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 Replies: 18 / Views: 3,747 |
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New Member
United States
41 Posts |
about to make my first gold purchase, and wanted some input on what I should get. don't have much money to spend so looking at something under 1/4 oz gold content.
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Valued Member
United States
269 Posts |
By as big as possible, if thats 1/4oz fine, as you get lower I the fractional the higher the premium. APMEX have 1/4oz philharmonics and Krugerands at $364 (wire or check)right now, they are always popular. |
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Pillar of the Community
United States
2543 Posts |
I personally would stick with bullion as my first gold. Numismatic gold can be a slippery slope. The premiums can be outrageous and the resale market is very limited.
Bullion gold can also be tricky, at @$1300/oz , gold by the oz is a stretch for many collector's budget. Therefore the lower denominations become more popular because they are more affordable. Since they are more popular, the markup over spot reflects that. An oz of gold is $1400, but a 1/2oz can be $750, even 1/10oz can be $180.
Point is the higher the fractional, the cheaper it will be. I would buy the highest fractional that I could afford. Some of cheaper bullion are the kruggerrands and philharmonics, but not all bullions come in fractionals.
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Pillar of the Community
United States
3789 Posts |
I say.... don't buy right now, wait for better prices.
Then, I say, buy a modern gold coin, biggest you can carry, like say a gold proof buffalo. Bullion is going to set you back in terms of price appreciation. If you can't carry a 1 ozer than for a gold american 1/4 oz gold proof.
but thats just my thoughts.
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New Member
 United States
41 Posts |
Thanks for the replies, so it seems like I should be looking at bullion coins at the highest quantity I can afford.
@yup7676, what would you recommend is a decent spot price to pull the trigger at?
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Pillar of the Community
United States
3789 Posts |
@ryanklaus
yes, for sure in this environment, look for the highest quality you can afford for bullion. Reason being you want the cushion in case prices don't go in your favor.
At this stage, I'd like to see gold break 1334ish and HOLD above it for an extended time for either short term or long term holds. if in the coming weeks gold cannot break and hold above 1334ish, I say be patient and wait before dipping your toes in.
this is why I say, because prices are still all over the place, buying saying a modern proof coin is a better bet than say a modern bullion coin, that numismatic value will give you some cushion on your purchase.
I stress that because obviously, if you are buying gold and silver, you want to start out with some sort of profit or break even at least,,, to better your odds in case you ever have to sell. If you are just collecting then this really shouldn't be a top line Conner.
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Pillar of the Community
United States
2543 Posts |
Gold 1 yr ago today $1250 ........ gold today $1319. The thing about listening to all the PM prognosticators is, they have different advise for every day of the week. If you listened to this same advise 1 yr ago (and it was the same advise) you still wouldn't have any gold and after a whole year, the price would have fluctuated by a whole $69. Will gold drop to $1250 in the next year ? Probably. Will gold hit $1400 in the next year ? Probably. Is there anyone that can tell you this is as low as it it going to go, so buy now ? No, no one can and no one is going to. All the PM guessers experts will tell you is don't buy now, if you buy anyway and the price goes up, they will say "good for you, the market blah blah blah....." If it goes down, they will tell you " I told you so " Look at the Kitco charts, follow the 24hr, 30 day, 60 day, trends (that's all they do) educate yourself, then decide for yourself when to jump in. My advise ? Turmoil in the Ukraine, Turmoil in Iraq, pressure on oil prices and the dollar, gold prices up $80 over the last 30 days. Will this up trend continue in the short term ? Yes. so buy now if you want it now. Will gold be back under $1300 in the fall yes. So if, like last year,a $69 fluctuation makes a huge difference to you, then by all means, wait another year before jumping in.  Edited by denco7
07/04/2014 3:37 pm
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Pillar of the Community
United States
3789 Posts |
Yea Denco is completely wrong but its ok, he is entitled to his opinion.
The bottom line is you exercise caution buying at these levels. Gold is in a major downtrend, you first concern should be: am I prepared for gold to go lower once I purchase this coin at these price levels. If you are, go ahead and pull the trigger.
Folks like Denco mean well but are often wrong. Traders such as myself who monitor and live by price action are the ones who avoid making bad purchase and succeed at the game of making money by starting out right in purchases.
