What to do with 3oz of gold?

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0cean23
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What to do with 3oz of gold?

Post by 0cean23 »

I have a few oz of gold similar to these gold bars https://goo.gl/i8QJn8 what do you recommend I do with these? Continue to hold onto them? Sell them for cash? I don't need the cash at this time but I wanted to see if there's a way to invest it or not.
Good Listener
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Re: What to do with 3oz of gold?

Post by Good Listener »

I had 3 also. I walked into a store in the diamond district of NYC when i went in for a ballgame and they paid me the price of gold in cash rounded down a slight bit. No value in keeping it.
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unclescrooge
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Re: What to do with 3oz of gold?

Post by unclescrooge »

0cean23 wrote:I have a few oz of gold similar to these gold bars https://goo.gl/i8QJn8 what do you recommend I do with these? Continue to hold onto them? Sell them for cash? I don't need the cash at this time but I wanted to see if there's a way to invest it or not.
Why did you buy them?

I bought a bunch after I sold my home in 2006. I view then as a form of insurance.

I doubt I will ever sell them.
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simplesimon
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Re: What to do with 3oz of gold?

Post by simplesimon »

Good Listener wrote:I had 3 also. I walked into a store in the diamond district of NYC when i went in for a ballgame and they paid me the price of gold in cash rounded down a slight bit. No value in keeping it.
And then you went to the Bronx with thousands in cash in your pocket?

I sold some years ago and I was paranoid carrying thousands in an envelope to my car.
Valuethinker
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Re: What to do with 3oz of gold?

Post by Valuethinker »

0cean23 wrote:I have a few oz of gold similar to these gold bars https://goo.gl/i8QJn8 what do you recommend I do with these? Continue to hold onto them? Sell them for cash? I don't need the cash at this time but I wanted to see if there's a way to invest it or not.
Sell and reinvest in your asset allocation. If you want to own gold, there is a vehicle which holds physical gold-- is it an ETF? It should track the gold price fairly closely. Unlike most commodities, storing gold is not a large cost so an investment vehicle that simply buys and holds the stuff is quite workable.

But at the moment it is dead money and you are losing the 4-6% pa financial markets might return you, long run, say 40% bonds/ 60% equities.
RadAudit
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Re: What to do with 3oz of gold?

Post by RadAudit »

Keep them in a fire safe along with insurance policies - or in your sock drawer. Then, give 'em to the grandkids at some time in the future and let them worry about it.

I've got a few silver dollars my grandfather gave me for birthdays and Christmas - when they were worth a dollar. Think I'll pass them on to my grandkids somewhere down the road.
FI is the best revenge. LBYM. Invest the rest. Stay the course. Die anyway. - PS: The cavalry isn't coming, kids. You are on your own.
Afty
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Re: What to do with 3oz of gold?

Post by Afty »

I inherited a few gold coins and ended up selling them. I don't think they are a very good investment, and I didn't want to worry about storing and potentially losing them.

You can sell them via Apmex.com or a local store that buys gold. Make sure they give you close to the spot price.
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Hyperborea
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Re: What to do with 3oz of gold?

Post by Hyperborea »

Valuethinker wrote:
0cean23 wrote:I have a few oz of gold similar to these gold bars https://goo.gl/i8QJn8 what do you recommend I do with these? Continue to hold onto them? Sell them for cash? I don't need the cash at this time but I wanted to see if there's a way to invest it or not.
Sell and reinvest in your asset allocation. If you want to own gold, there is a vehicle which holds physical gold-- is it an ETF?.

I think many of those holding physical gold are worried about the <zombie apocalypse, black helicopters, communist/fascist/anarchist/Randian overthrow of the government, catastrophe du jour> and need the coins to pay for <safe passage, ammo, beans> when it comes. Those of us without such hordes of gold will be <sorry, eaten by zombies, first up against the wall>.
It’s not just that facts don’t seem to matter anymore. It’s that it doesn’t seem to matter that facts don’t matter.
EnjoyIt
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Re: What to do with 3oz of gold?

Post by EnjoyIt »

I have a couple of gold and silver coins. They are worth a tiny tiny fraction of my portfolio. I keep them to remind me not to be so foolish in the future.
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oldzey
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Re: What to do with 3oz of gold?

Post by oldzey »

Sell the gold and invest the proceeds in a low cost, tax efficient, total market index fund that will provide you earnings growth and dividend yield.
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SpringMan
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Re: What to do with 3oz of gold?

Post by SpringMan »

Gold ounces make nice gifts for kids or grandkids.
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NotWhoYouThink
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Re: What to do with 3oz of gold?

