How do I buy and sell gold at market price?

[Rot 911]

How do you guys buy gold at market price and then sell at market price? How do you get it in your hot little hands? I'm talking about the stuff you can hold in your hands not certificates. Seems like it might be a good idea to hoard a bit of it. Although it would have been a better idea a year ago before the prices went up.

[Burnin' oil]

Local coin shops sell American Eagles, Canadian Maples, S.A. Kruggerands, etc. Buy at spot price plus premium - sell at spot price less premium.

[on2wheels52]

At present I'm on a $30 buy/sell margin on 1 oz gold, I'll go back to $20 when the market stabalizes a bit. I don't place orders for gold, my supply is limited to what comes through the door.
Jim

[Mo_Gearhead]

As posted above ...you want to buy KNOWN COINS. Meaning they are recognized for their purity and gold content.

I have talked with people that want to buy gold and think they will be getting gold BRICKS or something (IE: from watching the movie 'Goldfinger' at Fort Knox).

If you indeed had a 'gold brick' you would have to prove its weight and assay values when trying to sell it. Coins are much more liquid.

[on2wheels52]

No one's brought me any gold bricks yet but I'd be willing to work with the seller to get a value on it.
Some of the older foreign coins are of a different %age of gold than the normal 90%, plus their weights aren't always in 1/4 oz increments. English soverigns, French roosters, and Austrian koronas come to mind.
I don't recommend anyone to buy large amounts of gold (especially at the $900 range) but a couple of oz to have around is ok.
Jim

[imcarthur]

My brother has been buying real gold recently . . .




He bought some 10 oz bars & keeps them in a safe deposit box.

Ian

[K.B.]

OK so what's the tax consequence of making money on buying low and selling high. Does somebody (uncle sam) keep records of these sales over the years?

[imcarthur]

Like any other asset. You make money, you declare it. There is a paper trail of bills & receipts . . .

Ian

[K.B.]

OK, so 20 or 30 yrs ago I bought some silver, not sure what I paid back then. Sold it recently as I needed cash, how do I figure my "profit",... guess?

I still have a coffee can of pre 64 silver coin. I am sure I obtained it at face value, so if I sell my money for more money than it is worth, isn't it still money? Uncle Sam gets to take some of it because of inflation? Inflation Tax?Something is not right with that!.............. but then taxes are never right anyway.

[Dottore]

I buy at my bank's main branch. Many of the large banks here have a bullion desk where you can buy physical gold at market prices.