Canadian Maple Leaf Coins

[Sungold]

Does anyone have a recommendation for a trusted, reliable source for Canadian Maple Leaf Coins?

[drobbins]

I've purchased precious metals from

http://monex.com/prods/gold_maple.html

no problems

Dave

[Sungold]

Dave,

Thanks. I didn't realize that you can own gold coins as an IRA.

Cliff

[drobbins]

check out the American Buffalo's
they're 24K too

Dave

[Bodo]

www.goldline.com

[Barry Digman]

The guy I buy from discourages people from buying pure gold coins, opting instead for coins like American Eagles that are alloyed. They still have an ounce of gold in them, but are more durable. He thinks that the premium for the pure ones is too high, and when he buys them he discounts the price he pays. He doesn't resell them either, he just sends them to the smelter with the rest of the scrap he buys.

[drobbins]

>>he just sends them to the smelter with the rest of the scrap he buys.

he should just buy bullion shouldn't he?
no premium

http://monex.com/prods/gold.html

Dave

[Barry Digman]

>>he just sends them to the smelter with the rest of the scrap he buys.

he should just buy bullion shouldn't he?

http://monex.com/prods/gold.html

Dave

He buys whatever people bring in. Rings, coins, etc. He's been doing it for about 35 years and must be pretty good at it.

[Bodo]

Aren't there rules against private citizens owning bullion? Some awful law left over from the demise of the gold standard. If I remember correctly.

[drobbins]

but still, by that argument, if you're buying gold, not scraps for resale, but gold to stick in a mason jar buried 10 feet north of the big oak tree in your yard, shouldn't you buy bullion to avoid the premium on coins?
not arguing, I'm thinking of buying a little and was wondering about the merits of bullion vs coins.
BTW, I want to plant a garden 10 feet north of that oak tree, y'all come over and dig all you want:D

Dave

[Barry Digman]

Aren't there rules against private citizens owning bullion? Some awful law left over from the demise of the gold standard. If I remember correctly.

Nope. You can own gold in any form you like. In an earlier life, I worked at a real live hardrock gold mine in Silverton, CO. Once you've seen an underground vein blasted and then the face washed, you get a sense of what drives people to spend their lives chasing that glitter. The mill was even more fascinating, dating from the turn of the century (the 20th, not this one).

[drobbins]

that link I posted says you can store it with them or take personal delivery
I don't know why coins would be different than bullion

Dave

[Sungold]

I believe that some coins are more liquid than others or bullion.

"Canadian Maple Leaf gold coins are alternatives to gold bars as they are recognized worldwide making them easy to buy, trade, or sell at any time. The Maple Leaf coins are guaranteed by the Canadian Govt. (for what that's worth). They can be sold immediately in an emergency while gold bars may require the buyer to assay the bar."

[drobbins]

at the time I bought the coins I have, monex would buy any of their products back from you at any time at the spot price of the bullion form of that metal
I assume that's still the deal (at least until the poop hits the fan and they change their mind:doh:)

Dave

[BULLSEYE BILL]

I think you are best off developing a relationship with a local dealer although I have bought from mail order as well.

I started buying silver and gold in the late 70's as part of a survivalists strategy, of course it helps when told to have at least 10% of your net worth in metals. ;) I still deal with the same guy, Rob, isn't that a great name for a gold and numismatic guy? :D

In times of turmoil it will be easier to cash in smaller amounts of metal, like one ounce silver rounds. Just try buying a loaf of bread with a 50 or 100 oz bar of silver or a gold maple leaf. :rolleyes: That said, buying 'junk' silver, old coins, is also a good idea but keep in mind that all '64 and older silver coins are 90% and not pure. At this time they are bringing about ten times their face value.

I prefer to buy generic silver one ounce rounds as they are 999 silver. I bought some of the gold buffalo's for the same reason, being pure. All other gold coins are 90%, they do that to make them more durable, but really, are you worried about them wearing out in your pocket?

