How can I convert 500 large into gold?

I would highly advise against eBay and bullion bars. You can get a tester to test what you buy off eBay, but once you buy a bogus product, if you resell it you're as guilty as the punk who sold it to you. And good luck with the PayPal dispute! Bullion bars also are not universally trusted and will often require assaying. Popular bullion coins are durable, identifiable, and in the case of American coins, guaranteed purity by the US Mint. As long as they are in uncirculated condition, buying them on eBay has less risk than bars, as anybody who sells a fake coin is not only ripping you off but counterfeiting.

But also from a tinfoil perspective, eBay would be the last place I would buy quantities of gold. Every transaction is there for the world to see painting a big bright bullseye on your backside. If there's local precious metal dealers around, they take cash, and they don't ask for ID.

reply to post by apc
dang good idea. a local dealer that sells american eagles.

Why would one buy gold from a place like EBay ??

Surely there are plenty of reputable metals dealers you can buy from who guarantee the product and will take payment in whatever form is acceptable to both parties, without ID in most cases ?

Sounds like buying from EBay in this case could be setting one up for heartache...

Stick to the metals dealers...If you're worried about your huge 500K buy causing
shockwaves thru the market and potentially identifying you, use multiple dealers easy...

Seriously tho, nobody worth mentioning would notice someone buying 500K USD of coins of bars, not a single person...

The precious metals markets on a daily basis would absorb that 500K without even a semblance of a belch...

Do your homework, buy your gold, and rest easy...Whatever you do tho, take personal delivery and look after it yourself...

Do not allow it to be stored securely on your behalf...The reasons for this should be obvious...

Peace

reply to post by Rilence
Wow good advise from someone that hates/foes me? what can I say? thank you.

reply to post by Dont Hate Rats





I don't hate anyone, truly...

Lets just say we agree to disagree on certain subjects...Feel free to U2 if you really want clarification

Seriously tho, I'd hate to see someone buy a heap of gold guaranteed by paper and for them to lose it...

This is the kind of thing that destroys a family's future, and nobody wants that...That's just plain wrong...

Dont rush into it, do some of your own homework, perhaps get some referrals from others who have bought from a particular broker(s)...

That's the way to go for sure...But yeah, If you want to own "gold", make sure you can actually touch it @ 2 mins notice...

Peace

EDIT -- Spelling

[edit on 4-1-2008 by Rilence]

The Dollar is weak at the moment so trading in currency is not the best idea.

The Commodities market is frought with danger but profitable if you know what your doing.

Real estate is a safe bet coz you have time to sell if the market show signs of dropping.


If i was the one with the cash i would buy a house in Florida and rent it out to Brits (or anyone really) wanting Holidays near Disneyland.

But for now i guess i'll just carry on dreaming of that amount of money. lol

Hope it Helps

Mace

reply to post by mace778

I have been advised gagainst buying real estate right now, was told to let it settle out because it hasn't completed its drop yet, not for another 3 years or so.

reply to post by Rilence


I'd keep some tucked in a rafter somewhere at home but the majority I personally, as I do, would keep in a bank safe deposit box. Only you know what's inside, and the bank's insurance policy is a lot tougher than homeowner's insurance. And if word gets around that you've got piles of gold at your house, people will try to steal it. I suppose you could always bury it in the yard though. Maybe draw a map to remember with some riddles and a big X where the gold is.

Just doing some simple math here.

If you convert it from dollars to UK Pounds you would have Approx. £200,000

In a normal UK Account you would get approx £20.00 per day in interest which is about 50 dollars.

How does this compare to the interest you are getting in US banks

Mace

reply to post by apc


Yeah, that's not a bad tact either APC...Keep a lil just in case you don't get the hour or two required to get to the bank when it goes pear shaped...

Chances are you'll get a decent chance to get it out...

However much it pains me, I....mu.......st.....giv....e....you...a st...ar

reply to post by apc
Not a pirate map!? too much fun. You are not scared that the goovernment will raid the safety depsoit boxes? didn't this happen during ww2?

reply to post by mace778
Never looked at it as a daily amount. let me do the math. what percentage did you figure yours out at?

reply to post by Dont Hate Rats


I hadn't heard of that but if so you just have to weigh the risks and go with whatever you're comfortable with. It's a big pile of expensive metal so it has to be stored safely somewhere. The first thing I would want to protect against is theft.

standard bank accounts have a approx 3.65% apr.

Works out to 0.01% per day so for every million in the bank you get 100 per day interest.

That is just standard accounts. not the high interest savers of 6% apr but they take a lot more to get started usually £1million+.

Hope it helps

Mace

reply to post by mace778
have it in CD's doing about 4.2% i guess about 60 a day?

It just occurred to me that with the kind of money you're talking about and if you're already into shelters and whatnot, installing a vault wouldn't be a terrible idea. I've cabled a few and I prefer vaults poured with the foundation, but you can always dig up outside next to the house and install one. Definitely a job for a professional, but if it has to stay at home that would be the safest place I'd wager.

reply to post by apc
wouldn't that just be a concrete box stuck in the ground? with a steel door. shoot that can't be that difficult.

reply to post by Dont Hate Rats


60 Dollars a day!

21,900 Dollars Per Year

109,500 Dollars Over 5 Years.

Doubt you'ld get a better investment if you went with gold

Just put it in an account with a good rate and leave it till ya need it.

Mace


That's not including the accumulated interest.

If you include it, it would be around 120,000 Dollars over 5 years.

[edit on 4-1-2008 by mace778]

Something else to consider would be pre-1933 gold coins.
After the last government gold confiscation, coins minted prior to 1933 were
tagged as collectible for their numismatic value, and were thus immune to confiscation.

Of course, this is subject to change without notice, but it's something to consider.

edit:spelling

[edit on 4-1-2008 by subject x]

reply to post by mace778
yeah but with all the doom and gloom i heard the other night on C2C about 2008 i wory all that paper money willjust anish or end up worthless.