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Minyan Mailbag - Physical Gold

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Note: Our goal in Minyanville is to remove intimidation from the financial markets and encourage an interactive dialogue among the Minyanship. We share this next discussion with that very intent.

Laurie,

Enjoy your writing... thanks for all the insights!

One more insight you could provide me is a roadmap for buying physical gold here in the U.S.

I've been out on the Kitco.com site and see that they will deliver gold bars to your door if you wire them money. Of course there is a significant premium. And, I think about having gold delivered to my door and am concerned about becoming a target for mischief.

I live in Phoenix AZ and wonder how I should go about buying and storing the metal. Should I just be buying into one of the Kitco pool accounts? Should I take control of the physical metal and rent a safe deposit box for storage?

If you have any do's and don't's regarding the buying and storing gold / silver, they would be much appreciated.

Minyan Mark

Hi Mark,

I dunno how best to go forward buying physical gold in the USA. I never have had to. Maybe Toddo or Prof. Succo knows someone reputable??

What I would say is that the gold should be ALLOCATED if it is to be stored for you. This means bar numbers etc that you can take at any time and it cannot be lent out or sold. UNALLOCATED is just another claim on some ounces of gold that may not even exist.

I prefer to take delivery of it and store it somewhere safe and in your control. Inground pools are a good spot... all that steel re-inforcement will screw anyone with a metal detector and it's usually pretty hard to get in under them. A good 1 ton safe also works pretty well as no one is gonna walk off with it. They don't cost much either... and get a gun. Metal stored in someone else's facility means that you don't control it and if push comes to shove you may not be able to get it. Ask any South American.

The premiums are the same everywhere at present... real gold versus paper gold... $15 an ounce won't matter a damn when gold goes way higher like I expect.

Just my opinion as usual, never advice.

Keep well mate and always happy to try and help out


Laurie.

position in gold & silver

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