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Saturday, November 25, 2006

The Price of Gold Today

The price of gold fluctuates on a daily basis. The spot price is the price determined on the open market and a procedure, originally started in London in 1919, gives a twice a day benchmark price to the gold industry.

Among its many uses and values, gold was once used to back currency in most of the western countries. This is no longer the case as banks and governments found it difficult to manipulate the currency when it was so stable. Switzerland is one of the few countries that actually backs its currency with gold these days. Interestingly enough the Swiss franc is one of the most stable of currencies.

However, as the value of most currencies are not backed by anything substantial except perhaps faith, it tends to fluctuate and in times when there is a downturn, people then look for a more safer way to protect their assets, with gold being one of the most popular.

Gold is measured both by troy ounces and by grams. The measurement of gold is by karat with 24 karat being pure gold and lesser karat figures indicating that the gold have been alloyed with other metals of varying amounts.

Gold can be purchased in bullion form and this is usually as bars of gold or gold coins. Gold coins have become very popular over recent years due to the ease with which they can be purchased and the great variety now produced by the mints of the world. It is additionally, not just an asset or investment activity, but can be an interesting hobby as well.

Probably the most asked question is, when should one buy gold? When there is a drop in the currency market gold tends to swing in the opposite direction and people, having more faith in a sold metal rather than a piece of paper, tend to buy up gold. Of course this is when the price is moving upward, so they then pay a higher price for their concern.

In fact the best time to buy gold is right now, whatever the price. If one is buying for the long term and intends to keep some assets in gold then the daily price is immaterial. Over the long term gold has show to increase in value, especially against the dollar and, whereas inflation means you need more dollars to purchase the same as you did 10 or 20 years ago, one ounce of solid gold will purchase exactly the same now as it did all that long ago.

The price of gold may change depending on the value of the currency used to purchase the gold. But the value of gold does not change. Gold is Gold is Gold and the price of gold today is only the price of the day, not the value of the gold.



Friday, November 24, 2006

Buy Gold Bars Online

It is quite possible to buy gold bars online and get some good deals in the process.

The important thing is to do plenty of research and check out the various dealers and auctions.

Points to keep in mind include:

Know your dealer. Find out all you can about them. How long have they been in business? Are they contactable? Do they have a phone number, snail mail address and someone to talk to?

Does the dealer have a returns policy? That means, if you are not satisfied that the gold bar you have purchased is not what you ordered can you return it AND get your money back?

Do a comparison of the price between dealers. Don't forget to include the shipping and possible insurance costs. These can vary wildly.

With auctions online you need to do even more due diligence. How long has the seller been selling? Do they have a history (in eBay of course this is the feedback system and other auctions have similar systems also) you can check on?

What sort of returns policy do they have? Are they contactable if there is a problem. Also does the auction company have a policy about returns and dissatisfied customers? Ebay does and it is very extensive and eBay are sensitive to customers needs?

Does the gold bar come with a certificate that describes it accurately? Also is it sealed in its own container? If not, be suspicious and check all over it to ensure it has not been tampered with. Unless it is sealed in the original transparent packaging as supplied by the mint it is better to return it.

Keep an eye on the price of gold daily. For the smaller bars you can expect a substantial mark up and as the bars get larger the mark up will decrease proportionately. So if you are in a position to buy a ten ounce bar it is far better than buying ten one ounce bars.

Provided you keep the above points in mind you should have no trouble when you come to buy gold bars online and will enjoy the satisfaction of enjoying your gold bars at home!



Thursday, November 09, 2006

Uruguay 5 peso gold coin

The Uruguay 5 peso gold coin, also known as the Uruguay 1930 Constitution Centennial 5 Peso NGC MS-62 Gold Coin is a much sort after collectors coin.

During the Great Depression The Uruguay government decided to produce a quantity of 5 peso gold coins ostensibly to commemorate the 100th anniversary of the republic but more likely to aid in boosting the economy at that time since the effects of the depression was being felt world wide including, of course, Uruguay.

The coin itself has an effigy of José Gervasio Artigas 1764-1850). He was a national hero of Uruguay and is sometimes called "the father of Uruguayan independence", and is much revered as Uruguay's greatest national hero. In his youth Artigas was a gaucho in what is now Uruguay. Allied with the Buenos Aires junta, he fought for independence from Spain and won a brilliant victory at Las Piedras.

His insistence on federalism against the efforts of Buenos Aires to assert control over the entire region led to civil war. He ruled over a portion of what is now Uruguay and central Argentina until a Portuguese invasion forced him into exile in 1820 in Paraguay. Uruguay achieved independence in 1828. The constitution was approved officially on July 18, 1830,

Each 5 peso coin contains a quarter ounce of pure gold, slightly more than a US 5 dollar gold coin.

These are obtainable from many dealers online including Uruguay 5 peso gold coin who have a fair sized collection of these coins.

As with any gold coin purchase online always do due diligence and ensure the dealer you are working with has a returns policy and can be easily contacted online, by phone and has a fixed postal address.

The coins should come sealed in their own protective wrapper. Of course the coins are not mint or proof coins but should still be in good condition or at least match the description given of the coins so you know what you are buying.

The Uruguay 5 peso gold coin makes a great collectors coin with its unique colorful history and its pure gold content and would be a pleasure to have for any coin collector.