What gives with gold prices

[Sasquatch]

I was on JM Bullion looking to buy a little gold. The 1oz gold bars are selling for roughly $84 each. I thought I should check the price of gold per oz and when I looked it up it said gold was currently selling for $54 an oz.

I'm new to all this so I don't know if the price difference is because they are a broker and they need their cut or what the deal is. Can someone explain?

[StratBastard]

Today's gold fix is $1767.40 / ounce. $56.58 gram.

[Inor]

When you buy gold (or silver) the broker you buy from will always add on a premium above the spot price (what you see online). The last time I bought physical gold was a couple years ago and the premium was about $40 per oz on American Eagles and a little less on Canadian Maple Leafs. The premium fluctuates with demand so right now it will likely be expensive. And yes, if you buy a coin from a broker and pay the premium and turn right around and sell it back to them, they will only pay you the spot price (if you are lucky).

Welcome to the commodity-cornhole.

You might want to PM RWalls about it if you are serious. I know he buys a lot of gold and silver on Fleabay and seems to get some decent prices. I have never bought it on Fleabay because I am always too worried about the seller sanding a little dust off the edges. But RWalls seems to do well with it.

[StratBastard]

Plenty of fakes on fleabay as well. I have on occasion purchased from APMEX with no problems. However, your very best bet to be SURE: find a local dealer who's prices are in line. Usually NOT a pawn shop, but a coin and jewelry dealer. One who has Fisch ringers and a digital PM scanner. I have the guy I frequent put every gold coin I purchase through these tests. I sold a small pile of gold to APMEX about 6 months ago to help my daughter buy a house. Out of $80,000 worth of coins I sold, every one I had purchased in this manner was approved as genuine by APMEX... not one fake. Getting a fake silver coin would be irritating... but a fake gold coin is gonna sting. So that's my recommendation: buy from a reputable local dealer with this equipment, and you'll never get burned.

11615 11616

[Sasquatch]

Today's gold fix is $1767.40 / ounce. $56.58 gram.

Yep. Meant gram not ounce.

[Slippy]

I was on JM Bullion looking to buy a little gold. The 1oz gold bars are selling for roughly $84 each. I thought I should check the price of gold per oz and when I looked it up it said gold was currently selling for $54 an oz.

I'm new to all this so I don't know if the price difference is because they are a broker and they need their cut or what the deal is. Can someone explain?

Sasq my boy,

Mine and Mrs Slippy's plan is to die penniless as we write out last check and breathe our last breath...Then give all of our physical assets (land, home, stuff) to our sons...so take this for what its worth...

Allocate a small amount of your savings (1-2%) and buy a couple of ounces or few pieces of physical gold and silver then put the rest the rest of your savings into eliminating debt, buying equipment, firearms & ammo, tools, land and long term successful mutual funds.

Just my thoughts...

[BucketBack]

Rumour has it that gold performs well in a 12 gauge shell..............

[OSFG]

I plan on going out so far in debt that no one will want to claim my estate....screw my kids....I been paying for them for 27 years. Gold? its just a color to me...not even one I like very much..... Good luck with that though.

[Jester-ND]

saw it hit 2008/oz today....

[Dwight55]

saw it hit 2008/oz today....

I'm still miffed at my favorite banker . . . back when gold was 35 an ounce and coming off the federal controls . . . asked him his professional opinion . . . he claimed it was a super bad investment . . .

I'd have to have it all certified and stuff before I could sell it again . . . would eat up half my sale price . . . was what he said.

I passed on it . . . been kicking myself ever since.

May God bless,
Dwight

[Jester-ND]

I buy and flip it a bunch... tempting to take a 500 profit on some gold eagles and dump it into silver...

[Jester-ND]

Today's gold fix is $1767.40 / ounce. $56.58 gram.

100oz silver bars on sale, 1.50 over spot!

https://www.jmbullion.com/100-oz-silver-bar/

[red442joe]

Tagged

Joe

[Jester-ND]

Gold topping $2100 and silver trying to break through that $26 mark. have flipped some for juicy profits as of late.

[Jester-ND]

be nice to see silver get up to 30-32 again!

[Inor]

Gold topping $2100 and silver trying to break through that $26 mark. have flipped some for juicy profits as of late.

Awesome possum!!! Good on ya!

