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Thread: How to buy precious metals

   
   
       
  1. #21
    Join Date
    Oct 2008
    Posts
    13,391

    Re: How to buy precious metals

    There was some talk of buying from the futures market - COMEX, and take delivery....

    From JB on taking deliveries…

    Those who cannot take delivery thru COMEX may not have the right firm. I’m set up to take delivery of COMEX silver and gold. As I understand as of yesterday discussions with my clearing firm, deliveries are a go. If anyone wishes to take full possession of a contract (and mini’s), please have them contact me. We will have a separate website for those who don’t want the contract size but are looking for 100 ounce bars of silver. We’re working with a few of the respected smelters to make smaller amounts for all who wish to get delivery from COMEX for gold also. I have a lot more info to offer, but I think it would be best to answer the questions of the few before we start getting going in mass. Please call me if you are interested in delivery…. Peace be with you all….

    Fort Wealth Trading Co. LLC
    www.FortWealth.com
    866-443-0868 ext 104
    JB Slear
    py

  2. #22
    Join Date
    Oct 2008
    Posts
    179

    Re: How to buy precious metals

    Quote Originally Posted by GoldChan
    ll me if you are interested in delivery…. Peace be with you all….

    Fort Wealth Trading Co. LLC
    www.FortWealth.com
    866-443-0868 ext 104
    JB Slear
    How trustworthly is this company? Never heard of them before.

  3. #23
    Join Date
    Oct 2008
    Posts
    2

    Re: Canadian Maple Gold Leaf coins - can anyone share a comment?

    Hi,
    So they are not legal tender as I assumed? Meaning I cant just go sell it off the counter because of legality issues as you mentioned?

    Thanks.

    Regards

    Quote Originally Posted by ricstc
    Hello,
    I am new to this forum.

    I have 8 pieces gold coins of 1oz each of the Canadian Maple Gold Leaf type. I had bought them when I was in Spore almost 20 years ago but they still look brand new / mint condition.

    I wonder if anyone would be able to comment or suggest how to sell them, if they are worth anything today? Though I have misplaced the receipt from UOB bank, I recalled that I had purchased them for around Sing$700 each.

    They look like what you can see here in this webpage
    http://www.blanchardonline.com/blanc...gold_maple.php

    Thanks in advance for any of your comments or suggestions.

    Regards
    Richard

  4. #24
    Join Date
    Oct 2008
    Posts
    13,391

    Re: How to buy precious metals

    Quote Originally Posted by GoldChan
    Quote Originally Posted by GoldChan
    ll me if you are interested in delivery…. Peace be with you all….

    Fort Wealth Trading Co. LLC
    www.FortWealth.com
    866-443-0868 ext 104
    JB Slear
    How trustworthly is this company? Never heard of them before.
    No prior experience with them. They posted to the LeMetroPoleCafe site. So you have to check around if you are interested. If you are really keen to buy, pm me and I will check with the members board above.
    py

  5. #25
    Join Date
    Oct 2008
    Posts
    13,391

    Re: Canadian Maple Gold Leaf coins - can anyone share a comment?

    Quote Originally Posted by ricstc
    Hi,
    So they are not legal tender as I assumed? Meaning I cant just go sell it off the counter because of legality issues as you mentioned?
    Richard,

    There are 2 issues:
    1. Legality of ownership: How do you prove that you are the legal owner and it is not a stolen item? Prospective buyers are concerned with that. So, banks are reluctant to buy. If you are a regular buyer from the bank and you lose one or two certificates, they may be prepared to help you out. If you are not a regular, then it is difficult.

    2. Purity and weight of coin: A certificate makes that easier. Otherwise, the buyer may want to have it checked. That costs money and it could be a deterrent to a potential buyer.

    I don't want to sound discouraging but that is the reality. I really don't think it is that much trouble to sell. Just be a bit persistent. If you really have difficulty, PM me and we can discuss further on your problem.
    py

  6. #26
    Join Date
    Oct 2008
    Posts
    179

    Re: How to buy precious metals

    you can sell one lah the maple leaf. Lot of gold testing equipment out there. Gold is an old industry, if not how does the pawn shop, gold ship survive if they cannot differentiate real and fake gold.
    The issue of legality is not there.

    The issue
    a) Seller want to corner the market and only deal with those who deal with them b4. E.g. no certificate no deal.

    b) Price. Many people say I 1 2 sell, I 1 2 buy etc then things didn't materialize because the price is not right, even if the price is right it was not right long enough 3 days to 1week for a successful deal, the price changes. Do expect more big price changes in the future.


  7. #27
    Join Date
    Oct 2008
    Posts
    6

    Re: How to buy precious metals

    Quote Originally Posted by ricstc
    Hi,
    So they are not legal tender as I assumed? Meaning I cant just go sell it off the counter because of legality issues as you mentioned?

    Thanks.

    Regards
    Hi ricstc,

    I think you won't have any trouble selling them to the bank or gold/jeweller's shop. The bank might seem to be more reluctant to buy because of policy etc. They might offer to buy at discounted price (market price minus ??%) due to the lost receipt, but you must negotiate. First, gold is gold, and they can confirm it's real like GoldChan said. Second, it's Canadian maple leaf coin, it's very well known. Jeweller's shops will buy them definitely, if the price is right. Heck, if I have some spare cash now I'd be interested. They are so hard to find now, none of the banks have them nowadays, that the last time I bought goild coin, it was from a gold shop at market price +20%. There is a significant difference between published "market" price and the actual price that you have to pay to get physical gold in your hand, but that's a different topic altogether.

    Now, "legal tender" is a different issue altogether.

    Legal tender means, if I owe you RM100, and I offer to pay it using Malaysian legal tender (the Ringgit), you HAVE to accept it. If you don't want the Ringgit, but request to be paid in several kilos of salt, for example, I can just ignore you. I'm only legally obligated to pay you in Ringgit, so no court in Malaysia will order me to pay you in salt.

    In Malaysia Ringgit is the legal tender. The maple leaf coin has $50 legal tender value in Canada, but that's just nominal value stamped on the coin. The difference is, the paper the Ringgit note is made of has no intrinsic value, but the maple leaf coin is valueable much much more beyond the "legal tender" value because it's made from 999 gold!

    Just sharing.









  8. #28
    Join Date
    Oct 2008
    Posts
    13,391

    Re: How to buy precious metals

    Hi Ravenwood, Welcome to Tindak Malaysia.

    Buy & sell through bullion dealers:

    http://www.tulving.com/New%20Pages/b...ion_coins.html

    Shipping instructions:

    http://www.tulving.com/histinfo.html
    py

  9. #29
    Join Date
    Oct 2008
    Posts
    6

    Re: How to buy precious metals

    Thanks for the welcome pywong.

    Um, regarding tulving.com, they don't ship outside of USA, do they? They will only send it to a depository in the USA, and there's a minimum amount. Yikes.

  10. #30
    Join Date
    Oct 2008
    Posts
    13,391

    Re: How to buy precious metals

    Ravenwood, contact them and see what they say. Then share with us your experience.
    py

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