Best source for buying Gold Coins

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Regina00
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Best source for buying Gold Coins

Post by Regina00 » Wed Jun 12, 2019 12:00 pm

I’m looking to buy my kids some gold coins as presents. I already have them in VG index funds 95%. They are around 30 yrs of age. My thought was for fun gifts instead of cash or clothes for holidays. Any suggestions of best source with least fees to buy some American eagles? If it matters I’m usually in Charlotte, Chicago or Fort Lauderdale if individual dealers are best direct buys for those cities. Thanks!

barnaclebob
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Re: Best source for buying Gold Coins

Post by barnaclebob » Wed Jun 12, 2019 12:38 pm

I would look up the price of coins for some reputable online dealers including shipping, then go to a shop or two in your area to see how it compares. Also be sure to figure out the sell/buy spread. Ask the dealer if you were to buy a coin then immediately resell it to them, how much money would you lose.

And I have to ask. While coins are fun to hold and look at, if your kids don't already hold physical precious medals... Will this gift just be a burden on them?

bloom2708
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Re: Best source for buying Gold Coins

Post by bloom2708 » Wed Jun 12, 2019 12:49 pm

They might like an iTunes gift card more. :wink:

Gold coins are a skimming operation for the sellers. You pay above spot price when you buy. You get below spot price when you sell.

The margin is what the coin sellers live on. The wider the gap the better.

I would stick with silver coins for fun. If they get mixed in with lose change, less of a loss compared with gold coins.
"We are not here to agree with you; we are here to provoke thoughtfulness." Unknown Boglehead

Broken Man 1999
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Re: Best source for buying Gold Coins

Post by Broken Man 1999 » Wed Jun 12, 2019 1:05 pm

You can buy bullion coins online from places like jmbullion.com, or apmex.com. I have personally bought from those two. There are many many others. They are sold in various weights, and might have scratches and such. That is perfectly fine if you aren't a coin collector.

For collectors, you can buy a proof gold coin struck by one of US govt. mints. These coins are beautiful, mini works of art IMHO. However, they aren't appropriate unless you are a collector, or just want a beautiful coin. For gold bugs bullion coins are just fine, cheaper, also.

So far as being a burden, burden me, please!

The prices are readily available to buy and sell. As with many things there is friction to buy, and friction to sell. Buying and immediately reselling of just about anything will result in a loss, not just a gold coin.

Broken Man 1999
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Watty
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Re: Best source for buying Gold Coins

Post by Watty » Wed Jun 12, 2019 1:27 pm

Do not buy them off of some place like eBay or Craigslist.

There is a big problem with counterfeit gold coins and some of them are really well done.

welsie
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Re: Best source for buying Gold Coins

Post by welsie » Wed Jun 12, 2019 1:29 pm

Also a good source: https://www.golddealer.com/

vtjon02
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Re: Best source for buying Gold Coins

Post by vtjon02 » Wed Jun 12, 2019 1:31 pm

If you want to buy them gold, why not some GLD or another gold etf?

JackoC
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Re: Best source for buying Gold Coins

Post by JackoC » Wed Jun 12, 2019 2:52 pm

Regina00 wrote:
Wed Jun 12, 2019 12:00 pm
I’m looking to buy my kids some gold coins as presents. I already have them in VG index funds 95%. They are around 30 yrs of age. My thought was for fun gifts instead of cash or clothes for holidays. Any suggestions of best source with least fees to buy some American eagles? If it matters I’m usually in Charlotte, Chicago or Fort Lauderdale if individual dealers are best direct buys for those cities. Thanks!
As others said best prices and assurance of reputability is likely to be major online dealers. Kitco is another, besides jmbullion and apmex mentioned. I've never bought at a brick and mortar coin dealer but in this day and age I doubt many people would accept a B&M store's price on any significant generic item without shopping it online first.

The other thing to consider is sales tax. That varies by which state you live in, as opposed to just where you buy, and sometimes by product (there are states where the tax treatment of pure gold coins and ~92% gold American Eagles is different). Kitco is Canadian as as now still says it's up to US purchasers to pay any taxes due to relevant jurisdictions. Browsing jmbullion it seems they generally collect it according to the laws of the state they are shipping it to. That's not advice to do anything other than follow the law, it's just a practical fact to be aware of.