Gold, and I believe particularly silver, are going to be a wild ride over the next several months. If you have a broker that is not raping you on commissions and you pay close attention, you are going to have a VERY profitable 2024 I believe.

[Prepared One]

Gold is going up, Dollar is going down. What could that possibly mean?

[StratBastard]

Awesome possum!!! Good on ya!

Gold, and I believe particularly silver, are going to be a wild ride over the next several months. If you have a broker that is not raping you on commissions and you pay close attention, you are going to have a VERY profitable 2024 I believe.

The silver I have has appreciated substantially. But I'm not doing any flipping. First, I don't need the $$$ I would make. Second, I'm thinking we're too close to the dollar collapse to mess around thinking I can buy it back when it drops again... cause maybe it won't this time. I'm gonna sit on mine like an old hen.

[Inor]

The silver I have has appreciated substantially. But I'm not doing any flipping. First, I don't need the $$$ I would make. Second, I'm thinking we're too close to the dollar collapse to mess around thinking I can buy it back when it drops again... cause maybe it won't this time. I'm gonna sit on mine like an old hen.

That is my plan as well. But if you enjoy the excitement of buying and selling, and don't want to mess with stocks or crypto, I think there is going to be good money to made next year with PMs.

P.S. I am buying the shit out of Puts on banks right now and selling as soon as I make $1 per contract.

[Jester-ND]

The silver I have has appreciated substantially. But I'm not doing any flipping. First, I don't need the $$$ I would make. Second, I'm thinking we're too close to the dollar collapse to mess around thinking I can buy it back when it drops again... cause maybe it won't this time. I'm gonna sit on mine like an old hen.

I had 4k that I bought in to play around with on cybermetals.com. Some days they do zero premiums for silver and gold. Have grown it to about 5400 in the past 12-18 months. It is an easy way to get my flip-fix and still sit on my hard metals. It's almost like a game these days. Take some $50 profits here and there, build up a chest, dump a bunch, then sit on the account and wait for it to hopefully go up. repeat....

[StratBastard]

I had 4k that I bought in to play around with on cybermetals.com. Some days they do zero premiums for silver and gold. Have grown it to about 5400 in the past 12-18 months. It is an easy way to get my flip-fix and still sit on my hard metals. It's almost like a game these days. Take some $50 profits here and there, build up a chest, dump a bunch, then sit on the account and wait for it to hopefully go up. repeat....

Sounds like a good gig you have going. The only cybermetals I have are the plates in my head. It's outside my wheelhouse.

[Jester-ND]

Sounds like a good gig you have going. The only cybermetals I have are the plates in my head. It's outside my wheelhouse.

it is designed for goldbugs. It is essentially an account that allows you to flip metals as much as you want. You can invest in fractional metals at spot + a premium. they have storage fees and such, but instantly being able to sell/buy at current pricing and not messing with shipping the actual product, makes it really easy for someone who watches the prices daily. Bulk of my holdings are sitting in silver currently, but again we are only talking about 4k Buy-in, Most of the purchases are in/around $250-300.

example:Buying

Buying

Spot

Gold
$1,950.07/oz

Amount

0.127 oz of Gold at $1,965.06/oz

Payment Method

ACH/eCheck


Total

$249.56


Order Date

08/31/2023

Time (EST)

02:51 PM

Order Status

Completed

and most recent sell:
Selling

Spot

Gold
$2,114.60/oz

Amount

0.127 oz of Gold at $2,084.60/oz

Deposit to

Cash Balance

Total

$264.74

Order Date

12/03/2023

Time (EST)

07:10 PM

Order Status

Completed

Yes it was only $15 bucks profit, but if I pay attention and play it smart/timing, can sit on the $15 and buy back into silver that currently has $0 premium. they rake a premium when you buy and when you sell, plus a quarterly holding fee, but if watching the prices multiple times a day it isn't difficult to turn a profit. I sold that gold sunday night when price had hit $1100, now price has dropped a bit and there is $0 premium on gold and silver currently, I could take the meager $264 and put it back in-to the gold I pulled it out of 2 days ago and now hold .13 oz vs .127, yes it is piddly amounts on the face, but it gets me my fix, It isn't always small amounts, was heavier into palladium, but figured it wasn't going to slow it's drop so dumped most of what I had in that @ $1202 (currently $1003) and dumped it into $0 premium silver @$22.85 (currently $24.38), like I said. it scratches an itch.