e-gold or real gold

[SundaySilence]

Hello... I have decided in the past few weeks to start investing in gold... I have absolutely no idea where to start. I have opened an account with GoldMoney but tranferring money from my bank (bank of america) every month might prove costly as they charge $45 per international wire transfer. Is there another way to get send them money (they are very slow in answering email) or should I simply purchase from a gold dealer and stash it away the old fashioned way? These question must sound a little naive but as I said I am new at this. The only investment i have is an IRA an I chose my funds basically doing eenie meenie miney (no pun intended) moe!

Thank you.

[gpond]

Sometimes the old ways are the best ways.

[solamente_oro]

Hi SundaySilence,

I wince when I hear anyone willingly paying bank charges. My first thought on the wire transfer was, "Gosh, $45USD could pretty much buy a 1/10oz gold coin."

I'd say put your gold allowance money aside each month then go and buy coins or bars. As long as you're not being flash with them, you shouldn't attract unwanted attention. There's a very real enjoyment in the 'heft' of gold in hand that looking at a statement can't ever match.

-

Solamente Oro

[SundaySilence]

Thank you that is exactly what I thought. The problem with this virtual gold is that the holding companies only accept wire transfers as far as I can see, unless you are purchasing very large quantities. And I also want to touch and feel it. The only way to know it is real and chez moi.

[Dissipate]

Thank you that is exactly what I thought. The problem with this virtual gold is that the holding companies only accept wire transfers as far as I can see, unless you are purchasing very large quantities. And I also want to touch and feel it. The only way to know it is real and chez moi.

What country are you in? Goldmoney allows you to transfer funds via electronic check, for only $3 per transfer.

[SundaySilence]

I opened a holding acct with GoldMoney and have been having some problems with logging in... that should be resolved today hopefully. I think that $3.00 is for large transaction only. I can only afford approx. $800-$1200 monthly.

[SundaySilence]

by the way I am in the USA for the time being...

[RichG]

:dito: Physical. Never let, or trust anyone to control your wealth. Do not ever allow yourself to become part of someone elses food chain. You will lose everytime!!!

[Dissipate]

:dito: Physical. Never let, or trust anyone to control your wealth. Do not ever allow yourself to become part of someone elses food chain. You will lose everytime!!!

Well, in that case I am almost certain you are part of the government's food chain. You are conflating the digital currencies with an investment medium. They are intended as a currency, not investment.

Once again, the gold bugs manage to distrust the Federal Reserve System and the free market for currency at the same time. :thumbs do

[pennyweight]

SS,

You can purchase Gold Money grams through Kitco. The grams are about 15 cents cheaper through Kitco.http://www.goldismoney.info/forums/images/smilies/yippee.gif Pay by sending cashiers check. Good luck.

https://online.kitco.com/sellprice/selling_pools.html

[Dissipate]

SS,

You can purchase Gold Money grams through Kitco. The grams are about 15 cents cheaper through Kitco.http://www.goldismoney.info/forums/images/smilies/yippee.gif Pay by sending cashiers check. Good luck.

https://online.kitco.com/sellprice/selling_pools.html

I would suggest that he get verified and his CAP lifted on goldmoney.com first.

[AKBill]

Just buy gold at your local coin shop that way if you need to sell its only a minute away

[RichG]

Well, in that case I am almost certain you are part of the government's food chain. You are conflating the digital currencies with an investment medium. They are intended as a currency, not investment.

Once again, the gold bugs manage to distrust the Federal Reserve System and the free market for currency at the same time. http://www.goldismoney.info/forums/images/smilies/thumbs_down.gifDissipate...
Whos interest are you looking out for? Goldmoney?
Not mine. That is my point.
My goldmoney account won't put gas in my tank when SHTF, but a physical silver round will.http://www.goldismoney.info/forums/images/smilies/ARMS1.gif

[RichG]

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD>Can You ‘Bank’ on Your Bank?

Abdelmenem Jamil Addas
</TD></TR><TR><TD></TD></TR><TR><TD>JEDDAH, 29 November 2004 — “Whomsoever controls the volume of money in any country is “absolute master” of all industry and commerce and when you realize that the entire system is very controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate”. — Late US President James Garfield (1831-1881).


Years later, the widely-known goldsmith and money-lender Mayer Rothschild, unintentionally confirmed President Garfield’s fear by proudly stating “Give me control of a nation’s money and I care not who makes the laws”. For the record, President Garfield was assassinated few weeks after he uttered the above words, and the banking institutions ever since, have been controlling the supply of the world’s paper money.

It all began few hundreds years ago, when people would deposit their gold saving with a presumably a trusted “goldsmith” to safeguard against theft or loss. In return, the goldsmith would issue a deposit receipt for the gold. Those holders of receipts would then use the gold receipts as medium of exchange to purchase various goods and services. As times went by, the goldsmith noticed that of all the people who deposited their gold holdings with him, only a small fraction of 5 percent would come back to reclaim their gold from his warehouse. The rest of 95 percent continued to use his receipts as an accepted mode of payment. The goldsmith discovered a new innovative and cheap means to increase his profits, by lending his standardized gold receipts at a predetermined interest rate to those people who are in need of money (borrowers) without depositing any gold in the warehouse, after all, those receipts would eventually become “as good as gold”. Borrowers were able to purchase various goods and services, thus, trade merchants were happy to see an increased economic activity, governments then, were ecstatic to see this new financial innovation taking shape, and few years later, governments would join in this wonderful cheap scheme, and one by one, they eventually established a similar warehouse called “central bank”. This is the origin of “fractional reserve banking” as practiced today by all countries.