SuperGrafx
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Re: Best source for buying Gold Coins

Post by SuperGrafx » Wed Jun 12, 2019 2:52 pm

Use apmex.com or moderncoinmart

Highly reliable and reputable dealers.

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DanMahowny
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Re: Best source for buying Gold Coins

Post by DanMahowny » Wed Jun 12, 2019 3:01 pm

Over the last couple years, I have bought 7 one ounce gold coins- 5 Eagles, 1 Canadian Maple Leaf, and 1 Krugerrand. I bought them at local coin shops. They all wanted me to pay $50 above spot price. I negotiated hard and never paid more than $14 above spot price. It can be done.

Also, I have always paid in cash, and bought anonymously- they never ask for ID. I'm sure this will change if I ever want to sell.

And they always try to sell me silver coins. They try hard. I have no interest in silver- it's an industrial metal.
Funding secured

7eight9
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Re: Best source for buying Gold Coins

Post by 7eight9 » Wed Jun 12, 2019 3:48 pm

Another vote for APMEX https://www.apmex.com/ or JM Bullion https://www.jmbullion.com/ I've bought from both and have been pleased.

For anyone interested in some of the lowest spreads in gold I believe Hang Seng Bank https://www.hangseng.com/en-hk/about-us ... k-profile/ would be one of the better choices --- https://www.hangseng.com/en-hk/rates/gold-prices/

The catch of course is their location. And today wouldn't have been the best day to visit their 95 Queensway location anyway --- ICBC (Asia), Hang Seng Bank, Standard Chartered, HSBC, Bank of East Asia, CITIC Bank International and Dah Sing Bank suspended work at their branches in United Centre or Pacific Palace in Admiralty. http://www.thestandard.com.hk/section-n ... =11&sid=11

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oldzey
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Re: Best source for buying Gold Coins

Post by oldzey » Wed Jun 12, 2019 3:57 pm

I purchased an ounce of gold over a decade ago from https://www.apmex.com/ - I've since sold it.

I also purchased several silver coins from https://www.apmex.com/ that I've since given away as gifts.

I don't own precious metals anymore in any form.
"The broker said the stock was 'poised to move.' Silly me, I thought he meant up." ― Randy Thurman

zxllxz
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Re: Best source for buying Gold Coins

Post by zxllxz » Wed Jun 12, 2019 5:54 pm

I've used Golden Eagle Coins for several years. Prices aren't as inflated as some others. https://www.goldeneaglecoin.com/

suemarkp
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Re: Best source for buying Gold Coins

Post by suemarkp » Wed Jun 12, 2019 6:43 pm

Prices vary like crazy, and it may depend on what a particular vendor has in surplus or shortage because who is cheapest for a given coin is constantly changing.

Looks for the specials or deals on the websites (especially at APMEX because they are normally higher than most others). Other online places to look at are providentmetals and bgasc.

Markup per ounce is least on the larger coins, but I'm not sure how much you're looking to spend on these gifts. A 1/10oz bullion coin will be around $140.

Another good way to buy is the places that have loss leader 1/10oz coins (nationwidecoin, universalcoin). They only let you do it once (so wife did it once, as did I). I've bought 10 to 20 1/10 oz coins at spot price before with both of them. But they will try very hard also sell you their overpriced collector coins and may send you glossy brochures of overpriced coins. Just say no to anything they push other than the loss leader and perhaps avoid answering the phone when getting a call from unknown cities in the southern US.

Finally, you could also consider platinum. It historically is priced at or above the price of gold, but currently is about 60% that of gold. The markups on platinum are even higher than gold (about double typically), but when the price gets back to normal you'll more than make up for it.
Mark | Kent, WA

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Regina00
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Re: Best source for buying Gold Coins

Post by Regina00 » Wed Jun 12, 2019 8:38 pm

Thanks for all the recommendations it was helpful. The idea of gifting some American Eagle coins to the kids is one their artistic beauty and two just something different than the normal gifts they may get. My impression is they will find them enjoyable even if stored away and only out once or twice a year to review. They will also be getting get a 3rd generation of a hobby coin collection in their inheritance so who knows maybe one will also take on the hobby that started with great grandpa. Again thanks for the great input.

