10 Commandments for buying Gold & Silver

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BigJim said:
Probably been posted before.

Ten Commandments for Buying Gold and Silver — The Moneychanger

The Moneychanger's essential how-to guide for getting started investing in gold and silver, plus suggestions for starter portfolios.
the-moneychanger.com the-moneychanger.com
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Even if it has been posted before, it doesn't hurt seeing it again. Eyes that missed it before may see it this time and learn something.
Mr. Sanders has been around a long time and has a wealth of information.
Thanks for posting.
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Never swap bullion coins for U.S. $20 gold pieces
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I would say wrong! If I can trade some grams of gold of a bullion coin for an equal grams grams of gold in a minted old coin, I would be glad to do it. The minted coin will have a bit of silver in it, too. And it will be ready to carry in the pocket, which can give great happiness to the owner. So my answer is: WRONG! Any time you can trade gold bullion for the same amount of gold in minted coins, do it with happiness in your heart.
 
BigJim said:
Probably been posted before.

Ten Commandments for Buying Gold and Silver — The Moneychanger

The Moneychanger's essential how-to guide for getting started investing in gold and silver, plus suggestions for starter portfolios.
the-moneychanger.com the-moneychanger.com
Click to expand...
I don't know how many years they have had that on their site....and how many times I have referred people to it....its great fundamentals for all pm buyers imo and should be a sticky.....thx for the reminder sir
 
Hummmmm....

Purity is largely irrelevant among gold and silver dealers. Coins and bars are bought and sold based on their weight, not their purity. Unless you’re going to melt the coins down, it’s just not an issue and doesn’t affect the price.
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I do not agree with this statement.
999 purity in gold coins is important in asian countries.

BF
 
From the link in the op:

Never buy premium if you can avoid it.

This fits right in.

Man Loses $58,000 In Silver Investment! How To Avoid His Mistake!​

Feb 11, 2023


13:53
 

How To Avoid SCAMS When Buying Gold And Silver​

Jun 16, 2023

14:56
 
Haven't seen it before, but the advice seems to sound and worthwhile following.

I'm in.

Wondering why commandment IX is included. Anyone willing to explain the reasoning behind this and why is it pertinent.

Thanks in advance.
 
walkingnam said:
Haven't seen it before, but the advice seems to sound and worthwhile following.

I'm in.

Wondering why commandment IX is included. Anyone willing to explain the reasoning behind this and why is it pertinent.

Thanks in advance.
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i dont know how long that list has been posted but i know for at least 15yrs ........seems like 20yrs ago pre33gold actually traded at a discount to 1oz bullion coins so i suppose thats the reason, but its the only thing on the list i find to be suspect advice
 
walkingnam said:
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Wondering why commandment IX is included. Anyone willing to explain the reasoning behind this and why is it pertinent.
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Ttazzman said:
i dont know how long that list has been posted but i know for at least 15yrs ........seems like 20yrs ago pre33gold actually traded at a discount to 1oz bullion coins so i suppose thats the reason, but its the only thing on the list i find to be suspect advice
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I believe @Ttazzman is correct. If you scroll down the page a bit, you will find this:
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Why do you recommend gold coins like Krugerrands, Austrian 100 Coronaes, and Mexican 50 Pesos, and what are they?

We recommend these foreign coins because they cost less per ounce and give you more gold for your money than the American Eagle gold coin series (which is minted in the United States today). All of these coins are well known in the industry and any dealer will readily buy them. The 22 karat South African Krugerrand gold coin contains exactly one troy ounce of fine (pure) gold. The American Eagle copied the Krugerrand’s specifications, and is minted to exactly the same weight and fineness. The Austrian 100 Coronae is an official re-strike from the Austrian mint. It is 20 karat (90% pure) and contains exactly 0.9802 troy ounce fine gold. The Mexican 50 Peso is an official re-strike from the 400-year old Mexico City mint. A 20 karat coin, it contains exactly 1.2057 troy ounce of fine gold. These three coins take turns as the cheapest on our price sheet.
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Rule #13:
Do not buy gold from a drunk Mexican in a Home Depot parking lot.
 
nickndfl said:
Rule #13:
Do not buy gold from a drunk Mexican in a Home Depot parking lot.
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LOL....i have bought metals from a contractor in a walmart parking lot...........and a farmer in a Bass Pro Parking lot ........i dont think a Mexican at home depot would bother me much LOL
 
BigJim said:
Probably been posted before.

Ten Commandments for Buying Gold and Silver — The Moneychanger

The Moneychanger's essential how-to guide for getting started investing in gold and silver, plus suggestions for starter portfolios.
the-moneychanger.com the-moneychanger.com
Click to expand...
It seems to me that these are 10 Commandments for Buying Gold and Silver and keep them home, how about some rules for buying PM and let them store.
I know the If-you-don't-touch-it saying but not every stacker chooses to keep all his metals at home.
 
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He is no doubt right but I do buy, I guess he would call premium stuff, like Libertys, Maples, Britannias, and .9999 bars, but only when they are on sale and/or at a good price. I want an interesting stack as well as a good valued one. I also buy the occasional art piece because my wife is an artist and loves them, and again, as long as the premiums aren't to crazy.

