there I would be personally comfortable in either a low cost unallocated account or low cost ETF for the rest. The idea would be to never sell any of the physical I'm holding except in the event of an emergency where there is no other choice. That would make it ultimately lower cost over my lifetime than unallocated accounts or ETF's.
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Re: Where and how do you purchase physical gold?

Post by dualstow » Sat May 11, 2019 2:51 pm

ochotona wrote:
Sat May 11, 2019 1:53 pm
At some point in the future we're going to know if physical gold was worth it or not.
...
heirs.
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Re: Where and how do you purchase physical gold?

Post by ochotona » Sat May 11, 2019 6:07 pm

dualstow wrote:
Sat May 11, 2019 2:51 pm
ochotona wrote:
Sat May 11, 2019 1:53 pm
At some point in the future we're going to know if physical gold was worth it or not.
...
heirs.
Actually, I was thinking of my Millennial and Gen-Z heirs. I guess it's OK to have the Executor hand out coins to the kids, but the mechanics of dealing with my GoldStar precious metals IRA, with the custodian and the dealer both involved, and the forms that have to be properly filled out and sent around... I'd rather sell the physical and send the cash back to my Schwab IRA and by gold ETFs well in advance when I'm still healthy enough and make the final distribution easier for them.
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Re: Where and how do you purchase physical gold?

Post by vnatale » Sun Jan 26, 2020 7:16 pm

stuper1 wrote:
Sat Mar 01, 2014 12:29 pm
I can also give a strong recommendation for CNI.  I just finished my first gold purchase through the mail from them, and everything worked out well.  I wanted Krugerrands, and my local dealer hardly ever has them.  I called up CNI, locked in the price, and sent them a personal check.  They said the coins would mail out two weeks after they received the check, and that is exactly what happened.  The coins arrived in a non-descript, but very well packed, box.  I believe shipping is free for purchases over $2k.  I was a little put off by having to wait two weeks, but unless you want to pay about $30 for a bank transfer, that's what you have to do.  Fortunately, I could watch the value of my coins going up during that two weeks, even though I didn't actually have them in my possession.  The price is locked in on the first phone call.
Stuper1,

I know you are still active here.

Are you still buying from them? If so, any changes in what you describe above?

Vinny
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
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Re: Where and how do you purchase physical gold?

Post by vnatale » Sun Jan 26, 2020 7:27 pm

sophie wrote:
Mon Feb 09, 2015 8:46 am
You won't find anything useful in Manhattan.  There's a coin dealer in Paterson, NJ and I know someone who has bought gold bars there several times, but the neighborhood is a little funky and it's hard to get to by public transportation.

Online purchases work well.  If you don't have a front desk or a VERY trusted neighbor to take the package for you, the post office will hold it for you to pick up - it's registered so they can't just leave it in your vestibule.  Alternatively, consider getting a PO box for packages.
I'd think that "public transportation" would be the last mode of transportation I'd want if I had physical gold on me!

But I love the suggestion in the last paragraph. Prior to reading it I was wondering how safe it'd be to have physical gold to be sitting in my rural mailbox all day long and fully available to anyone walking or driving or bicycling by it.

VInny
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
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Re: Where and how do you purchase physical gold?

Post by vnatale » Sun Jan 26, 2020 7:37 pm

Mike59 wrote:
Mon Feb 16, 2015 7:50 pm
ochotona wrote: Mike is SilverGoldBull a reliable firm for physical storage in Canada for U.S. Citizens?
When it comes to storage, I don't know much about that but there was a link at the bottom of the page that links to here: https://silvergoldbull.com/storage.html so it looks like they do.

quick political rant since you mentioned storage in Canada:
In all honesty as a Canadian I don't trust our greedy (especially provincial) governments as far as I can throw them. Our fiscal conditions are much like the US (perhaps worse off in some areas like Ontario), with an even more secretive central bank. If the country elects Federal Liberals in the next election I'd move your gold outta here, because they believe strongly in equalizing wealth and I've felt it personally in my province. Outlawing gold ownership in an end-game scenario or flat out confiscating it would not surprise me the least bit, they have billions to waste and will continue to stick it to us. They are also in bed with the IRS, your investments are not safe here and information exchange is free flowing. I'm researching gold storage in a very early stage and am looking outside of Canada for some of my allocation for what it's worth. Off the soapbox, big breath... :D
Smith1776!

