How can I convert 500 large into gold?, page 1

I've used these guys before.
They seem to be able to handle large orders, and they have some good info, too.

You might want to consider diversifying some of that cash, though, and not put it all into gold.

Okay so apparently after a little more research I have found that it is legal to own gold but once you own it you can not broker any deals with it other than to barter according the the bill passed by Gerald Ford

this is the law that Gerald Ford amended

In an attempt to address the causes and effects of the Great Depression, Executive Order 6102 was signed on April 5, 1933 by U.S. President Franklin D. Roosevelt. It prohibited the "hoarding" of privately held gold coins and bullion in the United States. The Order was given under the auspices of the Trading with the Enemy Act of 1917, as recently amended. The government required holders of significant quantities of gold to sell their gold at the prevailing price of $20.67 per ounce.

WikiExecutive_Order_6102

Below is the amendment made by Gerald Ford

Pub.L. 93-373

The limitation on gold ownership in the U.S. was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars and certificates by an act of Congress codified in Pub.L. 93-373 [1] [2] which went into effect December 31, 1974. P.L. 93-373 does not repeal the Gold Clause Resolution of 1933, which makes unlawful any contracts which specify payment in a fixed amount of money or a fixed amount of gold. That is, contracts are unenforceable if they use gold monetarily rather than as a commodity of trade.

So I guess it is doable but again there are caveats

again I apologize to any and all that read my initial post stating that Gold was illegal to own.. it is not well srt of

Respectfully
GEO

[edit on 1/3/2008 by geocom]


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[edit on 4-1-2008 by Jbird]

reply to post by subject x

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I have some in stock already and to be honest I'm having serious doubt about that money too the way things are looking. Just listening to C2C the other night it was all doom and gloom for 2008.

Thanks for the link, Ill check them out.

reply to post by HighDefinitionFilms

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Yep sorry for the misquote you are correct a 5" Halliburton "Zero" (that's the name) will hold exactly 1 million dollars so again I mis stated and apologize

I mean in twenties but even that may be a stretch

well I guess I am a man who can admit he is wrong


Respectfully
GEO

[edit on 1/3/2008 by geocom]

[edit on 1/3/2008 by geocom]

reply to post by HighDefinitionFilms

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What scares me is having a piece of paper saying I own all this gold. What If it hits the fan one day and I go to cash in and there is no gold left (possibly never was) there to give me?
Oh and I do own a mess of chickens, geese, 4 goats, 2 cows and 3 horses...typical O'l McDonald situation now...

Ps: who is that on your avatar? she looks like Selma Hiyek

reply to post by Dont Hate Rats

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Er, personally I would advise you to get a financial advisor who invests it for you based on your personal risk preferences.

Depending on your age, it could vary.

From annuities (which don't get the respect they deserve) to high risk mutual funds, there are hundreds of ways to make your money grow.

Buying Gold just as it hit the all time high .. no such a good choice. I would have converted to Euros a few months ago though, if I had substantial money anyways.

reply to post by Dont Hate Rats

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I don't even try to understand the dynamics of currency trading so I can't comment on the Euro.

Yes my gold is in coin (American Gold Eagles - exchanged anywhere without question) secured in a bank box with a little at home. I purchased some from Blanchard but most from a local precious metals dealer.

The Dollar will never be worth zero. If it tanks and the entire economy collapses along with it, it won't be permanent. We may experience rapid inflation or whatnot, but things always stabilize and at that time either the Dollar will recover or, and what I see being more likely, it will be easily exchanged for Ameros.

With the amount you're talking about however I would be more comfortable investing in real estate and land. You want hard assets for sure, but gold is too unpredictable with poor growth average to have a significant percentage in. As long as the purchase is made wisely, which is especially easy given the current housing market, real estate is almost never a bad investment when purchased with cash.

>
but yeah you should sit down with your accountant or other professional. Get multiple opinions, too. Some of those guys may be college graduates, but they're still idiots.

[edit on 3-1-2008 by apc]

I inherited a similar amount 3 years ago. I made the following decisions:

30 percent in gold.
2 percent silver.
5 percent in credit union funds
Some cash I keep for emergencies.
The rest in stock

The results over the past three years has been: doubled investment in gold, silver barely moved, 17+ percent (~5% over three years) in credit union, and 65% increase in stock.

My reasoning -

PHYSICAL (not paper) gold is accessible if the poop really hits the fan and stocks and paper money are worthless. Paper gold depends on you being able to collect from those who hold the physical, and if the poop hits the fan, and those companies go out of business, you have one thing - paper. Like I said, good luck getting the money if things go South. Physical is the way to go. I also have used usagold, and when I was ordering my gold the woman helping me said they just sent someone in Alaska a million in gold - so 500K in gold is very doable. Kitco is a great place to do a bit of research on gold, silver, and other metals.

Silver is a fun investment and has the potential to outpace gold. When that may happen is anybody’s guess. Plus, I like silver - and it may be easier to "spend" a 10 or 20 dollar coin than it is an $800 coin if needed.

Credit union MM's - very safe return on investment. 5% is not much, but is is nice.

Stock - Unless the US enters a long-term depression, the right stocks will always remain a safe investment and provide a nice return if the correct stocks are purchased. When dividends are issued you can ether reinvest the money (DRIP account) or get the $ to live on. Invest in the right stocks and your 500 or even 300K investment will allow you to live a bit better or allow you to retire earlier if you reinvest. A recession MAY drop your stocks total worth, but will most likely not result in anything drastic. That is, of course, if you invest in companies that everyone still will require no matter what the economy is like. People still need drugs, electricity, and the like. The only thing with stock is that you have to be patient and not panic - it is not fun loosing thousands in a day , and it makes one want to sell everything, but it always comes back (hopefully!)

Cash on hand - Always nice to have. Plus, if the economy goes to poo, you can use it to start fires with.

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