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willthrill81
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Re: Best source for buying Gold Coins

Post by willthrill81 » Wed Jun 12, 2019 9:22 pm

I have bought from both JM Bullion and SD Bullion and can recommend both. I would urge you to price out the desired coins at both sites to see which offers a better price at that time.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

gmc4h232
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Re: Best source for buying Gold Coins

Post by gmc4h232 » Wed Jun 12, 2019 9:29 pm

Get a gold buffalo or gold maple leaf. 24kt vs 22kt Gold Eagles. Buy from JMBullion through Ebay.

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willthrill81
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Re: Best source for buying Gold Coins

Post by willthrill81 » Wed Jun 12, 2019 9:32 pm

gmc4h232 wrote:
Wed Jun 12, 2019 9:29 pm
Get a gold buffalo or gold maple leaf. Higher purity than Gold Eagles. Buy from JMBullion through Ebay.
The problem you can run into with Maple Leafs is that they are prone to 'milk spots'. Gold Eagles are the, pun intended, gold standard for such coins.

NEVER buy precious metals or coins through Ebay.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

bohica
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Re: Best source for buying Gold Coins

Post by bohica » Wed Jun 12, 2019 10:06 pm

I have bought through Amazon, they sell for several coin dealers so you can compare prices. I have Amazon Prime so 2 day shipping is free and no tax. I don't think there is tax on coins anyway. You can also choose which grade of coin you want to purchase. With a graded coin from one of the graded services (they come incased in clear plastic) you can call any buyer anywhere in the world and tell him what grade you have and he will know exactly what you have with out seeing the coin. I just bought a 2019 silver eagle proof 2 weeks ago. I have bought through Amazon last year also. In the last big run up in coin prices, silver out performed gold by a good margin.

Cycle
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Re: Best source for buying Gold Coins

Post by Cycle » Wed Jun 12, 2019 10:08 pm

Wouldn't a $1300 starbucks/caribou/peets gift card be more practical?

I say this because precious metals can be a bit of a burden, unless they have talked a lot about how much they like gold coins. If you keep them in your house, you have to think about them getting stolen. Keeping them somewhere else will cost money. They can be a pain to get rid of.

Also, in Minnesota there is sales tax on coins. If you buy them online, you are responsible for paying the tax at the end of the year if you didn't pay it at the time of sale.

You can buy them in person for a very fair price through craigslist, but I measure the specific gravity of the silver to ensure they are legit. That may or may not be of interest to you.

JackoC
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Re: Best source for buying Gold Coins

Post by JackoC » Wed Jun 12, 2019 10:16 pm

bohica wrote:
Wed Jun 12, 2019 10:06 pm
I have bought through Amazon, they sell for several coin dealers so you can compare prices. I have Amazon Prime so 2 day shipping is free and no tax. I don't think there is tax on coins anyway.
There often is, but look it up for your state. As mentioned, sometimes it's different for pure gold and non pure like American Eagles.

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BoglePaul
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Re: Best source for buying Gold Coins

Post by BoglePaul » Wed Jun 12, 2019 10:17 pm

Gold coins? What a burden. Get them silver coins or invest in a 529 plan.

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willthrill81
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Re: Best source for buying Gold Coins

Post by willthrill81 » Wed Jun 12, 2019 11:02 pm

Cycle wrote:
Wed Jun 12, 2019 10:08 pm
If you keep them in your house, you have to think about them getting stolen. Keeping them somewhere else will cost money. They can be a pain to get rid of.
Coins can be kept with safe documents. If you have a significant investment in coins, a safe deposit box may be worthwhile and is not costly; a small one in our area is only $20/year. And they can be sold at any coin dealer or pawn shop quickly anywhere in the world.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

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wintermute
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Re: Best source for buying Gold Coins

Post by wintermute » Wed Jun 12, 2019 11:11 pm

Goldmart.com is another dealer; I've used them.

