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 Feb 11, 2015 3:40 pm

sophie wrote: You won't find anything useful in Manhattan.
Why is that? Markup?
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Re: Where and how do you purchase physical gold?

Post by Reub » Wed Feb 11, 2015 4:27 pm

I know a guy who knows a guy who buys a lot of gold in Manhattan. I'll see if I can find out who.
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Re: Where and how do you purchase physical gold?

Post by Reub » Wed Feb 11, 2015 6:19 pm

bedraggled wrote: Can anyone recommend a gold coin dealer in New York City.  Manhattan preferable>  What % over spot are the charges, if anyone knows.

Thanks.
The place in Manhattan that a friend of a friend uses is Manfra, Tordella, and Brookes.

http://www.mtbcoins.com/code/headquarters.html

212-981-4550

They're in Midtown Manhattan.

I know that this person has purchased a lot of gold from them but I don't know much about them except they're in business for 57 years.

Here's an old article about them:

http://www.marketwatch.com/story/bullio ... 2010-07-23

"SAN FRANCISCO (MarketWatch) -- Apart from a New York City phone book listing, gold dealer Manfra, Tordella & Brookes, Inc. does no advertising. Lights are on all day because the shop sits in a basement.

Yet MTB, as the firm is known, has never been busier. Every day, people find their way to the Manhattan store with one thing in mind: getting their hands on gold bullion coins, as soon as possible and as much as possible, before the financial Armageddon they fear renders the dollars in their pockets worthless."

"MTB is one of only eight authorized firms in the U.S. able to purchase U.S. Mint bullion coins directly and sell them to coin shops nationwide and abroad. The U.S. Mint does not sell bullion coins to the public, as it does with commemorative and other coins.

In addition to the new swarm of retail customers, MTB saw heightened interest from European coin retailers. "They couldn't find enough coins in Europe, and they were buying from us."

After checking their website, they seem legit and first class, even offering segregated storage services and insurance with direct buying access to the US Mint for bullion coins.

Please let me know how it works out.
Last edited by Reub on Wed Feb 11, 2015 6:50 pm, edited 1 time in total.
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Re: Where and how do you purchase physical gold?

Post by technovelist » Thu Feb 12, 2015 9:52 am

Reub wrote:
bedraggled wrote: Can anyone recommend a gold coin dealer in New York City.  Manhattan preferable>  What % over spot are the charges, if anyone knows.

Thanks.
The place in Manhattan that a friend of a friend uses is Manfra, Tordella, and Brookes.

http://www.mtbcoins.com/code/headquarters.html

212-981-4550

They're in Midtown Manhattan.

I know that this person has purchased a lot of gold from them but I don't know much about them except they're in business for 57 years.
I have dealt with them in the past over the phone and through the mail, quite satisfactorily. But it has been probably 10 years since my last transaction with them, so I can't give you any current information.
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Re: Where and how do you purchase physical gold?

Post by barrett » Thu Feb 12, 2015 10:08 am

Just called Manfra, Tordella, and Brookes and the current process when buying from them is quite complicated. To get into the building you need to sign in and get fingerprinted (anyone put off yet??). Then they issue you a key card which gets you into their office upstairs.

They charge 3 & 3/4% over spot for Eagles plus $50 or 1% whichever is higher. With a spot price of $1223 I was quoted $6407.25 for five coins which works out to 4.8%.

The guy I spoke with said, "It's easier to get into the Pentagon than it is to get into our building right now."

Not good. Next suggestion?
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Re: Where and how do you purchase physical gold?

Post by MachineGhost » Thu Feb 12, 2015 10:33 am

barrett wrote: Not good. Next suggestion?
Not sure what the issue is.  Use an Internet dealer.  There's several reputable ones.
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Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet.  I should not be considered as legally permitted to render such advice!
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Re: Where and how do you purchase physical gold?

Post by barrett » Thu Feb 12, 2015 11:10 am

MachineGhost wrote: Not sure what the issue is.  Use an Internet dealer.  There's several reputable ones.
I can't speak for anyone else but I prefer to buy gold in person, if possible.
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Re: Where and how do you purchase physical gold?

Post by Reub » Thu Feb 12, 2015 2:38 pm

There are many buildings in Manhattan that require photo and fingerprinting. I wouldn't let that part deter me. I haven't purchased physical gold in a while so is 4.8% over spot too much?
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Re: Where and how do you purchase physical gold?

Post by barrett » Thu Feb 12, 2015 3:02 pm

Reub wrote: There are many buildings in Manhattan that require photo and fingerprinting. I wouldn't let that part deter me. I haven't purchased physical gold in a while so is 4.8% over spot too much?
Yes, you are correct about that, Reub. Many buildings do require it. That 4.8% was based on buying five Eagles. Because of the way they figure their price (see my last post), if you bought one coin it would be at about 7.8% over spot. The lowest you could possibly pay with MTB for a multiple-coin purchase is 4.75%.
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Re: Where and how do you purchase physical gold?

Post by Reub » Thu Feb 12, 2015 5:44 pm

Isn't 5% about what it would cost from low cost internet dealers?
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Re: Where and how do you purchase physical gold?

Post by MachineGhost » Thu Feb 12, 2015 6:29 pm

Reub wrote: Isn't 5% about what it would cost from low cost internet dealers?
2.95% at APMEX buyback price, or 4.65% above spot bid, using cash/bank wire.  7% at buyback or 9.2% above spot bid using CC/Paypal.  You need to be careful because sometimes certain categories have historically low premiums above spot that are a better deal, whether that be foreign bullion or pre-1933.  Don't buy blindly; search for value.  This is helpful: http://www.goldprice.org/gold-prices/
Last edited by MachineGhost on Thu Feb 12, 2015 6:35 pm, edited 1 time in total.
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Re: Where and how do you purchase physical gold?

Post by Mike59 » Mon Feb 16, 2015 6:58 pm

I suppose we're lucky north of the border, there are no shortage of places to buy physical:

1. Major banks: scotia, TD in particular allow you to buy it from the customer service desk and have it delivered to the branch

Some reliable online options:
2. www.bordergold.com
3. www.silvergoldbull.com
"Thanks, give me the gold" - Kyle Bass
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