You have any comment on the above???!

Vinny
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
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Re: Where and how do you purchase physical gold?

Post by vnatale » Sun Jan 26, 2020 7:41 pm

grapesofwrath wrote:
Sat Mar 18, 2017 4:43 pm
sophie wrote: Grapes, I'm very happy with the Perth Mint solution for the portion of my gold allocation that isn't in ETFs in retirement accounts or in physical gold. You hinted that you're very comfortable with unallocated as opposed to allocated...care to elaborate on that?
Hi Sophie. The Unallocated at Perth Mint is supposedly backed up by their "working inventory" of gold and the allocated is supposedly a chunk of gold on a shelf somewhere with a post-it note with your name stuck on it. I practically can't see the actual gold in either option. In both cases I would have to have faith that they will honor me down the road. So I really can't see the difference. Ultimately one has to have to have some faith, and a level of trust is required with holding any asset (stocks, bonds, real estate, treasuries...) and any institution (broker, company, town, country , treasury department, bank safety deposit, insurance company, legal protection). I realize my risk is that Perth Mint don't honor me. I find that (hopefully) small risk easier to sleep with than issues with storage, fees, purity, scams, theft, torture etc. Being a gold middle man is all Perth Mint has done for >hundred years and it operates in a country and legal system that is as solid as any other (as I mentioned I lived in Australia once for ten years). Another reason I chose the unallocated program is I have over the minimum 250k so I pay zero in purchase fees and storage which I couldn't do with ETFs and/or buying coins/bars at a gold dealer which is a bleed on such a "passive" asset. I want to own a bit of gold for diversification. Also I like that with Perth mint I automatically get some instituitional and geographic diversification. I don't buy into the "great collapse" and "zombies coming" scenarios. My biggest fear is myself.
Worth resurrecting. Excellent exposition on the reasons for being okay with going with unallocated at Perth Mint.

Vinny
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
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Re: Where and how do you purchase physical gold?

Post by vnatale » Sun Jan 26, 2020 7:48 pm

blue_ruin17 wrote:
Wed Mar 21, 2018 5:32 pm
For physical (40% of my gold allocation) I order from silvergoldbull.ca. Free, fast shipping; usually the lowest premiums I can find. Online dealers are pretty much the only way to go, IMO -- brick and mortar dealers just can't compete.

For international storage (40% of my allocation) I use Goldmoney Personal. For Canadians, it is the best service for allocated gold storage in its class. I researched the fine print of their services intensively before investing with them, and was sold on their strong commitment to ensuring that every single gram of gold that a customer owns is absolutely, 100% fully allocated and accounted for. They even created and patented a ledger system specifically created for that purpose (Google: Aurum closed loop private ledger). They have public, detailed contingency plans for bankruptcy which are structured in such a way that keeps customer gold away from creditor or court pockets. Redemption for physical, delivered to your door, isn't a process that is buried in fine print, it is a main feature of the service. Overall, an excellent service, the best way to hold physical gold in an allocated account in an overseas vault, IMO.

HOWEVER... and here comes a huge caveat: Goldmoney Personal recently stopped accepting new accounts and has frozen the service to include only already existing customers. A new service, Goldmoney Holding, was launched...and it is terrible. So far, they have kept their promise to let Goldmoney Personal customers to continue using the platform, but inevitably, at some point they will surely for a migration to the Goldmoney Holding platform, and I will promptly take my business elsewhere, assuming the problems with Goldmoney Holding have not been eliminated by that point.

The last 20% of my gold allocation is held in my Tax Free Savings Account in the CGL.C.TO ETF (Canadian GLD, essentially), for tax-free balancing purposes.
Blueruin17!

I know you are also still active here.

Any updates on any of the above? I was completely impressed with your level of due diligence!

