Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Printable Version

Similar Threads

"AUSSI" my thread and anything I want to put here 18,749 replies

What was your "holy grail"? 211 replies

Make your Trading Taboos "Do not" 47 replies

"Structure" of the market 83 replies

The "Buy Silver, Crash JP Morgan" Hype 19 replies

Goldline "Scandal"

  • Post #1
  • Quote
  • First Post: May 28, 2010 2:18pm May 28, 2010 2:18pm
Anyone put any validity in Congressman Weiner's report on Goldline?

http://www.huffingtonpost.com/2010/0..._n_581563.html

I'm curious to know where people buy their gold from? I'm concerned about excessive mark ups. Any advice would be nice.
What dealers are you using and what are you looking to buy - coins or bars?

There are reputable / large / reliable online dealers I could suggest if you are in the US.

Edit to add: Personally I have never used the mentioned dealer and I believe they do not send you bullion, rather "place" it in an
IRA or account of some sort. Which I DO NOT advocate when buying bullion. You always want to hold your Gold!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Quote from article:

"Weiner has also announced plans to introduce legislation to force transparency in the gold industry."

Gee, wouldn't it be really nice if they would do the same for themselves? ie: congress and the rest of the fed gov?
American politicians are such pompous assed morons.

Where was all their concern of Transparency when Fannie Mae and Freddie Mac were tanking? ( news flash, they still are tanking.) They want transparency except when it involves their own little creations.

Call our political class what they are. F ing hypocrites. They don't want transparency they want control, power and $$$$.

You know I shop around when I need to make a purchase and I look and decide who I want to buy from...

It is called the free market and competition. If seller ABC has higher prices than XYZ I look to see why and if there is or is not a tangible reason that goes into my decision.
Should we shut down Target because the charge $.50 more for an item than WalMart??
Maybe DickHead Weiner would like it better if the federal gov. (reading idiots like him) should be in charge of setting prices for everything..
That THEY (the all mighty all knowing congress) should dictate how much something should cost and how much everyone should make.

Of course don't bother them when they vote their Own pay raise in each year...

Weiner is a political hack and his motivation in this is purely POLITICAL.

If anyone is going to read HuffPo I would hope they read other sources as well to get a alternate view point on issues.


For a interesting source for all things Gold I might suggest this web site. I would have to say it is the ForexFactory of Gold..
If it is about Gold it will be discussed here.

https://www.kitcomm.com/index.php

It is with a doubt entertaining..

(I'm not affiliated in any way with above site)
Hysterical! Good Points.

Kitco actually has released their own brand name bullion. AG and AU.
Other dealers one might try Apmex / NWT mint. Feel free to PM me if you like
for a more detailed list.

No affiliation, just adding to the info one can web search and easily yield the links.

Quoting tommyd
Quote from article:

"Weiner has also announced plans to introduce legislation to force transparency in the gold industry."

Gee, wouldn't it be really nice if they would do the same for themselves? ie: congress and the rest of the fed gov?
American politicians are such pompous assed morons.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Thanks for the comments guys. I trade AUD/USD and Kiwi a lot. I'm mainly a forex guy but am intrigued by the little yellow metal. The Kitco sites looks fascinating. I like the ideal of buying into a gold pool. So long as I can cash out my metal when I want. Which leads me back to buying the coins themselves and keeping them in my greedy little hands. ANyway, interested to hear more experiences from people who bought their gold direct from a dealer.
Quoting XTrade
What dealers are you using and what are you looking to buy - coins or bars?

There are reputable / large / reliable online dealers I could suggest if you are in the US.

Edit to add: Personally I have never used the mentioned dealer and I believe they do not send you bullion, rather "place" it in an
IRA or account of some sort. Which I DO NOT advocate when buying bullion. You always want to hold your Gold!
coins, ain't rich enoughh to buy bullion yet. As for dealers, I'm considering the people i see commercials for (Rosland Capital, goldline, etc...) But looking to hear from other traders before taking the plunge. part of my due diligence.
Let me give you some advice.

1. Stay away from things you see on TV. They are either scams or overpriced.

2. If you have the desire to own gold, physical gold that is, do not do so through a pool account. You will not have full control of your investment.
If the place suddenly goes under, you will "hopefully" be liquidated in cash, otherwise nothing.

