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Thread: What gives with gold prices

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    VIP Member! Sasquatch's Avatar
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    What gives with gold prices

    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?
    "That guy has the right idea, he wore the brown pants today!"

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    VIP Member! StratMaster's Avatar
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    Today's gold fix is $1767.40 / ounce. $56.58 gram.
    A.K.A. StratBastard
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    Just this guy Inor's Avatar
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    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.
    Admin for the most politically correct site on the web. Welcome to the OTP!

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    VIP Member! StratMaster's Avatar
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    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.

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    A.K.A. StratBastard
    "It can't be fixed."
    NRA Member
    https://www.youtube.com/watch?v=TFa4g5nQPss

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    VIP Member! Sasquatch's Avatar
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    Quote Originally Posted by StratMaster View Post
    Today's gold fix is $1767.40 / ounce. $56.58 gram.
    Yep. Meant gram not ounce.
    "That guy has the right idea, he wore the brown pants today!"

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    Anti-social Behavior Slippy's Avatar
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    Quote Originally Posted by Sasquatch View Post
    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...

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

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    I Never Log Off! OSFG's Avatar
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    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.

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