Buying Gold

[J.A.B]

The bitcon post got me thinking. I've wanted to start buying Gold for a while now but have no idea what I'm doing and where to start.

I'm sure some people on here have some experience with this. Where's the best place in North Alabama, what weight ( types of gold ) are best.

Lots of other questions but I'm interested in others opinions of gold as an investment as well.

 

[Dwalk]

I've got some gold colored rocks I'd sell ya Josh :****:..... seriously I been thinking about this also for some reason. I got a buddy at work that buys a lot of gold and silver and constantly is checking prices for buying, he says its time consuming but is worth it.

 

[onepieceatatime]

I listened to a podcast with Peter Schiff where he talked about an app called Goldmoney. I downloaded it but ive never ****ed with it. I think youre supposed to be able to buy gold through it and use it to buy stuff. Peter Schiff had a credit card made of gold on that podcast but that dude is also balling out of control!

 

[LightBnDr]

Visit a couple or few shops in town that say we buy gold. Then research online, just a little, about good gold sales in your city.

Then basically, starting out you need to buy only physical gold in person. You'll pay usually a smidge above spot but that's normal for buying in person.

In my opinion that is the best way to get started.

Don't buy anything online inexperienced. Don't buy ANY gold certificates.

Buy in person, physical gold you take home to your safe. Have fun

 

[TacomaJD]

Re:

What am I missing about buying gold? Seems like if a man wanted to invest a significant amount of money in something tangible, there would be better options? Gold is not immune from significant devaluation.

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[LightBnDr]

Gold is just a hedge. It's not a real investment designed to bring cash flow or supply you in retirement.

It's an asset when you hold physical pure gold in your safe or buried in the ground.

You're exactly right it is not immune from fluctuation. Just like any investment though truly.

The idea and reasoning behind owning it is the fact that it is a very valuable metal used in almost everything electronic and manufacturing processes.

It's used in the medical field along with silver. Among many others. Not to mention the classic idea of using it as a purchasing instrument during a collapse

So again it's really a hedge. Meaning you hoard it for 40 years then look on a portfolio and see the value went up 78% since you started. Knowing you had a cute little chunk of it in case of an emergency and your green dollars weren't accepted somewhere.

It's a hobby really.

 

[LightBnDr]

To your first point though, if you bought $300k in gold 37years ago when you were born and sold it last year you'd make $150k roughly.

A 50% or so gain but then factoring the average 2% inflation per year along with cost of living you really only made $39k in 37years on your gold hoard.

Again just a hedge for an emergency and a hobby