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Don’t Get Ripped Off

December 31, 2012 by  

Dear Bob,

What gold coins should I buy to make sure I’m not getting ripped off?

Thanks,

Richard Z.

Dear Richard,

First of all, don’t buy numismatics. They are collector’s coins and their cost is inflated because of their collector value. I prefer coins that are marked as 1-ounce coins, as their value is easily determined: the American Eagle, African Krugerrand, Australian Kangaroo and Canadian Maple Leaf. The Eagle usually carries the highest premium. The premium on the others varies. I actually think silver is a better buy right now and recommend pre-1965 U.S. silver coins (junk silver), the American Silver Eagle or any 1-ounce silver bullion. Your best bet is to find an established local dealer with a long history. Don’t be shy about contacting the Better Business Bureau to ask about complaints.

Best wishes,

Bob

 

Filed Under: Asset and Wealth Protection, Investing, Questions For Bob
Bob Livingston

is an ultra-conservative American who has been writing a newsletter since 1969. Bob has devoted much of his life to research and the quest for truth on a variety of subjects. Bob specializes in health issues such as nutritional supplements and alternatives to drugs, as well as issues of privacy (both personal and financial), asset protection and the preservation of freedom.

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  • jopa

    I like buying those gold coins with the chocolate in the center.HMMM HmM Good.Gobble them up right away so the guv doesn’t have a chance to grab them or they go down in value.Be careful though some are a real rip off and they have a waxy taste to them.

  • Stephen

    I like the idea of buying 1oz credit suisse gold bars because they are not ‘monetary instruments’ (no national monetary denominations are imprinted) and therefore might be easier to take with you out of the country since they don’t fall within the definition of US customs.

  • Marten The Canadian Libertarian

    In all of those coins, only the Canadian Maple Leaf is 9999 Pure Silver

  • Bob W.

    Several thoughts, as a 49 year coin collector and 10 year gold/silver prepper.
    1. Many numismatic coins have become bullion coins as the price of bullion has risen faster than the numismatic market could react.
    2. I agree that pre 1965 silver coins are the best buy, as well the most easly used in the worst prepper scenerio, (ie. a complete societial breakdown.)
    3. I would include fractional gold coins in the mix,( 1/10th ounce, 1/4 ounce, & 1/2 ounce) as they could more easly be used for barter in the worst case scenerio mentioned above.
    4. Silver and gold bars and large coins especially those of 5, 10, and 100 ounce size are mostly good for inflation protection, and would be very hard to exchange in the worst case scenerio.
    5. For the reasons mentioned above, one should carefully examine the reasons for prepping before chosing the methods of that preperation.

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