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Where are people buying their physical metal from?

This is a discussion on Where are people buying their physical metal from? within the Gold and Silver Discussions forums, part of the Bull Bear Talk Forums category; I've got to admit......I do not hold that much in physical, enough to bribe the border guards (ok customs) and ...

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    Super Moderator Poly's Avatar

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    Wink Where are people buying their physical metal from?

    I've got to admit......I do not hold that much in physical, enough to bribe the border guards (ok customs) and hire a speed boat to get ourselves out.

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    I'm one of the Gang catbird's Avatar

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    Quote Originally Posted by Poly View Post
    I've got to admit......I do not hold that much in physical, enough to bribe the border guards (ok customs) and hire a speed boat to get ourselves out.
    I don't own any (yet) but Gary has said he likes www.golddealer.com

    I've heard many people like Tulving for its prices, though their website is a bit hard on the eyes ; )

    Gainesville Coins is another popular one.

    Hope that helps.

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    Super Moderator Poly's Avatar

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    Thanks. Yes I've heard Tulving mentioned many times before.

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    Steve Tytler
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    I have used Tulving.com several times for buying physical silver. Good prices, free shipping and insurance. But they only deal in large orders, typically about $15K minimum. Occassionally they will have a "spcecial" where you can buy as little as 100 ounces of silver which would be about $3,500 in today's market.

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    William Wallace Honorary Club SF Giants Fan's Avatar

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    I have used golddealer.com. Purchases >$1500 and no sales tax.

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    I like this site! Ombibulous's Avatar

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    I've never found anyone cheaper than Tulving. They ship silver (500 oz minimum) for free. For smaller orders, I've used Gainesville Coin with good results, but my preference is Provident Metals. Competitive prices, even on small orders, and they'll take a personal check for a discount (and approriate waiting time to clear) and have great customer service. I had an issue that caused a significant delay in my payment reaching them (my bank held it up for possible fraudulant activity) and the CSR was very understanding and helpful. I think they'll occasionally offer free shipping, although I've never been able to catch it.

    Prior to last year I was buying 90% junk off Ebay, but it's time intensive. Between the premiums getting a little out of hand and the discontinuation of their rebate program, I found it wasn't worth it. But if you're willing to take the time to bottom fish, it might be worth a try.

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    I would back up Omb.. that's exactly my experience.

    I use to use Provident a lot because they took paypal but they don't anymore so I haven't used them as much lately. But they are good along with Gainesville for small orders. If you buy silver, check with the mints. Sometimes they have some great deals. Try NWT and NTR and Scottsdale Silver. Sometimes you have to call and sometimes they have minimum orders.. but they can be competitive or even better than Tulving on some products. But Tulving is cheap if you buy in bulk and they are reputable despite the archaic looking web site.

    And of course, get to know local dealers. It took me awhile and lot of buying and selling but once they know you are serious and know your stuff, they can end up being great sources. My dealers know I'll buy 1 ounce gold when prices are lower and they give me a deal on spot. They will sometimes low ball a new buyer and then call me up to flip the coin in a day.

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    I like this site! alman's Avatar

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    Camino Coin, 1301 Broadway, Burlingame, CA 94010, phone: 800.348.8001, 650.348.3000, fax 650.401.5530
    contact email: parker@caminocompany.com

    American Precious Metal Exchange, or APMEX www.apmex.com Edmond, OK

    Tulving Company www.tulving.com Newport Beach, CA

    Gainesville Coins www.gainsvillecoins.com Tampa, FL

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    No longer a Newbie! moondoggie's Avatar

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    I've been buying Physical for over 30 years from at least 10 different sources.
    There are a lot of good places to buy physical but it would be more helpful to the community I were to warn buyers to exercise caution if thinking about buying from golddealer.com. (California Numismatics)
    Out of all the places that I have bought, the only purchases that I regret were the ones that I made at golddealer.com.

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    I have a coworker who is into coins. He recommends this site.
    http://www.mintproducts.com/

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    I think I noted this on Gary's site a while back, but I think it's useful to note again to support the notion of owning and acquiring core gold positions to make sure you take advantage of the bull market. I attended a speech by Marc Faber back in January. It was a CFA dinner (not a gold conference) and when he came to talking about gold he said "how can it be in a bubble ... I sometimes give presentations in front of a thousand people and no one owns gold". (As an aside he also mentioned giving a presentation on bonds in 1981 and only one person showed up.) I also remember him talking in real time about a resource stock convention he had just attended in 2008 and said it was just like tech stock conventions he went to in 99/00.

