OT: Where do you go to buy gold bullion on SD

User Forum Topic
Submitted by Coronita on January 24, 2016 - 6:54pm

I know it's been asked....But where do some of you go to buy gold bullion locally or if you don't buy locally, where?

Submitted by deadzone on January 24, 2016 - 7:59pm.

I would look to the LA Jewelry District. That's where I went when I had bullion to sell. Lots of buyers so I'm sure they are sellers as well.

Submitted by moneymaker on January 24, 2016 - 9:55pm.

I have bought at san diego coin and bullion http://www.sandiegocoin.com/
since I've been into silver however I have been buying SLV shares instead of hard stuff.

Submitted by milkspot on January 24, 2016 - 11:51pm.

I mostly buy from apmex.com through Ebay. Some time ago, I discovered that apmex has an Ebay store front. Once in a while, apmex would have a "SPECIAL PRICE!" bullion deal where you can buy the bullion via Ebay at the same or lower price as their wire/check price at their own website. This is when I usually buy because 1) I get 1% back since I fund paypal acct with CC and 2) I don't have to wait many, many days for my check to clear hoping that they are still in business (yes, I am little paranoid).

Submitted by mixxalot on January 25, 2016 - 9:25am.

I prefer buying directly from the US Mint! They have cool new collector and commemorative gold and silver coins like the presidential spouse coins and Mark Twain coin.

Submitted by Coronita on January 25, 2016 - 9:58am.

Thanks folks for responding... A few questions.

1. Mixxalot. I looked at the US mint website, but it seems like the price of the american eagle or buffalo 1 ouncer is really really high. It's around $1400/ounce. Spot gold is around $1100/ounce, and it seems like there are many dealers selling around $60-70 above spot. So I'm wondering is there some reason why the US mint prices are higher than what dealers are selling for?

2. Moneymaker From sandiegocoin's website,

http://www.sandiegocoin.com/gold-widget.php

What exactly would be the difference between the american eagle/bufflao versus say the canada maple leaf or the Krugerrand or the Suisse bar. Isn't 1oz of gold the same as 1oz of gold. Why the variation in price (albeit small)?

3. milkspot. How often have you bought from apmex? Reputable?.

Submitted by milkspot on January 25, 2016 - 11:18pm.

I have purchased from apmex 34 times and had 1 minor issue. The coin had a fingerprint on it. I complained about the unprofessional handling. Their response was conciliatory (as in open for exchange) but I did not pursue because I was able to remove the print with soap/water and pat dry.

So the only question is ... are my coins fake? Unless you buy directly from the mint, this is a question that applies to any dealer purchase. I am not a coin expert so I can only rely on reputation and how long they've been in business. The only due diligence I did was I bought an Austrian Philharmonic from Liberty Metals Group in Del Mar and another one from apmex and compared the coins carefully. They look/feel the same so either they're both genuine from Austrian mint or they're both fake from China. I ended up believing the former. I've been going back and forth about getting https://www.thefisch.com/ because I still want to spot check a few coins once in a while.

Obviously, I trust apmex. Otherwise, I wouldn't have bought from them 34 times.

Submitted by mixxalot on January 30, 2016 - 5:36pm.

Agree flu and I am royally pissed off after the US Mint cancelled my order for no valid reason so thats the last time I ever buy from them! So who do you recommend in San Diego to buy gold and silver bullion coins from for the best deals and prices and selection?

I would like to buy Krugerands and Canadian Maple Leafs.

Submitted by OwnerOfCalifornia on February 1, 2016 - 1:29pm.

flu wrote:
What exactly would be the difference between the american eagle/bufflao versus say the canada maple leaf or the Krugerrand or the Suisse bar. Isn't 1oz of gold the same as 1oz of gold. Why the variation in price (albeit small)?

Eagles and Krugerrands are 22-karat gold (91.7% purity = 22/24). Maples and Buffaloes are 100% 24-karat. Both types have exactly 1.000 troy oz of gold. The Eagles & Kruggerands are alloyed with a bit of silver and copper and are a bit heavier and more resistant to 'damage', but you obviously wouldn't want to throw around either type. Beyond that, these are just bullion and (I'm no expert) the buy/sell spreads are pretty similar.