3. I have used the dealers I mentioned before, mostly Apmex (No affiliation) repeatedly with no problems. NWT mint takes a while to ship their name brand silver, due to the fact that they are minting it new.

4. You don't need to be rich to buy coins/bars. 1/10 th oz American Gold eagles are appx $130 each. Bars are cheaper and get you more bang for your buck. Look for 5 gram PAMP or Credit Suisse gold.

5. Hope this helps, feel free to PM me if you want some links or have any questions.


Quoting forextruther
coins, ain't rich enoughh to buy bullion yet. As for dealers, I'm considering the people i see commercials for (Rosland Capital, goldline, etc...) But looking to hear from other traders before taking the plunge. part of my due diligence.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Quoting XTrade
Let me give you some advice.

1. Stay away from things you see on TV. They are either scams or overpriced.

2. If you have the desire to own gold, physical gold that is, do not do so through a pool account. You will not have full control of your investment.
If the place suddenly goes under, you will "hopefully" be liquidated in cash, otherwise nothing.

3. I have used the dealers I mentioned before, mostly Apmex (No affiliation) repeatedly with no problems. NWT mint takes a while to ship their name brand silver, due to the fact that they are...
great info. thank you for the advice!
Inserted Video


Folks, to give you some perspective. Ever bought anything from a Pawnbroker? Are you aware of their insane markups?

What if I told you that I could buy an ounce of gold from a pawnbroker at a cheaper markup?

Keep that in mind before doing like the sheople, bend over to some Glenn "Douchebag" Beck endorsed shitty broker and let it do you without even being kissed first.
Not all sins are created equal
Quoting XTrade
Let me give you some advice.

1....
Why would you want to buy physical gold and silver with no leverage? Why not just buy a futures contact and keep it long term. Roll over contract a week before expiry. A lot easier.
  • Post #11
  • Quote
  • Edited at 12:32am Jun 7, 2010 12:18am | Edited at 12:32am
2 reasons.
Buying Physical is sort of like scaling in to a position.

I have silver from $9.00 - per ozt - now to sell is easily $10 on the oz -
I have gold from 700 thru 1150.

It's all about keeping the dollar cost average low.
The difference here is you cannot look at longer term physical as an in and out trading - It is trading, but more on a monthly and intra-year term.

For instance going back to 2008. $9 silver. There is no bank that would pay me close to 100% return on my investment over 2 years. If there is SOMEONE! please let me know.
I like to have my "money" in MY access and disposal if you will.

Next, gold and silver are Liquid, I have a community of people I frequently buy and sell with that are into AU and AG. Or I can easily sell to any half way decent jeweler / refiner / even the dealer I bought from - for about spot any day of the week.

It's not about the leverage - more of a "personal gold bank trust" of which I am the Custodian, depositor, teller, executor, etc. Or if timed correctly an ULTRA high yield savings account.

I also deal with some numismatic coins when I get my hands on a good deal, that fetch great profits on resale. I have them graded and then sell for appx 50 to 200 more than if they were not graded.

A margined futures account traded by myself would tie up over 3 to 5k of capital. To buy off the comex, thru a broker, whew, now that's even more pricey! Plus it costs fees, delivery, etc.

Hope this helps.

As a trader I have no problem shorting AU or AG, I just look for what the more profitable trend is. Right now Gold is up/

Scenario 2. I just bought some gold for personal use, on a recent dip. If I think my timing was a bit off, i can go on FX and hedge my investment by taking a short (or long) depending on the nature of the transaction. Effectively offsetting the cost of the initial physical purchase or sale.

Quoting forexrexfx
Why would you want to buy physical gold and silver with no leverage? Why not just buy a futures contact and keep it long term. Roll over contract a week before expiry. A lot easier.
Here is one of my preferred small bars.
5 gram PAMP - (clearly I have NO affiliation with this company)
Yet I will say that PAMP suisse produces one of, if not the most beautiful gold ingots in the business. The Artwork and quality is second to none. You need to see one in hand to really appreciate it.
http://www.apmex.com/Resources/Catal.../19043_obv.jpg
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Quoting XTrade
Here is one of my preferred small bars.
5 gram PAMP - (clearly I have NO affiliation with this company)
Yet I will say that PAMP suisse produces on of, if not the most beautiful gold ingots in the business. The Artwork and quality is second to none. You ned to see one in hand to really appreciate it.
http://www.apmex.com/Resources/Catal.../19043_obv.jpg
I own one of those too. Very nice

