Don't buy or sell anything more than $1 above or below spot, respectively. If you are in a smaller city, don't expect to be able to offload anything less than gold quickly. Bulk buys are cheaper, the smaller you buy, the more you lose. The best places to buy are local (non chain) jewelry stores that deal in high turn over of both jewelry and bullion. Don't expect to make huge gains anytime soon, it is an investment that is long term which functions more as a safer, higher interest savings.
You're bullion purchase is likely to be recorded and subject to possible tracking under investigation.
Capital gains tax will fuck you on every penny you make, and will never give a shit about your losses.
Novice question, but where are you finding anything $1 over spot?? Even the other links posted here start at $5-7 over, and I don't think I've seen any better than that since I've started looking (which I'll admit is only very recently).
Yeah I haven't seen this once unless you get lucky on an ebay bid or Craigslist dummy.
I bought my bullion from a local shop that fit the description I gave. They where .50 to 1 over/under on buy/sell. But I have not purchased any in a few years. But I am talking about silver, not gold, so there might be a different cost over spot. It would make sense if you were buying gold by the oz to have that spot markup, but if you were buying small amount, it would be bull shit to spend an additional $5 over spot for $50 of gold.
I guess it's going so much higher over spot right now because of how volatile the market is; everyone is trying to hedge their bets against hyperinflation (which was exactly my motivation to finally start buying). I ended up buying just a couple of 10 oz. bars from a local shop for about $4.25 over spot, as it was literally the cheapest I'd seen in weeks of looking on- or off-line. Their silver American Eagles were $11 over spot, btw (did not buy). I'll hold off buying more until things either get more stable and I can buy for closer to spot, or the inflation really kicks in and spot looks like it's going to climb through the roof.
Regardless, thanks for the advice!
>You're bullion purchase is likely to be recorded and subject to possible tracking under investigation.
Hmmm was going to buy gold myself from local shop. Can you elaborate on that? Do they take down your name and other personal details when you buy gold? What if you pay with cash?
The shop I purchased from took some personal information, but I don't think they send it to anyone, it just sits in their records until the gov asks for it. Like gun transactions, minus the background check.
The explained it is specifically for tax investigations and possible theft in the case of selling to them.
Awesome. Thank you.
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