Gold < $1,100

[corn18]

I told myself mid year that I would buy gold if it dropped below $1,100 and it is getting close to that. Maybe $1,000 is a better target. This would go into my IRA.

[bjl584]

It's probably going to keep going down.

I don't view physical gold as a good investment, but that's just my viewpoint.

There are some ETFs that track the broader gold market and even ones that track all major commodities. These might make more sense as investment options.

Personally, I'd stay away from all commodities right now. Too much volatility and too much downward pressure from a strong dollar and a collapsing oil market.

[corn18]

That's what I'm thinking as well. I will reset my target to <$1,000 and reevaluate if it gets there. I don't want actual gold, was just going to buy an AU shares for my IRA. Although I have always wanted a 1kg bar just to have one. Doesn't have much use though.

[bjl584]

Although I have always wanted a 1kg bar just to have one. Doesn't have much use though.

It would be a neat conversation piece no doubt.

[JoeP]

Assuming you use cash, with 35.274 ounces per kilogram...do you want to have that much cash sitting around in metallic format? I agree it would be pretty cool to have a block of gold.

Since I've never done this, do you roll up to a gold broker, pay the going rate, and walk out with a brick? Is there a "convenience fee" or other charge for acquiring the brick?

[corn18]

Assuming you use cash, with 35.274 ounces per kilogram...do you want to have that much cash sitting around in metallic format? I agree it would be pretty cool to have a block of gold.

Since I've never done this, do you roll up to a gold broker, pay the going rate, and walk out with a brick? Is there a "convenience fee" or other charge for acquiring the brick?

Not sure. I can buy it on line for spot + a small fee (1% - 2%). Would rather buy it local. But then what do I do with it? I could stick it in my safety deposit box at the local bank I guess.

The smarter thing to do would be to buy smaller gold coins so at least if the crap hit the fan financially, then I could use them as currency. Tough to use a 1kg bar to barter for food, water or gas.

Tom

[greenskeeper]

Since I've never done this, do you roll up to a gold broker, pay the going rate, and walk out with a brick? Is there a "convenience fee" or other charge for acquiring the brick?

APMEX.com is where I buy all my metals. Quick and easy and a funny look from the postman when he drops off the monthly "brick"

[97guns]

accumulation is the name of my game

[rennigade]

I never understood why people want to own physical gold.

My FIL was on a gold buying kick a couple months ago. He claims that if SHTF he could trade his gold coin for something. Dumbest thing ive ever heard. I guess he thinks we still live in the stone age?

If he actually believed in his logic...then instead of buying $1500 gold pieces, he could buy a 25lb of rice along with other essentials so he wouldnt have to depend on trading physical gold coins for chickens and sugar. :facepalm:

Lucky for him his gold buying spree makes up such a small fraction of his net worth its hardly noticeable. The only winner in this situation is the guy selling the gold in the first place.

[corn18]

I've been trying to come up with a good reason that I want some physical gold and can't come up with one. I brought home $10,000 cash last week just to show my daughter what $10,000 in 100's looks like. She had it in her head that $10,000 would fill a briefcase. I guess if it were all $1 bills it would. But a $10,000 stack of 100's is not very big. So I think it would be cool to own a kilo of gold. No good financial reason to own it. Although it's probably a better way to spend $40,000 than many other stupid things I have done in the past.

[autoxer]

The smarter thing to do would be to buy smaller gold coins so at least if the crap hit the fan financially, then I could use them as currency. Tough to use a 1kg bar to barter for food, water or gas.

I've wondered about what a financial meltdown would look like. If the dollar collapses, I'm not sure why our society would automatically revert to the gold standard. Is the neighbor that stocked up on food, water & gas, really going to see the same value in gold and be willing to give up their precious resources for some coins?

If our dollar goes the way of the Zimbabwean dollar, then the currency will certainly be replaced, but I don't see why gold or silver would become the standard. I think it's more likely to be some cryptocurrency, but I wouldn't exactly run out and stock up on those either.

[greenskeeper]

precious metals have been currency since the beginning of time? Why would anything be different now today if the dollar collapsed? This FIAT money "experiment" has only been going on for 43 years.

[autoxer]

I don't know anybody that uses precious metals as currency. Why should I trust that I can exchange some goods or services for a chunk of gold and be able to exchange that chunk of gold for the same goods or services in the future?

[iliketosavemoney]

Sorry if a little off topic but where's a good place to sell silver?

This thread has made me want to sell all my silver and buy just one gold coin.
Just so I can say I have one.

[rennigade]

Sorry if a little off topic but where's a good place to sell silver?

This thread has made me want to sell all my silver and buy just one gold coin.
Just so I can say I have one.

Go to a pawn shop. They'll give you top rate for your silver.