Vinny
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
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Re: Where and how do you purchase physical gold?

Post by vnatale » Sun Jan 26, 2020 7:54 pm

MangoMan wrote:
Sun Mar 25, 2018 10:31 am
Libertarian666 wrote:
boglerdude wrote:Taxes can also sop up dollars

I dont know how easy it is for the rich to leave the country if they get too high...
It's not that hard, although still quite annoying. The main issue is getting another citizenship and giving up your US one.
The question is: If the rich want to leave, where would they go? If tax rates go that high here, they will certainly be even more confiscatory in Europe, Australia, etc. I don't know about you guys, but I think I would have a tough time moving to Asia or South America, and it may not be much better there anyway.
I'd not even give a thought to leaving this country. I always say that though I'm 100% genetically Southern Italian, I'm 100% culturally American. All my passions are this country based. On top of that, I'm an extreme provincial.

Vinny
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
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Re: Where and how do you purchase physical gold?

Post by vnatale » Sun Jan 26, 2020 8:03 pm

barrett wrote:
Fri Mar 16, 2018 1:27 pm
Hey all,

Anything recent to add to this thread? Specifically, does anyone here in the Northeast have experience with a gold dealer where they buy and sell in person? I'm in central CT but often travel between Philly and Boston.

Obviously I am looking for a place that does not sell for way over the spot price, and that also buys back at, or very close to, spot. Have NOT been able to find that here in CT where I keep finding places that charge 6.5% over spot.

Otherwise, any recent good or bad experiences with mail-order places like APMEX, Kitco, CNI, etc.?

Thanks!
This Topic originated in March 2014.

Barrett resurrected it three years later in March 2017 and it kept going with its last post in May 2019.

Anyone have any updated related to the Topic title?

I've got a lot of good information from what I found so far within this topic.

Vinny
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
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Re: Where and how do you purchase physical gold?

Post by Kriegsspiel » Sun Jan 26, 2020 8:07 pm

vnatale wrote:
Sun Jan 26, 2020 7:27 pm
sophie wrote:
Mon Feb 09, 2015 8:46 am
You won't find anything useful in Manhattan.  There's a coin dealer in Paterson, NJ and I know someone who has bought gold bars there several times, but the neighborhood is a little funky and it's hard to get to by public transportation.

Online purchases work well.  If you don't have a front desk or a VERY trusted neighbor to take the package for you, the post office will hold it for you to pick up - it's registered so they can't just leave it in your vestibule.  Alternatively, consider getting a PO box for packages.
I'd think that "public transportation" would be the last mode of transportation I'd want if I had physical gold on me!

But I love the suggestion in the last paragraph. Prior to reading it I was wondering how safe it'd be to have physical gold to be sitting in my rural mailbox all day long and fully available to anyone walking or driving or bicycling by it.

VInny
One time when I ordered gold online, I came home from work to find a little box of gold coins sitting on the front doormat of my garden apartment!
You there, Ephialtes. May you live forever.
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Re: Where and how do you purchase physical gold?

Post by Libertarian666 » Sun Jan 26, 2020 8:12 pm

vnatale wrote:
Sun Jan 26, 2020 7:27 pm
sophie wrote:
Mon Feb 09, 2015 8:46 am
You won't find anything useful in Manhattan.  There's a coin dealer in Paterson, NJ and I know someone who has bought gold bars there several times, but the neighborhood is a little funky and it's hard to get to by public transportation.

Online purchases work well.  If you don't have a front desk or a VERY trusted neighbor to take the package for you, the post office will hold it for you to pick up - it's registered so they can't just leave it in your vestibule.  Alternatively, consider getting a PO box for packages.
I'd think that "public transportation" would be the last mode of transportation I'd want if I had physical gold on me!

But I love the suggestion in the last paragraph. Prior to reading it I was wondering how safe it'd be to have physical gold to be sitting in my rural mailbox all day long and fully available to anyone walking or driving or bicycling by it.

VInny
That will never happen. Registered mail must be signed for by everyone who handles it. It cannot be left in a rural mailbox.
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