Buying gold

[Corelli]

1. I am not sure if this has been dealt with on this forum recently ... I presume it is a good (stable) investment to buy gold? But how and where does one start? How does one track the value?

2. Also, my father gave my daughter a gold coin necklace many years ago, bought from the Mint. Where would one go to get this valued?

Can the answer to both questions above be places like https://scoinshop.com/ or are there other, better alternatives?

Coin Shop is a rip-off

Buy it direct from the SA Mint that actually makes it.

With diamonds you can buy it direct from Diamond Source.

Some local jewellery stores can also give you the ability to buy gold or small ingots.

Art is also a good investment, but buy from a well named good artist.

Pierneef, Adriaan Boshoff, Corne Weideman, Gregoire, Irma Stern, all good investments. Strauss Art is probs our best auction house locally. 10 years ago I bought a painting from Theo von Brockhuisen for R5000, the other day I had an offer from a German Auctionhouse that they have a buyer for R2 million rand. I refused to sell though as his artworks are going through the roof (think of it as the German Van Gogh who lived the same time with the same style). Gerrit Pitout locally paints in the style of Pierneef and his art is already at the Taal Monument (Pierneef painted panels for the Train Station, which is now in Rupert's collection and visible in Stellenbosch. You can also see Irma Stern and Rembrant artworks there.

But the Scoinshop sells a 1oz Krugerrand for R55000 but the SA Mint pricing is below.

 

[GrootVoet]

You get Proof and Billion coins. Both gold value are the same but the proof coins are of a higher quality and typical limited by the number minted, like your Mandela coins for collectors. R55K will be for a proof KR coin, they get struck 3 times where a billion KR only get struck once.

 

[GrootVoet]

Never buy proof, you will not get your money back unless a collector wants to buy it.

I recently picked up a proof for the price of a billion.

 

[kota]

Never buy proof, you will not get your money back unless a collector wants to buy it.

I recently picked up a proof for the price of a billion.

I am not a Krugerrand expert, but just wondering since something is not making sense to me, from the price list above, normal 1/4 oz coin is priced 10995 while the 1oz proof coin is priced 43995, works out to be a 15 rands differences if I were to buy 4 x 1/4oz coins, and proof coins are suppose to be 24ct gold right? So does it mean in the case above, the normal coin is selling for more than it is supposedly worth or that the proof coin is selling at a discount??

 

[Rumple4skin]

Twelve years ago gold was around US$1375 per fine ounce. Today it's around US$1682, so a growth of around 22% in USD terms. If you'd bought in Feb 2010 you'd be up over 55%.

Sorry, was just quickly guestimating off a long term chart. Make that 11 years, more or less.

 

[GrootVoet]

I am not a Krugerrand expert, but just wondering since something is not making sense to me, from the price list above, normal 1/4 oz coin is priced 10995 while the 1oz proof coin is priced 43995, works out to be a 15 rands differences if I were to buy 4 x 1/4oz coins, and proof coins are suppose to be 24ct gold right? So does it mean in the case above, the normal coin is selling for more than it is supposedly worth or that the proof coin is selling at a discount??

Sorry I do not understand your question.

Billion 1oz KR is selling for ~ R32K while a Proof 1oz is selling for R55K at the Scoin shop.

1 oz Krugerrand Proof Gold Coin

Buy 1 oz Krugerrand Proof Coins with The South African Gold Coin Exchange & The Scoin Shop and Get The Best Price. We are the Largest Krugerrand Dealer in South Africa.

scoinshop.com

Buy 1 oz Krugerrand Bullion Gold Coins at Best Prices | The Scoin Shop

Buy 1 oz Krugerrand Bullion Gold Coins with The South African Gold Coin Exchange & The Scoin Shop and Get The Best Price. We are the Largest Krugerrand Dealer in South Africa.

scoinshop.com

The Billion coin value is closely linked to the gold price, a Proof coins price depends on a lot of things.

 

[kota]

Sorry I do not understand your question.

