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 Replies: 9 / Views: 1,132 |
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Pillar of the Community
 United States
5953 Posts |
Today I took some 1oz Gold Eagles to my local coin shop expecting to get $10 to $20 under melt for them.
I was blown away when they offered $10 over melt for each of them.
In all the years I have been hoarding gold this is the first time I have been offered over Melt by a dealer for bullion.
What makes it stranger is that Canadian Maple leafs and Kruger Rands were being bought at 95% melt.
Each coin contains an ounce of gold so why the difference?
Is there a general shortage of Gold Eagles?
Has anyone else been offered more than melt by a dealer?
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Pillar of the Community
United States
2269 Posts |
Are the Maple leafs 24K or 22K?
I haven't heard of a shortage on gold eagles, but when the market starts to make some upward movement, more people get interested. Combine that with the US Mint putting a freeze on all American Gold Eagles, due to the high prices of gold, and I could see the 2007 eagles being a tough find.
I haven't found anyone to offer me more that the melt value. But, I'd like to know who your dealer is.
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Pillar of the Community
United States
1984 Posts |
My dealer told me the other day that dealers are paying high prices for US gold coins right now. I guess bullion too.
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Pillar of the Community
 United States
5953 Posts |
Today I went to Houston numismatic exchange in Rice Village Houston.
I used to use them a lot but they have not had anything I wanted in stock for a long time.
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Pillar of the Community
United States
2269 Posts |
Their a little too far from me.
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Pillar of the Community
United States
597 Posts |
quote:
Today I went to Houston numismatic exchange in Rice Village Houston.
I used to use them a lot but they have not had anything I wanted in stock for a long time.
I used to haunt that place on Saturday mornings when I lived in Houston. |
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Valued Member
United States
193 Posts |
My Dealer charges about $25.00 over Melt for US Bullion Eagles and pays $10-15 over melt when he buys. He says they have a premium over spot
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Pillar of the Community
United States
2443 Posts |
Maybe since you had a complete set, he wanted to buy it from you since it's hard to get a complete set from each individual set? Or, he has a customer that was looking for all or a good number of your coins? Or he knows something that we don't know and in two months gold be will $3k an ounce! LOL
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Pillar of the Community
United States
597 Posts |
For the dealer to be paying over spot for the coins indicates he has an active buyer , otherwise he would likely be paying $20-25 less than spot. I live in an area with not much activity so I can usually expect less if I were to sell, which is why I try to sell out of area.
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Bedrock of the Community
United States
17884 Posts |
Simple answer, the eagles sell easier than the others and there is more demand for them so he can and will pay more for them. Less popular coins will remain in stock tying up his capital longer, so he pays less for them. On the flip side he will also sell them cheaper than he will the eagles too.
Frankly at $10 over melt he was probably still able to buy them from you cheaper than the big distributors can buy them directly from the mint.
And to answer the purity question, the Maple Leaf is 24K and more likely of even higher purity than the US product. (earlier ones were .9999 fine, current ones are .99999 fine. I believe the early eagles were .916 and the current ones are .999 fine. The Krand is .916 Fine. I am surprised that he was paying the same for both Krands and Maple Leafs. Normally the Maple Leaf trades slightly higher.
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Replies: 9 / Views: 1,132 |
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Posted 09/21/2007 7:58 pm
