Where and how do you purchase physical gold?

Discussion of the Gold portion of the Permanent Portfolio

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

Post by sophie » Sat Mar 18, 2017 11:48 am

Just checked out Xan's new and improved search (thank you Xan). I was wrong - it wasn't dualstow it was barrett who came up with "fondle factor". Apologies barrett! That was a fun one.
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Desert
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Re: Where and how do you purchase physical gold?

Post by Desert » Sat Mar 18, 2017 12:42 pm

Sounds like barrett! :)

Never underestimate the value of fondling gold. When you're old, hard of hearing and grouchy, yelling at the neighbor boys to stay off your lawn, you don't want to be sitting in your rocker with a godforsaken ETF. Buy real gold, for the love of all that is sacred.
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dualstow
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Re: Where and how do you purchase physical gold?

Post by dualstow » Sat Mar 18, 2017 1:03 pm

O0
Whither TennPaGa?
On not looking: sometimes I think the sum total of my accounts has become my Precious. We likeses it too much, yes we do.
grapesofwrath
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Re: Where and how do you purchase physical gold?

Post by grapesofwrath » 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.
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dualstow
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Re: Where and how do you purchase physical gold?

Post by dualstow » Sat Mar 18, 2017 4:45 pm

"a bit" !!!
Whither TennPaGa?
On not looking: sometimes I think the sum total of my accounts has become my Precious. We likeses it too much, yes we do.
steve
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Re: Where and how do you purchase physical gold?

Post by steve » Thu Apr 20, 2017 7:40 am

I like to purchase from local dealer where I pay with a personal check and can walk out with gold in hand. Maybe not walk out the same day as purchase but soon after.
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ochotona
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Re: Where and how do you purchase physical gold?

Post by ochotona » Thu Apr 20, 2017 8:04 am

Most local dealers won't be competitive. You need to get comfortable with using insured shipping.
steve
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Re: Where and how do you purchase physical gold?

Post by steve » Thu Apr 20, 2017 5:03 pm

ochotona wrote:Most local dealers won't be competitive. You need to get comfortable with using insured shipping.
In my area I found a local dealer that is competitive, I agree not all are, I once walked out of a place when a dealer would not meet the price he quoted over the phone.
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Re: Where and how do you purchase physical gold?

Post by barrett » 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!
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Xan
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Re: Where and how do you purchase physical gold?

Post by Xan » Fri Mar 16, 2018 1:35 pm

Ocho, how do you do insured shipping? Last time I looked into shipping insurance (it wasn't for gold, in case anyone cares) it was something like $1.50 for every $100 being shipped. Meaning... The carrier plans on completely losing or destroying one out of every 67 packages.

That means there's got to be a cheaper way, I would think.
barrett
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Re: Where and how do you purchase physical gold?

Post by barrett » Fri Mar 16, 2018 1:58 pm

Xan wrote:Ocho, how do you do insured shipping? Last time I looked into shipping insurance (it wasn't for gold, in case anyone cares) it was something like $1.50 for every $100 being shipped. Meaning... The carrier plans on completely losing or destroying one out of every 67 packages.

That means there's got to be a cheaper way, I would think.
I'm not Ocho, but I was just quoted $4 for every $1,000 in purchases from Kitco... so about $52 for ten coins at $1,300 each.

Funnily, I was told that that charge "is nothing". But I don't think that means that they will actually drop the fee!

Does this mean that Kitco only loses one out of 250 packages?
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ochotona
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Re: Where and how do you purchase physical gold?

Post by ochotona » Fri Mar 16, 2018 2:54 pm

Texas Precious Metals folds shipping into their metal price. As far as shipping to them is concerned, they are 90 miles away, if I ever need to sell a large batch I'll just drive there. JM Bullion is in Dallas, APMEX in Oklahoma City, and I have US Coins locally in Houston, other redemption options.
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