Post by NotWhoYouThink »

Have them mounted in a shadow box and hang them on the wall in your game room. People have more expensive art and electronics and jewelry that that on display all the time. They'll be a nice conversation piece.
Nowizard
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Re: What to do with 3oz of gold?

Post by Nowizard »

Investment, probably not, but we have lots of things simply because we want them rather than because we need them or having them is the most rational decision.

Tim
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Re: What to do with 3oz of gold?

Post by Good Listener »

simplesimon wrote:
Good Listener wrote:I had 3 also. I walked into a store in the diamond district of NYC when i went in for a ballgame and they paid me the price of gold in cash rounded down a slight bit. No value in keeping it.
And then you went to the Bronx with thousands in cash in your pocket?

I sold some years ago and I was paranoid carrying thousands in an envelope to my car.
Nah. It was a big East basketball game in Madison Square garden.....
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F150HD
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Re: What to do with 3oz of gold?

Post by F150HD »

I have a few oz of gold similar to these gold bars https://goo.gl/i8QJn8
would someone really buy that off "Ebay"? (no way)
Long is the way and hard, that out of Hell leads up to light.
finjour
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Re: What to do with 3oz of gold?

Post by finjour »

I'd recommend selling it. I held gold for a while and lost money. I sold mine to APMEX.com. The process was pretty straightforward and their support is helpful. If not them, I'd sell to some place local that will come close to spot price.
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Epsilon Delta
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Re: What to do with 3oz of gold?

Post by Epsilon Delta »

Hammer it into foil and gild all your lilies. It should be good for several thousand flowers.
Eric76
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Re: What to do with 3oz of gold?

Post by Eric76 »

Hyperborea wrote:
Valuethinker wrote:
0cean23 wrote:I have a few oz of gold similar to these gold bars https://goo.gl/i8QJn8 what do you recommend I do with these? Continue to hold onto them? Sell them for cash? I don't need the cash at this time but I wanted to see if there's a way to invest it or not.
Sell and reinvest in your asset allocation. If you want to own gold, there is a vehicle which holds physical gold-- is it an ETF?.

I think many of those holding physical gold are worried about the <zombie apocalypse, black helicopters, communist/fascist/anarchist/Randian overthrow of the government, catastrophe du jour> and need the coins to pay for <safe passage, ammo, beans> when it comes. Those of us without such hordes of gold will be <sorry, eaten by zombies, first up against the wall>.
"The Walking Dead" taught me that gold and silver is as useful as a screen door on a submarine when the zombie apocalypse hits!
SuperGrafx
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Re: What to do with 3oz of gold?

Post by SuperGrafx »

F150HD wrote:
I have a few oz of gold similar to these gold bars https://goo.gl/i8QJn8
would someone really buy that off "Ebay"? (no way)
Why not?
The seller is APMEX, one of the more reputable dealers of precious metals.
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tadamsmar
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Re: What to do with 3oz of gold?

Post by tadamsmar »

I once sold a gold coin. I found a local buyer on Craig's list (if I recall correctly). We met at a bagel shop and he weighed and measured the coin as a density check. We split the APEX bid and ask price so we both profited a bit from a private transaction.

You can get some skepticism from a private buyer. Bars are perhaps somewhat more subject to tampering where you dill a hole and fill it partially with lead to get the density right. Coins are so thin and have a patterned edge that this is hard to do. But that bar looks pretty thin and it perhaps is hard to hide evidence of a hole.
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Epsilon Delta
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Re: What to do with 3oz of gold?

Post by Epsilon Delta »

tadamsmar wrote:Bars are perhaps somewhat more subject to tampering where you dill a hole and fill it partially with lead to get the density right.
Gold is almost twice as dense as lead. You could counterfeit a pure lead bar by partially filling a hole with gold, but the reverse doesn't work.
harvestbook
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Re: What to do with 3oz of gold?

Post by harvestbook »

I'd bury it in the yard and tell the kids where it is in case of emergencies. (Assuming it's less than 0.5 percent of your portfolio and you have no debt.) But I'm kinda weird that way.
I'm not smart enough to know, and I can't afford to guess.
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parsi1
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Re: What to do with 3oz of gold?

Post by parsi1 »

Hyperborea wrote:
Valuethinker wrote:
0cean23 wrote:I have a few oz of gold similar to these gold bars https://goo.gl/i8QJn8 what do you recommend I do with these? Continue to hold onto them? Sell them for cash? I don't need the cash at this time but I wanted to see if there's a way to invest it or not.
Sell and reinvest in your asset allocation. If you want to own gold, there is a vehicle which holds physical gold-- is it an ETF?.

I think many of those holding physical gold are worried about the <zombie apocalypse, black helicopters, communist/fascist/anarchist/Randian overthrow of the government, catastrophe du jour> and need the coins to pay for <safe passage, ammo, beans> when it comes. Those of us without such hordes of gold will be <sorry, eaten by zombies, first up against the wall>.
Good One :D :D :D :D
Valuethinker
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Re: What to do with 3oz of gold?