JTColton
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Re: Best source for buying Gold Coins

Post by JTColton » Thu Jun 13, 2019 3:37 am

Im unsure how a few coins could possibly be any burden whatsoever. Were not talking about a Monster Box or kilos of bullion here, just a few coins.

Kitco or APMEX are gtg in my book.

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JMacDonald
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Re: Best source for buying Gold Coins

Post by JMacDonald » Thu Jun 13, 2019 5:31 am

You can buy gold coins from the UIS Mint:
https://catalog.usmint.gov/coins/gold-coins/
Best Wishes, | Joe

Broken Man 1999
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Re: Best source for buying Gold Coins

Post by Broken Man 1999 » Thu Jun 13, 2019 1:33 pm

JackoC wrote:
Wed Jun 12, 2019 2:52 pm
Regina00 wrote:
Wed Jun 12, 2019 12:00 pm
I’m looking to buy my kids some gold coins as presents. I already have them in VG index funds 95%. They are around 30 yrs of age. My thought was for fun gifts instead of cash or clothes for holidays. Any suggestions of best source with least fees to buy some American eagles? If it matters I’m usually in Charlotte, Chicago or Fort Lauderdale if individual dealers are best direct buys for those cities. Thanks!
As others said best prices and assurance of reputability is likely to be major online dealers. Kitco is another, besides jmbullion and apmex mentioned. I've never bought at a brick and mortar coin dealer but in this day and age I doubt many people would accept a B&M store's price on any significant generic item without shopping it online first.

The other thing to consider is sales tax. That varies by which state you live in, as opposed to just where you buy, and sometimes by product (there are states where the tax treatment of pure gold coins and ~92% gold American Eagles is different). Kitco is Canadian as as now still says it's up to US purchasers to pay any taxes due to relevant jurisdictions. Browsing jmbullion it seems they generally collect it according to the laws of the state they are shipping it to. That's not advice to do anything other than follow the law, it's just a practical fact to be aware of.
I haven't bought gold coins for a few years, but I see a 22ct gold American Eagle is available. Is this a new offering? Perhaps I overlooked them. I'm glad I didn't order a couple of American Eagles instead of the American Buffalo proofs by mistake.

The 6 gold coins I have are all American Buffalo 1 troy oz. 24 ct proofs. I need a couple more to even up the grand-kid's loot. If I had ordered American Eagles I would have shortchanged two of them.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

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Re: Best source for buying Gold Coins

Post by prudent » Thu Jun 13, 2019 1:39 pm

Broken Man 1999 wrote:
Thu Jun 13, 2019 1:33 pm
I haven't bought gold coins for a few years, but I see a 22ct gold American Eagle is available. Is this a new offering? Perhaps I overlooked them. I'm glad I didn't order a couple of American Eagles instead of the American Buffalo proofs by mistake.

The 6 gold coins I have are all American Buffalo 1 troy oz. 24 ct proofs. I need a couple more to even up the grand-kid's loot. If I had ordered American Eagles I would have shortchanged two of them.

Broken Man 1999
The 1 oz. coins always contain 1 oz. of pure gold whether 22k or 24k.

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tadamsmar
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Re: Best source for buying Gold Coins

Post by tadamsmar » Thu Jun 13, 2019 1:43 pm

Regina00 wrote:
Wed Jun 12, 2019 12:00 pm
I’m looking to buy my kids some gold coins as presents. I already have them in VG index funds 95%. They are around 30 yrs of age. My thought was for fun gifts instead of cash or clothes for holidays. Any suggestions of best source with least fees to buy some American eagles? If it matters I’m usually in Charlotte, Chicago or Fort Lauderdale if individual dealers are best direct buys for those cities. Thanks!
I sold one on Craig's list. The guy who bought it had a little template thingy that confirmed the diameter and thickness of many types of gold coins. And he had a little battery-powered electronic scale to confirm the weight of the coin. Together, that determines the density.

This was an Austrian Ducat, the guy was prepared to check that coin.

We met at a coffee shop so there were people around when we made the exchange.

