Watch the video. The vice president of Gold Line tried to justify 400 USD markup on a 600 USD gold coin as "brokerage fee" and people should not buy the gold coins for speculation. 
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Gold?..Who the hell saw this coming 5 years ago?
I wish I would have..Gold has shot through the roof
I bough a gold chain from a worker for 200 bucks 5 years ago and all the people laughed at me..same chain is worth 6 hunny now
gold gold gold!Comment -
This place is shady. They appear to be charging this mark-up on gold coins that in reality should trade as gold bullion and therefore have a much smaller mark-up ( more like 5%). I do believe Goldline sells genuine stuff, so they are operating legally.Originally posted by picoWatch the video. The vice president of Gold Line tried to justify 400 USD markup on a 600 USD gold coin as "brokerage fee" and people should not buy the gold coins for speculation.
http://abcnews.go.com/Business/gold-...ry?id=11211611
Think of it this way.... If you bought a baseball card from a dealer for $1,000 then tried to sell it to another dealer, you might find it wholesales for $600. Collector coins can be like that. If you bought a rare coin like an 1877 Indian Head penny for $1,000, you can't sell it for $1,000 the next week, more like $600-800 as the dealer has to make money. That would be an easy item to sell so you might only lose 20%, something harder to sell might lose 40% +.
Bullion doesn't trade like that. Even a $20 US gold coin from before 1933 would trade more like bullion.....maybe sell at $1300, buy at $1225 for example.
The disturbing thing here is the 1099 associated with sales of over $600. Here's how to get around it. Buy your bullion in fractional sizes like .1 ounces or .25 ounces so you can avoid paperwork.
I don't know how this SHIT will work. You could have bought a K-rand for $1,000 in 1980, and say you sell it for $1,500 in 2012. You really lost a lot of money in real terms. Does the IRS want you to claim $1500 in income ? It would be very likely that you don't even have paperwork saying you paid $1,000 some 30+ years ago. Paperwork wasn't even normally done when buying from a local coin dealer back then.
This will be tough on small dealers.Comment -
i just invested in gold...so excited!Comment -
What did you buy ?Comment -
Gold is old news. I thought silver was the new investment?Comment -
I like Silver relative to Gold pricewise. Gold is around 65X the price of Silver....used to be more like 15X for centuries.
If economic collapse occurs and people resort to the barter system....silver coins will be ideal for small transactions, even fairly large transactions....a milk crate full of silver coins would be worth well into 5 figures at current prices. Much tougher to barter with one ounce gold coins that are kind of all or nothing. I'd rather have it something like $100 face value in silver half dollars that can be broken up conveniently.
It will still be a bad world if that does happen.Comment
