How to Purchase Gold and Silver
Peter Schiff was video blogging today about some controversy over a precious metals seller called GoldLine. He was commenting on how they were charging about double the spot price for a certain coin and pushing buyers (at least his cousin who called them up) to purchase a certain coin.
What amazes me is how anyone could just buy coins without shopping around. I’ve been to different shops physically and online in Europe and have seen a range of prices. You would think that prices are very similar as they usually are for different purchase items when you compare them in different shops but there really is quite a difference in buying coins and bullion.
The cheapest we have found so far in Europe is in German shops, although if you’re a bit far way the shipping makes it more expense than buying locally.
If you’re not at all familiar with buying physical metals there’s one main thing you have to take into account. There are 2 types of coins, normal coins bought for the melt value of the metal (pure silver or gold for example) and coins that also have collector value. The second type is called Numismatics and unless you are a collector, you should avoid them. Some examples of normal coins bought for metal value would be Canadian Maple Leaf, American Eagle, South African Krugerands, American Buffalo, Australian Koala, Austrian Philamonic, etc…
Never buy gold and silver as an ETF. The great thing about the investment is you can actually own it, instead of owning a piece of paper that could be rendered worthless.
Anyways checked out Goldline’s Web site and looking at the page for a silver Canadian Maple Leaf I noticed that they don’t put the price or allow you to buy online, you have to call. My guess is you call and they hit you with a good sales pitch. I’ve never seen another site that doesn’t put the price of the metal on the page.
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Peter Schiff was video blogging today about some controversy over a precious metals seller called GoldLine. He was commenting on how they were charging about double the spot price for a certain coin and pushing buyers (at least his cousin who called them up) to purchase a certain coin.
What amazes me is how anyone could just buy coins without shopping around. I’ve been to different shops physically and online in Europe and have seen a range of prices. You would think that prices are very similar as they usually are for different purchase items when you compare them in different shops but there really is quite a difference in buying coins and bullion.
The cheapest we have found so far in Europe is in German shops, although if you’re a bit far way the shipping makes it more expense than buying locally.
If you’re not at all familiar with buying physical metals there’s one main thing you have to take into account. There are 2 types of coins, normal coins bought for the melt value of the metal (pure silver or gold for example) and coins that also have collector value. The second type is called Numismatics and unless you are a collector, you should avoid them. Some examples of normal coins bought for metal value would be Canadian Maple Leaf, American Eagle, South African Krugerands, American Buffalo, Australian Koala, Austrian Philamonic, etc…
Never buy gold and silver as an ETF. The great thing about the investment is you can actually own it, instead of owning a piece of paper that could be rendered worthless.
Anyways checked out Goldline’s Web site and looking at the page for a silver Canadian Maple Leaf I noticed that they don’t put the price or allow you to buy online, you have to call. My guess is you call and they hit you with a good sales pitch. I’ve never seen another site that doesn’t put the price of the metal on the page.
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