I researched coins and found that they are hard to fake. Bars are easier because you can bore a hole an put in a lead plug (but you would have to be good at hiding the hole).

The fees and insurance were zero. We averaged the bid-ask from reputable online sites.
Last edited by tadamsmar on Thu Jun 13, 2019 1:48 pm, edited 1 time in total.

kilkoyne
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Re: Best source for buying Gold Coins

Post by kilkoyne » Thu Jun 13, 2019 1:46 pm

wintermute wrote:
Wed Jun 12, 2019 11:11 pm
Goldmart.com is another dealer; I've used them.
I liked Goldmart too. Almost forgot about them.

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Rob5TCP
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Re: Best source for buying Gold Coins

Post by Rob5TCP » Thu Jun 13, 2019 1:46 pm

Apmex regularly has "sales" on Ebay. I find the prices for NGC graded coins highly competitive. I look for grades 62-65.
Usually the more common gold goins are $40 - $150 above melt value in an NGC high grade condition.
Don't expect any of the rarer ones to show up at these prices.

This one is not on sale but does give an indication of what you can find.

https://www.ebay.com/itm/20-Liberty-Gol ... Sw965c3wHS
Last edited by Rob5TCP on Thu Jun 13, 2019 1:47 pm, edited 1 time in total.

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dm200
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Re: Best source for buying Gold Coins

Post by dm200 » Thu Jun 13, 2019 1:46 pm

I am considering buying Gold Coins - for diversification as well as some other reasons.

This site looks good to me: https://www.jmbullion.com/

I am leaning towards 1 oz - probably American Eagle - random year https://www.jmbullion.com/1-oz-american-gold-eagle/

Any feedback on this?

Glockenspiel
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Re: Best source for buying Gold Coins

Post by Glockenspiel » Thu Jun 13, 2019 2:11 pm

bloom2708 wrote:
Wed Jun 12, 2019 12:49 pm
They might like an iTunes gift card more. :wink:
Not so sure about that. More like a year subscription to spotify or another streaming service.

https://www.rollingstone.com/music/musi ... es-842750/

"The kids" don't buy music anymore. They stream it.

cableguy
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Re: Best source for buying Gold Coins

Post by cableguy » Thu Jun 13, 2019 2:35 pm

Buy them gold chains they can wear! A gold coin will sit in a safe or a drawer and maybe...just maybe...it will be worth more than you paid for it...some day. Its a doomsday asset that I'm not sure will ever pay off. But....if you think it could...buy it in the form of jewelry and at least they can wear it.

7eight9
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Re: Best source for buying Gold Coins

Post by 7eight9 » Thu Jun 13, 2019 2:48 pm

cableguy wrote:
Thu Jun 13, 2019 2:35 pm
Buy them gold chains they can wear! A gold coin will sit in a safe or a drawer and maybe...just maybe...it will be worth more than you paid for it...some day. Its a doomsday asset that I'm not sure will ever pay off. But....if you think it could...buy it in the form of jewelry and at least they can wear it.
If one desired to purchase gold jewelry purchasing it in Thailand would not be a bad decision. Prices are provided every morning in the newspaper --- https://www.bangkokpost.com/business/ The spread on ornaments is larger than that on bars but not crazy.

Broken Man 1999
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Re: Best source for buying Gold Coins

Post by Broken Man 1999 » Thu Jun 13, 2019 3:02 pm

We attended a social event for my doctor's youngest daughter, and I remarked to him that I hoped no one needed a doctor that night, as I swear half the doctors were at the event.

My doctor is Indian, and the Indian women were in their beautiful dresses, and there was an ungodly amount of gold jewelry in the crowd, none of that cheap 14 caret gold in the crowd. My wife has nice jewlery, but she looked like a begger that night.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

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dm200
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Re: Best source for buying Gold Coins

Post by dm200 » Thu Jun 13, 2019 3:16 pm

I have not purchased any gold coins yet - but in the coins vs jewelry matter - I believe jewelry is subject to state and local sales tax, while gold coins are not.

