Fnb krugerrands

Standard Bank has a Shyft for buying USD. You can buy krugerrands at the reserve bank but cant take with you if trouble hits the fans. We have been stocking up on USD just in case. You are allowed to buy upto R1 million at a time, and if you have more money you can get an Isle of Man account, in USD as well. Just for a further backup.
 
Visser said:
Here is the Buy and Sell price for Eastgate Coin.

Problem with paying R12 a month, is that you increase your expenses in terms of the Krugerrand. At the end of the year you paid R144 more for the coin. If the Gold price did not rise to cover that, you just simply made a bad investment.
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FNB currently sell at R 18,347.38 and guarantee to buy back at R 17,629.44 if you store the krugerrands with them - a difference of about R720.

A few months ago the difference in buy and sell with FNB was only about R200.
 
Honey Badger said:
Thanks for that, it's something I haven't considered yet.
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Just a word of advise if you ever do decide to stock up on actual gold...

1. Never buy 'Proof' coins. They are more expensive than the normal Krugerrands because the SAMint sells them at much higher prices to collectors. Problem is, most investors will never pay that additional premium and you will lose a lot of money on the long run. Always buy the normal Uncirculated Krugerrand.

2. Before buying any Krugerrand always go to check the price at Eastgate Coin's website. Be sure that you do not pay more than what they are selling at.
 
cartf said:
FNB currently sell at R 18,347.38 and guarantee to buy back at R 17,629.44 if you store the krugerrands with them - a difference of about R720.

A few months ago the difference in buy and sell with FNB was only about R200.
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Firstly, FNB does not store your coin. In fact, there is no actual coin. The day you want to take physical ownership of the coin, it will be ordered from the SAMint.

There are two reasons I will not keep it with FNB:

1. The monthly fee, which makes my coin more expensive.
2. Government may, in the event of an emergency, seize all gold reserves. In this case you will never see your gold again.

Edit - here is another piece of advise... There are a number of Facebook groups where people are buying and selling coins. You can sell your Krugerrands there very fast. If you buy one at FNB for R18,347.38 today, you will easily get it sold for R18k today. Yes, you will suffer a loss, but that is not the idea behind buying KR's. You need to hold onto them for the long run.
 
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^For security reasons, I'd like you to not go into too much detail, but do you keep your coins at home?
 
What I'd love to know is how these companies are selling Kurger Rands at less than the manufacturer.

The prices from the Mint are a little bit higher but I would expect them to be lower than resellers:
http://www.samint.co.za/order-form/
 
AndyC said:
What I'd love to know is how these companies are selling Kurger Rands at less than the manufacturer.

The prices from the Mint are a little bit higher but I would expect them to be lower than resellers:
http://www.samint.co.za/order-form/
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You will be a fool to buy from the SAMint.

Just remember that the SAMint mainly sells proof coins to collectors. Over and above that, they load their prices tremendously. You are likely never to recover your investment if you buy from them.

Also, registered dealers with the SA Numismatic Association get their stock at much cheaper prices.

If you are serious about investing in gold and want to take physical ownership of your gold coins, stay far away from the SAMint or dealers selling at the Mint's pricing.
 
ok, so dont buy proof coins, dont buy with FNB gold storage

rather buy the eastgate coins and keep it in a safe at home, and hold onto it for 20+ years,

anything else I should know? insurance requirements?
 
(Thanks 4 your post eg coz Wow, I didn't know they could do such a thing "just reject our request to buy a kruggerand" !
 
Jasop said:
It's a very volatile investment / hedge against currency devaluation.

If you time it right and buy before Rand crashes / gold price increases, you can easily outperform other investment options.

Just keep in mind that the monthly fees for storing the coins are quite high and you could also make a big loss.
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FNB would charge us a fee to store the coin ?! They shouldNt ,storage fee should be Included in the coin' price!
 
AndyC said:
What I'd love to know is how these companies are selling Kurger Rands at less than the manufacturer.

The prices from the Mint are a little bit higher but I would expect them to be lower than resellers:
http://www.samint.co.za/order-form/
Click to expand...

Never buy Krugerrands from the SA Mint as these are Proof Krugerrands and cost about 30-40% more than a Bullion krugerrand that you buy from a coin dealer or FNB, however the gold purity, weight etc is exactly the same as a Bullion one, the only difference is that the proof ones are nice and shiny and presented in a box...what a rip off.
I have done the exercise and found FNB to be slightly cheaper but the delivery fee is rediculous and you are unable to collect.
From all the coin dealers I have researched including the above mentioned Eastgate coin, I found that P&G Coin Company was the cheapest the the most fair when it came to buy back as there is only a R500 difference between buying and selling, whereas all the others thrre was a R1,000 difference. The explained all this very clearly in Lehman’s terms. I have attached their details here in case you would like to get a quote; www.coinsandcollectables.co.za.
 
i have also thought about it but in the end why involve a middle man?
You can buy direct from companies that sell them
 
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