I've never bought from Apmex but I know people who have--they had good experiences. In town, I really like Blue Vault. I'm not terribly worried about fakes (yet) but China is getting better at it. The fakes will never beat the Fisch (basic physics), and I know Blue Vault uses those. Maybe you'd want to be more careful about bars if you're into that kind of thing--but I genuinely believe good dealers won't let fake bars through either.

You can google prices around town, and honestly I feel like they're close enough that, as long as you trust the dealer, you'll do best by driving to the closest one to you.

Submitted by OwnerOfCalifornia on February 1, 2016 - 1:34pm.

Oh yeah, another thing. In California, you'll pay sales tax for purchases under $1500. Over that, tax-free for the whole purchase. So you can't buy just one gold coin, but you could buy one 100oz silver bar.

I never tried to buy 1 gold coin + some silver to get to just over $1500, but that might work.

Submitted by gzz on February 1, 2016 - 6:24pm.

I would never buy a 100oz silver bar. Fakes of them exist, and if I want to resell I would need to first find someone wanting to buy $1500 worth of silver and then prove that it is not a fake.

Much better to get a mix of 1oz rounds and coins and maybe a few 10oz bars. While fakes exist of 1oz coins too, the incentive to do so is very small and people can sacrifice one to test with acid or just cut them with hedge clippers.

Best deal on silver right now IMO is Silver Brittania or Prospecter here:
http://www.providentmetals.com

Or Sunshine Rounds here:

http://www.jmbullion.com

Apmex is fine too but their sales now are not very good.

Both are no sales tax and free shipping above $99 orders.

Submitted by gzz on February 1, 2016 - 6:29pm.

There are real 100oz silver bars that people inserted lead slugs into. this is pretty hard to detect as they are still going to be silver in the outer portion.

A silver plated fake coin would be easy to spot and require the mint's die to be replicated.

Submitted by gzz on February 1, 2016 - 6:38pm.

I believe the US Mint only sells special proof coins to the public, and sells its normal gold and silver through dealers. The going price for a Silver Eagle is about $17.50 at a dealer, but the proofs from the mint website would be much more but probably retain their premium if you keep them untouched.

Proof in this context means a special mint mark, maybe W for west point, and a perfect mirror finish.

I do not buy proofs myself, but they quickly sell out every year so a lot of people like them.

Submitted by gzz on February 1, 2016 - 6:49pm.

Best way to buy metals IMO is sign up for one of the CCs that give you a 500 bonus if you spend $3k or 5k in the first 3 months. That $500 more than covers the 3% cc fee.

Submitted by OwnerOfCalifornia on February 2, 2016 - 12:12pm.

I think common sense goes a long way with transacting in PM's. Never trade on CL, ebay, etc. Use established dealers, trade coins (I only do coins) and good delivery list bars.

gzz wrote:
There are real 100oz silver bars that people inserted lead slugs into. this is pretty hard to detect as they are still going to be silver in the outer portion.

There are some anecdotes of this happening with 100- and 1000-oz bars, but this is actually very easy to detect. Again, reputable dealers will nail these every time

http://about.ag/lead100ouncebars.htm

Submitted by Coronita on February 3, 2016 - 8:44am.

Bump... Ok I took one of your suggestions.

I just bought one Canadian Maple Leaf from apmex on ebay for $1160....

http://www.ebay.com/itm/111867173400

I'll see how it goes. It's interesting that they only charge about $29 above spot prices and they are routinely updating it....

The problem is that I paid with paypal and my stupid paypal account had a bank account linked to it in addition to my credit card. I forgot to select which payment option, so it defaulted to my bank account which has no money. I tried to call paypal and change the transaction to fund from my credit card, but they said they couldn't do it.

Paypal sucks...I had to call my bank to do a stop payment, and when that happens paypal will charge my credit card.

The stop payment will cost $30, but it's better than getting an insufficient fund fee of $50....I think I also managed to convince the bank to waive the stop payment cost (courtesy 1 time every 2 months), and I finally figured out a way to remove the bank account from paypal so it only goes to my credit card....

Anyway, self induced problems. I'll see how this goes. Maybe I'll try to buy one coin every one-two months (not all from ebay)....