If you want them for investment the one ounce gold or 100 ounce silver bars are best. If you want metal for trade in times of turmoil, look at the generic silver rounds. The smaller gold coins are not worth the premium in either case, unless you just want to have and to hold the pretties. ;)

[drobbins]

Bullseye,

I'm curious, does this guy you know sell to you at the spot price?
When I wanted to buy some gold I called around and everyone wanted a HUGE premium, of course I had no relationship with them
obviously with the online guys you gotta pay shipping/insurance but at the time it was a much better deal than I could find locally
I'm currently leaning towards buying some silver dollars for the ease of conversion you mention
BTW, I like to hold the "pretties":)
a buddy of mine wants to go in and buy 200 to use as poker chips:D

Dave

[BULLSEYE BILL]

that link I posted says you can store it with them or take personal delivery
I don't know why coins would be different than bullion

Dave

Any gold, silver, platinum, etc. you hold in your hand is bullion. Some will argue that ingots are bullion and coins are coins. Paper certificates are promissory notes and to me not worth the paper they are wrote on especially in times of crisis. Why would anyone want a piece of paper when you can have the real thing in hand?

>>The Maple Leaf coins are guaranteed by the Canadian Govt. (for what that's worth).

So are the Eagles, the fifty dollars stamped on the obverse. :rolleyes:

[BULLSEYE BILL]

No dealer sells at spot price, the premium is their profit margin as well as any upward shift since they bought that metal. If the spot is lower than what they bought it for, then they are 'out of stock'. :(

I have bought generic silver for as little as .20 over spot and sometimes up to .45 depending on the type of coin or ingot.

The gold buffalo's I bought recently were about $40. over spot. I think the eagles were $25 or $30 over.

[drobbins]

I couldn't find anything near that good locally
they wanted $100 or more premium on a Golden Eagle (this was when gold was $300/oz)
I must admit I didn't look to long locally before I found I could get a decent deal online
what do you mean by "generic silver"?
I'm thinking Silver Eagles

Dave

[edit] BTW: this thread caused me to go dig up my mason jar and play with all my pretties. The gold is pristine but the silver is tarnished. What's the recipe to clean them up? Isn't there some good home solution beside store bought silver cleaner?

[BULLSEYE BILL]

I couldn't find anything near that good locally
they wanted $100 or more premium on a Golden Eagle (this was when gold was $300/oz)
I must admit I didn't look to long locally before I found I could get a decent deal online
what do you mean by "generic silver"?
I'm thinking Silver Eagles

Dave

[edit] BTW: this thread caused me to go dig up my mason jar and play with all my pretties. The gold is pristine but the silver is tarnished. What's the recipe to clean them up? Isn't there some good home solution beside store bought silver cleaner?

I can just see you with a shovel and flashlight and the neighbors dog going nuts. :D

I'm betting you are wishing that you bought that $4oo gold now, but that was in the last century wasn't it?

Silver Eagles are not generic, they are actual legal tender (90%), generic is pure silver in either one ounce round coins with some type of design on them or ingots of varying weight usually with no design or with just the name of the minter.

If I understand what Rob tells me, there are only about five major traders of metals. They have to purchase at least 50,000 ounces per contract to get a minter to mint rounds. Now that the price was recently down there will likely be more minted and availability will open up. At the low point a couple of weeks ago there was none in the pipeline to be had, Rob could not order any as there was none to be had. :mad:

I would use the store bought silver dipping solution. I remember as a kid cleaning silver with mercury. :rolleyes: It does a great job but there are drawbacks, something about poison?

[Hambone]

[edit] BTW: this thread caused me to go dig up my mason jar and play with all my pretties. The gold is pristine but the silver is tarnished. What's the recipe to clean them up? Isn't there some good home solution beside store bought silver cleaner?

I am gonna search for a home solution, but Briwax works the best for me.

[RayMarler]

drobbins...

If my memory serves me (it usually doesn't) the difference between bulliion and coins is the way it is taxed upon sale. Bullion is investment, coins are collectors items or art, and the two are taxed differently here in the US. I do not remember the amount of tax on each, perhaps someone else will replay with that answer. I think one is taxed at 40% and the other is taxed at 15%, but can't remember which one is which.