Precious metals
Nov 28, 2021 22:37:51 #
Just wondering if anyone here has invested in physical precious metal ingots that could recommend a reputable vendor. Was thinking that would make for suitable Christmas presents for the (now grown) grandkids. Thanks in advance for any advice or thoughts on this idea.
Nov 29, 2021 00:11:43 #
usnret wrote:
Just wondering if anyone here has invested in physical precious metal ingots that could recommend a reputable vendor. Was thinking that would make for suitable Christmas presents for the (now grown) grandkids. Thanks in advance for any advice or thoughts on this idea.
A number of years ago I was working for a local structural engineer. I was a coin collector at the time and he knew this. He wanted to buy 10 one ounce American Gold Eagles as gifts for his grandkids and asked if I knew where he could get them.
I recommended Affordable Jewelry and Precious Metals in Portland, Oregon:
https://www.ajpm.com/
They carry gold, silver and platinum bullion in coins and ingots and the transaction went smoothly. He ended up ordering 8 Gold Eagles and 2 one ounce gold ingots.
If I remember correctly gold was only about $400 per ounce back then. It's about $1794 per ounce now...ouch!
Nov 29, 2021 00:32:23 #
Thank you for sending me the link to their site. I've perused it and I'm impressed their wide array of precious metals offerings. I'm convinced they are in the business for keeps. Again THANKS!!!
Nov 29, 2021 08:37:54 #
I have used https://www.moneymetals.com/ in the past with great success. I have also had good reports of https://www.jmbullion.com/ being good as well. Note, any purchases over $10,000 get reported to the IRS.
Nov 29, 2021 13:00:38 #
Effate
Loc: El Dorado Hills, Ca.
jerold222 wrote:
I have used https://www.moneymetals.com/ in the past with great success. I have also had good reports of https://www.jmbullion.com/ being good as well. Note, any purchases over $10,000 get reported to the IRS.
Probably going to be any transaction over ten dollars once the hire 87,000 new IRS employees. I buy older gold and silver coins (mostly silver) as I enjoy the history of the era they were minted.
Nov 29, 2021 13:35:32 #
Nov 29, 2021 15:26:56 #
I second the motion for JMBullion. Been doing business with them for many years and have never been disappointed. Additionally, I've been treated very well by milesfranklin.com... the president there, Andy Schechtman, is a real stand-up individual and his staff are all about service.
Nov 29, 2021 16:12:36 #
usnret wrote:
Just wondering if anyone here has invested in physical precious metal ingots that could recommend a reputable vendor. Was thinking that would make for suitable Christmas presents for the (now grown) grandkids. Thanks in advance for any advice or thoughts on this idea.
My advise: Stay away from Precious Metals for both you and your kin folk. They are a royal pain in the you-know-what! When my wife's dad passed about 7 years ago, he had precious metals in his estate...they weren't kept in physical form at his home, but rather kept in storage, by the company selling the metals. In addition to the purchase price, he had to pay an annual storage fee. And then my wife, who was the executor of the estate, had to round up a bazillion buy transactions over many years and the associated rental fees and then sell all those assets, and distribute the proceeds to all the named beneficiaries. Quite a long and drawn out process. I recommend NO to any purchase of precious metals.
Nov 29, 2021 16:47:04 #
bobbyjohn wrote:
My advise: Stay away from Precious Metals for bot... (show quote)
If you are going to buy precious metals, you have to take physical possession.
Maybe a safe deposit box is an option for some, but not if the banks close for a "Banking holiday"
Make arrangement for your own storage location and have insurance. A reasonably good vault is not out of the question if you have precious metals.
Nov 29, 2021 20:07:58 #
Nov 29, 2021 20:46:35 #
Nov 29, 2021 21:03:23 #
MTDesigns
Loc: Corryton,Tenn.
Just remember you will be paying anywhere from 5-20% above the listed spot price. When you sell you will get spot or below depending on who you sell to.
Nov 29, 2021 21:16:38 #
I intend to present them with physical ingots of platinum. Not the certificates of purchase kind. Hoping they will be an means to offset the ever deflating value of the dollar bill.
Nov 29, 2021 21:30:16 #
Thanks much for all that great info. and advice! As it, I only have 6 grandchildren so I should be good to go in terms of avoiding Uncle Sam.
Nov 29, 2021 21:45:21 #
WOW! I did not know that. I planned to advise them advise them to hold on to them for a very long time so their value increases enough offset any fluctuations in market values.
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