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 Replies: 16 / Views: 2,765 |
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Pillar of the Community
Canada
1177 Posts |
recently I've been considering investing more heavily, after agreeing to invest in 7 ounces of silver a month, a bunch of you advised to invest in about 50$ worth of gold a month, my question is... how?
if I have spare cash (50$) and wanted to buy gold, where would I go and what would I buy, for near to close of spot?
HELP
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Pillar of the Community
Canada
834 Posts |
Close or near to spot?
nothing under $50 comes without a huge premium
you cannot even buy a 1 gram bar for under $50.00
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Pillar of the Community
 Canada
1177 Posts |
that's what I was thinking, I wasn't sure if they meant 50$ into gold each week until I have enough to purchase bullion or if there was something I could do
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Pillar of the Community
Canada
1177 Posts |
like I know you can buy like 5 grain 24k gold rounds I guess, but premiums must be retarted
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Pillar of the Community
Canada
834 Posts |
5 grain gold rounds, lets get real now
spend that money on some junk silver or something.
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Pillar of the Community
Canada
1177 Posts |
relax swrbxxx, everyone has an opinion, no need to freak out
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Pillar of the Community
Canada
834 Posts |
well for $50 not to much gold can be purchased.
Like I said in previous posts spend that $$$ out while in college and have the college experience most kids should have.
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Valued Member
291 Posts |
Gold is about $1600/oz, so obviously $50 is not going to buy you very much gold.
The smaller the size of a gold coin is, the higher its premium over spot will be.
One of the smallest gold coins, the Mexican 2 Peso contains .0482 Troy Ounces, so even if you were able to buy it at spot price (which is EXTREMELY unlikely), it would still cost you almost $80.
If you are trying to amass precious metals on a budget my advice is to buy junk silver.
Canada silver dollars (1935-1967) contain .6 oz of silver and can be bought at close to melt.
Edited by Senex
07/12/2012 10:19 pm
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Moderator
 Canada
10459 Posts |
I think the price of gold has stabilized somewhat. For longer term investment, I think it is a good time to buy platinum. That hardest part is finding it at spot prices.
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
United States
593 Posts |
Agreed. For $50 per month, junk silver is the way to go. It's easy to buy (and sell). When you amass enough to buy some gold, it will be easy to determine the value of your holdings.
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Pillar of the Community
Canada
1554 Posts |
 Jakedacc, with a $50.00/month for buying precious metals, stick to buying silver ounces. Reason being, economists are now predicting that silver will be the "gold" of the 21st Century as a result of the up coming economies of China/India. Also, remember that when third world countries come into the Industrial ball game, they seek more silver and oil as a result of high tech equipment and machinery requiring this metal, therefore prices of silver is forecasted to be $80-$100.00/ounce in the not too distant future. If you have the power of youth (age under 30) now is the time better than ever to stock pile silver, trust me you won't regret it! Glenn  |
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Pillar of the Community
Canada
1731 Posts |
I would keep stacking silver. And maybe put away $50 a month and keep saving until you can afford something above 1/4th oz. That's what I would do, anything lower than that has a huge premium. And gold will have to go up alot for you to make $20 on that 1/10thoz gold coin.
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Pillar of the Community
Canada
1723 Posts |
Just my thoughts on all these responses
1....education is king but if you want to do some saving remember... number 2
2....NOTHING is ever guaranteed!
3.... its nice to diversify into gold but take baby steps...pile your silver until you have a core stack
Then jump into gold
4.... Everyone is right regarding a $50 budget for gold purchase....not going to happen. I've saved for
My gold by stacking silver. Full ozes and quite a bit of junk silver too. When I've saved enough
For 1/2oz of gold....i sell the silver online and buy the gold.
Just my thoughts and opinions. Cheers!
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Pillar of the Community
Canada
2495 Posts |
With the GSR at 58, I'd buy silver rather than gold right now.
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Pillar of the Community
Canada
1723 Posts |
you know I was going to mention that to him as well but looking at all the other threads he has started and all the replies, no wonder he's having a hard time trying to decide what to do and how to proceed. A small fish in a big pond. Not saying I'm a big fish but he needs to just slow down and learn whats going on and why so he can make informed decisions, slowly add to the pot and not just doing whatever people on this forum tell him he should do. There are bugs and bulls for a reason. A lot of people here have been doing this a long time and have done very well, but are also at different stages in their lives. I dont want him to put all his eggs in one basket without really understanding why, since there are mo sure things in life. But doubleeagle is right. :-)
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Pillar of the Community
Canada
3692 Posts |
This is how much trust I have in silver. Come November I have a monster bill to pay and I am almost out of savings, yet I am still stacking. Added 2 ounces this past week. Granted, I will be selling the lower purities first, and any undesirable "junk" that just gets in the way. I have supreme confidence in silver because of the incredible technology that will be coming out. I may have to sell my gold instead but I don't want it to come to that. I'm working hard to stay afloat but I am always looking to the future no matter what.
Back to the question, Jake, $50 is really nothing. Unless you have $165-175 to blow on a 0.1ozt Au you're really not making a sizeable dent. Sometimes dealers at shows sell jewellery, so gauge them and if you feel they're honest, then make a smart purchase. I was feeling out two dealers last year at a show. One was selling antique Roman/Celtic copper fibulas and coins along with gold heirlooms, but the man lied and said one ring contained a pearl when it was CLEARLY not - in fact, his assistant said it could be chalcedony, which made way more sense. This dealer insisted it was a pearl - so it shows what he knows - he was trying to con little young me. Sometimes I play stupid just to see what garbage they throw at me. His other merchandise had a "ruby" and other such labels so who the heck knows what else he was misrepresenting. So I went to a different antique dealer who had a bunch of gold rings - and when I asked him about a specific stone he admitted he wasn't exactly sure what it was. He was honest and his prices were extremely fair. Both dealers were Russian, if that makes any difference, which it clearly doesn't.
What I'm getting at here is if you're looking for cheap gold, used or broken jewellery can sometimes be worth it. Buy the highest karat you can afford. You can find stuff for under $100 this way. Conclusion to the story I bought a 14K ring from the second antique dealer that matches my other jewellery style. There's a saying where I'm from that goes something like: "If you see something you like, grab it, because you'll never see it again." Then again, I'm from a place where things are not mass-produced and over 50% of items on the market are one of a kind (not Canada, despite what my status tells you, I don't take sides).
I wouldn't recommend my actions to a novice, so get to know what you're getting into, and for Jake's sake bring a loupe. Knowledge first - it's so easy to get burned!
Edited by Libertad
07/13/2012 8:57 pm
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Replies: 16 / Views: 2,765 |
Posted 07/12/2012 8:20 pm
