best way to buy gold coins?

Discussion in 'Chit Chat' started by dumb_mother, Sep 26, 2008.

  1. anyone know what the best way to buy gold coins is? i'm thinking about getting some for the doomsday scenario which may unfurl. i did some basic searching and found buffalo and eagle gold coins minted by the US of gold. has anyone already taken this step and know of a reputable dealer?

  2. Best way is to not buy, in my opinion. The Gold firms you hear on the radio and TV, who say that they'll buy the coins back at anytime, fail to tell you how wide the spread is between what you pay and what they pay you.

    I have seen 10% or wider. Imagine buying at 880 and selling back at 790 or something, what a rip...if we did that in the securities industry, we'd be shot at, LOL.

    I don't recommend buying anything, but you might check GLD on the exchange (SPDR Gold Trust)....for example, the bid ask spread is now 874.10 bid at 874.20 (87.41 87.42).


  3. problem with gld is that in doomsday bank scenario might not really have access to the $- i actually want the protection owning the physical coin gives
  4. (Again, my opinion only)...In "doomsday bank scenario" - who are you going to sell the gold to? You can't eat it.

    We bought hundreds of Krugeraands back in the 1970's in the $150-$200 range...when Gold hit $850, there were lines outside "banking" and coin dealers to buy these things. The bid offer was, as mentioned above, very wide. 810 bid offer at 860. I would simply ask who was a buyer, offer them 10 lots for 830 or so, and sell them....until the banker types got all upset for stealing their business, LOL.

    Gold as a valuable doomsday option sounds great, and was great "back in the day" (1800's back), but in this global economy, it is simply an benchmark commodity, and should be treated as such.

    I understand the sales pitch and the hype, but if I can't get a currency, we're probably better off with guns and ammo, LOL.

    That being said, check the pawn shops....

  5. Just asking, but what do people expect to do with gold coins in a doomsday scenario. Buy food or water with them? Make a car payment? I really don't know.

    I think if you had a "few" gold coins stock piled you'd have to own a gun so no one would steal them from you. Even then, you'd have to stay awake all night to gaurd them.

    I think it would be cheaper to buy a book on how to steal gold coins than buying the coins. I mean... when doomsday comes where's the law?
  6. Yeah, that's kind of my point. Back in the 1700's we could go buy bread and wine with gold...but in doomsday....I'm keeping all the wine and food, LOL.

  7. CNI

    lots of good info there
  8. I can't find the link right now but I read a great little article yesterday wherein the guy pointed out that salt would be a lot easier to use in barter than gold... it's the most useful mineral on the planet... he was saying that gold would be hard to value. Maybe salt would be our spending money and gold would be our bank account.
  9. I haven't got time for this. I've got to dig up the back yard and put in winter corn and beans.

    And I really feel it's a waste of time. I mean, when you see a week of the likes of Pelosi, Reid, Frank.......... what could go wrong?
  10. OP asked where to buy gold, not whether it's a good investment.

    Try kitco in new york.
    they're online at

    I know many who use them regularly to take posession.

    They also have Buffalo's if that's what you want. Maples, Krug's, Eagles, pretty much anything you want.
    #10     Sep 28, 2008