The RFD Gold & Silver Coins/Bullion/Precious metals thread
The focus of thsi thread is to post pics and talk about coins and precious metals such as gold, silver, platinum, palladium, copper, nickel, you name it, for investment and collecting purposes.
To help you get started here's some tips, tricks, and lingo:
For those getting started in the hobby, do yourself a favour and for under $10, get one of these Ebay scales, which will help you in buying and prevent you from getting ripped off, as well as weighing your rpecious metals:
http://www.ebay.ca/itm/0-01-300g-Mini-D ... 414edff731
[IMG]http://cdn1.sellerimage.com/cdn2/121902 ... 9_1_sg.jpg[/IMG]
What is BULLION?
1.Gold or silver in bulk before coining, or valued by weight.
2.A coin or bar struck from precious metal and kept as a store of value or an investment, rather than used in day-to-day commerce.
How can i check the price of precious metals?
There are many websites for this. One of the ones I use is: http://www.kitco.com/market/
Keep in mind that precious metal pricing is like buying stock. The price changes by the second. There is no trading on weekends Saturday and it resumes at 6pm on Sundays. The price you see is called the "spot price."
If spot price for silver is $33, why are people sellingthe bullion for a higher price, like $38?
There's usually a markup because of the manufacturing and shipping costs associated with producing the bullion. Other times there will be much higher premiums based on the exclusivity and rarity of the bullion.
Does Canada make any bullion?
Yes, Canada makes some of the finest bullion in the world and we are lucky that we have a lot of access to it. The competitive advantage Canada has is that the Royal Canadian Mint uses some of the finest and purest metals in the world, mainly .9999 silver and .9999 gold (referred to as "four nines"). Most other mints in the world use "3 nines" or .999
If you're ever in Ottawa, I'd suggest you take a tour of the Royal Canadian Mint and you cana ctually see how bullion is made.
Common abbreviations or terms:
Numismatics - The study or collection of money, coins, and often medals.
Ag - Silver
Au - Gold
PM or PM's - Precious Metal(s)
Gold, Silver, Platinum and Palladium
Base Metals (but becoming popular to collect and invest)
Do I have to pay tax when buying bullion?
Gold, silver and platinum bullion products are exempt from HST/GST.
How to keep your PM's safe
If you're buying for investment purposes, your best bet is to keep them in a safety deposit box at the bank, then you don't have to worry about theft or fire. If you're keeping them at home, a fire proof safe would be good to have.
When/Where is the next big coin show?
Where can i buy bullion in Canada(thanks to numerous RFD members for their tips)?:
The best place is usually your local coin shop or coin show. Since you don't have to pay for shipping, it will save you quite a bit. If you don't have access to a nearby coin shop and have to order it, there are numerous online dealers such as:
https://online.kitco.com/ (you can also buy from them in person, in Montreal)