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Posts Tagged ‘gold coins’
Gold Bullion Coins
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Gold Bullion Coins come in many shapes and sizes, from as small as 1/25oz to as large as 220 pounds. The 220 pound coin was minted in Canada and is worth millions of dollars, however most gold coins that people buy are 1oz or smaller. Many countries have a mint at which they produce their own gold bullion coins. Here is a rough list of gold bullion coins:
American Eagle
Australia Kangaroo
Austria Koronas
Austria Ducats
Austria Vienna Philharmonic
Canada Maple Leaf
Chile Peso
Chinese Panda
Colombia Peso
England Britannia
French Franc
Holland guilders
Hungary Koronas
Isle of Man Angel
Isle of Man Persian Cats
Italy Lire
Mexico Pesos
South Africa Krugerrand
Swiss Franc
These coins range in gold purity. For example, the American Eagle is 22 carats which is 90% gold and 10% of another metal for durability. The coin still contains 1 ounce of pure gold. The Canadian Maple Leaf on the other hand is 24 carats. It is still 1 ounce of pure gold therefore it is a smaller sized coin than the Eagle because it does not contain any other metal. The sizes of gold bullion coins vary for this reason.
As you can imagine, every coin has a different design and some are more beautiful than others, but for the most part this makes no difference on the value. A gold bullion coins value is determined by how much gold it contains. Therefore any common issue coins do not carry any collector premium. If you own a 1oz American Eagle then it is worth the spot price of gold plus a premium depending on supply and demand, and the particular broker/dealer you are working with.
Bullion coins can be acquired in a self-directed Gold IRA. In certain instances they are reportable to the IRS upon the sale of them and they are considered to be subject to confiscation by the government. With all of the upward predictions for 2010 that are coming out these coins could be worth much more in the future.
Will Gold be Confiscated Again?
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The last time gold was confiscated was in 1933 under Franklin Delano Roosevelt. This occurred during the Great Depression while the U.S. was dealing with a monetary and banking crisis. The confiscation occurred under executive order 6102, which gave citizens a small window of time to turn in their gold or suffer a $10,000 fine, a 10 year prison sentence or both.
The real question is can this happen again? Many experts agree that it is very possible. The main concern is that we are facing similar circumstances that we were dealing with during the Great Depression. Gold was confiscated in order to stabilize the monetary system. The gold was confiscated at $20.67 per ounce and the government revalued it at $35 per ounce shortly there after, thus giving the government a 69% gain. After the government had all of this extra gold from private citizens it enabled them to print more dollars and put liquidity into the economy.
There has been a lot of talk about the dollars weakness lately. If the U.S. losses its status as the worlds reserve currency, we may need to return to a gold standard in order to give the dollar strength again. It is likely then that the government would confiscate gold and revalue it at a level that would be commensurate with our level of debt.
The U.S. in 1950 used to own around 68% of the worlds gold reserves. Now it owns less than 28%. This is not enough to bolster the dollar in any meaningful way. So the question remains. If the dollar collapses, will the government again confiscate gold like they did in 1933?
This is why owning rare gold coins are crucial to any gold portfolio. They were excluded from the last gold confiscation and experts feel they would be again due to their status as a collectable.
How to Buy Gold Coins
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Gold coins are bought for many reasons. You may buy them for security, you may be a collector, or, given the current economic conditions, you may be buying them for investment purposes. The trend these days is to buy gold to give your portfolio diversification.
One reputable dealer that is known for its long standing service is ITM Trading, which has its online website http://www.itmtrading.com/.
Gold is recognized for its value all over the world and hence you can deal in gold and even sell it for cash in most parts of the world. It is universally recognized and accepted.
If you have decided to buy gold coins, whether it be bullion or numismatic gold, you first need to find a reputable source. The very first thing to check is that the dealer you are buying from is a member of associations like Professional Coin Grading Service and the Numismatic Guaranty Corporation. This is very important as these companies guarantee authenticity in the gold coins you are aquiring.
Once you have found a dealer who is reputable and you are comfortable working with, you need to make a decision on how much you want to place in the market. This will help you determine the type of gold, and strategy you want to apply to your portfolio. Many people simply buy some gold coins whenever they have the money and do not worry about the prices going up or down over time. Most analysts agree that gold is currently in a bull market. The general rule is to simply put some money aside that you are comfortable with for the long-term.
ITM Trading is an excellent place for your all of your precious metals needs. Do browse the website. We assure you that you will find it worth your while.
Gold Coins Rare Launches New Blog
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Gold Coins Rare launches new blog at GoldCoinsRare.com which will offer the latest information and news on the world of buying and selling gold. You want to know the difference between gold bullion bars and Numismatic gold coins, you will find it at Gold Coins Rare.
Our goal is to deliver up to date information on the world of gold and other precious metals like silver and platinum. We will have expert advice, descriptions, and strategies to make your decision to buy gold a more informed choice.
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