As Gold Coins & Bullion Get Scarce, Digital Gold Currency Takes Off
Lower prices have encouraged heavy buying in precious metals. Just one more concrete reasons to buy Digital Gold Currency. Numismaster.com has an article by Peter Heller entitled, Banks Crumble, Wait for Physical Bullion Gets Longer
If you want to purchase physical gold or silver, do not expect to find any in stock for immediate delivery, though you might be lucky enough to be in the right spot at the right time. As best as I can determine as of late Monday, Sept. 15, here is what delivery times customers are facing for obtaining physical gold or silver:
Gold coins that can be purchased for delivery within two weeks: Mexico 50 pesos, U.S. Buffaloes, all four sizes of U.S. American Eagles, and limited quantities of U.S. American Arts gold medallions.
Gold coins and bars that can be purchased for delivery in two to eight weeks:
Gold coins that are virtually unobtainable: most dealers and wholesalers will not accept new orders (but you might get lucky once in a while) are British sovereigns and South Africa Krugerrands.
Silver coins available for delivery within two weeks: U.S. 90 percent and 40 percent silver coins.
Silver coins available within a few weeks if you find the right dealer: Canada silver Maple Leaves and U.S. silver Eagles.
Silver bars available within two months: 100-ounce and rectangular 1- ounce ingots other than Engelhard and Johnson Matthey brands.
Silver coins and bars that are virtually unobtainable so most dealers and wholesalers will not accept new orders: all Engelhard and Johnson Matthey silver ingots, 1-ounce silver rounds (most fabricators are quoting 4-6 months for delivery), 10-ounce silver ingots, and any coins and ingots fabricated by the Perth Mint (currently quoting 6-8 months for delivery). I saw multiple reports Monday that even the 1,000-ounce silver ingots that could be delivered against COMEX contracts are virtually unobtainable. Austria 100 coronas, Australia Kangaroos, Austria Philharmonics, 1-ounce gold ingots, and China Pandas.
A quantity buyer of gold or silver might have the idea of simply buying a COMEX commodity contract and asking for delivery. In theory, you can purchase a spot month contract and get delivery within a few weeks. However, one Dubai bullion dealer stated emphatically this past weekend that it is now taking months to obtain delivery of physical metal on a COMEX gold or silver contract.
This may sound strange, but I do not recommend purchasing gold or silver as an investment. Don’t buy either with the thought that you will buy it low and sell it high. Instead, buy precious metals as a form of insurance that you will hold until you die and pass it along to your heirs. Then, if circumstances develop where you need to sell your gold and silver, think of it as collecting on your insurance policy. For insurance purposes, buy only physical gold and silver and take personal delivery. There are several vendors of gold and silver certificate programs that look mighty shaky right now. You won’t be able to trade a silver certificate for gasoline or bread, if things get really bad.
Source: http://www.numismaster.com…313
Comment by Hal P. on 22 September 2008:
I think that the advice on the reasons to buy gold and silver is extremely valid. Today so many have gotten away from the notion of using those precious metals as a means of future security with the idea that their 401ks would be there for them. But perhaps with the way the markets have been over the last two weeks more people will look at taking a percentage of their investment money and purchase gold and silver as a means of armor for their portfolios.