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Pillar of the Community
United States
2543 Posts |
Yea, as much as Yup loves to exclaim everyone is wrong but him, anyone one who takes the advise of a complete stranger on an anonymous forum just because they claim (with absolutely zero verification) they are a big time "trader" and copy a few quotes and charts from the Kitco forums. Pretty much deserves what they get. Luckily he has left us a diary of advise in his self indulgent blog, 1 year ago : Quote:
Yup 7/2/2013;
Again, what we do know is that gold and silver are still stuck in a major downtrend
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Yup 7/3/2013;
For these reasons, everyone going forward needs to be careful how much they buy, what they buy and perhaps not buying at all for now if one can resist the urge. Six months later ...... Quote:
Yup 1/11/2014 ;
Lets be clear: gold and silver remain in primary downtrends, nothing at all has changed. To get above these levels, it will take a ton of work. Can they put the work in? They can, but it is on the buyers to prove that. So remain patient and continue to wait until we get more clarity on where gold and silver want to go.
Six months later ........ Quote:
Yup 7/4/2014
I say.... don't buy right now, wait for better prices.
Period of time between quotes ......... 1 year ...... gold exactly 1 year ago today, $1250 ........ gold today $1319 up $69 from a year ago.. If you want to buy gold, consider my outlook, if you never want to buy gold, by all means, I'm just a Plastic Surgeon who collects PM's not a obscenely rich, big time trader who makes millions and millions following his own advice. Edited by denco7
07/04/2014 5:40 pm
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Valued Member
United States
269 Posts |
Your both right in a way, yup is right if your buying your pension and NEED to make a nice profit over the years, denco is right if your like most of us and just want to collect something and also have that chance of making a little profit (or not) lol
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Pillar of the Community
United States
3789 Posts |
Denco, you know with all respect, you sound very resentful and very sore. Obviously you read the thread constantly because you find it useful and it is flattering that you pay attention to it.
In anycase, the price action is of utmost importance and right now is not really the time to make purchases until this downtrend is snapped..... otherwise this frustrating price action will confuse, much as Denco gives me the impression hes absolutely flustered by the price action.
So as far as investments go, right now isn't the best for buying silver and gold. If you are collecting for fun, well thats a different story.
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Pillar of the Community
United States
589 Posts |
Buy something that you will enjoy owning at the best price out there. Here is a list of prices that I have paid for small gold coins in the past two month.
1915 Austria 1 Ducat(BU and .11oz) 145
1999 standing liberty 1/10oz 145
1977 gold Scudo San Marco .09oz(BU)123
1851 NGC AU detail gold dollar 165
1915 NGC AU58 $2.50 Indian 250
1851 ANACS Net-40 gold dollar 123
There are others that have gotten far better deal than me.
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Pillar of the Community
United States
1391 Posts |
I don't think Denco sounds resentful or sore. But I'm not a successful trader, or a successful psychiatrist either.
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Valued Member
United States
456 Posts |
In my opinion, people make too big of a deal about the premiums on small gold. Yes, of course you pay more per oz for a 1/10 piece compared to a 1/4 or 1/2, but that doesn't mean it's 'worse' to buy. The reason being is that when you sell that 1/10, you also get more per oz over spot than you would for a 1/4 or 1/2 oz. In my experience, I've had no trouble recouping $15 over spot for a 1/10 gold eagle, or $20-25 over for a 1/4 oz.
Concentrate on getting a fair deal, and look at what you can sell for. Overpaying for proof gold is also not the best idea in my opinion. If, on the other hand, you can find proof gold for BU prices, then by all means go for it. I've bought many pieces this way. Good luck!
Edited by SDCrow
07/05/2014 11:37 am
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Valued Member
Ireland
131 Posts |
ryanklaus - my advice would be to sift advice carefully, truth is nobody knows where prices are going irrespective of how forceful they are in their assertions and/or dismissive of opposing views. If you are buying for the purposes of building a collection then buy what pleases your eye at whatever you believe is a fair price at the time, if buying for more of an investment purpose I'd say always remember it is your money and ultimately your decision on what and when to buy as you will be the person that has the most vested interest.
Best wishes,
Norm
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Pillar of the Community
United States
5716 Posts |
My thoughts are that you can't lose much if gold goes down within $100 range, as you are buying that 1/4 oz. physical gold or lesser oz. And if gold prices go up the better for you. You are not buying into any EFT for the moment, so take the time to enjoy what you like and not looking at numbers.
Also, buy the popular bullion as some had suggested for your first gold coin. Good luck!
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Replies: 18 / Views: 3,747 |
Posted 07/04/2014 1:39 pm
