Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
In the same category

How And Why To Buy Bullion...Plus Where To Store It

IMG Auteur
Published : November 08th, 2012
695 words - Reading time : 1 - 2 minutes
( 3 votes, 4.7/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...

 

 

 

 

In terms of storing your wealth or preparing for what's to come, I think everyone should have SOME gold and silver bullion on hand.


How much you purchase is up to you. But you should have several months' worth of expenses in gold and silver bullion. Why Gold and Silver? Because if the banks are closed or if paper money is worthless, you don't want to be walking around with an ounce of gold (worth $1k+) to buy groceries. Instead, you will want some precious metals of smaller denomination to purchase/ barter with, hence the need for some silver.


Buy some of both now. I cannot tell you which broker to use, but whoever you work with, make sure that YOU store the gold/silver yourself (more on this in a moment) and that you buy bullion that is liquid enough that you can buy or sell it quickly.


In terms of actual gold coins, there are three coins that comprise the bulk of the bullion market. They are Kruggerands, Canadian Maple Leafs, and American Gold Eagles. I've been told to avoid Maple Leafs by both a trader and a bullion dealer as they can easily be scratched which damages the gold and reduces the coin's value.


In terms of silver, the easiest way to get it is via pre-1965 coins (often termed "junk" silver). The bullion dealer I spoke to prices them at 50 cents over spot. However, you can also get silver one-ounce rounds (coin-like medallions) and 10-ounce bars, both of which can be bought at 95 cents over spot. You can buy Silver Eagles coins at $2.50 over spot, though the premium higher.


Again, I cannot tell you which dealer to go with, but look for someone who's been dealing for years (not a newbie). You should ALWAYS ask for references from the dealer (former clients you can talk to about their purchases/ experiences).


Some warning signs to avoid are dealers who try to store your bullion. NEVER, I repeat, NEVER store your bullion with someone else. ALWAYS store it yourself. Also, be sure to talk to the dealer for some time and ask him or her numerous questions about the industry, the coins, etc (feel free to test him or her on the information I've provided you with eg the three most liquid Gold coins, etc). If they can answer everything you ask in a knowledgeable fashion, their references check out, and you verify everything they say with a 3rd party, you should be OK.


In terms of storing your bullion, you can store it in a safe deposit box or buy a decent home safe from Target or Wal-Mart (or a specific safe store). If you go the safe deposit box route, make sure it's with a bank that has as little exposure to derivatives as possible.


Personally, I distrust safe deposit boxes because part of the reason for having gold or silver on hand is in case there's a run on the banks or a bank holiday is declared. So I like the idea of having at least some bullion in a personal safe somewhere. You can get a decent safe for anywhere between $100 and $1,000. Both Target and Wal-Mart sell decent models for $50-$300.


On a side note DO NOT tell people about your bullion stash OR your safe. Trust virtually NO ONE with this information except your closest loved ones (and I mean CLOSEST).




This concludes this article. If you'd like more information on inflation and protecting yourself from it, we feature a FREE Special Report detailing the threat of inflation as well as two investments that will explode higher as it seeps throughout the financial system. You can pick up a FREE copy of this report at:


http://gainspainscapital.com/gpc-inflation/




Graham Summers


PS. We also On that note, feature a FREE report concerning the threat of a European Banking Collapse. It's called What Europe's Collapse Means For You and it explains exactly how the coming Crisis will unfold as well as which investment (both direct and backdoor) you can make to profit from it.


This report is 100% FREE. You can pick up a copy today at:


http://gainspainscapital.com/eu-report/

 

 



Companies Mentionned : Bullion | Metals X |
<< Previous article
Rate : Average :4.7 (3 votes)
>> Next article
Graham Summers is Chief Market Strategist for Phoenix Capital Investment Research, an independent financial research firm based in Charlottesville VA with clients in 56 countries around the world.
WebsiteSubscribe to his services
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
The Crash of the Bank of the Uni...
01 Augsam_site
AN ASTOUNDING EXPOSURE What no one recognizes to this day is that the Fed stole America's gold and shipped it to Germany causing b...
Iran Agreement Boosts Peace, Def...
29 JulArtboard
A US Naval vessel shot down an Iranian Passenger Jet with 300 passengers, over the Persian Gulf on the 3rd July 1988, they mistook it for a Fighter...
Will Uncle Sam Confiscate Gold A...
31 Julovertheedge
"... , generally larger amounts would be safer stored in the safest vaults in the world and in the safest jurisdictions in the world." An...
Gold market liquidity and manipu...
29 JulPD
Bron, I was wondering if the planned Allocated Bullion Exchange (ABX) would have any impact on the liquidity of the Gold market. Would it not at le...
Is the gold price manipulated?
29 Juldanzas1231
This article is a joke. Please stop writing baseless garbage. There is enough real evidence of the things you're still calling conspiracy. GATA hav...
Is the gold price manipulated?
28 Julkeith952
... if one takes the dumping of an usually high tonnage of gold at an illiquid time in the gold market aka the Monday one week ago - then such 'b...
Gold Reserves and GDP: China is ...
30 JulWilliam Tan
Shakespeare was right; "The world is a stage." Unfortunately we have all the bad actors acting at once.
Iran Agreement Boosts Peace, Def...
28 Julsonora69
You have a point. The 2003 Iraq invasion is mostly now considered an ill-advised and unjustified destabilization, with regional & political consequ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Vena Res.(Ag-Au-Cu)VEM.TO
Provides Update With Regards to the Arbitration Concerning the Azulcocha West Project and Enf
CA$ 0.04-35.71%Trend Power :
Exploration and drilling
Rockwell(Cu-Gems-Ni)RDI.TO
Announces Delay in Annual Meeting and Meeting Date
CA$ 0.20-2.44%Trend Power :
Corporate news
Eldorado Gold(Au-Fe)ELD.TO
Reports 2015 Second Quarter Financial and Operational Results
CA$ 4.50+11.39%Trend Power :
Financials
Endeavour Financial(Ag-Au-Co)EDV.TO
Mining Q2 2015 AISC/oz of $898, Profit of $33M And $20M Debt Payment in July
CA$ 0.51+8.51%Trend Power :
Corporate news
Mawson Res.(Au-Ur)MAW.TO
Restarts Drilling at the Palokas Gold Prospect in Finland
CA$ 0.17+6.25%Trend Power :
Corporate news
Goldcorp(Cu-Le-Zn)G.TO
Achieves Record Quarterly Gold Production; Updates 2015 Cost Guidance
CA$ 17.45+6.01%Trend Power :
Production
Claude Resources(Au-Cu-Ngas)CRJ.TO
Provides Date for Q2 Results and Conference Call
CA$ 0.65+3.17%Trend Power :
Corporate news
Richmond Min.(Ur-Au-Gems)RMD.V
- Exploration Update
CA$ 0.09+0.00%Trend Power :
Corporate news
Arianne Phosphate(Ur-Mo-Ti)DAN.V
Extends the Term of Warrants
CA$ 0.88+2.33%Trend Power :
Financings
Anaconda Min.(Au)ANX.TO
Reports 12.83 g/t Gold Over 4.38 Metres and 8.55 g/t Gold Over 4.97 Metres from Channel Sampl
CA$ 0.05+25.00%Trend Power :
Corporate news
Comments closed