Buying Physical Gold

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Scott 2
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Joined: Sun Feb 12, 2012 10:34 pm

Re: Buying Physical Gold

Post by Scott 2 » Wed Feb 22, 2017 9:28 am

@vexed87, I agree, the miners are a different type of exposure to precious metals. Someone could do something like the kitco pool accounts to get direct exposure without holding:

https://online.kitco.com/gold-silver-pool/index.html

What to own depends on the purpose of the person's investment.

Using pool style accounts, I believe it's also possibly to get exposure to precious metals in a retirement account, like an IRA. From what I recall, doing that while physically holding is difficult.

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jennypenny
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Location: Stepford USA

Re: Buying Physical Gold

Post by jennypenny » Wed Mar 01, 2017 1:07 pm

Miners seem low compared to physical gold right now.

If you're only talking about buying moderate amounts of gold, seriously consider jewelry as an alternative to gold bars. Jewelry sales don't have to be reported like bullion sales, so there isn't an immediate paper trail. It's easier and less expensive to get a jewelry rider for your homeowner's insurance policy. Many companies refuse to insure gold/silver because they consider it cash. It's also easier to transport jewelry and travel with a significant amount if you worry about getting stuck out of the country unexpectedly (when you might need quick cash). Someone carrying $10K worth of cash or gold bullion would get stopped immediately by TSA but someone wearing $10K in simple gold jewelry wouldn't arouse any suspicion.

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vexed87
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Location: Yorkshire, UK

Re: Buying Physical Gold

Post by vexed87 » Wed Mar 01, 2017 1:17 pm

JP wrote:...but someone wearing $10K in simple gold jewelry wouldn't arouse any suspicion.
how sure are you of that?* :lol:

http://i.dailymail.co.uk/i/pix/2016/07/ ... 040714.jpg

In all seriousness, it's a great idea, but even my simple wedding ring had a 80-100% markup on the gold spot price. That's one hell of a transaction cost. Then there's the appraisal on the sellers end. I guess if you were prepared to follow this through then one more skill to add the renaissance man's toolkit is DIY jewelcraft :)

*disclaimer, this is a lot more than 10K :P

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stayhigh
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Re: Buying Physical Gold

Post by stayhigh » Wed Mar 01, 2017 2:18 pm

jennypenny wrote:Someone carrying $10K worth of cash or gold bullion would get stopped immediately by TSA but someone wearing $10K in simple gold jewelry wouldn't arouse any suspicion.
$10K worth of gold bullion is just a few coins, just put them into your wallet or pocket along with other coins. In the worst case scenario, gold also can be easily melted and/or painted to make it look like other regular objects, so it will be even less suspicious. The best place to hide is in plain sight.

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