How to own gold in euro terms Nikoshura / 11.03.202111.03.2021 10 Tips for Buying Gold in 2021 Dec 02, · Dennis Gartman is on CNBC's Fast Money and he is saying to own gold in Euro terms, not dollar terms. SPDR Gold Trust ETF (NYSE: GLD) closed at $ today, a loss of 4 cents. Jan 01, · There are two ways of buying gold in euros. The first is using futures, go long and short the same dollar amount of gold and euros. The second is by using exchange-traded funds; go Author: Charles Biderman. The other day, I shared how I delayed receiving my second passport by making three basic mistakes. One of those mistakes was simply not letting the experts be the experts. These days, I make great efforts to not only go to the experts and pay them for the true value of their knowledge how to glue teflon together services but, when possible, I also curate the information I gain from my network to share it with you. Not too long ago, my friend Claudio Grass — an expert in the gold business — shared the short version of his top ten tips for buying gold. Knowing the wealth of knowledge he possesses, I asked him to sit down for an interview so we could create the long version of that same list. Claudio built up a precious metal company called Global Gold several years ago that focused on trading and storing physical gold under Swiss law. After six years in the business, he resigned from the company in order to promote Switzerland as the best place to store physical money. From his years of experience, he has created powerful connections with the best gold companies in Switzerland and Liechtenstein — many of which were previously his greatest competitors. As a gold consultant, he is now able to refer clients to the right companies, helping them create tailor-made solutions for buying physical gold and storing it in the right jurisdictions to protect their gold investments outside the banking system. Anyone investigating gold and silver needs to understand that its basic function is as money. Gold was used as money for years. It was only in when Nixon went off the gold standard that the whole world began to transition into the fiat system using paper money that is not backed by gold. Before that, all paper money was backed up by gold. This is especially easy to see if you look at the commodity exchange market — COMEX — where they sometimes have over paper claims for every ounce of physical gold regularly available at the COMEX. The leverage in the system is huge because so many people believe that they own gold on paper. However, if they want to claim that money, they will quickly find out that there is not enough physical gold available. Buy it physically because there are even certain paper products that do not guarantee that you actually own gold. On top of that, you are not allowed to ask for physical delivery and, quite often, they have cash settlement clauses, which means that the bank can pay you out in cash instead of physical metals in a harsh monetary crisis or war. Also, make sure that you receive the exact details of the items that you own, including bar numbers, hallmarks, etc. If that is your situation, you should buy small gold coins directly and store them nearby where you live so that you have quick access to your gold storage in a harsh crisis scenario. If you have more money and you really want what color is blood before oxygen hits it allocate parts of your wealth into physical gold, then it makes sense to go into jurisdictions that have strong private property rights. The best jurisdictions you can find these days are still Switzerland and Liechtenstein, especially when it comes to physical precious metals stored outside the traditional banking system. Just make sure that whenever you select a gold storage company, you know that you are the owner of the gold, that the gold belongs to you directly, and that the company you are dealing with cannot pledge it, hedge it, or lease it out. That is vital. You want to get as much gold for cash as possible. The main rule is to build up your liquid gold and silver stock. This means you should invest in legal tender coins such as the Maple Leaf, the Austrian Philharmonicor the Australian Nugget. Just make sure they are a legal tender and that they have a low fabrication fee. When you buy, the price of the physical ounce of gold should be as close as possible to the paper spot price of gold. That is always the underlying way you calculate the value of an ounce of gold. Then, on top of that, you have to pay the fabrication fee which the dealer has to pay to the mint to get it physically produced and then you pay a brokerage fee for all the work the dealer has to do before you can get it delivered to you in person. It really depends on the setup, but that is the general price range. As soon as you are happy with your stock of smaller domination coins, you can move up to bigger formats. Be cautious when looking to buy from phony sources. Try to find out what certificates a precious metal dealer who has a store may have. It is also important to know this rule of thumb: the smaller the unit, the higher premiums clients are willing to pay. This means that buying a one-kilo gold bar will always cost less in terms of a premium over spot than buying a one-ounce coin. What about numismatic coins? Anyone wanting to buy rare coins needs to fully understand the numismatic business before making any big decisions. You need to know the coins. Numismatics can have a huge up price. The market could pay two, three, or even four times the price of a regular ounce of gold for an old coin. Gold is monetary insurance as well as a means of building up savings over a longer period of time. In this case, that means you need to have an investment horizon. Instead, ensure that you are buying and then putting the gold to the side. It acts as a store of value. You can do it for a certain period of time, but one day the debt has to be what is tax exemption number. The world financial system had trillion of credit in ; today, we are standing on almost trillion of credit. Everything has an end and this debt orgy that we have been witnessing for the last 50 years is going to end as well. That is why you should be putting liquid gold on the side. You will want it to be liquid. A lesson from the past: During the Weimar Republic in Germany when inflation ran rampant, an ounce of gold could purchase a house and a silver ounce could pay the farmer to have