Discussion in 'Metal Futures' started by ljolie711, Jan 23, 2009.
Anyone see this add on cnbc Buy coins at governments cost of $99.00. What is the story? thanks
I called them once they said they would call me back and never did. I wouldn't deal with them they seem disreputable to me. However I might be wrong but something dosen't sit well with me about them. Check out apmex.com they are very reputable and good.
Those have to be small coins... I would have said 1/10 ounce, but $99 seems too cheap considering the American Gold Eagle is going for like $1125 right now [or so I've heard]. With the gold content of such coins at $900/oz now, $1125, seems like a huge rip-off. That's a 25% premium!! (Sovereign gold coins have always carried a premium of like 5-8%... so the 25% business is WAY out of line.)
1/10 ozt American Gold Eagles (AGEs) were being sold by the U.S. Mint in bulk to dealers for $90 before the Mint went to floating price on January 12 around the time when gold spot was ~$830.
Dealers were buying those tiny gold coins last year for $90 and retailing them for $130+. But 2008 was the last year for the "fractionals" of gold bullion AGEs. At the end of 2008, a lot of dealers were dumping their unsold inventory due to cash crunch and tax selling.
If you want a nice new gold coin from the U.S. Mint, wait for a drop in spot gold price and then order online
the 2009 St. Gaudens Ultra High Relief for about $300 over spot direct from the Mint. They're only making that coin in 2009 and it's a beauty!
Forget about buying them from dealers who will send them out for slabbing hoping to get a MS69 or MS70. The wooden case from the Mint is much much more attractive:
Sure beats an ugly generic plastic holder from PCGS or NGC!
For exactly $80 more than an ordinary AGE, you can get a modern high-tech version of a very very rare gold coin that is probably the most beautiful coin ever made, bar none! Here is their new "pricing grid" that shows how all their new gold product prices go up and down in $50 increments with changes in spot gold:
Way back when, they had to stamp the original version of that coin three times because of the high relief and they eventually stopped making it because there were so many defective coins going back for melt.
Buy gold from scotiabank is better. $14 Premium Per Ounce, not the best premium, but it is trust worthy.
By the way; i don't particular favor gold coins over gold bullion.
I don't know where you're buying from, but AGEs $50 (1oz) are going for about 5% premium over spot. If the denomination is lower, the premium goes up. This is standard.
You might be looking at a graded coin.
Coins get premium, because they are reputable. No need to assay them, as long as they fall under the accepted mints & standards.
The bars all have different premiums depending on who minted them. Scotiabank is obviously new, hence low premium.
If it is the commercial I think you mean, then those coins were NOT $99, They were much too large to be that price. Something very fishy
What are you talking about? Do you have any idea how old Mocatta is?
You can get better deals.
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