    Here's some more comments from Faber recently:
    "MF: No, gold is not in a bubble. It wasn't in a bubble in 1973, either, but it still corrected by 40% then. I don't believe gold is anywhere near a bubble phase. A bubble phase is characterized by the majority of market participants being involved in a market space. I saw a gold bubble in 1979-1980, when the whole world was dealing-buying and selling gold 24-hours a day, globally.

    TGR: But not since then?

    MF: No. If you went to an investment conference in 1989, 90% of the people there would have told you they owned shares in Japanese companies. In 2000, 90% of them would have said they owned NASDAQ shares. Only about 5% of the participants at an investment conference today would tell you they own gold. Very few people in this world own gold.

    I don't believe that we're in a bubble." http://community.nasdaq.com/News/201...storyid=124802

    When I left the working world last year, I had all sorts of people come to me asking about investing. They were totally open to anything I had to say. When I suggested the best thing was to buy & hold bull markets, they could all accept that. When I suggested they invest in gold, they ALL were completely repulsed! One fellow I talked to before the speech Marc Faber gave came by afterwards to talk more about investing -- I said did you hear what Faber had to say about not seeing many people owning gold. He started to seem a bit more open-minded about gold and then said "so do think 5% in gold would be good"! I also had one mainstream investment professional tell me with utter contempt and disgust how ridiculous owning physical gold and silver was.

    My view is that gold could still correct to $1400 or so, but the upside potential seems to dwarf the downside as far as unleveraged positions. In fact either a further mind-boggling correction or lengthy sideways correction would be expected before further gains ... the NASDAQ had a pretty scary sell-off in 98 before it's final run-up (I remember how many people were telling me "cash is king' in sept/Oct of 98). But I'm not waiting for that to add to my core position -- WW's 300-day B-wave idea looks like a good place for some final core buys.

    Steve
    Last edited by Steve in Winnipeg; 03-04-2012 at 05:34 PM.

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    I like this site! Steve in Winnipeg's Avatar

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    One more comment ... I was 8 years old when the last gold/silver bubble ended. My family was living in Saudi Arabia at the time as my Dad was working there. We were living in a compound with a large number of other Canadians. We had a big compound baseball game on a Friday and we're waiting for a few families to show up. Three sets of parents came up to the group and said "Sorry we're late, but we just got off the phone with our broker ... he told us we were lucky to get into silver at $49". The date was Friday, January 18, 1980.

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    Super Moderator Poly's Avatar

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    Quote Originally Posted by Steve in Winnipeg View Post
    One more comment ... I was 8 years old when the last gold/silver bubble ended. My family was living in Saudi Arabia at the time as my Dad was working there. We were living in a compound with a large number of other Canadians. We had a big compound baseball game on a Friday and we're waiting for a few families to show up. Three sets of parents came up to the group and said "Sorry we're late, but we just got off the phone with our broker ... he told us we were lucky to get into silver at $49". The date was Friday, January 18, 1980.
    Yes Steve, it's an excellent point, one needs a very balanced and sensible approach to investing. One needs to be very careful getting to emotionally attached to one investment or future outcome/scenario. For me personally, this is just another great bull market, and I hope to be moving onto the next bull well before my broker calls to tell me how lucky I would be to be buying.

  14. #14
    Steve Tytler
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    It's also a good idea to build up a relationship with one or two good local coinshops. Find the guys who are selling for a small premium above spot and buy some from them. It's good to have multiple sources for buying and selling physical silver and gold, especially small amounts.

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    I'm one of the Gang Steve Tytler's Avatar

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    This is a test to see if my account is now "fixed."

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    Quote Originally Posted by Poly View Post
    I've got to admit......I do not hold that much in physical, enough to bribe the border guards (ok customs) and hire a speed boat to get ourselves out.
    hi, Poly, when is good time to accumulate physical? B-wave bottom? thanks

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    Super Moderator Poly's Avatar

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    Quote Originally Posted by edamat View Post
    hi, Poly, when is good time to accumulate physical? B-wave bottom? thanks
    I view physical accumulation the same as building a core position, you may not see it that way. In terms of building a core, you obviously want to buy at lower prices, but in general, a more automated program of buying will work, while adding more aggressively during deep sell off's.

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    I use American Gold Exchange here in Austin. I have found them to be excellent, both when I'm buying and when I'm selling. Their website is www.Amergold.com

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    I'm part of the BBT furniture Shakey's Avatar

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    Eddie, if you're in Austin, you might also look at McBrides. I don't know much about their pricing and spreads, but know and like the folks who run the coin/bullion side of the business.

