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 Replies: 10 / Views: 1,750 |
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Pillar of the Community
United States
3343 Posts |
At current gold prices, bullion dealers are charging a 20% premium on junk US gold $10 eagles. Is this some kind of joke? Or are they running museums? "Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Bedrock of the Community
United States
19167 Posts |
It's the nature of the marketplace--doesn't make anyone feel better. People aiming to make max money any way they can.
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Pillar of the Community
 United States
5672 Posts |
Perhaps a lot of their inventory was purchased when spot gold was 20% higher 6 months ago, and they'd rather sit on it than take a loss.
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Valued Member
United States
191 Posts |
A fool and his money are soon parted.
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Pillar of the Community
United States
7621 Posts |
As long as some people are willing to pay the 20% premium to get the product they want the dealers will keep charging it. It's a business, not a charity.
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Pillar of the Community
United States
5191 Posts |
Currently, you can buy $10 gold Commemoratives for about 6% above spot.
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Pillar of the Community
 United States
3343 Posts |
My brick and mortar dealer sold me a polished 1843 P for 6% over two months ago. Very uncommon coin in terrible condition, which is what I often shop for. On line dealers used to run 6% premium, but that's gone away. Scarcity? I'll buy local and save the money.when I have it.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Bedrock of the Community
Australia
21788 Posts |
When specialist bullion dealers prefer to market freshly minted coins and bars, there is less of a preference to opt to market Double Eagles or Sovereigns or whatever, and other long recognized bullion coins.
Thus, they will charge a large premium for these coins, than for new Mint bullion product.
Bullion quality $10 Eagles and $20 Double Eagles carry some small numismatic premium as well.
The high premiums are one of the reasons why I have only a small investment in bullion.
I have a common date MS-62 St Gaudens, had it for nearly 30 years. I bought it simply because I liked the design.
It came from s specialist coin auction, and I was lucky enough to successfully bid at just above melt value. Auctioneer's premium was 11% at the time.
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Pillar of the Community
United States
3343 Posts |
sel, the last coin I got from my local dealer for 6% over was a Canadian 1912 $10 AU cleaned. At one time it was a scarce coin but Bank of Canada dumped their hoard and made it a common bullion coin. The first coin with the Canadian shield, and who can resist a shield with rampant lions, a boat and a fish? The same dealer sold me a 1788 Mexico 2 escudos (aka doubloon) for melt. I always ask if he has anything unusual around, and he often does....
One time he had a 4.7 gram gold nugget with red dirt packed into it, which I suspect is Australian (eluvial?). He sold it for spot minus 10%. The dirt washed out easily, leaving a nice irregular shape with a 0.2 gram weight loss. Not the look of a river nugget at all.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
09/05/2022 10:52 pm
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Bedrock of the Community
Australia
21788 Posts |
Un assayed gold nuggets over 1 oz. weight can be sold for as much as double their equivalent pure gold weight in Australia. They are never sold by bullion dealers, but by mineral dealers.
Beware of fake nuggets, - gold is melted and poured in large droplets onto a crushed quartz bed.
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Pillar of the Community
United States
3343 Posts |
I don't have much doubt about the authenticity sel. I have other nuggets and this one has the right mass, and my dealer is not a fly-by-night shop.
But it raises another question for a new topic here.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Replies: 10 / Views: 1,750 |
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Posted 09/05/2022 11:09 am