Billion 1oz KR is selling for ~ R32K while a Proof 1oz is selling for R55K at the Scoin shop.

1 oz Krugerrand Proof Gold Coin

Buy 1 oz Krugerrand Proof Coins with The South African Gold Coin Exchange & The Scoin Shop and Get The Best Price. We are the Largest Krugerrand Dealer in South Africa.

scoinshop.com

Buy 1 oz Krugerrand Bullion Gold Coins at Best Prices | The Scoin Shop

Buy 1 oz Krugerrand Bullion Gold Coins with The South African Gold Coin Exchange & The Scoin Shop and Get The Best Price. We are the Largest Krugerrand Dealer in South Africa.

scoinshop.com

The Billion coin value is closely linked to the gold price, a Proof coins price depends on a lot of things.

I mean this price list that Corelli seemingly taken from the SA mint, the 1/4oz KR costs 10995, so if I buy 4 of them (1oz) is 43980, while 1oz proof KR coin costs 43995, I am assuming the 1/4oz in the above price list is not proof KR since the other proof coins specifically says proof and the 1/4 KR is 22ct, but proof coins are 24ct right? So if my assumptions are correct, then it is either the 1/4oz coin is being sold over-priced, or the 1oz proof coin is selling at a discount?
Or maybe I have gotten something completely wrong?

And another question, the current spot gold price seems to be around 1677 USD, so around 30k ZAR, but a 1oz KR coin is 43980, is there something in there that justify such high markup? A quick google search led me to https://www.monex.com/gold-south-af...chase price,one gold Krugerrand is: $1,784.40. which suggests a price of 1784USD per troy oz of KR which works out to be much cheaper, not sure how legit it is though, so now I am also wondering if there is a proper exchange where people trade KR?

 

[kota]

nvm, I went to check on the SA mint website, looks like this price list is from the proof KR coin page, so they probably just didn't specify proof for the 1/4oz coin, then the mark up also make senses then.

 

[Candystore]

Not good neither stable. If you bought 12 years ago you would be in the red right now. Stocks can go down as well, but at least a lot of them pay dividends, where gold doesn't.

According to Buffet:

Buffett calls gold an “unproductive” asset, which, as defined in his 2011 letter to shareholders, means “assets that will never produce anything, but that are purchased in the buyer's hope that someone else — who also knows that these assets will be forever unproductive — will pay more for them in the future.”

Isn't property the same then if you live in it and do not rent it out?

 

[GrootVoet]

View attachment 1416845
I mean this price list that Corelli seemingly taken from the SA mint, the 1/4oz KR costs 10995, so if I buy 4 of them (1oz) is 43980, while 1oz proof KR coin costs 43995, I am assuming the 1/4oz in the above price list is not proof KR since the other proof coins specifically says proof and the 1/4 KR is 22ct, but proof coins are 24ct right? So if my assumptions are correct, then it is either the 1/4oz coin is being sold over-priced, or the 1oz proof coin is selling at a discount?
Or maybe I have gotten something completely wrong?

And another question, the current spot gold price seems to be around 1677 USD, so around 30k ZAR, but a 1oz KR coin is 43980, is there something in there that justify such high markup? A quick google search led me to https://www.monex.com/gold-south-african-krugerrand-price-charts/#:~:text=The current ask purchase price,one gold Krugerrand is: $1,784.40. which suggests a price of 1784USD per troy oz of KR which works out to be much cheaper, not sure how legit it is though, so now I am also wondering if there is a proper exchange where people trade KR?

KR is the cheapest of the gold coins. The Eagles, Britannia's, Kangaroos are all more expensive even in billion form. On a KR you also do not pay VAT. Still would not mind owning a Eagle.

Not sure if if you remember last year SARS was left red faced because a company bough KR coins (VAT free), melted them and sold as gold bars. After claiming VAT back on the gold bars they made a lekker profit.

 

[kota]

nope, don't recall about this incident, but then again, I never paid much attention to KR until today, hats off to that company though, creative loop hole profiteering! Glad to learn something new today!

