?Ettiquete? when Buying Gold

Discussion of the Gold portion of the Permanent Portfolio

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KodoCastle
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?Ettiquete? when Buying Gold

Post by KodoCastle » Fri Jan 18, 2019 1:24 pm

Hello all,

Getting into the PP, and there's a few gold sellers nearby, so I thought of buying directly from them as long as the price is as reasonable as online sites.

My question is, is it rude and/or unnecessary to test the gold coins if it's a reputable dealer? If that's the case, is there anything in particular that makes gold dealers reputable above-and-beyond normal business standards?
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Mark Leavy
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Re: ?Ettiquete? when Buying Gold

Post by Mark Leavy » Fri Jan 18, 2019 4:00 pm

If it's your first time visiting a place and you are new to holding physical gold...

I would just tell the owner that this is your first gold purchase - and you are excited - and a bit nervous about learning how to buy and sell.

Ask the dealer to show you how he tests for authenticity. He will probably demonstrate on the coins you are about to purchase. I think most dealers would be happy to educate a new customer, show off their gizmos and demonstrate how trustworthy they are - and make a sale.

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KodoCastle
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Re: ?Ettiquete? when Buying Gold

Post by KodoCastle » Fri Jan 18, 2019 7:55 pm

Thanks Mark, that makes sense. So there's no reason to buy a gold coin balance device if I'm buying in good shops then? The PP suggested it for private dealers, but I'm guessing that means 1-1 deals outside of a dedicated shop.
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Mark Leavy
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Re: ?Ettiquete? when Buying Gold

Post by Mark Leavy » Fri Jan 18, 2019 10:04 pm

KodoCastle wrote:
Fri Jan 18, 2019 7:55 pm
TSo there's no reason to buy a gold coin balance device if I'm buying in good shops then?
I wouldn't bother with it at a dedicated shop. They will have their reputation at stake - and you can be sure they individually tested any coins they bought from anyone other than a major metals dealer. The shop I use in PDX has some fancy ultrasonic gadget that I had never seen before. When I traded in a good number of coins a year or so ago - they individually tested each one on the counter in front of me. Even though I was a regular known customer. Honest gold people have no objection to anyone saying, "mind if I check?"

So, if you want to bring your own balance, no one is going to be offended.

The only possible issue would be if you are buying 24 carat coins. They lose value if scratched and the dealer might be nervous letting you handle them before purchase.
KodoCastle
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Re: ?Ettiquete? when Buying Gold

Post by KodoCastle » Fri Jan 18, 2019 10:09 pm

Understood. Thanks again for the insight. Currently only considering buying 1-troy oz coins per the HBPP recommendation, but it's nice to know what sort of items would be more of an "ask" for me to handle and check myself.
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