posted on Jul, 19 2010 @ 02:45 PM
I've been buying gold since about 2005, when it was around $400 an ounce. When I received the first batch of coinage (American Gold Eagles), I
immediately took a couple of samples down to my jeweler, who has the chemistry and gear to make a firm determination of the elemental content.
There's an acid test, a specific gravity test, and an electric current test, as I recall, that together tell you the exact composition of your
"gold"... Mine tested as 99.xxx pure Gold Bullion, just as advertised.
Today, I believe the stuff is worth about $1800 to $1900 per ounce, a decent return on my initial investment, to be sure, but I'm not selling. The
only way to appreciate the value of Gold is to sit on it patiently, as markets rise and fall and rise.
Incidentally, the only way to sell your gold at a decent profit is to sell it BACK to the big gold exchanges where you bought it originally. DO
NOT try to sell your gold at the pawn shop or to these other small-time places with hand-painted signs out front reading "WE BUY GOLD!"
The small-timers will consistently offer you only about 30% of the current market value, and they won't budge on the price, either. You'll take a
raping if you sell your gold to them.
— Doc Velocity