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dm200
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Re: Best source for buying Gold Coins

Post by dm200 » Thu Jun 13, 2019 3:17 pm

7eight9 wrote:
Thu Jun 13, 2019 2:48 pm
cableguy wrote:
Thu Jun 13, 2019 2:35 pm
Buy them gold chains they can wear! A gold coin will sit in a safe or a drawer and maybe...just maybe...it will be worth more than you paid for it...some day. Its a doomsday asset that I'm not sure will ever pay off. But....if you think it could...buy it in the form of jewelry and at least they can wear it.
If one desired to purchase gold jewelry purchasing it in Thailand would not be a bad decision. Prices are provided every morning in the newspaper --- https://www.bangkokpost.com/business/ The spread on ornaments is larger than that on bars but not crazy.
Is there a bigger risk there of not getting the stated amount of gold?

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dm200
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Re: Best source for buying Gold Coins

Post by dm200 » Thu Jun 13, 2019 3:19 pm

cableguy wrote:
Thu Jun 13, 2019 2:35 pm
Buy them gold chains they can wear! A gold coin will sit in a safe or a drawer and maybe...just maybe...it will be worth more than you paid for it...some day. Its a doomsday asset that I'm not sure will ever pay off. But....if you think it could...buy it in the form of jewelry and at least they can wear it.
I would be concerned about getting robbed.

bloom2708
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Re: Best source for buying Gold Coins

Post by bloom2708 » Thu Jun 13, 2019 3:23 pm

dm200 wrote:
Thu Jun 13, 2019 1:46 pm
I am considering buying Gold Coins - for diversification as well as some other reasons.

This site looks good to me: https://www.jmbullion.com/

I am leaning towards 1 oz - probably American Eagle - random year https://www.jmbullion.com/1-oz-american-gold-eagle/

Any feedback on this?
A $30 fee over the spot price. That is +2% for a fee. You will get dinged when selling too.

That makes "only 1.25%" from your advisor look cheap.

I just am not seeing what diversification some expensive gold coins adds.
"We are not here to agree with you; we are here to provoke thoughtfulness." Unknown Boglehead

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willthrill81
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Re: Best source for buying Gold Coins

Post by willthrill81 » Thu Jun 13, 2019 3:31 pm

dm200 wrote:
Thu Jun 13, 2019 1:46 pm
I am considering buying Gold Coins - for diversification as well as some other reasons.

This site looks good to me: https://www.jmbullion.com/

I am leaning towards 1 oz - probably American Eagle - random year https://www.jmbullion.com/1-oz-american-gold-eagle/

Any feedback on this?
I've had good experiences with both JM Bullion and SD Bullion. American Eagles are the standard for both gold and silver coins.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

7eight9
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Re: Best source for buying Gold Coins

Post by 7eight9 » Thu Jun 13, 2019 3:34 pm

bloom2708 wrote:
Thu Jun 13, 2019 3:23 pm
dm200 wrote:
Thu Jun 13, 2019 1:46 pm
I am considering buying Gold Coins - for diversification as well as some other reasons.

This site looks good to me: https://www.jmbullion.com/

I am leaning towards 1 oz - probably American Eagle - random year https://www.jmbullion.com/1-oz-american-gold-eagle/

Any feedback on this?
A $30 fee over the spot price. That is +2% for a fee. You will get dinged when selling too.

That makes "only 1.25%" from your advisor look cheap.

I just am not seeing what diversification some expensive gold coins adds.
There are places where the spreads are much tighter on gold (in general - not necessarily American Eagles). In Hong Kong Hang Seng Bank has some of the best spreads --- https://www.hangseng.com/en-hk/rates/gold-prices/

On a one Tael Bar (99.99) --- 12,610 buy | 12,650 sell. Spread of 40 HKD. Catch being you have to get there (or know someone who can go for you).

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Re: Best source for buying Gold Coins

Post by Ferdinand2014 » Thu Jun 13, 2019 3:44 pm

willthrill81 wrote:
Wed Jun 12, 2019 9:22 pm
I have bought from both JM Bullion and SD Bullion and can recommend both. I would urge you to price out the desired coins at both sites to see which offers a better price at that time.
+1 for https://sdbullion.com/

Best prices. Reputable. Reliable. Personal experience.

