Gold prices

[Bern80]

I've been watching the escalating price of gold and kind of shopping around. I was just curious, is it typical that it is always going to be priced well above the market rate? I was looking at the new e-bay section for example. They have a 2.5 gram gold bar for $193. That would be $77.20 per gram. I believe the market price for gold is by the troy oz. and there are 31.10 grams per troy oz. The current market price is $1870 per troy ounce I believe or $60 a gram. Did I mess something up there or is that just the way the gold market is?

 

[Paulie]

It's a typical premium in the physical gold market.

 

[Bern80]

It's a typical premium in the physical gold market.

Are there vehicles for buying at closer to market values?

 

[Paulie]

It's a typical premium in the physical gold market.

Are there vehicles for buying at closer to market values?

I doubt it. The market knows what it will bear for physical metals. You could shop around with dealers and see who's got the lowest premiums, or see what kind of bids you can get on ebay.

The reason there's a premium is that there's really no good substitute for physical ownership of your metals. If you're just looking to trade then buy the GLD at market price. But for holding longer term it's more preferable to take physical ownership, so it comes at a premium.

 

[uscitizen]

Gold eagles sell for more than the OZ mkt price for gold as well.
first hit I got on google was 1919.00 per 1 OZ eagle.
That is what all my gold is in.

I paid about 550.00

 

[Bern80]

Nice price. I would be curious to know what your take is on auctions like this........
YELLOWSTONE .999 24k FINE GOLD CLAD TROY OZ GEM ART BAR | eBay

 

[uscitizen]

I would not buy gold now unless I was planning on making small gains over the short term.
Gold will not go a lot higher for a while and may well drop some, but not a lot.

I bought mine back shortly before it all started falling apart.

You know when the right though the Mret and real estate would just keep zooming up and the economy was solid.
I saw what was coming and liquidated all my stocks for a nice profit and invested in a private purchase of gold.
My assets are now in my farm, my gold and some secure slow growth investments.
And of course my greatest asset, my good looks.

 

[Ernie S.]

It's a typical premium in the physical gold market.

Are there vehicles for buying at closer to market values?

If you buy large quantities, the premium goes way down.
DO NOT BUY from someone on ebay!
Find a local jeweler, pawn shop or coin dealer and shop them for a decent premium. The most I've ever paid for gold, platinum or silver is spot plus 3%.
If at all possible, deal in cash in sub $10,000 increments. Create no paper trail.

 

[Ernie S.]

Nice price. I would be curious to know what your take is on auctions like this........
YELLOWSTONE .999 24k FINE GOLD CLAD TROY OZ GEM ART BAR | eBay

That is a plated (clad) art piece. It is not pure gold.

 

[uscitizen]

Yep lots of gold clad coins out there too.

 

[uscitizen]

I wonder how much gold the US has left after selling all those gold eagles?

 

[Ernie S.]

Kitco.com has forums about gold and silver trading and even some private sales between members. If you do your homework, there is a wealth of information there. One caution:
Even on Kitco, be careful. Look for a member selling metal that has a lot of posts on the forum to insure you're not dealing with a scam artist.
I hold precious metals as a hedge against inflation and in case the shit hits the fan. (At Kitco, TSHTF) I hold physical metals, not paper that says there is metal in a vault somewhere. If the shit DOES hit the fan, I'll eat. Someone who holds paper will stay warm for a few minutes.
No, I don't see doom and gloom around every corner, and my children will likely split a decent stack of bars and coins, but I'm confident I won't go hungry if I'm wrong.

 

[Ernie S.]

Yep lots of gold clad coins out there too.

That's why I only deal in person. I weigh a coin and check dimensions with a dial caliper. You can find dimensions for about all bullion coins on line.

 

[TakeAStepBack]

Wait until the Libyan gold is int he hands of the globalists.

 

[zonly1]

Curious does anyone use Relative Strength Index (RSI) in there gold buying strategies or like minded calcs?

 

[midcan5]

I was surprised to read recently that in today's money gold reached its highest level in 1980 estimated at around 2200, I remember silver going crazy back then too as I did lots of black and white photography. Gold seems like just another mad bubble. Bubbles never cease to amaze, it is like humans too easily forget reality when fast money enters the picture.

 

[ABikerSailor]

I've been watching the escalating price of gold and kind of shopping around. I was just curious, is it typical that it is always going to be priced well above the market rate? I was looking at the new e-bay section for example. They have a 2.5 gram gold bar for $193. That would be $77.20 per gram. I believe the market price for gold is by the troy oz. and there are 31.10 grams per troy oz. The current market price is $1870 per troy ounce I believe or $60 a gram. Did I mess something up there or is that just the way the gold market is?

You know.......if you have the chance, go to Dubai U.A.E. and go to the gold souk. Over there, they have many stores that sell 18k or better gold, and if you want, you can also buy Credit Suisse bars that are 99.99 and 99.999 gold.

Interestingly enough, when you go there, they don't really pay any care to what the object is, just the weight. No matter if I bought a charm or a necklace over there, they simply weighed the object, and I paid whatever the gold price was that day.

The really sad thing? I was there in 90-92 when gold was running only 300/oz and after watching the market, I should have bought more than what I did.

 

[Vinson]

I am agree with you because gold prices are continuously rising.
Gold rising price reason is because all over world face depression and people invest in gold and it price is rapidly increase. This is main reason behind this.

 

[ABikerSailor]

I am agree with you because gold prices are continuously rising.
Gold rising price reason is because all over world face depression and people invest in gold and it price is rapidly increase. This is main reason behind this.

Apparently.........you're a Glen Beck disciple.

Good luck with that.