The gold rush is on

April 25, 2020 4:09 AM

Where to go to invest in gold?

I am tasked with finding somewhere that an anxious person can invest in gold. I am not questioning the logic of this investment, just looking for the where and how. He does not want to take possession but does not want the equivalent of gold 'stocks'. Is there a reliable place where he could buy actual gold and have it stored? I don't want to risk directing him to some scam.

posted by InkaLomax to Work & Money (8 answers total)

You can buy gold bars or coins like American Buffalo or Canadian Maple Leaf from a bank. Rent a safe deposit box and store them there.
posted by whitelotus at 4:45 AM on April 25, 2020 [2 favorites]

Some of the financial 'gurus' do suggest having 5-10% of ones holdings in physical gold/silver/'precious metals'; as a part of some of the 'financial pyramids' that show where and how much asset allocation to each class a person should have.

The US Mint offers some nice products; that would also have a legacy value to collectors, an investment beyond the physical weight. I.E. the ATB 5 oz silver coins from the mint are pretty cool from some of the states; i.e. Texas for example, or the Tennessee "Smoky Mountains". Of gold; an "American Eagle" proof would be another.

Of online dealers; they run the gamut from GoldDealer.com to Monex to this and to that. Of storage; is he talking about a few ounces; a few pounds, kilos; or idk; a hundred pound pure gold Buddha for his in home sauna?

The Women's Suffrage movement celebrates it's 100th anniversary this year; and has a very nice coin from the US Mint. Investment, heirloom; perhaps displayable art, swell gift for the ladies in ones life; either way not a bad item to contemplate.
posted by Afghan Stan at 5:51 AM on April 25, 2020 [2 favorites]

You may want to check out Kitco, which offers a storage program.
posted by Otter_Handler at 7:18 AM on April 25, 2020 [1 favorite]

Your local coin shop will sell you Maple Leafs (note their plural, like the hockey team, is not the grammatically correct leaves) or any other gold bullion coins for the spot price plus the usual 2-3% commission. They'll buy it back later, less that same commission. Or you can buy some on the stock exchange if you don't want to hide precious metal in your backyard: for example, the value of shares of GLD are 1/10 the current price per troy ounce.
posted by Rash at 10:37 AM on April 25, 2020

Everbank-TIAA has allocated and unallocated gold coins and bars, and you can take delivery when and if you want.

I have dealt with APMEX and have been satisfied.
posted by H21 at 10:46 AM on April 25, 2020

Take delivery, or else it won't do you much good in the hopefully unlikely event you need it.
posted by hypnogogue at 1:50 PM on April 25, 2020 [3 favorites]

Best answer: If they are looking to invest because of a timing the market thing (IE, they think the rest of the economy will crash and inflation will happen) it would be safe and easy to invest in gold stocks through Robinhood. No broker fees, no worries about storage.

If they are worried about banks closing down and all stocks being worthless, but gold still having value, then go with buying from the locations mentioned elsewhere and take physical delivery.
posted by bbqturtle at 6:52 PM on April 25, 2020 [1 favorite]

When you buy, make sure you also get the details of how you can sell. If you are taking delivery of 2kg of gold - you can't expect to turn up two days later and sell it at whatever the quoted price is - they will only take "retail" amounts.
posted by Barbara Spitzer at 5:50 AM on April 26, 2020 [1 favorite]