Thread: Gold Buying
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Old 29.07.2009, 10:41
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Re: Gold Buying

Kantonal bank in SZ, and I am pretty sure all Kantonal banks do the same, sell gold by the bar and by the coin. All bars come with a certificate of authenticity. They will sell them to you and charge "tax". It's really not so bad. And they will buy them back from you. But they won't buy bars they didn't isssue to you, ie from UBS or from the attic. They also won't fax you a price list, or give quotes over the phone. They will write them down for you if you are coming into the bank. As gold is an international commodity, it's traded almost 24/7, so the price changes as fast as currency/forex prices.
It is alot less "complicated" then trading online, and it's kind of tax free. When you trade online there's forms and it's there when you need to do you taxes. If you buy a bar of gold, hold it, then sell it for cash, then it's up to you if it's taxable or not. You can buy from the gram to the kilo (that would be an interesting transaction). The coins they have to order and take about a week to arrive. Unless you see yourself in Bern, where they are minted.
However, if you go online, say Ebay, you'll notice something I thought was a bit strange...Turkish gold is always cheaper. Why is that? I asked some bankers and they told me something to the effect that it's industry is possibly subsidized. When you buy like this though, I don't know, if purchased from a bank in Turkey, with say proper certification, you can re sell them? It appears that when gold is sold on Ebay, they bid right up to the market price of the day. If you were thinking of buying alot it might make for an interesting road trip.
OTherwise, kantonal bank is the easiest solution, or probably any bank in the S Land.

Last edited by Confloozed; 29.07.2009 at 10:43. Reason: forgot my o's
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