How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 10899
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
1929974
Type Your Finance Question Here...
Lane is online now
A new question is answered every 9 seconds

What is the real story with buying gold. If one wanted to

Customer Question

What is the real story with buying gold. If one wanted to buy actual gold or silver, then move it to a physical location, in country or out, how does that work. Seems like all the people "selling gold" feel like scams charging for BS services and such.
How does it work? Lets say I wanted to buy $10,000 of actual gold or silver, what is the best way to do it, in country and out? Then same question for foriegn currency. thanks!
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

For smaller amounts bullion (you may already know this) the most popular and liquid 1 oz. coins are the Krugerrands, Canadian Maples, and U.S. Eagles.

For basic bullion (not collectibles), to state the obvious ... look for a well-established dealer that does a lot of transactions at low prices. The Tulving Company, does a lot of volume and they lists bid and ask prices for common bullion,

...

Ampex also offers a wide selection of bullion.

...

For larger amounts, the next level up is the one-kilogram bar, (kilobar). ... about 32 troy ounces, and they're are popular in Europe.

...

However, for large size, the most common format is the 400 oz. ingot, which is about the size of a construction brick and weighs about 28 lbs. This is what you usually see in the pictures of “a vault full of gold.”

...

Dealers like Apmex sometimes carry these larger sizes, but for large volume, you'll need an institutional dealer like Scotia Mocatta. Scotia is part of the Bank of Nova Scotia , (one of the biggest bullion dealers in North America).

...

And for currency, you can always exchange once you're there, but it'll cost 10% or so. I would look at a company like this ... http://foreignmoney.com/