Post by Valuethinker »

harvestbook wrote:I'd bury it in the yard and tell the kids where it is in case of emergencies. (Assuming it's less than 0.5 percent of your portfolio and you have no debt.) But I'm kinda weird that way.
No. Too many crime novels begin that way. They tell their friends, and they have a no good stoner friend of friend... you discover same digging in your garden one night, and they are armed .... you know how this movie goes.

Or... and I have seen this happen in the family. They all know where the valuables are hidden. When it comes time to read the will, the valuables are missing.

The cleaning lady or the home care people are usually fingered in this. But it is often actually one of the siblings.

Seen this one tear families apart-- the suspicion, the paranoia.

Put it in the will and hope the kids don't sell the place/ move Mom to the old age home before the reading of the will.
Valuethinker
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Re: What to do with 3oz of gold?

Post by Valuethinker »

Hyperborea wrote:
Valuethinker wrote:
0cean23 wrote:I have a few oz of gold similar to these gold bars https://goo.gl/i8QJn8 what do you recommend I do with these? Continue to hold onto them? Sell them for cash? I don't need the cash at this time but I wanted to see if there's a way to invest it or not.
Sell and reinvest in your asset allocation. If you want to own gold, there is a vehicle which holds physical gold-- is it an ETF?.

I think many of those holding physical gold are worried about the <zombie apocalypse, black helicopters, communist/fascist/anarchist/Randian overthrow of the government, catastrophe du jour> and need the coins to pay for <safe passage, ammo, beans> when it comes. Those of us without such hordes of gold will be <sorry, eaten by zombies, first up against the wall>.
Yes and no.

In that, I grew up surrounded by Mittleuropean Jews, who got out in the 1930s. Some of them managed to get wealth out of Germany, Hungary etc. with diamonds etc. I am pretty sure (in fact I know) that they kept jewelry, coins etc. in the safety deposit boxes (in North America) if the time to run ever came again.

There's some case for having something to bribe the border guards with. Think Syria. Those 6m+ people fled with *nothing* except what they could carry.

I agree generally though that what you are going to want is: freeze dried food; pepper & spices; alcoholic spirits; guns & ammunition in common calibres; batteries; razor blades; other necessary spare parts; medical supplies and especially things like antibiotics. Canned and pickled goods and knowledge of how to make same. Feminine hygiene products for that matter. If you look at say Venezuela, now, the things that people can trade for food and other necessities. What worked in Zimbabwean hyperinflation, Venezuela, USSR in early 1990s etc.
Valuethinker
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Re: What to do with 3oz of gold?

Post by Valuethinker »

SuperGrafx wrote:
F150HD wrote:
I have a few oz of gold similar to these gold bars https://goo.gl/i8QJn8
would someone really buy that off "Ebay"? (no way)
Why not?
The seller is APMEX, one of the more reputable dealers of precious metals.
That's their Ask price. What is their Bid price? I.e. what would they buy from an individual at? The spreads on these sorts of things are usually huge? (jewelry 25-50% I believe is normal).
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tadamsmar
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Re: What to do with 3oz of gold?

Post by tadamsmar »

Epsilon Delta wrote:
tadamsmar wrote:Bars are perhaps somewhat more subject to tampering where you dill a hole and fill it partially with lead to get the density right.
Gold is almost twice as dense as lead. You could counterfeit a pure lead bar by partially filling a hole with gold, but the reverse doesn't work.
Opps, tungsten not lead.
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tadamsmar
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Re: What to do with 3oz of gold?

Post by tadamsmar »

Valuethinker wrote:
SuperGrafx wrote:
F150HD wrote:
I have a few oz of gold similar to these gold bars https://goo.gl/i8QJn8
would someone really buy that off "Ebay"? (no way)
Why not?
The seller is APMEX, one of the more reputable dealers of precious metals.
That's their Ask price. What is their Bid price? I.e. what would they buy from an individual at? The spreads on these sorts of things are usually huge? (jewelry 25-50% I believe is normal).
The spread is not very big. There is also insurance and shipping, if I recall correctly.
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Re: What to do with 3oz of gold?

Post by montanagirl »

Valuethinker wrote:

No. Too many crime novels begin that way. They tell their friends, and they have a no good stoner friend of friend... you discover same digging in your garden one night, and they are armed .... you know how this movie goes.

=.


This happened in my family. Gal had about $8000 in gold in a safe and her daughter knew about it. Blabbed to a fellow drug addict and voila, they boosted the stuff out of there. Mother didn't report to the PD so something else may have been going on too.
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