To start off I’ve viewed every old thread on gold I could find and I am not investing in gold so I don’t care that it’s high. We are heading to high inflation and devaluation of the dollar and I want physical gold. I want something physical to have if everything else I own (savings account and 401) loses value when we go into hyper inflation. I’m beginning to think that’s a reality in my lifetime. I know this thread will get sidelined but try and focus on my question, there are good resources on this forum and that is why I ask here and not on all the others I’m a member at.

Whether my theory is right or wrong it doesn’t matter, I’m seeking out those who’ve bought physical gold. That being said who has bought gold Krugerrand’s and what tips do you have? I know I can buy online but I’ve also got some local precious metal dealers I can purchase from.

I have a family member who has bought and sold gold as a dealer for about 5 decades. He told me almost all K's are fake and most reputable dealers wont touch them.

quote:

Originally posted by Timdogg6:
I have a family member who has bought and sold gold as a dealer for about 5 decades. He told me almost all K's are fake and most reputable dealers wont touch them.

Exactly the info I was looking for, thanks. That’s kind of what I was afraid of, I’m not sure how to tell if what I’m buying is real or not. I’ll see what other advice comes up as I’m open to other physical gold.

Personally, I prefer Canada maple leafs. They are 9999 fine gold as opposed to the Krugs which are about 90%.

The big bullion retailers can be your friend on this stuff such as Apmex, Provident and JM Bullion.

You have to make sure you buy from a reputable source and you should study up on how to spot counterfeits.

I would pick one type of coin and learn about its characteristics such as diameter, weight, height, fineness, etc.

Shoot me an email if I can be of further help.

I'd stick with US Bullion if you can. I know premiums are higher but it will be easier to sell if needed. The Buffalo's are .9999 pure as opposed to the American Gold Eagles (AGE) which are .999

That said, Canadian Mapple's are nice too and generally have a lower premium. Another option is straight up Gold bars from mints such as Perth, Credit Suisse etc. As Vanquish mentioned, buy from a reputable online dealer as he listed.

I can help as well, email in my profile.

I don't know about all krugerrands being fake most dealers now have the right equipment to test coins right then in their instantly. Krugerrands are a good deal normally don't have the high premium that eagles have and that's something to take into consideration when buying.

I hear a lot of people talking about buying as close to spot as you can. Some get lucky every once in awhile but for the most part you're going to pay your premium on every gold coin you find especially fractional coins right now The premium is 40-50% over spot.

Since you're not buying for investing don't buy eagles it's not worth the premium. If the dollar collapses or have hyperinflation you're not going to get more for it because it's an eagle it just won't matter.

Of course fractionals are the best simply because of the size but you pay a huge premium. 1 oz You're going to pay the least amount of premium but if you plan to trade makes it hard to trade 1oz of gold for a small amount of supplies. I tell people how much gold are you willing to trade for a chicken or a box of ammo.

There’s Gold American Eagles, there may be a higher premium but counterfeits are less of a problem,bought from the big dealers, Apmex, US Bullion, etc. Gold bars are good also bought in sometimes in less than 1 oz bars since 1oz are the size fakes are usually made. As Trump says CHINNAA as usuall.

Buying as a hedge against inflation is very different than SHTF. I wouldn't worry about what you can trade for a chicken, if you think it's coming to that buy lead. Bullion bars are probably the best value in relation to spot price. As others have noted, buy from a trusted source regardless if it's a big online house or a guy who deals at his kitchen table.

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The premium is 40-50% over spot.

This is a typo, right?

When did fake Kregerrands become a thing?

I buy 1/10th oz gold coins and have around 25lbs of silver dimes.

On top of the gold I have mined out of these North Georgia streams.

I buy mine straight from Arjen Rudd, nice guy

^^^^

Just make sure you're not standing on a plastic tarp. Big smile! BIIGGGG SMILE!!!

I read recently regarding holding gold in IRA’s (I know, not your question) that they cannot hold Krugerrands because they are lower in gold content than Maple Leafs (Leaves?).

I prefer Canadian Maples and US coins to anything else

I have an account with Provident Metals and have been very happy with them

I have enough silver to keep a pirate happy for awhile

I've bought a Krug online, and sold it a few months back at a local dealer for a profit. Most of them fake? Not from my experience.

Agree with getting maple leaves or eagles instead for your purposes. maples are .9999, while eagles are .999 if that matters much to you.

In the last six years I have purchased precious metals of one kind or another from Provident Metals, JM Bullion, and Apmex.

There are a host of others, just keep an eye on premiums over spot and pick the best deal.

Thanks for the info everyone that replied, Vanquish gave me some info offline to get me in the right direction.

Bought some, also several other types including old Austrian gold coins and some commeratives.

I buy for the gold value, never for numismatics.

Gold is gold, an ounce is an ounce.

So far so good, I bought @ $1150 dollar costing, appears I've apparently done OK, but as it rises, so shall it fall.

Intent is to pass it to my daughter and son-in-law eventually.

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Intent is to pass it to my daughter and son-in-law eventually

That is what my father is doing. He picked up a couple Krugerrands in the 80s which will be passed on to the kids when they pass.

Yes the Krug is 92% copper but it still has a Troy ounce of gold in it. i.e. the Krug weighs more than a Troy ounce

quote:

Originally posted by trapper189:

quote:

The premium is 40-50% over spot.

This is a typo, right?

When did fake Kregerrands become a thing?

Its not,look at the larger dealers right now and some are right at 50% over spot. Some dealers are right around 20% on 1/10oz.

Most 1oz rounds Eagles,Maple Rands are about 4-5% over but fractionals are up there.

Long time now, buying when I can afford to do so, US gold 1oz. Eagle or Buffalo.

Look to the 1/10 oz for portability.
And gold sovereigns - .23oz

US bullion coins are 99.99% purity.
Canadian 1oz Maples, also same purity.
Aussie Gold 1 oz Kangaroo, also 99.99% purity

Great Britain 1oz Queen's Beasts
Australian 1oz Lunar Dragon

SA Krugerrand 10z are 91.67% purity. Don't be overly concerned. It's a slightly bigger coin than US/Maple/Kangaroo, size matters?

Premiums over the US spot price for gold are likely to be, in order of the $ premium paid:

Maple
Eagle
Kangaroo
Buffalo

Expect to pay distinctly more of a premium for the Krugerrand. Minted since 1967 ...

Once my bullion dealer gets to 'know' me, as a regular client, some discounting on the premium was applied - that's their margin after all.
Examples of such, were $25 premium for Maples, $50 for US, $75 for Kangaroo, $100 for Krugerrand.

YMMV.

A further indicator for you - in Australia today, Aug 19th 2020:

Krugerrand AUD$3,340
Maples AUD$2840
Eagles AUD$2875
Buffalo AUD$2970
2012 ex-set Aussie Lunar Dragons AUD$3,711
(Note: a very popular coin for foreign visitors)

US - AUD exchange rate today is .72
$1 US$ = AUD$1.388
AUD$3,340 = USD$2,404.80

Sorry, a little long in the detail.
It does pay to shop around with the bullion dealers, so visit, in store self review, proximity to your home ...

--chris