More .... http://www.arabnews.com/?page=6&section=0&article=55250&d=29&m=11&y=2004

</TD></TR></TBODY></TABLE>

http://www.goldismoney.info/forums/images/smilies/banghead.gif

[Dissipate]

Dissipate...
Whos interest are you looking out for? Goldmoney?
Not mine. That is my point.
My goldmoney account won't put gas in my tank when SHTF, but a physical silver round will.http://www.goldismoney.info/forums/images/smilies/ARMS1.gif

It is not intended to be insurance when the SHTF. It is a currency. It is not an investment, not insurance against economic meltdown or anything like that. It is meant as a medium of exchange.

Let's see here. You do not trust:

1. The government with currency.

or

2. The free market with currency.


Ironically, I am fairly certain you are still using FRNs for all of your purchases. Sad, very sad.

[PONCE]

Money talks but silver feels better, only that which you can hold is good and keep under your pillow, only thing is,,,,,keep an eye on your wife or your silver will be goneeeeeeeeee.

"Gold is good but silver will fly",,, Ponce

[edjerider@]

[font=Comic Sans MS]Hello... I have decided in the past few weeks to start investing in gold... I have absolutely no idea where to start. I have opened an account with GoldMoney but tranferring money from my bank (bank of america) every month might prove costly as they charge $45 per international wire transfer.

As you can see, a variety of opinion and much information. It's hard to know who to trust after the big ripoffs a few years back. Most funds are still giving marginal or even negative returns. How can this be!!

And gold, or e-gold?

If you are looking for a racehorse (investment) then solid Silver is a good one. Gold too no doubt. But if their is a major economic downturn--upheaval--or collapse? Where would your savings be safest?
It would be hard to beat solid gold and silver. History proves that. The metals seem to fulfill both avenues of need.

I think the biggest problem that people face today is one of perception. They perceive that they need to earn high interest on their savings to counter inflation. Hence your savings are not called savings, but instead are called investments, your portfolio! Buzz words designed to make you feel important while your savings are put at risk on the stock market by faceless men. I couldn't care less about inflation, it's a part of the system. I hold physical gold and silver because it always appreciates over the long term, right along with inflation. And I know where it is! I have full control over it.

Good luck.

:smokin:

[SundaySilence]

Thank you... I am not looking for a racehorse (a silver one that is) however I truely value the opinion of everyone that has posted here... I think the consensus is you are safe if you can hear it jingle in your pocket. So whether it be Silver or Gold, I will be purchasing "physically" from local dealers or whatever and forget this offshore "holding" thing. I do not want to be at the bottom of the food chain...hell no... I have enough problems with self esteem.

Now you are dealing with someone totally new to this... what's best:

Bars? Coins? nuggets?... This weekend I started by buying a couple of French 20 franc Angels, a few ounces of silver (bars) a bar of platinum, a couple of gold bars and a 1oz kruegerrand. Does this sound like a decent start up?? Any suggestions?

Thanks a million (I wish)

[goldBuyer]

Buy, sell & exchange e-currency e-gold ,paypal ,moneybookers, e-Bullion ,intgold ,stormpay
www.emoney-exchange.net (http://www.emoney-exchange.net)

[SundaySilence]

I did a little more research at GoldMoney and asked a few questions.... I think that is a venture I will pass....

Primo, even with an electronic bank transfer they hold your money 90 days!!!
That is totally unacceptable.

Secundo, when you purchase gold from them the price is for the 15th of the month. Well with this up and down market this sounds absurd. I will close that holding and buy direct from a dealer. Plus the fact that they have fees left right and center. Whoever said above "don't put yourself at the bottom of the food chain" or something of that nature is @$%&ing right. I'm gonna keep it real. Thank God I found a bunch of guys and gals like you to give me a little insight. This is such a great forum to read.

Thank y'all

SundaySilence

[Walter Mitty]

Do you buy E-food or Real food? E-Gasoline for your car or Real Gasoline?
If you have a gun would you buy E-ammunition or Real ammunition? Just my .02.

[Dissipate]

Do you buy E-food or Real food? E-Gasoline for your car or Real Gasoline?
If you have a gun would you buy E-ammunition or Real ammunition? Just my .02.

Your analogies are fallacious. e-gold is merely a 21st century version of warehouse receipts.

In order to put it into perspective, I suggest you read this.
Money in a Free Society (http://www.mises.org/money/2s12.asp)

We aren't going to go back to the days when you bought things with silver and gold coins, nor are we going to go back to the days when you deposited gold into a warehouse and got a paper receipt for it. That leaves e-gold and other digital currencies. The idea that money needs to take some kind of physical form is ridiculous.

[JCarvingblock]

I have no personal knowledge of any of these operations and only post this here because it seems like an interesting report that would be of interest to readers of this forum. FYI from Carvingblock

The Indomitus Report, 31 January 2005
Status Report on Free Market Money

"The coin is a delicate meter of civil, social, and moral changes...It is the finest barometer of social storms, and announces revolutions."
- Ralph Waldo Emerson, 1860,
"Essay on Wealth"

http://indomitus.net/2004status.html

[azxcvbnm321]

Whether you mind e-gold or not depends on the reason you're buying gold in the first place. If you believe in the doomsday scenarios where our financial systems break down, you'd better have physical gold. With paper receipts, you're putting all your faith that people will honor their obligations. In times of financial stress, someone always declares bankruptcy somewhere down the line and you're going to be left holding the bag. Oh we lent out our gold for a fee but the person never returned the gold. Oh well, we'll just have to sue and declare bankruptcy in the meantime. Sorry folks. Like someone said, you can't buy food with a e-gold coupon.

If you don't believe in the meltdown of our financial system, then you're making a bet on gold going higher in terms of FRN. In that case, it wouldn't necessary be bad to have egold or use virtual gold shares as you are making a bet and want to collect in paper money if you win anyway. Choice is yours.