learning and buying first gold

[ttrgfx]

hello, as the title says , i want to learn the gold industry and markets , i am also interested in buying my first physical piece of gold as soon as a few hours from now when the store opens. 

as i understand  i maybe should buy buy now before it goes up ? 

i was offered 14k in the form of cuban link chain for $25 a gram , is this good price? 

how much should i pay a gram for 14k and or  10k  shall i ever want to see a profit in my near future, as i know in time gold will someday rise , and there may be no quick flip with gold , but what is a price i should purchase , IF i purchase today !

 

thank you in advance i hope i made myself clear. 

 

what i forgot to mention , is im only starting with a low $500-600 budget .

[Agpanda]

You want to start with some 22 or 24 carat coins

check for eagles or old US coins

Normal price shell be spot +2 to 5% over spot

Good luck

[ttrgfx]

i have many questions , all very entry level . i have no knowledge, just passion . an obvious question , is why coins and not this chain ?  and i will also be doing my homework as to what " +2 to %5% over spot"  means

3 minutes ago, Agpanda said:

You want to start with some 22 or 24 carat coins

check for eagles or old US coins

Normal price shell be spot +2 to 5% over spot

Good luck

 

[Agpanda]

just start with dose to get the feeling or gold

after that you can start looking round

for spotprice, look here

https://www.kitco.com/

[ttrgfx]

18 minutes ago, Agpanda said:

just start with dose to get the feeling or gold

after that you can start looking round

for spotprice, look here

https://www.kitco.com/

well i appreciate your input , i still dont know why i would do coins instead of this gold  chain, isnt gold gold? unless i acquire a rare coin ,so stumped but i wont give up my research . thank you

[sixgun]

i just listened to an interview by Bill Holter. He recommended for US people to buy silver as Constitutional silver - so old silver dimes etc. He recommended this silver over 1oz ASE's. He explains his reasoning - that the little silver coins could be used in barter - and of course silver is silver.

As far a gold goes he recommends the US gold coins. A full 1oz is beyond your budget but 1/10oz gold American Eagles are a very popular coin and within your reach.

 

[Oldun]

4 hours ago, ttrgfx said:

hello, as the title says , i want to learn the gold industry and markets , i am also interested in buying my first physical piece of gold as soon as a few hours from now when the store opens. 

as i understand  i maybe should buy buy now before it goes up ? 

i was offered 14k in the form of cuban link chain for $25 a gram , is this good price? 

how much should i pay a gram for 14k and or  10k  shall i ever want to see a profit in my near future, as i know in time gold will someday rise , and there may be no quick flip with gold , but what is a price i should purchase , IF i purchase today !

 

thank you in advance i hope i made myself clear. 

 

what i forgot to mention , is im only starting with a low $500-600 budget .

How do you know it is a real gold chain ? Is it a reputable shop ?

[mr-dead]

4 hours ago, ttrgfx said:

well i appreciate your input , i still dont know why i would do coins instead of this gold  chain, isnt gold gold? unless i acquire a rare coin ,so stumped but i wont give up my research . thank you

Gold is gold but jewellery usually carrys a significantly higher premium over bullion bars and coins.

You also have to factor in liquidity, is it going to be easier to sell a well recognised coin e.g. a gold eagle or an unkown piece of gold chain.

Me personally I would stick to bars and coins, maybe buid up a scrap gold stash alongside if you can grab pieces cheap enough over time on the secondary market (ebay bargains + car boot sales etc)

[ttrgfx]

Yes this is a great jewelry shop , my family has shopped here always.  So is this amout good per gram ? 

 

And how do I know what year coin to pick and how much to spend . I'm not being lazy just asking for immediate help as I do my own research

[mr-dead]

6 minutes ago, ttrgfx said:

Yes this is a great jewelry shop , my family has shopped here always.  So is this amout good per gram ? 

 

And how do I know what year coin to pick and how much to spend . I'm not being lazy just asking for immediate help as I do my own research

 

With gold coins to start with I would stick with your country issued coins so for the US it would be eagles and buffalo's.  Buy bullion versions over proof and buy as close to spot as possible (use Apmex to benchmark prices)

 

$ gold price per gram should be easy to get in real time with a quick google search.

[ttrgfx]

4 minutes ago, mr-dead said:

Gold is gold but jewellery usually carrys a significantly higher premium over bullion bars and coins.

You also have to factor in liquidity, is it going to be easier to sell a well recognised coin e.g. a gold eagle or an unkown piece of gold chain.

Me personally I would stick to bars and coins, maybe buid up a scrap gold stash alongside if you can grab pieces cheap enough over time on the secondary market (ebay bargains + car boot sales etc)

thank makes is clearer , I really appreciate all of you guys!!! Now how you I find the right year coin at the right price ....  I'd still out of curiosity would like to know is that a good deal person gram I was offered .  I do understand the pros of buying a gold coin instead , bit I feel its easier for me to price a gold chain instead ... 

[ttrgfx]

Just now, mr-dead said:

 

With gold coins top start with I would stick with your country issued coins so for the US it would be eagles and buffalo's.  Buy bullion versions over proof and buy as close to spot as possible (use Apmex to benchmark prices)

 

$ gold price per gram should be easy to get in real time with a quick google search.

Okay . I will review this info and try to figure out how to price . shall I have another question I will be back . I appreciate all of you guys .. I'm really serious about learning and buuing . I couldn't learn this alone . thank you

[mr-dead]

dont even worry about the coin year when buying bullion.

Ask the jeweller what would be the buy back price on the gold chain he is trying to sell you, that will quickly move you over to coins and bars.

