I'll Sell When Gold Hits $1750

A little observation I've made lately:

I am sure there are folks here on the forum that have been investing in gold bullion for quite a while, probably since it was <$300/oz with the idea of selling it at different price levels. So, if $1750/oz (which we've come really close to in the last week) is a selling price point, these days, who are you going to sell to? We have quite a few "We Buy Gold and Silver" places in my town, but with the China Flu shut downs, they're all closed! It doesn't matter if gold hits $5000/oz, if there aren't any buyers, you're SOL.

Guess the old saw about "You can't eat gold" is true now more than ever.

 

And the gold sellers do not have to buy back at the set price.

 

This is why my PM's are steel, brass and lead!

 

Given the danger of being called a gouger or a hoarder, I will take some off your hands at $500. Gold is a store of value, has been for a few thousand years, but as a store of value, there has to be a buyer and thus its liquidity, instant ability to be used to buy something else isn't guaranteed, but it isn't a piece of paper that only has value if the institution issuing is still trusted. So far some items that are scarce and have a long life span have become stores of value, gold, silver, gems, pearls, rare metals, etc. While none of them will feed you today or may be saleable today, a WW2 German paper Mark note has no value beyond a collector, but a WW2 German Mark coin could be melted down and its gold value would still be the value of gold the day you sold it, in my lifetime it has been as low as mid $30's and is today worth whatever today's price may be, if I can find someone who wishes to buy it... During and right after a collapse, gold would likely have no value, but once some surpluses exist and trade begins again, gold may well be one of the accepted ways to allow some one with one good to trade with someone else with a different good he desires. I take gold for my wheat, and use it to buy your shoes for gold, and you use the gold to buy more leather, the tanner uses the gold to buy bread from the baker, who used gold to buy wheat. Without some store of value, you can't have markets and trade, limited to barter and having to find a shoemaker who will take your wheat for his shoes.

 

Gold?

I keep just a few very small coins.

You know, to bribe the border guards....

 

YMMV.
Gold sellers in my area are buying at 92% and selling at 115 - 125%
Silver is 95%buy / 130-150% sell.
as soon as it comes in , it goes out.
and trust me, if you know your local coin / bullion dealer, they aren't closed even if the sign says they are.
There is money to be made especially on silver. ASEs are going at 8 dollars over spot. 10 ounce silvertowns are 5 dollars over spot

 

I look at PMs more as a carrier of wealth from one period of abundance to the next...
...but I am not going to insist that someone that plays the market is wrong. Just do what you are comfortable with...
YMMV

 

Gold in itself is a pretty bad investment for a number of reasons. I say this simply because normally I can beat gold as an investment with a number of different securities plus I don't have to worry about storing it, how to sell it or the government changing its mind and taking it from me like in 1932 (think that was the date).

However, where gold truly is king and, nothing else even comes close, is using it as an insurance policy to protect one's principal. I have been trying to get a decent price to purchase some USA gold coins for quite a while, certainly not as an investment, specifically for a rainy day when everything goes South and the dollar devalues...and if the day never comes? Good. My invest would be safe and probably increased a bit.

Anyway, that's my opinion on gold and I prefer gold coins over bullion for a number of reasons...

 

I like gold , silver,brass,lead , food stores, booze, condoms & lube ,,
I drink tea , so i should get some coffee for all those fine looking woman !!
Sluth

 

You can sell to apmex. They might not offer you as much as a local coin shop.
I just hope no one on here is buying gold.
Silver and platinum aren't bad buys right now, if you can find any.
And you can eat silver.

 

Yep, been watching the online metals sellers. $15/ounce, for silver, but the cheapest 1 ounce round is nearly $20? Sorry, but there's no way I'm paying them a premium, of $4-$5/ounce!

 

So true. Ours has a sign on the door that says call me and his cell #.

 

APMEX has, in the past, bought for a couple of dollars under spot. That obviously doesn't make up for whatever premium you paid when you purchased, but it's better than what I have seen anywhere else.

I bought silver stackers from Scottsdale Mint when prices were really low, but they are pretty behind. I've received half of them so far. Steady as she goes...

 

$3 for bars and $4 to $5 for coins over spot is normal for Web purchases. Local coin shops will usually do anywhere from 0 to $2 for bars.
Apmex knows all the local shops are shutdown in most states and have priced accordingly.

 

Just a question for the more experienced silver hoarders ,,, when buying silver ,, I know the bars are cheaper than coins ,, is there really a reason for this ?? Wouldn't you be better off buying the bars ??

 

Coins are higher demand and can be easier to sell. Same is true for gold.

 

When selling, silver bars/coins basically the same. They working with spot prices. As long as you are not going over 10oz bars. Harder to move 100 and larger ounce bars. You walk in with a 1000 oz bar, dealer is going to probably pay you less per ounce than if you gave them a 10 ounce bar. More folks can come up with a couple hundred bucks for a 10 ounce. Only a true hoarder is going to want to pony up 20k for a big old block. Dealer is going to have to sit on it a while for the right buyer. So, you are going to get less.

 

It depends on what they're out of. The coin shop here in the middle of no where says they sell a lot of 50 and 100 ounce blocks.

 

silver stackers in that neighborhood.

 

They may have a mine in the backyard unlike me?