Best place in town to buy physical gold

[Super_Geo]

I hear Scotia can do it... and Albern sells 1oz gold bars for a 5.5% mark-up on spot.

Where do you Beyond ballers buy your gold?

Also, is there a policy on having to declare gold purchases? Do you have to pay tax on any gains made on buying/selling physical gold?


Albern:
http://store.albern.com/cgi/viewMainCategories.cgi?type=store&location=canada&session-id=12181M46j94x30y&site=2

[ringmaster]

The problem with buying gold is that you then need to sell it. Thats where places like Albern make their money.

I would absolutely not declare the purchase, its no different than any other asset. You should declare any gains made when you sell it though.

[Super_Geo]

Originally posted by ringmaster
The problem with buying gold is that you then need to sell it. Thats where places like Albern make their money.

I just called to confirm, it's the same 5.5% spread. They're buying at $1244/oz and selling at $1311/oz. Spot is around $1244.

Does anyone know of a place in town that has a lower spread than 5.5%?



Originally posted by ringmaster
I would absolutely not declare the purchase, its no different than any other asset. You should declare any gains made when you sell it though.

So it's kind of an honor system with declaring how much you made then, eh...

[ringmaster]

Originally posted by Super_Geo
So it's kind of an honor system with declaring how much you made then, eh...

Yes we have a self reporting tax system so keeping track of and declaring gains is your responsibility. Keep in mind that the spread charged on the gold is factored into the costs and that you will need to hold it for some time to recover. I believe they take another 5.5 on the buy back but I could be wrong?

[Super_Geo]

Originally posted by ringmaster
Keep in mind that the spread charged on the gold is factored into the costs and that you will need to hold it for some time to recover. I believe they take another 5.5 on the buy back but I could be wrong?

No when you sell it back to them they will buy it at spot... but they sell it to you at spot + 5.5%, so you need gold to gain by at least 5.5% to break even.

Small price to pay for having actual gold and not just a piece of paper, though... or at least that's what I think with all this reading on fractional reserve gold banking.

[rc2002]

http://forums.beyond.ca/showthread.php?s=&threadid=174122

I was on the gold bandwagon a few years ago. At the time gold was about $800/oz. Personally, I don't think there's very much upside left.

Gold doesn't have much intrinsic value aside from Jewellery and maybe some electronic applications. Platinum might be worth looking into if you're looking for some store of value.

[Mattloaf]

Bump!

I also wouldn't mind keeping precious metal around. Especially silver. I believe it's more relevant than ever with the "pending currency crisis" looming in the States.

Is anyone else storing physical gold (or virtual, overseas?) atm?

And I guess on a side note.... Anyone have any recommendations for a good household vault? Hahaha.

Edit -

These guys are offering spot + $1.25 for silver bullion... That seems pretty legit...

http://www.cdncoin.com/bullion_dept.html

[broken_legs]

Originally posted by Mattloaf
Bump!

I also wouldn't mind keeping precious metal around. Especially silver. I believe it's more relevant than ever with the "pending currency crisis" looming in the States.

Is anyone else storing physical gold (or virtual, overseas?) atm?

And I guess on a side note.... Anyone have any recommendations for a good household vault? Hahaha.

Edit -

These guys are offering spot + $1.25 for silver bullion... That seems pretty legit...

http://www.cdncoin.com/bullion_dept.html

As far as a safe, go to any locksmith and look through their catalogue. The easiest thing to do is get a safe and run lag bolts into studs and secure it against a wall...

However, I think a floor safe is a little more secure from the common criminal. You can pick up a pretty big one for about 6-900$ and of course prices go up from there depending on what you want.

also...

That link is not really any better than albern.

Buy with cash, dont leave a paper trail. ;)

[Sugarphreak]

...

[ZenOps]

Albern! Its pretty simple as hes pretty much the only man in town - literally.

Rumor has it, that the Canadian mint has run out of silver. Which is forcing Albern and the other guy (the two authorized mint dealers in Calgary) to consider rationing sales of silver maple leaves.

I bet you anything that he will limit to 9 leaves, or outright have none for sale next week if silver does not correct.

[Super_Geo]

Step 1: Get the gold.
Step 2: Protect the gold:
http://www.bordenrifles.com/Borden_Hunting_Rifle_lg.jpg

Can't wait until I get my PAL :angel:

[TheRealTimHorton]

I would buy a cheap safe and then hide my gold in my couch or freeze it under some ice in the deep freezer or something. I would be more comfortable with someone not being able to find it yet take it with ease, rather than them being able to find it easily but 'maybe' not being able to open the door.

Or dissolve it in solution. What epicness.

EPIC IDEA: Melt down candles and re-form them with ur gold inside! I like that one

[roopi]

I'm a little confused here. What is the purpose of buying this physical gold? Is this purely an investment or? If this is an investment it is clearly a bad one since you are paying 5.5% above market value. You could.just buy an ETF that holds physical gold such as GLD that has a MER below 0.5%.

I'm really curious what your reasoning is behind this purchase.

[TheRealTimHorton]

Originally posted by roopi
I'm a little confused here. What is the purpose of buying this physical gold? Is this purely an investment or? If this is an investment it is clearly a bad one since you are paying 5.5% above market value. You could.just buy an ETF that holds physical gold such as GLD that has a MER below 0.5%.

I'm really curious what your reasoning is behind this purchase.

When it comes to precious metals... Physical > Paper

When you buy paper gold you never really know what you're getting.

[broken_legs]

Originally posted by roopi
I'm a little confused here. What is the purpose of buying this physical gold? Is this purely an investment or? If this is an investment it is clearly a bad one since you are paying 5.5% above market value. You could.just buy an ETF that holds physical gold such as GLD that has a MER below 0.5%.

I'm really curious what your reasoning is behind this purchase.

Go read the prospectus on GLD and come back and post again.

Everything is not as it seems...

[ZenOps]

You never want to get paper precious metals. If you plan on it as an investment, physical is always better even if you pay 5.5% for that priveledge.

http://www.youtube.com/watch?v=_-dBQd16cvg

He explains the larger points.

Now, copper and oil you have to add in that they are physically much larger assets and you can actually lose money due to "contango". So while oil could double, if you down oil paper shares, you can technically still lose money.

http://www.bloomberg.com/news/2010-07-22/etfs-imperil-commodity-investors-when-contango-conspires-with-pre-rolling.html

Gold is fairly easily stored in a bank safe, or even an offshore bank safe. The richest people in the world store their physical assets in places like Swiss banks.

But for silver... The Bullion is sold guys. Last year the last of the 100 ounce bars were snapped up, the last of the 1 ounce coins are on the verge of being snapped up. Price is now irrelevant compared to absent supply. It will probably oneday happen with oil too.