Gold Prices

How to buy gold

2010-05-28T22:41:00.000-07:00

Allocated Gold or Unallocated Gold – That is the Question
What is the difference between allocated and unallocated gold? Why should there BE a difference? And what benefits are there for the gold investor when it comes to the security of allocated and unallocated gold accounts?

Firstly let us look at how the allocated and unallocated system works.

Allocated Gold Account
An Allocated gold account means that the gold is owned outright by the investor or account holder. Usually this will be in a size comparative to the holding of the investor. It might be small bars and coins for a small investor but large 400 ounce gold bullion bars for a large investor. The account holder pays a storage and sometimes an insurance fee.

Most importantly the holdings are secured against the account holders name and the serial numbers or other identification is registered to that account holder. The account holder can redeem, or take out, the gold he has in their name at any time and have it shipped else where.

It should be noted that gold exchange traded funds do NOT include allocated gold.

Unallocated Gold Account
Unallocated gold accounts are an entirely different story. Here the account holder does not own specific physical gold but only a value 'backed' by gold kept in storage by the bank or company, such as GLD for example, who hold the gold 'in trust'.

This is the exchange traded funds at work. The gold is not secured to any gold account and there is no guarantee of ownership of any gold. In fact the LBMA description of unallocated gold disturbingly points out:

"Unallocated accounts. This is an account where specific bars are not set aside and the customer has a general entitlement to the metal. It is the most convenient, cheapest, and most commonly used method of holding metal. The units of these accounts are one fine ounce of gold and one ounce of silver based upon a .995 LGD (London Good Delivery) gold bar and a .999 fine LGD silver bar respectively."

It also states "The client is an unsecured creditor." Which is somewhat contradictory to the previous statement. Whereas the client who has an allocated gold account can point to some gold and say, "This is mine!" The unallocated gold account owner can only say they have lent money, at cost mind you since they have to pay for the privilege, to the institution who promise that those funds are backed by gold and the price is index-linked to gold. But the resemblance to owning gold stops there. You cannot redeem unallocated gold since you do not actually own any of the gold in the first place.

The institution may or may not have sufficient gold to cover the total value of all unallocated gold accounts and even if they do, they are also not bound to NOT use that gold elsewhere for another purpose, neither do they assume any responsibility for the safe deposit or storage done by a third party on their behalf.

This enters into the fractional system of using Paul to pay Peter. A common pastime of banks in general.

Conclusion
Our recommendation, if you want to have or own or hold actual gold, is to buy gold, and not a representation of it. Buy physical gold and have it stored. You can buy small bullion bars or large one depending on your own personal financial situation and one can buy on a regular basis to build up a gold store. But certainly we do not recommend you buy unallocated gold as, really, you are only buying a piece of paper that says your account is worth the same as the futures gold price. Not actually gold.

But gold bullion bar

2010-05-28T22:39:00.001-07:00

A new service offered by GoldMoney enables you to buy gold bullion bars AND take delivery at any time.

What is Gold Money

GoldMoney is a service where you can buy gold, or buy silver, and have it stored on your behalf by GoldMoney in bank vaults in London or Switzerland. Now you can have the gold bullion also delivered to you in most countries a list of which is given below.

GoldMoney are located in Jersey in the British Channel Islands independent to Britain. Jersey is governed by its own laws and regulations and not subject to British Law.

Regulatory services are provided by the Jersey Financial Services Commission (JFSC), who oversee the regulation of all financial services in Jersey.

The vaults are owned and operated by The VIA MAT group who operate under the strict standards of the London Bullion Market Association. The VIA MAT group also provide the insurance and the Andium Trust Company performs the regular audit of gold to ensure that the gold bullion matches the customers accounts.

GoldMoney is registered and regulated by the JFSC as a money service business.

How does GoldMoney Work
GoldMoney currently holds, on behalf of its customers in customer account holdings, almost 700 million dollars of solid gold bullion bars in two bank vaults. One in London and the other in Zurich, Switzerland.

Account holders simply sign up for and open an account which records their gold bullion holdings with details of when purchased, where the gold is stored and any transactions such as cashing in the gold, selling the gold and taking delivery of any gold.

You can open a free account at GoldMoney by providing your name, contact details and sufficient ID as you do with a new bank account.

Once the account is opened you simply fund the account through a bank transfer of funds and then you can buy gold bullion.

There is no wait period (other than verifying the details needed to open the account) and the account is fully private and confidential.

There is also the facility to change your gold for silver and to 'cash out' your gold if needed.

How to Buy Gold with GoldMoney
There is no minimum or maximum of gold bullion one can buy. It will depend on how much funding there is in your account. Sometimes when you want to buy gold from a dealer or bank or mint, but there is a minimum you can buy.