7eight9
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Re: Best source for buying Gold Coins

Post by 7eight9 » Thu Jun 13, 2019 3:45 pm

dm200 wrote:
Thu Jun 13, 2019 3:17 pm
7eight9 wrote:
Thu Jun 13, 2019 2:48 pm
cableguy wrote:
Thu Jun 13, 2019 2:35 pm
Buy them gold chains they can wear! A gold coin will sit in a safe or a drawer and maybe...just maybe...it will be worth more than you paid for it...some day. Its a doomsday asset that I'm not sure will ever pay off. But....if you think it could...buy it in the form of jewelry and at least they can wear it.
If one desired to purchase gold jewelry purchasing it in Thailand would not be a bad decision. Prices are provided every morning in the newspaper --- https://www.bangkokpost.com/business/ The spread on ornaments is larger than that on bars but not crazy.
Is there a bigger risk there of not getting the stated amount of gold?
If you meet some guy in an ตรอก who whispers "Psst ... want to buy some gold?" and pulls back his trench coat to reveal some chains --- just say no. In my opinion, go to any reputable jewelry store in Bangkok --- you won't get cheated. They are making the spread.

suemarkp
Posts: 142
Joined: Sun Nov 12, 2017 8:18 pm

Re: Best source for buying Gold Coins

Post by suemarkp » Thu Jun 13, 2019 4:54 pm

bloom2708 wrote:
Thu Jun 13, 2019 3:23 pm
A $30 fee over the spot price. That is +2% for a fee. You will get dinged when selling too.

That makes "only 1.25%" from your advisor look cheap.

I just am not seeing what diversification some expensive gold coins adds.
You should be able to sell Gold Eagles for spot unless you're selling to a local We Buy Gold place. Buy back price here, now, is $10 above spot: https://www.providentmetals.com/2019-1- ... -coin.html

But don't ding it up or you will get less. Keep it in an air tight capsule or a flip, not loose.

Buying physical metals should not be compared to investing. The transaction fees are much higher buying physical, but there should be no AUM fee unless you use a company to hold it for you. You buy it for different reasons. In general, the longer you hold the better you'll do.
Mark | Kent, WA

Quaestner
Posts: 142
Joined: Tue Jul 18, 2017 6:39 pm

Re: Best source for buying Gold Coins

Post by Quaestner » Thu Jun 13, 2019 5:00 pm

Here's my two-cent piece: American Eagles are boring. If you really want to give a gold coin, consider something with more historical or collector interest. Saint-Guadens $20? Look at Ampex "pre-1933 U.S. Gold" gold coins for some easy to purchase examples from our nation's history. You will pay more for something older, but it might have some collector value/coolness value, in addition to the gold value. Don't expect a typical gold coin to be a good investment.

However, I suggest you reconsider this gift. An unanticipated gold coin comes with some baggage. How do you store it safely? Will your child worry about storing it safely? If they need to sell it, where will they go to not get taken advantage of? Will owning this cause stress? Will the coin bring joy or help them remember you fondly? Why?

Broken Man 1999
Posts: 2508
Joined: Wed Apr 08, 2015 11:31 am

Re: Best source for buying Gold Coins

Post by Broken Man 1999 » Thu Jun 13, 2019 5:22 pm

Quaestner wrote:
Thu Jun 13, 2019 5:00 pm
Here's my two-cent piece: American Eagles are boring. If you really want to give a gold coin, consider something with more historical or collector interest. Saint-Guadens $20? Look at Ampex "pre-1933 U.S. Gold" gold coins for some easy to purchase examples from our nation's history. You will pay more for something older, but it might have some collector value/coolness value, in addition to the gold value. Don't expect a typical gold coin to be a good investment.

