iTulip’s Eric Janszen links to Bullion Vault, a company which stores your allocated gold bars in a Brinks facility in New York, London, and Zurich.
Zeal’s Adam Hamilton suggested The Money Changer. Adam said any coins I buy should be totally fungible. The website says we should always take physical possession of our gold. The Bullion Vault option would be out, then.
Does anyone have any other comments about buying gold? I want a portion of my gold to be in physical possession, and the rest could be mining stocks or GLD. So I am wanting to check this all out thoroughly, and any input is appreciated.
I use bulliondirect.com. You can easily buy/sell ingots/coins in there system. When you purchase something, it is stored in there vault (and insured while it’s there). At any time, you can request physical delivery of some, or all of your gold/silver/etc.
I just like the idea that I have a little place in there vault holding my gold and silver… and if I’m ever feeling paranoid, I can click a button, and it’s physically in the mail to me.
Thanks, Wiley! I also think bars are very good for people buying in larger quantities. Does anyone know anything about buying bars? Do you just go by the weight, or do you have to make sure that the bars are stamped and have a chain of custody or authentication?
If your thinking 100oz bars it gets tricky. May as well just trade futures. You could take delivery at expiration but then if you don’t have it stored at a certified wharehouse (forget all the details) then it is considered out of circulation and hard to sell back w/o re-certification. Something along those lines.
If you are going to take physical position of your gold/silver, I was told to always go with recognizable coins because they are much easier to sell. With a 1oz US/Canadian/kuggerands/etc, you can basically walk in to any coin store around the globe, and they know what you have, and what its worth.
However, if you take a 10/50/100oz gold ingot, the selling process becomes more difficult because they will likely spend more time verifying authenticity, weight, quality, etc. You will eventually get your money, but the selling process will take longer.
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