forexrexfx, to further elaborate on Xtrade's point, there are more gold contracts traded today than there is physical gold on planet earth. And even if there wasn't, there is the possibility of a breach of contract.
Not all sins are created equal
  • Post #13
  • Quote
  • Edited at 12:42am Jun 7, 2010 12:41am | Edited at 12:42am
Yes Jay,
Thanks,
This is correct. There are some that are waiting for the ComEx to Bust, in other words, all the massive commercial shorts like JPM on silver and others on gold to get squeezed out, while in turn other massive buyers let contracts go to delivery,

Like you have mentioned it would be like a neighborhood going to the local bank and requesting a withdraw on all of their funds in cash at once. Simply impossible.

Quoting Jay Walker
I own one of those too. Very nice

forexrexfx, to further elaborate on Xtrade's point, there are more gold contracts traded today than there is physical gold on planet earth. And even if there wasn't, there is the possibility of a breach of contract.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Notice the minimum contract for Gold and how it is settled?

You are Obligated to Cough up the rest of the cash for this contract if you take it to delivery, leverage disappears, time for the cash!

Quote
Contract Size100 troy ounces
Price QuotationU.S. Dollars and Cents per troy ounce
Minimum Fluctuation$0.10 per troy ounce
Termination of TradingTrading terminates on the third last business day of the delivery month.
Listed ContractsTrading is conducted for delivery during the current calendar month; the next two calendar months; any February, April, August, and October falling within a 23-month period; and any June and December falling within a 60-month period beginning with the current month.
Settlement TypePhysical
Delivery...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Quoting Jay Walker
I own one of those too. Very nice

forexrexfx, to further elaborate on Xtrade's point, there are more gold contracts traded today than there is physical gold on planet earth. And even if there wasn't, there is the possibility of a breach of contract.
There is the possibility of the gold ingots being stolen from your house. I think that futures contracts is a much safer way to hold my gold and silver assets instead of having them sitting in my house.
  • Post #16
  • Quote
  • Edited at 2:49am Jun 7, 2010 2:44am | Edited at 2:49am
There is a possibility of you timing the contract wrongly and losing more than your initial investment.

Do you have a broker? If so GO FOR IT! I am not saying don't - I just added, due to the dip, but I have been scaling in for several years now.

Why are they at my house?

If any one were to try and intrude unwontedly on my place of residence gold or no gold I can assure you they will not leave a happy customer

Quoting forexrexfx
There is the possibility of the gold ingots being stolen from your house. I think that futures contracts is a much safer way to hold my gold and silver assets instead of having them sitting in my house.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Quoting forexrexfx
There is the possibility of the gold ingots being stolen from your house. I think that futures contracts is a much safer way to hold my gold and silver assets instead of having them sitting in my house.
Have you heard of safety deposit boxes?
Not all sins are created equal
Quoting Jay Walker
Have you heard of safety deposit boxes?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
This is a NYSE mini gold contract

Lets do some math for settlement square up.

-- Futures contracts expire- just to add. so it is not as simple as buying a contract and holding it- it has to be traded repeatedly by a licensed futures broker if on the COMEX. This costs money.

anyway back to the settlement math

100 OZs Troy of Gold @ 1215.00 = 121,500 USD for delivery plus commissions and fees


Quote
and Mini Silver Futures
on NYSE Liffe U.S.
Trading Unit 33.2 fi ne troy ounces
Price Quote U.S. dollars and cents per ounce
Tick Size $0.10 per ounce; $3.32 per contract
Contract Months The current month (for delivery purposes) plus the next 11 calendar months.
Delivery New York Exchange approved vaults. 33.2 fi ne troy ounces (+10%),
no less than 99.5% fi neness. Seller’s discretion to deliver one vault
receipt representing one bar or one Warehouse Depository Receipt (WDR)
representing either 1/3 interest in...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
There is only ONE safe way to hold your own GOLD bullion if not trading -
and that is to Own it and have it in your custodial possession.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
0 traders viewing now