Q: Re: Grant's question on where to buy gold (Nov 6). I started to build a position several years ago. I found that a reputable coin dealer may be the best place to buy gold. To find one, go to a coin show in your area and talk to coin dealers to find out who they view as reputable for bullion purchases and resale.
I have found the mint's prices to be very high and the Canadian banks even worse. You can easily find today's spot gold price and the gold content of common coins on the internet.
The key thing to watch is the premium you pay over bullion value and not all dealers charge the same premium. I pay 3% on purchases but only 1% on sales back to the dealer from whom I bought the gold.
Canadian Maple Leaf coins are well recognised and easy to buy and sell. For variety you can add in British Sovereigns or some US coins. If you are not a collector, coin quality is less of an issue than just looking at price vs bullion content. If you buy fancy coins celebrating pandas, dragons or some famous guy, understand that you will pay a premium that you may not recover on sale.
Good luck!
I have found the mint's prices to be very high and the Canadian banks even worse. You can easily find today's spot gold price and the gold content of common coins on the internet.
The key thing to watch is the premium you pay over bullion value and not all dealers charge the same premium. I pay 3% on purchases but only 1% on sales back to the dealer from whom I bought the gold.
Canadian Maple Leaf coins are well recognised and easy to buy and sell. For variety you can add in British Sovereigns or some US coins. If you are not a collector, coin quality is less of an issue than just looking at price vs bullion content. If you buy fancy coins celebrating pandas, dragons or some famous guy, understand that you will pay a premium that you may not recover on sale.
Good luck!
5i Research Answer:
This is great background, thank you.