However, I suggest you reconsider this gift. An unanticipated gold coin comes with some baggage. How do you store it safely? Will your child worry about storing it safely? If they need to sell it, where will they go to not get taken advantage of? Will owning this cause stress? Will the coin bring joy or help them remember you fondly? Why?
Um, OPs children are 30 years old.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

Pu239
Posts: 85
Joined: Mon Dec 17, 2018 6:24 pm

Re: Best source for buying Gold Coins

Post by Pu239 » Thu Jun 13, 2019 5:24 pm

Regina00 wrote:
Wed Jun 12, 2019 12:00 pm
I’m looking to buy my kids some gold coins as presents. I already have them in VG index funds 95%. They are around 30 yrs of age. My thought was for fun gifts instead of cash or clothes for holidays. Any suggestions of best source with least fees to buy some American eagles? If it matters I’m usually in Charlotte, Chicago or Fort Lauderdale if individual dealers are best direct buys for those cities. Thanks!
Others have answered your question about dealers but you also have to decide what to buy. The American Eagle series offers 1/10, 1/4, 1/2 and 1 ounce coins in uncirculated and proof finishes for every year since 1986, which should cover the birth years of your kids and provide good price range options. Alternatively, if focusing on the one ounce size, you might consider US $20 gold pieces minted up until 1928 (technically 1933 but all of the 1929-1933 issues carry prices of tens of thousands of dollars and up; also no mintage in some earlier years 1917-1919, etc.) for a memento of a favorite grandparent or great grandparent. Lower denomination gold coins were also issued but are have more date restrictions. These should only be bought certified in a PCGS, NGC or ANACS holder. I recommend the lower uncirculated grades (MS-61 thru MS-64) for non-investment grade common date coins. Consult a recent "Guidebook of United States Coins" by R. S. Yeoman for more information about US gold coin issues (should be available at your local library).

You might also check the 2019 coin show schedules for these cities to see if any shows will be in town during your visits. Great place for scoping out coin gift ideas and comparing prices. Again, buy only certified or mint packaged coins. Enjoy!

7eight9
Posts: 50
Joined: Fri May 17, 2019 7:11 pm

Re: Best source for buying Gold Coins

Post by 7eight9 » Thu Jun 13, 2019 5:28 pm

Quaestner wrote:
Thu Jun 13, 2019 5:00 pm
Here's my two-cent piece: American Eagles are boring. If you really want to give a gold coin, consider something with more historical or collector interest. Saint-Guadens $20? Look at Ampex "pre-1933 U.S. Gold" gold coins for some easy to purchase examples from our nation's history. You will pay more for something older, but it might have some collector value/coolness value, in addition to the gold value. Don't expect a typical gold coin to be a good investment.

However, I suggest you reconsider this gift. An unanticipated gold coin comes with some baggage. How do you store it safely? Will your child worry about storing it safely? If they need to sell it, where will they go to not get taken advantage of? Will owning this cause stress? Will the coin bring joy or help them remember you fondly? Why?
How do you store it safely? A one ounce American Eagle is worth around $1,380. If we were talking a monster box (500 coins) I could understand being concerned about storage. I would suspect most people store a car worth well over $1,380 with no hesitation. The sock drawer is a reliable (and typical) storage place.

Will your child worry about storing it safely? They shouldn't. See above.

If they need to sell it, where will they go to not get taken advantage of? Any of the bullion dealers mentioned earlier in this thread will pay a fair price. If they are likely to go to one of the "we buy gold" kiosks in the mall then seller beware.

Will owning this cause stress? I don't see how it would.

Will the coin bring joy or help them remember you fondly? Why? I don't know if a coin would spark joy (ref. Marie Kondo) or not. For me would.
Thinking back to the presents I've received over the years most have gone to a charity or been thrown in the rubbish bin by now. A gold coin would still be in my sock drawer.

anoop
Posts: 872
Joined: Tue Mar 04, 2014 1:33 am

Re: Best source for buying Gold Coins

Post by anoop » Thu Jun 13, 2019 5:37 pm

If you want to deal with a govt. organization --

Since you are buying as a gift and not really as an investment, you could consider collectors versions which are available directly from various mints:
https://www.usmint.gov/
https://www.mint.ca/store/template/home.jsp
...
(Search for mint of country of choice.)

The advantage here is that it comes in a nice presentation box along with a certificate of authenticity. But you will pay a premium.

Alternatively, the mint of some countries sell bullion as well, I think Perth mint and Royal mint.

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