 

[GrootVoet]

Gold ‘scam’ robs South Africa of tens of billions of rands in unpaid tax, says SARS

%%excerpt%% VAT fraud involving the export of illegal gold cost the South African fiscus tens of billions of rands, according to the SA Revenue Service. The details have emerged in a highly sensitive tax case that exposes a shadowy underworld of Krugerrands, scrap jewellery, illegal mining and fake

www.dailymaverick.co.za

 

[ImagineFZS]

I'm thinking I might start buying a bit of gold on a regular basis. I've been chatting with a colleague in work who has been doing it for a number of years now and he uses the Royal Mint and receives the physical gold in the post, be it bars, sovereign or Brittania coins. I believe the Royal mint does command a premium so it it really worth buying from them or does it really matter what bullion company I use? I did use the search link but it threw up a post that was a couple of years old and I think we're gold is concerned alot can change in that time. Amy help or advice is much appreciated as I reckon I will pull the trigger on this, its just a case of who should I set my account with.

I use SA Bullion. Check the link for more info: https://sabullion.co.za/invest-in-gold/south-african-gold-solutions/

 

[Corelli]

I'm thinking I might start buying a bit of gold on a regular basis. I've been chatting with a colleague in work who has been doing it for a number of years now and he uses the Royal Mint and receives the physical gold in the post, be it bars, sovereign or Brittania coins. I believe the Royal mint does command a premium so it it really worth buying from them or does it really matter what bullion company I use? I did use the search link but it threw up a post that was a couple of years old and I think we're gold is concerned alot can change in that time. Amy help or advice is much appreciated as I reckon I will pull the trigger on this, its just a case of who should I set my account with.

Actually SA Mint but SA Bullion does too. There are a few.

Gold and Silver Shop

Buy Gold Bullion Krugerrands, Silver Bullion Krugerrands & Minted Bars from SA Bullion. South Africa's most trusted gold dealer.

sabullion.co.za

 

[OutlawJoseyWales]

1. I am not sure if this has been dealt with on this forum recently ... I presume it is a good (stable) investment to buy gold? But how and where does one start? How does one track the value?

2. Also, my father gave my daughter a gold coin necklace many years ago, bought from the Mint. Where would one go to get this valued?

Can the answer to both questions above be places like https://scoinshop.com/ or are there other, better alternatives?

Hope you bought your gold before the price shot up........

Edit: Do not buy from the Scoin Shop.

 

[Candystore]

Hope you bought your gold before the price shot up........

Edit: Do not buy from the Scoin Shop.

Yes, I did. Bought a Krugerrand sometime last year.

Did the price increase that much? It was around R3000 more per ounce than the last time I checked.

 

[OutlawJoseyWales]

Yes, I did. Bought a Krugerrand sometime last year.

Did the price increase that much? It was around R3000 more per ounce than the last time I checked.

Yes, it jumped to the highest price of all time, currently at $2156.07.

 

[Rumple4skin]

https://www.visualcapitalist.com/growth-of-100-by-asset-class-1970-2023/

Over the past 53 years stock market gains were 4x higher than gold.

 

[AlpineLemming60]

I've been seeing articles that Costco in the US is selling two types of gold bars - one by a SA mint - https://abcnews.go.com/GMA/Living/c...=While the price is not,is seen in this image.)

Any thoughts if its worth it, provided you have someone in the US to buy it of cos ? For the less informed folks like myself, I'm curious what others think

 

[netcruiser]

I've been seeing articles that Costco in the US is selling two types of gold bars - one by a SA mint - https://abcnews.go.com/GMA/Living/costco-makes-hundreds-millions-24-karat-gold-bar/story?id=109131981#:~:text=While the price is not,is seen in this image.)

Any thoughts if its worth it, provided you have someone in the US to buy it of cos ? For the less informed folks like myself, I'm curious what others think

Why buy SA gold from the US and send it back here when you can buy it here?

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