I like art too and silver is such a beautiful canvass to work on. I especially love the stuff from the Germania mint. The Germans are real metal craftsmen for sure.
 
I generally find that I am never sorry when buying bullion coins at or below spot no matter the price.
 
I have a few problems with a few commandments, tho agree with most. With #2 what exactly is premium ? I buy what makes most value regardless of cost. ASE's have large premiums because they get you more when selling, tho generally I buy according to weight. #V I dont believe in buying small gold. I'd buy silver first because the premiums on small gold are murder. I'd never buy $100,000 of any metal because the Govt. would stick its nose in, that, and its just to much to bet on. Other then this I'd agree with everything said.

At most, and even if I have the cash, I dont buy more then a coin at a time. Or my limit on silver is $2 to $3 K. That way I look less like a fool if prices go sotuh. Like right now I have the cash to buy a couple/three 1 oz gold coins but I wont buy a one because I think the market prices are high and the market is nervous over tariffs. Even if they are just 1 Kilo+ gold tariffs on the Swiss it will upset the market chain and things will have to settle down. Even if the tariff scare is true its likely Trump is just using it as an Ace card to scare the Swiss into making a trade deal.

One mistake I learned the hard way was to never buy gold in anticipation response to a military scare like the USAF attack on Iran. First off I'm a military man and I well know Iran is just not in our League vis a vis military power and the last thing they need is conflict with America. We'd wipe them off the map, cut off their oil, utterly crush their Navy and Air Force, and with Russia out of the game they'd have no easy route to resupply. Secondly wars start, wars end, and unless its a major one, and in the case of modern hyper-war, they will be over in days and weeks and markets will stabilize. But like an idiot I paid $3,950 for an ASE and the market nose dived the following day which took me many months to justify buying the coin. Right now that very same coin is going for $3,459.76 but the market is high and the premium for this coin is well over $62, thats almost 2% of the price, and I'd never pay that. Spot is $3,400 so thats the real worth of the coin, minus a bone thrown in for the buyer. Bottom line? I paid to much over a war that never happened in a market that knew it better then I who have studied wars my entire life.

So now I listen to the markets instead.
 
Rule #11. Don't panic buy .... its just metal...its money not food
 
Ttazzman said:
Rule #11. Don't panic buy .... its just metal...its money not food
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Wise words if any ever spoken. And dont impulse buy, another weakness of mine because I just love a good deal. Like I had no plans to buy more this month after buying two gold 1 oz'ers and some silver already but Silver/Gold Bull had a 10 oz bar at spot, $370, I just couldn't pass up and should do well with. Then Monument has a deal of a single per house 2025 BU ASE for $38.04, which is cheap, and to it I added their deal of a single per house 5 1oz rounds for $190, again $38 per round. I can't help but love starter packs.

And before that I bought 2 ASE's for $38.50 apiece and added to my Kennedy halves for a good price. So I continue to cherry pick from legitimate houses that never give me any pressure to buy more. The products sell themselves at these prices. There are about 5 legitimate houses I mostly deal with.
 
One commandment I have a problem with is buying small gold before, say, 1 oz gold. I wont pay the premiums on those itty bitty pieces of gold and its not like were talking rocket science here. Buy your gold from an established house and forget the 1 oz for $40 from China on Ebay . Yes you'll be buying less gold orders but in the end you'll be buying more weight for less. I'd rather have a 1oz coin every other month then a 1/10'th bar every week because the premiums are brutal.

And I dont like premiums. 2025 was a good year from me. I bought 7 1 oz gold coins and a 1/10'th coin "I think I was drunk on that one". As well I bought as much in dollars, or maybe more, in silver and at todays prices the gold itself is worth almost $24,000. Am I a rich playboy ? Hardly. I'm a retired working stiff that decided Ive seen enough of the reckless spending, $USD devaluation, and these goddamned Politicians stealing with both hands until they have made my beloved $USD a joke. And the rest of the worlds fiat currencys are all going down the shitter in the same way.

So I took my low interest accounts, which is most of them, and converted them to precious metal. An investment these weasly elected thieves dont even know I have so they cant think of a way to steal it. I still have my real estate and I still have my deferred accounts that are doing rather well. But in the end these are just paper , the deferred money I can't touch without Govt. stealing 20% and real estate is way over-valued and no doubt will crash some day. So I'm not paying a $20 premium on a 1/10'th gold coin thats selling for $355. Thats the same premium for a 1 oz coin thats worth 10X more.
 
back in the good ole days LOL.... when ever there were sales etc you could buy rolls of 1/10 eagles....krugs....and ducats with reasonable premiums (ducats were the same price as eagles but 10% more gold) .........speaking of good ole days seems like a couple of 1/10 eagle rolls came from tulvig hannes if anyone remembers him??? he was interesting to work with if you could do volume he had pretty high minimum orders levels, did everything via phone but the best prices by far .....obviously i didnt get caught in his scheme/demize
 
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Ive seen some decent deals on 1/2 oz AGE's with premiums I could live with tho I haven't got around to buying any yet.
 
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