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 Replies: 9 / Views: 2,326 |
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Pillar of the Community
United States
882 Posts |
I have been looking into buying some gold coins and I have some questions about what price I should be looking for. I started collecting coins when I was quite young so I didn't have money to buy gold coins throughout high school and college. But now I have some interest in getting some. I understand many gold coins are valued much higher based on rarity and such. But if I wanted to buy 1/4, 1/2, or double eagles, where would I need to buy at to get more generic ones closest to gold spot value? After looking on ebay I see most auctions (generic dates) ending $100-$150 above spot value so I'm starting to think this is an unrealistic approach. Any pointers? |
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Pillar of the Community
United States
5825 Posts |
First, why are you buying gold coins; for collecting or investing purposes?
There is a considerable difference between the two.
If for collecting purposes then forget about gold spot and look at auction results taking into account: country, date/mm, grade. etc.
If for investment purposes forget about "coins".
Stick to bullion (bars or rounds).
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Pillar of the Community
United States
1804 Posts |
Quote:I have been looking into buying some gold coins and I have some questions about what price I should be looking for. I started collecting coins when I was quite young so I didn't have money to buy gold coins throughout high school and college. But now I have some interest in getting some. I understand many gold coins are valued much higher based on rarity and such. But if I wanted to buy 1/4, 1/2, or double eagles, where would I need to buy at to get more generic ones closest to gold spot value? After looking on ebay I see most auctions (generic dates) ending $100-$150 above spot value so I'm starting to think this is an unrealistic approach. Any pointers? I too would like to have one gold coin for my mother. (again) 35 years ago I gave her 2 (how do you spell kugarands?) Paid about $200-250. Mom used them to wear as a necklace. After a while, gold shot up to about $800(?)  At that time, it stated to be a little risky and/or gaudy, to wear. She ask me to dump 'em. Her two Christmas gifts paid off well enough.  If it was me ... I would watch gold prices, keep searching for sellers.... Like AMPEX? Did I spell that correctly. Good luck for you  |
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Pillar of the Community
United States
717 Posts |
I would look at sellers on ebay and purchase through them. I assume you're looking to buy a bullion coin like the U.S. Eagle or Buffalo, or perhaps a Mexican 50 peso, or the aforementioned Kruggerand. You can't buy coins for spot, but you can get them for maybe $30 or $40 over. Look at what the company is PAYING for the coins, this will tell you what the true markup is. You might also want to consider purchasing direct from the mint, though the markup over spot is going to be greater as you're receiving a proof coin and the wait will be considerably longer. I believe coins are the way to go over bars as when the day comes to sell you will have an easier time liquidating a known quantity rather than trying to prove a bar is what you say it is. |
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Bedrock of the Community
13014 Posts |
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You can't buy coins for spot Truth. They cost money to produce and everyone involved in the distribution process as well as the mint expect to make a profit for the work they do. If you can actually find some for spot its only because a dealer is buying them from people for well below spot. |
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Pillar of the Community
Canada
3692 Posts |
I know this sketchy guy who sells "antiques", I'll leave it at that. Before trying to sell him gold he tells me he gets his at spot, even finished sculptures. I tried to explain the physical aspect of a paper price and he just had nothing to say after that because he was trying to con me. The day he opens up his own pawn shop I will take pictures of the place so that nobody in my city gets ripped off.
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Pillar of the Community
United States
1903 Posts |
I buy gold and silver coins at spot all the time. Pawn shops are often a good place to hunt
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Pillar of the Community
United States
1804 Posts |
Quote:
I buy gold and silver coins at spot all the time. Pawn shops are often a good place to hunt I had not thought of pawn shops. Thanks for the info |
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Pillar of the Community
United States
4333 Posts |
Right now, 1oz. gold American eagles can be purchased for $39.95 over spot at Provident metals.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Bedrock of the Community
United States
10982 Posts |
Modern gold commems are the best way to buy U.S. gold coins for melt value. They are plentiful and can sometimes be found for melt value delivered. Look around on coin forums and perhaps post a wanted ad. With gold up this month you'll likely find some pretty quickly.
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Replies: 9 / Views: 2,326 |
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Posted 02/16/2014 07:55 am
