Where and how do you purchase physical gold?

[Libertarian666]

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.

[barrett]

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?

[MachineGhost]

Not good. Next suggestion?

Not sure what the issue is.  Use an Internet dealer.  There's several reputable ones.

[barrett]

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.

[Reub]

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?

[barrett]

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%.

[Reub]

Isn't 5% about what it would cost from low cost internet dealers?

[MachineGhost]

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/

[Mike59]

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

[ochotona]

Mike is SilverGoldBull a reliable firm for physical storage in Canada for U.S. Citizens?

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

[Mike59]

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...

[ochotona]

I was thinking about Alberta, not the eastern liberal provinces. But, it doesn't sound really good about your Federales.

Mike is SilverGoldBull a reliable firm for physical storage in Canada for U.S. Citizens?

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,

[sophie]

You won't find anything useful in Manhattan.

Why is that? Markup?

Yes, if you're buying piddling amounts.  I've found lots of places who have "we buy gold" signs in the window, but I wouldn't trust them enough to buy coins.  The more reputable places had astronomical fees if you're not a major Wall Street company.  And I saw a couple of them mention charging sales tax - maybe due to misunderstanding the law because NY doesn't technically require it.

[StdDeviant]

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?

Why is that not good? I would not be put off at all by such security measures. The easier it is for me to randomly stroll into a gold dealer, the easier it is for some masked guys with machine guns to do so. I'd be fine going through that security. Now, if your fingerprints are on file with the FBI and you're on the Ten Most Wanted List, I suppose that's a different story!

[dualstow]

Seems like a great place to *store* one's gold. Except that it's in NYC.


P.S. The one Austrian I own is not nearly as shiny as their picture. http://www.mtbcoins.com/code/bullion_gold_03.html
Maybe mine's a fake.
P.P.S. It's every bit as shiny as the wiki page, though, even in its case. Whew.

[Libertarian666]

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?

Why is that not good? I would not be put off at all by such security measures. The easier it is for me to randomly stroll into a gold dealer, the easier it is for some masked guys with machine guns to do so. I'd be fine going through that security. Now, if your fingerprints are on file with the FBI and you're on the Ten Most Wanted List, I suppose that's a different story!

Dillon-Gage in Dallas isn't nearly that difficult to get into, and they have pretty good prices, especially if you convince them that you are going to do a lot of business with them and they open a wholesale account for you.

[grapesofwrath]

I use Perth Mint. I do transactions by phone. I use their unallocated program. I don't see the need to hold and fondle my gold.

[Libertarian666]

I use Perth Mint. I do transactions by phone. I use their unallocated program. I don't see the need to hold and fondle my gold.

That's heresy!

[ochotona]

Yah need ta fondle yer gold n yer gerns

[sophie]

Full credit for the phrase "fondle factor" goes to dualstow.

And, it's totally worth it, at least for a portion of your gold allocation. Seriously, if you haven't bought physical gold before, don't knock it before you do it. It's incredibly empowering.

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?

[dualstow]

Ha! Is that so? I don't even remember it.

[sophie]

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.

[dualstow]

[grapesofwrath]

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.

[dualstow]

"a bit" !!!