Any jewelry store or coin shop.
gold ... but the exchange rate?
- Thread starter maxitronixy
- Start date
Any jewelry store or coin shop.
Quote from hoodooman:
I have a 20 dollar gold piece. What am I bid for it?
I also have a turkish gold piece that is slightly larger. It has the following words printed on it:
)(*&^%^&^ %$#@##%T *&^% we trust.
What am I bid for that? lol
I'm not an expert on gold by any means, but the value on a gold piece is just a nominal value. Its real value would be determined by how many ounces of gold it contains. So to answer your question, let's say that your money is denominated in Euros. If 1 ounce of gold is selling for $1000 and 1 Euro = 1.46 Dollars, then you should bid 1000/1.46 = ~685 Euros per ounce of gold in order to obtain the gold piece at a fair price.
Quote from Cygnus Atratus:
I have never been able to understand GoldBugs, is it for the money or simply lacking a religion to follow ?
I'm not a gold bug, but I sure wish I had been buying more gold for the last 8 years. Especially for Americans, I don't know of a better place to put money to preserve its value other than in gold and silver right now. Our debt is unpayable and our government is printing astronomical amounts of money. As a result, the value of the US dollar is declining dramatically and we are having trouble selling treasuries to finance the interest on our debt. The ship is sinking and water is coming onto the deck. People with money in the bank and equity in their home are about to lose a tremendous amount of value, unless they get a substantial portion of their assets into gold and silver. Other commodities will also rise in price with the coming hyper-inflation, but gold and silver have the benefit of being used to purchase items in the event of a catastrophic currency collapse. If the IMF gold sale helps to lower prices, it may be a good time to load up on gold and silver coins.
The only people in the world that get spot price are the people that have contracts.
No matter what country in the world you go to, you will always be able to find a gold buyer, but you almost never get spot. There is always a mark up. But thats the same with currency. You never get spot price. Theres always a big markup. (especially in the U.S. If you try to exchange money in any bank here, they give you a 10-20% haircut!)
Hyperinflation is good for people with debt. It means you can pay it off sooner. Sure our standard of living goes down with hyperinflation, but at least you dont have a mortgage anymore. Its the renters that are going to be screwed