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    Good to know. Thanks!
    Laissez les bons temps rouler!

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    The 10K Club- You only wish! MrMiyagi's Avatar

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    Quote Originally Posted by Steve in Winnipeg View Post
    One more comment ... I was 8 years old when the last gold/silver bubble ended. My family was living in Saudi Arabia at the time as my Dad was working there. We were living in a compound with a large number of other Canadians.
    ARAMCO brat?

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    I like this site! Steve in Winnipeg's Avatar

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    Quote Originally Posted by MrMiyagi View Post
    ARAMCO brat?
    I went to school with a lot of ARAMCO brats. My dad worked for Bell Canada. We were there for 2 years ending in 1980.

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    JD
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    I've bought from APMEX 5 or 6 times and have never had an issue. My last order only took 10 business days to arrive at my house and that's including the time it took for my check to clear. My physical metal is my core holding because it keeps me from making emotional decisions - it's a lot harder to sell a physical metal than it is to push a sell button on a trading platform. I wish I had more self control, but it's what I have to do in order to protect me from myself

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    GOLDMONEY and STORAGE

    Tulving. Very competitive prices.

    With physical, safe storage is a hugh issue.

    How about Goldmoney? I know it is still a form of paper gold. I like the idea of having gold outside the USA. Appreciate any thoughts or comments. Thanks

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    Quote Originally Posted by lottie View Post
    Tulving. Very competitive prices.

    With physical, safe storage is a hugh issue.

    How about Goldmoney? I know it is still a form of paper gold. I like the idea of having gold outside the USA. Appreciate any thoughts or comments. Thanks
    Currently, I think GoldMoney represents a good alternative to storing physical in a bank safety deposit box or a personal safe. I am watching closely to see how the US government treats these accounts. As you might be aware, the powers that be are very aggressively going after foreign banks that they feel might be helping US citizens hide assets and foreign earned income.

    I think (if I remember correctly) that the government of the Netherlands recently made it illegal for their citizens to have a GoldMoney account, and I would not be surprised to see GoldMoney eventually get legislated out of the US market. GoldMoney is chartered in the Jersey Channel Islands, which still has some pretty good banking secrecy protection, but if GoldMoney gets really big, I think the U.S. Treasury Dept. can make it hard for them to do business.

    I think as time goes by it will be increasingly hard to take gold out of the country, either electronically or by physical courier. For those who wish to move their gold to Zurich or Hong Kong, I think now is a good time to do it. Just my personal opinion.
    Laissez les bons temps rouler!

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    I'm living in the Netherlands. I had an account with Goldmoney.com and yes, they (Goldmoney) ended my account with them as they did with all Dutch accounts. They didn't "fit" the regulations of the AFM (the Dutch "SEC").

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    Quote Originally Posted by lottie View Post
    Tulving. Very competitive prices.

    With physical, safe storage is a hugh issue.

    How about Goldmoney? I know it is still a form of paper gold. I like the idea of having gold outside the USA. Appreciate any thoughts or comments. Thanks
    I wanted to revisit this, because I think it warrants more discussion.

    I wanted to add that I do not consider GoldMoney to be a form of paper gold. They hold your gold (or other metals) in an allocated account, which is far safer than the ETF's most of us trade. And because of the reputation of the founder and principals in the company, I do not particularly fear a loss due to fraud or mismanagement. (This is just my personal opinion. There have been cases of fraud and mismanagement in other similar companies in the past. This is part of the risk of using such a vehicle.)

    They do charge a premium, currently about 2.5% for gold and 4% for silver (for small quantities). For comparison sake, my dealer is currently charging a mark-up of 4.5% on Gold Eagles and 9.8% on Silver Eagles (yes, I know some others charge less). To be fair, most dealers do pay a premium over spot when you sell the coins back, but it isn't as much as you paid (unless a lot of time goes by and the premiums continue to rise, which is expected).

    GoldMoney charges about 0.2% annually for storage, which is cheap for the security they offer, imho.

    The real beauty of GoldMoney, in my eyes, is that you can store wealth in metals and then cash out in a variety of currencies if and when you want. This represents a huge advantage for the individual saver in the event of a currency devaluation. If you believe that fiat currencies all eventually reach their intrinsic value (zero) then it makes extremely good financial sense to have this going for you.

