June 12, 2024
Intro to Buying Gold
Buying gold, like buying silver, is much the same, other than the price. Gold, of course, is much more expensive.
As of this writing, an an ounce of gold, specifically a gold Eagle, is at approximately $2,437.00. A half ounce is approximately $1,250.00, and a quarter ounce is about $700.00. A tenth of an ounce is about $350.00.
The problem with buying gold coins is that when you buy fractional coins (smaller denominations) the premium is outrageous. I would not buy less than half an ounce because of the premium and, better than that, save your money and buy one ounce coins.
Remember, gold is more a store of wealth than to be used purchase items in the future. For the price of two tenth-ounce gold coins, you can buy a tube of silver Eagles and be way ahead on the premiums.
Of course, if you needed to make a larger purchase, such as a repair on your house or vehicle, then gold could be an option. Personally, I would rather work for an equivalent amount of silver than gold. This would save me the time of converting gold to silver at the local coin shop.
Just as silver has options of buying pre 1965 90% silver coins, gold can be purchased in the form of Krugerrands, Austrian Philharmonics or Canadian Gold Maple Leafs. Really, your best option is gold bars that are 1 oz in size, for the best premium. Again, these are good for preservation of wealth and not so much for barter and trade.
This is obviously abbreviated for the sake of beginners. Just like silver, you need to do your own research of online sellers to get an idea of how the game is played. It’s not too difficult to understand, however it can get tricky. Always ask questions of someone who is an experienced collector, investor or stacker. They will be a wealth of knowledge.
As always, we are not financial planners or advisors. We are here to help guide you on your journey in the world of precious metals. Do your homework before you buy!
YCPT, Yavapai County Preparedness Team, is ready to help.
Jim Arroyo, President
Yavapai County Preparedness Team
928-636-8895 YCPT.org