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The Importance of Owning Your Own Bullion
Quite a few articles have been written about the importance of owning Gold and other precious metals as a means of maintaining one’s wealth in the face of rampant money printing by the world’s Central Banks.
Today I’m going to share some ideas on how to actually buy bullion.
As far as precious metals go, you need to:
- Own actual Bullion
- Store it yourself (not in a bank)
I do not recommend owning a paper gold-based ETF because frankly the custodial risk is high (that is, there’s no telling if the Gold is even there or who would get it if the ETF is liquidated).
In comparison, physical bullion, stored outside a bank, is literally money in hand. You know where it is and you can find out what it’s worth. Compare that to a Gold ETF in which you’re hoping that the bank actually has the Gold and that it could actually send it to you if you requested (fat chance).
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). You can also get silver one-ounce rounds (coin-like medallions) and 10-ounce bars. Or you can buy Silver Eagles coins.
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 e.g. 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.
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I bought some Canadian palladium coins, and they came sealed in little plastic pouches. I leave them in the pouches.
I bought some Canadian palladium coins, and they came sealed in little plastic pouches. I leave them in the pouches.
You do?! Not me! I take them all out, run them through my hands, pour them in musically clinking, shining rivulets upon my brow.
Really, that's a great idea. I wanted to find some pure silver bullion in pyramid shapes to put on my head but can't find the damn things anywhere... pyramid power is where its at .. yeah!
The same argument could also be leveled against pure silver bullion coins, and yet I have never heard nor read of anyone faulting them for being equally soft and prone to scratching.
akak, you are usually smart.
gold is a softer metal than silver.
True enough, but pure silver is still VERY soft as metals go.
Probably every ZH member who opened this thread already HAS gold at home... If not, they should! It is the easiest and best way to preserve your wealth in the coming storms...
need a bigger boat
Tulving
Provident
Texmetals
Ordered from all and I got what I ordered. Tulving is the slowest to ship but they are also the biggest on list.
Anyone have a view on Goldmart? They seem to have very competitive premiums but I never see them mentioned on ZH.
I've heard some bad things about Tulving as far as being VERY slow to ship, in addition to him frequently being uncommunicative and downright rude. But I can't say I have ever read of anyone actually not receving their order, or having been cheated or swindled on an order with Tulving, either.
Yes - they had a little bit of trouble locating a deposit to the Tulving account.
Mr. T himself is a cool guy - just doesn't suffer fools gladly I would guess.
I picked up a recent purchase from his SoCal warehouse, good guy to do business with.
100% agree based on my personal experience.
Another one with very slow shipping time is Gainsville... even with a CC, they are way too slow shipping the product.
Apmex is a little more pricey on some items, but probably has the best customer service out of all of them... never had a problem with them.
I can second Texas Precious Metals. Never had a problem with them. Reliable and fast service.
When gold and silver jump higher there will be a rush to create fakes. Yoy will want to own bullion that cannot be challenged- rather than mystery bars.
Pre-1965, 90% silver dimes and quarters are about as counterfiet-proof as you can get.
Get em while you can though... the premiums on junk silver are going up and up.
A good way to procure junk silver is to ask small shopkeepers. Often they save pre-'65 coins and will sell below spot. An added bonus is "no receipt".
There are already a great number of silver coated copper bars and rounds.
Pass's the magnet test, acid test, weight test but will fail a deep edge scratch, drill or mm measure. Mainly on bars.....eBay has all you can buy.
It made me dump all my bars and test the eagles. All good there. Damn thieves.....
Two services that I highly recommend:
The first: USA Gold out of Denver: reliable, trustworthy, fast and you get what you buy - no substitutes of "sorry we don't have what you ordered and are sending you such and such."
Speak to the father or son, Kosares et fil.
The second: Kal Gronvall
Both like to sell the higher premuims of pre-1933 gold, but will do whatever you insist upon. I have bought both pre-1933 and bullion coins from the both and would recommend them highly.
10-4 good buddy
Same can be said for silver
Pet rocks soon to be coming back in style.
My guess, PK, is that you were slighty too old for them the last time pet rocks were fashionable, and that you missed out on the significant amount of intellectual stimulation one would have provided you. Yes, this time around you will be able to afford a pet rock that may well be your intellectual equal. :)
PROSECUTE THE WAR CRIMINALS!
Wow this email newsletter is really full of genius insights.
Not.