    The problem is that what's good for the individual is most definitely not good for governments and their hidden purpose of taxation through inflation. If large numbers of people start using GoldMoney as a currency hedge, I don't think they will be allowed to continue to do what they are doing now.
    Last edited by Eddie; 03-28-2012 at 12:53 PM.
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    Laissez les bons temps rouler!

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    From what I've been able to find out (and this is strictly from my own limited research, and not some vast store of personal knowledge) the very safest way to hold gold outside the US is in a Chinese bank in Hong Kong. Some of the banks there allow you to buy and hold gold in an allocated account, but you have to be incorporated there. This involves legal fees of maybe $5K upfront and ongoing corporate maintenance costs of $500 to $1000 per year. I doubt you'd have to worry much about the IRS putting a lien on your account there. For most of us, including myself, this is probably too expensive. Just wanted to mention it.

    I'd love to hear more about this from someone who has local knowledge of how this process works...pitfalls, etc.
    Laissez les bons temps rouler!

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    Thanks Eddie for the reply. My goal is to keep some physical gold outside the US for the SOLE purpose of protecting it for any possible future confiscation from the US Government.

    Quote Originally Posted by Eddie View Post
    I wanted to revisit this, because I think it warrants more discussion.

    I wanted to add that I do not consider GoldMoney to be a form of paper gold. They hold your gold (or other metals) in an allocated account, which is far safer than the ETF's most of us trade. And because of the reputation of the founder and principals in the company, I do not particularly fear a loss due to fraud or mismanagement. (This is just my personal opinion. There have been cases of fraud and mismanagement in other similar companies in the past. This is part of the risk of using such a vehicle.)

    They do charge a premium, currently about 2.5% for gold and 4% for silver (for small quantities). For comparison sake, my dealer is currently charging a mark-up of 4.5% on Gold Eagles and 9.8% on Silver Eagles (yes, I know some others charge less). To be fair, most dealers do pay a premium over spot when you sell the coins back, but it isn't as much as you paid (unless a lot of time goes by and the premiums continue to rise, which is expected).

    GoldMoney charges about 0.2% annually for storage, which is cheap for the security they offer, imho.

    The real beauty of GoldMoney, in my eyes, is that you can store wealth in metals and then cash out in a variety of currencies if and when you want. This represents a huge advantage for the individual saver in the event of a currency devaluation. If you believe that fiat currencies all eventually reach their intrinsic value (zero) then it makes extremely good financial sense to have this going for you.

    The problem is that what's good for the individual is most definitely not good for governments and their hidden purpose of taxation through inflation. If large numbers of people start using GoldMoney as a currency hedge, I don't think they will be allowed to continue to do what they are doing now.

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    I like this site! Ombibulous's Avatar

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    I use Bullion Vault (Buy Gold Bullion Online at Live Gold Prices with BullionVault). It's very low cost, they take ACH deposits, and will store in either London, Hong Kong, or New York.

    Recently enacted regulations lump gold accounts under the same rules as other financial assets, requiring U.S. citizens to report amounts in excess of $10,000. It was argued that these are not financial accounts, but actual metals held in a foreign location, whoever decides such things saw otherwise.
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    I like this site! Ombibulous's Avatar

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    Tulving is selling BU Mexican 50 peso gold coins (1.2 ounces each) for spot. They're calling it an "Easter Holiday Special", so I assume it's this weekend only. That's an incredible deal, considering the premium on American Gold Eagles is currently $62. Minimum purchase is twenty coins.

    GOLD SILVER EAGLES US BULLION DEALERS AMERICAN EAGLE COINS BARS

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    FIDELITY ACCOUNTS: PHYSICAL PM PURCHASES
    Anyone wanting to invest in physical metals (silver eagles and gold eagles) through your IRA/401k check with Fidelity. They use Fidelitrade.com
    Everything that I have read these are currently not reportable to the IRS. Fidelitrade site can answer all your questions. Can hold or deliver, up to you for fees.

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    From what I have read, the best investment you can make in a ROTH IRA will be silver metal. No taxes on gains. And this is supposed to have the biggest increase in earnings on the parabolic PM run.

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    I have used APMEX several times, and family members have used it also. Excellent service, accountability and product.
    Silver, Silver Bar, Silver Bars, Silver Bullion, Gold and More - APMEX.com

    If you are anywhere near Denver, CO. this is a very good local coin shop.
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  35. #35
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    You can buy Silver Eagle coins at spot and Gold Eagle coins at a discount through www.spoteagles.com; or call toll-free at 855-4428-2628.

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    I have always used APMEX, no complaints...

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