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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (62828)	1/22/2001 6:45:44 AM
From: long-gone	Respond to of 116756

<<This one has more substance. mips1.net. >> Perhaps but his "substance" is far from fully accurate. From his view of the price history of gold, it has been straight down over those 21 years, but anyone who can read a chart & look up history understand nothing is moe far from the truth. His is the slanted view of the shorts who don't wnat a single penny moving into gold.

To: Claude Cormier who wrote (62828)	1/22/2001 11:47:34 AM
From: long-gone	Read Replies (3) \| Respond to of 116756

Questions About Buying And Selling Gold - Part One Hugh Sprunt Monday January 15, 2001 Recently a reader contacted MoneyNews.com with some questions for me about buying gold. After responding to his questions, I decided to turn my response into a MoneyNews.com column. This three-part article covers some of the basic aspects of buying gold. The reader asked me: "I want to go out & buy some gold. I've never done this before. How do I go about purchasing gold? Who should I go to? How much should I buy?" If you are talking about buying, say, 100 ounces or more of gold bullion (at a current price of roughly $270 an ounce), the best way is to buy the gold on an established commodity exchange and have your gold bullion stored through the exchange. The bid-ask spread and/or other transactions costs (your broker's commission and other charges) will be relatively low (compared to other ways of buying gold) as will your storage and related costs. Use a reliable brokerage whom you trust that deals in commodities to execute your order. Even if you have a current brokerage account, you'll probably need to execute a new form with the brokerage in order to buy commodities like gold (e.g., a new brokerage form will likely necessary even though you're already trading stocks, bonds, stock market index options, etc., through the brokerage). Be sure you discover and confirm all the costs involved in your purchase (and your eventual sale) BEFORE the initial purchase is made. Unless the gold market is particularly turbulent around the time you want to guy (usually a good reason not to buy!), you ought to be able to learn in advance the price at which your market order will be executed. Alternatively, if purchase price certainty is critical to you, you can place an order to buy a fixed number of contracts at a given price. If the price of gold remains above that price during the trading day, your buy order will not be executed, but you can try again on a later day. A good way to do ascertain all the costs of your transaction would be to have your broker walk you through what would happen if you bought, say, one gold contract for cash (100 ounces is the contract size on at least major commodity exchange -- contract sizes vary around the world with the particular exchange) at X dollars an ounce, kept the bullion stored in an exchange approved warehouse for, say, three months, and then sold it at X dollars an ounce (precisely the same as your purchase price). In this way, you would learn the costs of buying, the costs of selling, and the cost of storing/insuring the gold for a three month period (isolated from any gain or loss you had due to the change in price of gold). Also be sure to have your costs of buying (your broker's commission, etc.) explained to you on a per contract basis as well as your costs of selling. The same thing goes for storage fees on a monthly (or part month) basis. Part II of this article will appear next week. CAUTION: This article is intended to provide accurate information regarding the subject matters covered. However, it is distributed with the understanding that neither the author nor the publisher is engaged in rendering legal, tax, financial, or other professional services. If legal advice or other expert assistance is required, the services of a competent professional should be sought in the context of the individual's particular situation and overall circumstances. Since each individual's overall tax situation is unique, a tax strategy that turns out to be appropriate for one individual is often totally unsuitable for someone else. No significant transaction with potential tax ramifications should be undertaken without consulting one's individual tax advisor about its specifics. Taxing authorities in states that have an income tax enforce statutes whose rules and requirements often differ significantly from those of the Federal government's Internal Revenue Service. ©/Copyright by Hugh Sprunt, January newsmax.com