With GoldMoney this is not the case, making it ideal for those with smaller incomes who would like to buy gold in small amounts and build up. There are some condition relating to large quantities of gold bought at any one time. This relates to the gold spot price and buying gold at a 'locked rate'.

What are GoldMoney Gold Bars
The gold held by GoldMoney on behalf of its customers are gold bullion bars usually of the 400 troy oz. or 12.44 kg of better than 95.5 percent pure refined gold and meet the London Bullion Market Association. They originate from the following refineries:
Rand Refinery Limited (South Africa)
Metalor Technologies SA (Switzerland)
Argor-Heraeus SA (Switzerland)
Johnson Matthey Limited (United Kingdom)
Also GoldMoney buy gold in 1000 gram bullion bars. All GoldMoney 100 gram and kilo bars are "4 nines fine", meaning they are 99.99% pure gold. Each of these 1000 gram gold bullion bars is produced in Baird & Co.'s factory in London, UK. You can take delivery of these bars and once ordered, the gold bars can either be shipped to you by insured mail or you can arrange to pick up your bars at Baird & Co. Shipping is currently available to customers resident in the following 16 countries:
Austria
Belgium
Canada
Denmark
France
Germany
Holland
Italy
Luxembourg
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom
USA
You can also personally deliver or ship your GoldMoney bars back to Baird & Co. in London and receive goldgrams in your Holding. The bars must be in good condition and show no signs of tampering (i.e., marks or chips that indicate some of the gold content may have been removed).

GoldMoney will charge a 2 percent fee for each returned bar. Therefore, a kilo bar return will result in a 980gg addition to your Holding. A 100 gram bar return will result in 98gg being added to your Holding.

How Much Does it Cost
Unlike buying gold from gold dealers, mints etc, the cost of buying gold from GoldMoney is appreciably less. The exchange fee to buy gold by the gram ranges from 0.98 to 2.74 percent above the prevailing spot gold price, depending upon the size of the transaction. The more gold you buy at one time the less the transaction fee proportionately.

Selling gold back to GoldMoney does not incur an exchange fee. You simply get the spot price at the moment you transfer back.

How Do You Get Your Gold Bars
Where to Start. Gold Money is the place to start. Here you can open a Gold Money account and then start funding your account to buy gold. You can then keep all the gold or some of the gold in your account and at any time take delivery of all or some of your gold in 1000 gram gold bars.

This is a very simple and easy, not to mention quick, way to buy gold bullion bars.

Gold prices history

2010-05-28T22:39:00.000-07:00

Gold Coin Prices
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American Gold Eagle Bullion Coins
Gold Prices from 6 Gold Dealers Canadian Gold Maple Leaf
Gold Prices from 4 Gold Dealers Gold Money Gold Bullion
Gold Prices from 1 Gold Dealer Krugerrand Gold Coins
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Gold Price History

Gold Price History in Ounces USD
3 Day Spot Gold History
30 Day Gold Price 5 Year Gold Price
60 Day Gold Price 10 Year Gold Price
6 Month Gold Price 20 Year Gold Price
1 Year Gold Price 30 Year Gold Price
2 Year Gold Price 36 Year Gold Price
Inflation Adjusted Gold Price History

Gold History Charts in Ounces
AUD - Australian Dollars 1 Year 5 Year 10 Year
CAD - Canadian Dollars 1 Year 5 Year 10 Year
CHF - Swiss Francs 1 Year 5 Year 10 Year
EUR - Euros 1 Year 5 Year 10 Year
GBP - British Pounds 1 Year 5 Year 10 Year
INR - Indian Rupees 1 Year 5 Year 10 Year
JPY - Japanese Yen 1 Year 5 Year 10 Year
USD - US Dollars 1 Year 5 Year 10 Year

30 Day Gold Price History in USD per Ounce. ^Top

60 Day Gold Price History in USD per Ounce.^Top

6 month Gold Price History in USD per Ounce.^Top

1 year gold price history in US Dollars per ounce.^Top

2 year gold price history in US Dollars per ounce.^Top

5 year gold price history in US Dollars per ounce.^Top

10 year gold price history in US Dollars per ounce.^Top

15 year gold price history in US Dollars per ounce.^Top

20 year gold price history in US Dollars per ounce.^Top

36 year gold price history in US Dollars per ounce.^Top

View 30 Year Gold Price History

Economic History Resources - What was the price of gold then?
http://www.measuringworth.org/gold/ - Provides the historical gold prices for the following periods and markets:

- British Official Price for the years 1257 to 1945
- U.S. Official Price for the years 1786 to 2001
- New York Market Price for the years 1791 to 1998
- Gold/Silver Price Ratio for the years 1687 to 1998
- London Market Price for the years 1718 to 2001