Submitted by milkspot on February 4, 2016 - 2:34am.

I see that you caught one of apmex's "SPECIAL PRICE!" deal through ebay. They just had the special pricing for the American gold eagle not long before that. In my time of following this, the special pricing generally rotates between 4 bullions (American eagle, Canadian maple leaf, Austrian Philharmonic, English Britannia). I saw Chinese gold panda on special pricing only once.

If you plan to add a coin here and there, it may be worth your time to sign up for ebay's ebucks program. This is where you get a 2% rebate toward future ebay purchases. Bullions are exempt from this. However, there can be an exception depending on how they are listed. This typically happens with the Philharmonics and Britannias. For example,

http://www.ebay.com/itm/2016-1-oz-Gold-A...

is listed under
Coins & Paper Money>Coins: World>Europe>Austria

So it is eligible for a 2% rebate. On the other hand,

http://www.ebay.com/itm/2016-Austria-1-o...

is the same Philharmonic but listed under
Coins & Paper Money>Bullion>Gold>Coins

Because there is "Bullion" in the listing path, it is not eligible for a 2% rebate.

In order to see if an item is eligible for ebucks you must be log in into ebay and have signed up for ebucks (that is what someone has told me).

From time to time, I get lucky and apmex would have a special pricing on a Philharmonic or Britannia that has been listed on ebay not under a "Bullion" category. Then I would get the 2% ebucks rebate. This is a good deal but it can get better.

At some point, I became a VIP member. As a VIP member, I get a coupon for anywhere between 3x to 5x ebucks (5x means 10% rebate capped to $100) about every 3 weeks on average. A few times a year, the stars align. A Philharmonic/Britannia not listed under "Bullion" category would be at an apmex special pricing at the same time I get a 5x ebucks coupon -- nice!

When you buy metal below melt value, it probably means someone made very little or perhaps even lost some money. Someone in a precious metals forum stated that ebay guarantees that bullion dealers with an ebay storefront do not lose money. Whatever loss incurred by vendor becomes ebay's marketing expense to improve sales. That's the theory.

Someone else mentioned provident and jmbullion. I have purchased coins from them as well. However, I find that for the 4 bullions I mentioed above, apmex special pricing on ebay is hard to beat.

Good luck, I hope and think that your transaction will go well.

Submitted by gzz on February 7, 2016 - 3:03pm.

Thanks for the tip, I signed up for ebay bucks now.

Submitted by Coronita on February 7, 2016 - 6:43pm.

I wish I bought more of the maple leaf last week, looks like everything is selling for almost $100/ounce more....

There was a american eagle selling for $1219 from apmex but it's gone now. drat.

Submitted by Coronita on February 7, 2016 - 6:45pm.

BTW: guys. I'm thinking that I'll probably make this coin buy thing regularly...Are you guys buying the fisch, as was suggested earlier?

https://www.thefisch.com/

It's kind of expensive around $300 if you get the complete package...

Then again, it might not be a bad idea...

Submitted by gzz on February 9, 2016 - 12:36am.

If you are that worried buy directly from an official government mint distributors, or even the US Mint directly.

These will not get you rock bottom prices, but having everything in the original mint packaging, your receipt, etc will add value if you ever sell them.

Submitted by moneymaker on February 9, 2016 - 6:08am.

flu wrote:
BTW: guys. I'm thinking that I'll probably make this coin buy thing regularly...Are you guys buying the fisch, as was suggested earlier?

https://www.thefisch.com/

It's kind of expensive around $300 if you get the complete package...

Then again, it might not be a bad idea...

$169 for a piece of plastic, no thank you!

Submitted by mixxalot on February 10, 2016 - 8:40am.

Is there a way to determine a real gold or silver coin from a fake when buying from a coin store in San Diego like San Diego Coin and Vault or BlueVault? I did not like the wait and check only policy at these places. If I pay 10K to buy gold, I want to take possession that time of purchase!

Submitted by Coronita on February 10, 2016 - 9:10am.

mixxalot wrote:
Is there a way to determine a real gold or silver coin from a fake when buying from a coin store in San Diego like San Diego Coin and Vault or BlueVault? I did not like the wait and check only policy at these places. If I pay 10K to buy gold, I want to take possession that time of purchase!

