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 Replies: 7 / Views: 1,430 |
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New Member
United Kingdom
3 Posts |
As the title states I'm new to this. Primarily I want to buy gold as an investment.
from what I've read I would only be interested in 24 carat 1 ounce gold items.
what I would like to know is whether I should buy gold bullion coins or gold ingots?
how can the london mint make 24 carat gold st george coins (half ounce) and sell them for £29.95?
are there any good deals regarding kruggerrands, chinese pandas. by that I mean is there anyone out there looking for a quick sell and willing to dispose of their coins for well below it's gold value?
what coins shouldn't I buy given what I'm looking for (bullion\24 carat)?
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Valued Member
Australia
193 Posts |
There is a difference between old gold coins, gold bullion and gold bullion in the shape of coins.
Old gold coins that were once currency were usually an alloy to make them harder wearing. An e.g of these would be sovereigns which are 22ct, not pure gold.
The value of these can have a numismatic premium on top of their gold weight, because as a coin they have a mintage, possibly rarity and grade of quality like any coin. These are primarily coins that happen to be gold.
The cheapest gold bullion is available as simply poured ingots which are stamped 999 meaning pure.
Bullion dressed up as coins, have a premium attached to them because of manufacturing process and any aesthetic qualities they may possess.
The second category is probably the one that meets your intent to store some of your money as gold.
You sound quite new to all this, so be careful.
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Pillar of the Community
United States
931 Posts |
IWelcome fellow gold bug! If you are going to buy .9999 fine gold you will pay less for ingots or bars than you will for minted coins. The only gold you will find below the spot price is dental gold because it's yucchy. Most 24kt coins that weigh one ounce will be at least $75 over the spot price for gold and usually more. The extra cost is called the premium and you will pay it on gold Buffaloes and gold Maple Leafs which are the two coins that I am certain are 24 kt (and I'm not 100% sure that the Maple Leaf is.)
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Bedrock of the Community
United States
20753 Posts |
 Odd so many don't use the Welcome tag. What your asking is sort of like asking what stocks shouls I buy, what mining company should I invest in and all sorts of guess work items like that. Tomorrow the Gold prices may well drop in half, Silver could fall to a fraction of what it now is, same with any metal investing. Same with any stocks, houses, buisnesses, etc. NO ONE really knows what tomorrow would be selling Gold anything for. If your only concern is investing, then your guess is as good as anyone else on Earth. |
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New Member
United States
19 Posts |
First of all, ! And just_carl is right, it's hard to determine what direction gold is actually going to go. It's easily going to break the $1600/oz mark next week, and some analysts see gold possibly rising to a whopping $5000/oz before the economy gets back on its feet and the dollar recovers. If this happens to be true, you could be laying in a gold mine (no pun intended) in a couple of years, but who's to say whether this will or will not occur. I would start slow, and do some extensive research before jumping into precious metals. It can be an extremely volatile market and mistakes can be costly. |
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Pillar of the Community
Australia
7096 Posts |
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New Member
 United Kingdom
3 Posts |
junior e, I did see ingots (on AUtrading) trading at £30 below the current market value.
why are ingots cheaper when they have the advantage of being more 'liquid' than gold coins
(by liquid I mean they can be melted without fear of legal niceties associated with melting coins)?
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Bedrock of the Community
United States
17884 Posts |
I don't see anything there selling for below market. Everything I see is at a premium. About £30 above spot price per oz.
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Replies: 7 / Views: 1,430 |
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Posted 07/16/2011 10:12 am
