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i bought a gold bar 1 oz Pamp Suisse 999.9 sealed ounce for 630.00 was it to much?

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Question by Rockin' G Roofing: i bought a gold bar 1 oz Pamp Suisse 999.9 sealed ounce for 630.00 was it to much?
was it worth it?

Best answer:

Answer by Joey R
that was way too much. Gold has been going up steady for a while now it could be a long time before it hits these levels again. I do hope I'm wrong but in the long run 30+ years it should be worth more than you paid.

What do you think? Answer below!
(1) 1 oz PAMP Suisse 24KT Gold Bullion Bars

US $1,347.97 (0 Bid)
End Date: Sunday Sep-05-2010 20:18:19 PDT
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3 9999 Pure Gold 1 oz Bars PAMP Suisse on Card
US $3,930.00 (0 Bid)
End Date: Monday Sep-06-2010 12:50:21 PDT
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Pamp Suisse 1 oz gold bar
US $1,280.00 (3 Bids)
End Date: Monday Sep-06-2010 20:00:48 PDT
Bid now | Add to watch list

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5 Responses to “i bought a gold bar 1 oz Pamp Suisse 999.9 sealed ounce for 630.00 was it to much?”
  1. DDOD says:
    at

    If you are hoping to get a correct answer, you are in the wrong place

  2. Derrick says:
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    You paid a little much for it, but it might be worth it down the road.

  3. vegas_iwish says:
    at

    Yes. Do not buy physical gold. Buy IAU – an etf that trades like a stock & represents physical gold – or a gold mining stock. More liquid & cheaper transaction costs. You CAN get correct answers here.

  4. lommylom says:
    at

    if you bought it today – then yes, as an ounce of Gold trades under $600 today.

    But for LT investment – its prob not a bad idea. As another poster noted, there are other options that are easier – IAU is one, so is GLD. They can both be bought and sold much more easily. Though mind you, nothing is as safe (if its in a good safe deposit box or something) as the actual metal. These ETFs aren’t actually gold mind you.

  5. Larry Powers says:
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    No, you didn’t pay too much for it. When you buy physical gold, you also have to pay for the cost of making the individual ingot or coin that you bought, as well as the profit for the coin shop that sold you the gold. You paid about $30 above the “spot” price, which is pretty much standard for a gold bar (although, at that price, I would have bought a Canadian Maple Leaf, instead, but that’s just my personal preference).

    Buying physical gold is the only way to go, in my opinion. Only when you hold it in your hot little hands do you know that you’ve got it. If it’s stored in some vault run by an ETF, you run the risk of “accounting irregularities” magically causing something you thought was yours to disappear.

    At the moment, you’ll probably be able to sell your bar for about $10 – $20 LESS than the “spot” price. Again, you’ve got to allow the coin shop to make a profit.

    Don’t worry, though. Everything about the financial situation of the US indicates that gold is going to rise in price, and probably pretty dramatically. So you’ll make your money back, when you get ready to sell.

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