Buying gold? – Glenn Beck just said two really alarmingthings in his advertisement. He said that he personally “is buying old coins” and he is letting the company “keep them for him”. Old coins carry somethink like a 50% buy/sell spread (even worse than diamonds) – and that assumes you even know what you’re buying and aren’t being defrauded. Coin grading is a very tricky business. Who exactly is the organization that graded the coins and what is their reputation in the industry? Buying gold or gold coins and letting the compnay “keep them for you” is just asking to be “taken” by a Bernie Madoff like operation. How do you know they actually have anything, and if they do that they won’t vanish in the middle of the night and leave you holding a piece of paper? (especially if you’re worried about civilization falling apart)
If you do think investing in gold is important, buy non-rare coins (like Ameircan Eagles issued by the U.S. mint) and buy them locally. Check the spot prices before you walk into the store so you can negotiate a reasonable price.. Or buy a reputable mutual fund that invests in companies that mine gold.
