Comments on: Where should I buy actual gold and silver?

Question: Where should I buy actual gold and silver?

calwatch — Tue, 26 Oct 2004 20:52:03 -0800

What's the best way to buy tangible gold and/or silver?

So many vendors from a Google search, but I'd like to hear recommendations as to specific coins and/or bars you like that hold its value. I'm also looking for reputable vendors with low markups on their coins and bullions from spot prices. I'm interested in gold and silver both as a hedge investment and as gifts for numismatic value.

By: b1tr0t

b1tr0t — Tue, 26 Oct 2004 21:08:57 -0800

Kitco is a reasonable place for quotes. I know people who have had good experiences buying from BorderGold.

Note that if you move more than $10k of currency around at a time, you will attract federal attention. If you are moving gold around, their interest will increase dramatically.

By: loquax

loquax — Tue, 26 Oct 2004 21:12:05 -0800

Some links from Canada's Scotiabank to get you started, at least in terms of reputable coins.

Coins
South Africa's Krugerrand
Royal Canadian Mint Bullion

By: geoff.

geoff. — Tue, 26 Oct 2004 21:47:04 -0800

Use the Canadian Maple Leaf. I've *ahem* looked into this. Basically the government really shouldn't be tracking such things as the Maple Leaf since it is just a currency...

The Maple Leaf is superior in quality to the Krugerrand too, with it being absolutely pure gold using the superior Canadian smelding techniques.

Also I don't *think* they can tax you on a currency. I've been just looking into this to keep money relatively safe (as oppose to just sitting in a bank earning nominal interest). I'm going to ask my lawyer about it this weekend, as far as the legal implications go.

I would not recommend using gold for money laundering. First of all the government does track anything over $10,000 as stated above. They also flag any deposit/transaction of over $3000 during a 24 hour period. Don't move large amounts of cash without explanation basically.

I assume you're doing this legally, as you don't know anything about it. The only reason I'm giving you the caveats is because the government gets suspicious when people start doing things like putting money in gold and other unexpected large transactions. I don't know *how* suspicious and a lot depends on if the teller is a super-patriot. Just be aware of the legal implications of moving money into a commodity such as gold so that if the feds knock on your door you can easily dismiss them and not suffer through an audit.

By: geoff.

geoff. — Tue, 26 Oct 2004 21:49:48 -0800

Oh and I hear that silver, which has more industrial applications than gold, might someday surpass it. If I were to personally invest in such things, I'd stick to the tried and true gold. Hell, even the Carthaginians stripped gold rings from the Romans during the Second Punic War...

By: calwatch

calwatch — Tue, 26 Oct 2004 21:54:02 -0800

I'm moving money from mutual funds which are funded directly from my credit union checking account which is funded from my salaried job which is all reported on a W-2, thank you very much, so it's not like I'm laundering drug money or anything. So if there are forms I have to fill out or whatever, I don't really care, although if Ashcroft's goons come knocking I do have a slight distaste with cooperating more than absolutely necessary with them.

By: ikkyu2

ikkyu2 — Tue, 26 Oct 2004 22:02:18 -0800

At one time, in California the sales tax on Krugerrands and Maple Leaves was waived if you bought more than $1000 worth; but you had to show ID and have your name entered into some kind of record.

Anyone done this recently? I'd be particularly interested in the current regs in New York and California.

By: Kwantsar

Kwantsar — Tue, 26 Oct 2004 22:23:22 -0800

calwatch: The US Government has confiscated gold before.

By: smackfu

smackfu — Wed, 27 Oct 2004 06:51:33 -0800

Wow, sales tax? That seems like a killer on an investment.

By: spacewrench

spacewrench — Wed, 27 Oct 2004 10:06:43 -0800

I bought some Credit Suisse 1-oz bars from Tulving in Newport Beach, California. Easy and trouble-free transaction; I keep the bars in my safe deposit box. IIRC (it was back in 1999, I think) I wasn't charged sales tax because I bought more than $1000 (or perhaps $3000).