That's what I was thinking if getting that plastic tool. Yes it's overpriced, but buying from the mint is paying like $200/ounce above spot prices. So if you buy more than 2 ounces elsewhere, you are even.

Submitted by OwnerOfCalifornia on February 10, 2016 - 10:01am.

mixxalot wrote:
Is there a way to determine a real gold or silver coin from a fake when buying from a coin store in San Diego like San Diego Coin and Vault or BlueVault? I did not like the wait and check only policy at these places. If I pay 10K to buy gold, I want to take possession that time of purchase!

When I've been to BlueVault, I paid cash for stock on hand. But I only buy a few coins a year (at least $1500 at a time). Never tried to buy $10K worth! Their website is pretty accurate about their stock, and you can call them ofc. They'll use the Fisch in front of you.

I don't know how concerned we should be about fakes. I've only gotten real stuff from trusted retailers. Bullion is such a tiny fringe industry I don't think counterfeiters bother too much with bullion. I'm more concerned about fake $100 bills.

Submitted by milkspot on February 12, 2016 - 11:00am.

If you think gold is still on the way up ...
Apmex has "SPECIAL PRICE!" on Britannia @ $1274 via Ebay as I am typing this with 2% ebay bucks of $25.50. Not bad considering other online dealers like jmbullion is selling them at $1287 for ONE coin cash/wire price.

The Britannias have above average premiums but I like variety as opposed to always getting the bullion coin with the lowest premium.

Submitted by Coronita on February 15, 2016 - 10:20am.

So I'm noticing that apmex routinely alternatives between the mapl leaf, the american eagle, and the american buffalo in offering a special pricing" almost every week. The special offer is usually $30-44 above spot prices., and the price updates roughly every 10 minutes on ebay.

Just a dumb question. How are places like apmex getting their gold coins such that it's immuned to the price fluctuations of the current market in order to make money?

Since most of these coins are 2016 'new, it seems like they are getting it directly from the US mint and the CAN mint. But how can they do this? Just curious.

There's like a $100 difference between those that bought last week and those that are buying today.

Submitted by mixxalot on February 16, 2016 - 7:25pm.

10k is not a lot of cash as it buys only a few gold coins.

Submitted by Coronita on February 22, 2016 - 7:09am.

I think this is available and gives ebay bucks back.

http://www.ebay.com/itm/121841185635

Currently $1247

Submitted by Coronita on February 24, 2016 - 8:14am.

Hey, quick question... Why do people prefer coins versus bars?

It seems like the markup over spot price for gold bars is tiny compared to coins. For example, this one is only $8 over spot prices...

http://www.ebay.com/itm/121826620158

Are bars generally less popular?

Submitted by OwnerOfCalifornia on February 25, 2016 - 8:29pm.

flu wrote:
Hey, quick question... Why do people prefer coins versus bars?

It seems like the markup over spot price for gold bars is tiny compared to coins. For example, this one is only $8 over spot prices...

http://www.ebay.com/itm/121826620158

Are bars generally less popular?

I'll try...

First, and at the risk of dabbling in gold-bug nuttery (I am not one), the paper spot price of any PM and the retail prices of physical bullion products shouldn't affect your purchase decisions. Yes, you'll pay a higher premium for an American Eagle, but you'll sell it for a higher price. Generally, I think the only way to narrow your spread is with quantity, not product.

As to your question, I think it's part psychological & cultural. We know and understand that coins are "money", but bars are something more mundane and inanimate.

I further think that for whatever reason, as far a bullion goes, coins are just more popular, hence more expensive. So many infomercials shill mint-proof coins, coins used to be (maybe making a comeback?) a popular graduation, retirement, wedding, etc. present. You can buy fractional 1/2, 1/4, 1/10 coins of at least Eagles and Maples.

Also, insurance for home storage? Pretty much no homeowners/renters policy covers bullion (or cash for that matter) over a few hundred $$$. But (I can only speak for my insurance) I can purchase a VPP (valuable personal property) rider for about 1% / year of the value of the *coins*, but bars are apparently not insurable under any circumstances with my policy.

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