APMEX, Wire Transfer from Ally and Pitfalls to Avoid

[buddtholomew]

Title sums it up! Looking to tax loss harvest GLD and purchase the equivalent in physical from APMEX. Any guidance to offer or pitfalls to avoid for this virgin?

[flyingpylon]

I've had very smooth transactions with APMEX (including wire transfer).  They might not have absolute rock-bottom prices but they are competitive, and you don't seem to see "where's my gold?" posts about them either.

FWIW, the person I spoke to at my bank to do the wire knew their wire info by heart because apparently a LOT of people are using them.

Now if only they could have helped me avoid losing the goods in that unfortunate boating accident...

[buddtholomew]

Thanks for the vote of confidence. I used their online chat and the representative was helpful.

What differentiates a coin minted in one year over another? I see different prices quoted for coins minted in 1999, 2013 for example.

Keep under 10K?

[flyingpylon]

What differentiates a coin minted in one year over another? I see different prices quoted for coins minted in 1999, 2013 for example.

Keep under 10K?

I don't know for sure, except that new uncirculated coins always seem to be priced higher.  The older coins are "used" so there is less of a premium.  I suppose that means they could show slight signs of wear and tear, but I've had zero issues with that.

Not sure if there's any "real" reason to stay under $10k... the gubmint seems to know or find out about everything anyway.  Maybe someone else knows more about this and can provide advice.

[Pointedstick]

I've received a few coins from 30 years back or more with a minor scuff or two on them. Doesn't bother me. When you buy a new coin, what you're paying for is the certainty of that not happening.

[buddtholomew]

The odd thing is the older coins are more expensive.

[flyingpylon]

Hmm... you're right.  They have a new website and I don't think they offered coins by specific year the last time I purchased from them.  I was referring to the "random year" coins in my previous messages, which are lower than "current year" coins.

It almost looks like they are trying to market the "rarity" of certain years:

From 2007: Key Date! Mintage of only 140,016 coins! Lowest mintage 1 oz Gold Eagle in the series.

Maybe there is something to that, but I kind of doubt it.  For our purposes, we're not buying for collectibility.

[dragoncar]

No advice, but please do let us know how the wire transfer from Ally goes.  Planning to do one in the next month and a bit worried it'll be more of a hassle than physical bank.

[buddtholomew]

No advice, but please do let us know how the wire transfer from Ally goes.  Planning to do one in the next month and a bit worried it'll be more of a hassle than physical bank.

Will do. Seems straightforward enough at first glance.

[Sam Brazil]

Just my 2 cents, but it seems crazy to 1) wire money to a gold dealer that sends you gold 2) by mail and to pay via a 3) internet bank.

My understanding is that wires cannot be reversed, so you're screwed if you get into a dispute or your gold doesn't arrive.

Mail: Dangers are self explanatory.

The internet bank thing makes me nervous because if you do end up not receiving your gold, what will you do? At least with a physical bank, there's some chance that if you physically show up and make a stink, they'll try to make you happy and there are flesh and blood people you can look in the eye. What's the worst you can do with Ally? Call some random customer service rep thousands of miles away?

I much prefer to buy in cash in person with a local gold dealer who has prices that are same or better than APMEX. The only additional risk I take on is the risk of getting robbed when I walk out, which is negligible if you take common sense precautions.

[Reub]

Leave the Bentley at home. Don't wear the Gucci shoes. Open your eyes and look around every now and then. You know, the obvious.

[Mark Leavy]

Just curious. What would you consider common sense precautions to avoid getting robbed while making a large gold purchase?

Walk into the store with an empty 7/11 20oz coffee cup with a lid.  Walk out with a full coffee cup.

More than that and I wouldn't do it with cash/in person.

[Sam Brazil]

Just curious. What would you consider common sense precautions to avoid getting robbed while making a large gold purchase?

Don't go at night.

Don't go to a gold dealer in the middle of the ghetto.

If you find shady people hanging outside of the gold dealer, don't go in because they'll be there when you come out.

Watch around you when you go in to see if anyone is watching.

Try to find times when the area is crowded with normal pedestrians.

Don't dress flashy.

Don't leave the store with any overt packages indicating that you're holding valuables.

When you leave, make a bee line to safety (your car or your house)...don't mill about.

For the ultimate in safety, get a ride...have someone drop you off and wait outside to pick you up, that way you've only got several feet until you're locked in the car.

[Sam Brazil]

Just curious. What would you consider common sense precautions to avoid getting robbed while making a large gold purchase?

Forgot to mention, one common sense precaution is not making a large gold purchase...spread them out into smaller ones.

[mortalpawn]

Just curious. What would you consider common sense precautions to avoid getting robbed while making a large gold purchase?

Two words: Concealed Carry