Who Needs Gold? (How To Buy Gold)

Who needs gold?  Or, put another way, “Who needs money?”. Answer:  Everyone.  And if you don’t have any gold (money), you should get some.  

There are three things you can do with money:

  1. Spend it
  2. Save it
  3. Invest it

Spend what you need to spend, put a regular portion (savings) away in the form of gold coins, and invest the rest (stocks, bonds, real estate, etc).  If you have accumulated substantial assets and don’t own any gold, consider allocating a healthy portion to physical gold.

And focus on how much gold you have in ounces; NOT how many dollars its worth.  At some point the US dollar price of gold will be irrelevant.  What will matter is whether or not you own it; so you can spend it, save it, invest it.

When, you might ask, or how soon, should I start?  How about now? Immediately.  Just do it.

The US dollar will continue to depreciate (with increasing volatility).  It is all about financial survival.  Gold wins in the end. How long?  I don’t know.  And neither does anyone else.  But I think it’s sooner than most people think.  And besides, it’s not a timing issue.  History is on your side.

“But how do I do this? How do I actually ‘buy’ gold?”

How To Buy Gold

Easiest, first, and best way for most people is to purchase one-ounce US Gold Eagles from a local coin dealer.  You pay for the coins and you walk out with them.  Cash and carry.  You should expect to pay the “spot” bullion price for one ounce of gold (at this writing, $1335.00) PLUS approximately four to five percent (in this case, about $60.00) for a total cost in this example of $1395.00 per coin.  This may vary a bit depending on how many coins you purchase at one time and how often.

Most coin dealers are in the business of selling ‘numismatics’ – coins and other forms of money (including paper currency) for collectors.  These items have higher markups (usually MUCH higher) and are not what you are looking for.  Be polite, but firm. If you can’t get what you want based on the simple example above, then walk away.   There are other vendors who are only too happy to sell you exactly what you want.

So lets just suppose that purchasing US Gold Eagles from your local coin dealer doesn’t work for you. What do you do?

The next choice is to purchase from a reputable, online firm. There are numerous companies which would serve our purpose but I will list only three:

  • onlygold.com
  • Monex Precious Metals
  • Kitco

OnlyGold specializes in buying and selling gold (and silver) coins. Of the three firms listed, they more specifically fit our needs since their focus is strictly retail. You call them to confirm the specifics of your transaction (price, quantity, etc.) and then transmit funds, either electronically or by personal check. Upon receipt of the funds transmittal, or after your personal check has cleared, they will ship the coins directly to you.

Monex (originally Pacific Coast Coin Exchange) has a long and storied history dating back nearly fifty years. I know the founder and owner, Louis Carabini, personally, and made the first of numerous purchases from them in 1972. (I was also associated professionally with them from 1975-80.) Again, you can call them, confirm your transaction details on the phone, remit the funds, and then have the goods shipped to you. They offer other services, trading platforms, etc, so make sure you are clear about your desire to purchase and take delivery of the coins you buy.

Kitco is a Canadian firm which offers a variety of products and services related to Gold and Silver as well as lots of headline stories, commentaries, etc. Procedures for buying and selling from them are similar.

Please, do your own homework. I am not recommending any of these companies to you. I am simply giving you alternatives for how to acquire gold coins.

As you explore the websites of these companies and others, you will see there are many other ways to ‘invest’ in gold. Whether you do so or not is up to you. But, in my opinion, your first objective should be to own physical gold (real money) and have it in your possession.





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