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Selling Gold

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posted on Dec, 28 2007 @ 11:16 AM
If money is no longer backed by gold, why are the central banks trading gold?

If you actually had any gold, even as jewelry, would a bank buy it from you?

I've done a little search, google came up with 255,000 sites on this subject, not many to be honest (search term, selling gold to banks... result

From experience, it's not that easy to sell gold for its actual value. A gold coin may be bought by a bank at face value only (which is crafty) but a jeweler will buy gold at its scrap value???

How can gold have scrap value?

This jeweler example is based on UK shops. I have no idea how this works in the rest of the world.

Gold is gold. Why can it not be traded as such through the entire financial system, especially banks.

I've never tried, maybe others have, but will a bank buy your gold (be it jewelery, coins or nuggets) for its actual value?
If banks do not buy gold this way, then why are they in business?
What's the point of a value on gold?

Looking at the pages from my search result above, it appears you must use proper gold brokers. Now there's not too many of those on the high street.
Why is it necessary to use a broker, when a bank is the financial hub for gold (supposedly)?

Seems all cock-a-hoop to me..

Banks relied on gold to support the cash, now they don't, yet they still buy and sell gold, but ordinary Joe Bloggs can't make tuppence from his stash of long gone Aunty Mabel's jewelery collection.

I've read some of the other threads in ATS about gold and some have said that ammunition, food and clothing will have more value than gold in a crisis, which IMO is true, so why the importance of gold as a wealth prospect when you can't readily trade in it?

posted on Dec, 28 2007 @ 01:07 PM
I buy gold, but not in the way you mention. You are correct about the coin 'face value' and jewelry 'scrap' value. There is gold buillion that would be your best investment if you have a need to actually hold gold and slobber over it like a Silas Marner. Gold is preferred over money because of its stability.

If you want to invest in gold (gold is bullish in the Market and has been), stick with the better mining companies that do not use hedging practices. You can be quite successful if you understand trading and get into day trades. Regular stock market trades can be done via discount brokerage online companies but you must do your own research and your own buy/sell orders. You can use brokers, of course, but they will not only take a portion of your profit (they won't help you if you lose, though), they'll try and offer THEIR analysis (which is often biased and bought).

If you have enough capital and guts to get into gold commodity trading, you can turn your gold-to-profit in seconds when the timing is right. For that, you'd need a broker. Check the COMEX market for GC (gold) and see how the graphs have been tending upward for some time. Gold climbs when the dollar is weak or failing, or if there is political upheaval. Since much of the world is in one mell-of-a-hess lately, gold has been shining.

posted on Dec, 28 2007 @ 04:53 PM
There are many like myself who still prospect for gold. And yes its difficult to find someone to buy it.

You cant go to a bank for starters. You also cant go to the local Kay Jewelers either.

I found a local jeweler / pawn shop that buys my gold for 90% of the market's going rate.

I keep about half of what I find and sell the rest to cover my expenses. I dont plan on being a slave to worthless paper currency. Once martial law comes and soldiers start rounding us up to go live and work in controlled slave city camps, I will be gathering my gold and supplies and heading for the mountains.

The goverment is trying to change the law covering prospecting though. Currently I get to keep 100% of what I find on public lands. The goverment now wants to get their greedy cut.

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