chicken for the next four or five weeks. If a similar situation were to arise today, you will be able to use gold for bigger opportunities and silver to finance smaller things. Anyone who wants to buy gold must save first before they invest. That is the backbone of a healthy economy. The current system relies on debt, credit, and consumption — the exact opposite of a healthy economy. If you buy gold, use your savings, put it on the side, and make sure that it is fully yours. You never know what the market is doing and you may have to pay back your credit before the price of gold rises. Use your savings. You have to give up certain wishes today so that you are able to profit from your investments in the future. As I mentioned earlier, you should always have access to some gold. You can put it in a safe at home or bury it outside — whatever you want — just make sure you can find it. The key is to have direct access to your gold if something happens. You should have your insurance outside the country. The United States, for example, confiscated gold back in under Franklin Roosevelt. Switzerland, on the other hand, was the last currency to go off the gold standard. They have always had a currency — even during wartime — that could be exchanged for physical gold. For anything less than that, keep it nearby. Because of the issues discussed above, you should store some of your gold in a safe jurisdiction where the power of politics is limited. Switzerland is one of the safest jurisdictions because they have seven presidents and a decentralized political system. This means that the states and the municipalities generally have a lot more power to make the rules on their own levels. Switzerland was founded on the principles of subsidiarity, meaning that if a municipality cannot solve an issue on its own level and needs the support of the state, then it can call on the state. But it never works the other way around. It has to be from the bottom up. A centralized system with one president for million Americans, on the other hand, can make the rules from the top and ignore the people because they have the power. In Switzerland, no one knows the name of the president. However, he is a strong supporter of gold. He was involved with the Center for Austrian Economics and wrote the book, The State in the Third Millennium, where he promotes secession rights down to the municipality level, as well as sound money principles such as gold and silver. For that reason, Liechtenstein also makes sense as a jurisdiction for storing gold. Side Note: I also reached out to my friend Joshua Rotbart, to get more insights into safe jurisdictions. He is the founder and managing partner of J. The reasons behind their move include the concern about the stability of the financial system in Europe that may affect Switzerland, as well as the unwanted attention Switzerland drew in the last few years in terms of the integrity of their banking system. Our clients see the growth in storage infrastructure in Asia and the flourishing economy and feel that it is safe to store their bullion there. Here at Nomad Capitalist, we are what affects credit rating australia proponents of storing gold in Singapore. For those just getting started storing gold, we recommend looking into Buillionstar. For those with more to invest, feel free to reach out to our team to include premium gold storage options in a holistic offshore plan. Physical gold is the antidote to the current system. The current banking system is based on credit, paper, and computer digits. The crisis that we are expecting — the reason so many people are buying gold to protect themselves — will be a huge banking crisis. Property rights in the banking system are of a temporary nature. Banks in the past have confiscated physical gold and cash, and there is always the how to cook antelope meat of a bail-in where all assets will undoubtedly be confiscated. Some might argue that you could have a safe deposit box, but most of the time those are not insured. Some invested it into government bonds where they received a guaranteed return on the investment. Little by little, how to lose weight fast and keep it off forever of the gold in the banking system disappeared. Whenever the possibility arises, the average gold investor should buy a few coins. If you buy a few coins per year, you can buy them privately. And it is fully legal. Buying small amounts at a time gives you even more security and privacy. So, the average buyer is at an advantage when buying small. 1. Only Physical Gold and Silver Owning gold can be a store of value and a hedge against unexpected inflation. Holding physical gold, however, can be cumbersome and costly. Fortunately, there are several ways to own gold without. This week the dollar/euro exchange rate traded around , meaning that it costs US$ to buy a single euro. At the same time gold in US dollars traded around $ or so. The US dollar gold price of $ divided by the dollar/euro exchange rate of $ yields a euro gold price of E The “beauty” of the ETF, however, is that one can adjust the long position in dollar terms perfectly, where as the gold future, being ounces of gold, carries a rather sizeable exposure. Subscriber Account active since. Dennis Gartman, like half of the world right now, is a big proponent of gold. Except that instead of buying gold in dollars, Gartman prefers going long in foreign currencies. Here's how he does it. And no, it's not through a gold Bentley purchase program:. Simply put, there are any number of ways to be long of gold, all of which carry an implicit dollar exposure. One can buy gold futures or one can buy the gold ETF. The real problem here is creating an equal dollar sum on the other side of the transaction. The easiest way, for the public anyway, is to use the IMM futures. The problem with the IMM futures is that they are for fixed sums of each currency. One gold future is almost perfectly equal to One Yen future but it is worth a bit more than that of one gold future, and one Sterling future is worth a bit less. Get the latest Gold price here. Insider logo The word "Insider". Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. World globe An icon of the world globe, indicating different international options. A leading-edge research firm focused on digital transformation. Redeem your free audiobook. US Markets Loading Vince Veneziani. 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