[ttrgfx]

Just now, mr-dead said:

dont even worry about the coin year when buying bullion.

Ask the jeweller what would be the buy back price on the gold chain he is trying to sell you, that will quickly move you over to coins and bars.

What made me believe the buy back value would high is because every other store around me is charging me nearly 41 per gram . so if I can buy a product at almost half price , shouldn't I be able to flip it ?

I notice many different prices by the years , and have realized early 90s coming are worth being sought abd bought more . I feel its way harder to price a coin, but yet there is still homework I have yet to do . 

[PansPurse]

I'll second @mr-dead. Leave worrying about coin years etc for now, that's gettign into the complicated world of numismatics. If you just buy bullion coins at close to spot price you can;t go far wrong because the gold in the coins will always be most of the value, and the coins are easily recognised and trusted.

I don;t know how the tax system works in the US, but in the UK gold is only exempt from VAT (sales tax) if it is 'investment grade' so 22 to 24 karat (90% pure or higher, or something like that) so the 14K chain might have different tax implications.

In general most jewlery has a high premium over spot because of the work that goes into forming it. A quick calculation would sya that 14k gold is currently $23.92 per gram spot (most dealers would offer you a few percent below that to buy it), but also bear in mind that lower concentration precious metals generally gets a lower buy-back price.

[ttrgfx]

11 minutes ago, PansPurse said:

I'll second @mr-dead. Leave worrying about coin years etc for now, that's gettign into the complicated world of numismatics. If you just buy bullion coins at close to spot price you can;t go far wrong because the gold in the coins will always be most of the value, and the coins are easily recognised and trusted.

I don;t know how the tax system works in the US, but in the UK gold is only exempt from VAT (sales tax) if it is 'investment grade' so 22 to 24 karat (90% pure or higher, or something like that) so the 14K chain might have different tax implications.

In general most jewlery has a high premium over spot because of the work that goes into forming it. A quick calculation would sya that 14k gold is currently $23.92 per gram spot (most dealers would offer you a few percent below that to buy it), but also bear in mind that lower concentration precious metals generally gets a lower buy-back price.

Just made me realize ive been comparing the wrong price per gram ( I thought price per gram was 41 reason why when I eas offered 25 per gram I thought it was good) ... , if 14k is going for 23 theres no way I should pay 25 . duh right . 

Yes I think its time to look into coins , unless I can get the price for gram way cheaper, even so , I understand more now why coins are more favored . 

[StackinJack]

If your budget is around 500/600, maybe a good start is to buy 1 or 2 1/4oz golden coins.
Best to start stacking is just find the cheapest coins you can find, nothing fancy, no proofs or special editions..
Just go to one of the sites of the US dealers, select the amount and then 'sort by: lowest price first'
As other members are stating, start with coins which are easy to sell in case you want or need to, maples or eagles.
Or go for some silver also, more coins for the same money



 

[Oldun]

If you are in The US, ......free domestic shipping if you buy over $99 at either Apmex or SD Bullion......

https://sdbullion.com/gold/american-gold-eagle-coins/1-4-oz-gold-eagle-coins

[ttrgfx]

5 hours ago, StackinJack said:

If your budget is around 500/600, maybe a good start is to buy 1 or 2 1/4oz golden coins.
Best to start stacking is just find the cheapest coins you can find, nothing fancy, no proofs or special editions..
Just go to one of the sites of the US dealers, select the amount and then 'sort by: lowest price first'
As other members are stating, start with coins which are easy to sell in case you want or need to, maples or eagles.
Or go for some silver also, more coins for the same money



 

Would you say $143 is good for 1/10 ounce gold eagle coin? I dont see how when 22k is about $28 gram and this coin only cointains about 2.835 gram of 22k? 

Each of these coins contains 1/10 troy ounces of 0.9167 (22-karat) fine gold. Moreover, they carry face values of $5 (USD), guaranteed by the United States.

 

I'm now convinced I should buy coins , id like either on 1/10 or one 1/4. Now to figure out a good price to purchase??? , may someone provide a reasonable purchase price ? I havent gotten to my PC yet to do my homework on how to price . I dont know about "spot price" and other terms and will research when I can sit down with my computer. if someone may provide a reasonable purxhase price for a 1/10 or 1/4 that would be awesome ...

 

 

Thank  you guys for all the education . I have already learned so much more than i initially knew . 

[ttrgfx]

What about a 5gram 3.2 penny weight republic bar for $240 

[StackinJack]

First start googling on the terminology like Premium, spot, fractional, bullion and precious metal in general.
And there is A LOT of info to be found here on the forum, and also a lot of knowledgeable and friendly people who are willing to help.
I just started stacking a few months back so my knowledge is not that great, but most of the stuff I learned by reading here on the forum.
But beware, before you know you are addicted to stacking, so no complaining about that in a few months from now! 😊
And most of all, have fun!

[KevinFlynn]

Hi, let's do the calculation:

... gold spot in dollar 1,290.50 ...

... this is for a troy ounce (31.1034768g) ...
... the calculated gram of gold is at (rounded) $41.49 ...

... a bar of 5g would thus have a worth of $207.45 ...
... the bar in question at $240 would be priced at nearly 15,7% over spot ...

... too expensive in my eyes ...

Let us compare with a full ounce Golden Eagle at, say, Apmex, of which the cheapest is priced at $1,342.19 ...

... so comes with a price of 4% over spot ...

... or a comparatively smaller, quarter ounce at $350.43 ...
... which would still only be priced at 5.5% over spot ...

(prices as of 15 January 2019 21:30 GMT+1)