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Canadian 100 Kilo Gold Fails to Sell At Melt
FLBuffaloHunter
Posts: 3,127
<< <i>Nobody took home the big Canadian $1 million gold coin offered in Teletrade's Aug. 16 auction.
"While the big Canadian coin did not sell it came very close the reserve was $2 million, and the bid was up to $1,950,000," reported Teletrade President Ian Russell.
The 100-kilogram coin, created by the Royal Canadian Mint in part to highlight availability of .99999 fine gold in its Maple Leaf bullion coin offerings, contains more than $2 million in gold. >>
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The melt value of the gold in this coin is currently being "bid" at $668.70 an ounce. For 3,215 troy ounces, the total melt value is currently $2,149,870.50
Never teach a pig to sing. You'll waste your time and annoy the pig 
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then filling my car up with gas, all I had left was $11.18.
Maybe they'll relist it and I'll get another chance.
Ray
<< <i>I wouldn't recommend anyone buy it until late in 2007. It might be interesting if they only make a single one for 2007. But as soon as 2 exist, it's not really that interesting. >>
hell it isn't that interesting now.
It's just gold
Well, just Love coins, period.
<< <i>I wouldn't recommend anyone buy it until late in 2007. It might be interesting if they only make a single one for 2007. But as soon as 2 exist, it's not really that interesting. >>
So far they have made 5 and a teletrade affilate has purchased three of them.
<< <i>A-Mark Precious Metals, a Teletrade affiliate that specializes in coin wholesaling, bought three of the five 100-kilo coins from the Royal Canadian Mint.
Teletrade and A-Mark are both subsidiaries of the New York-based Escala Group, a publicly traded holding company that also owns Irvine-based Bowers & Merena Auctions, a live auction house, and Collateral Finance Corp., which is offering 4.9 percent financing to the buyer of the 100-kilo Canadian coin.
A-Mark got the rights to purchase the mother-of-all gold coins because it is a major dealer of 1-ounce Canadian gold coins, said Gregory Roberts, chairman and chief executive officer of the Santa Monica-based coin wholesaler. The 1-ounce coins typically fetch $750 to $800 at auction, said Roberts. The price is closely tied to the value of gold, he said, a commodity that has more than doubled in value over the past five years. >>
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The Numismaster article reports:
<< <i>Reportedly six of the big gold coins have been sold by private treaty since introduction in May. RCM has estimated that it might make 10 of them, though no formal maximum mintage is set. >>
Maybe storage posed a problem. Where do you keep a huge coin worth over $2M
<< <i>
<< <i>I wouldn't recommend anyone buy it until late in 2007. It might be interesting if they only make a single one for 2007. But as soon as 2 exist, it's not really that interesting. >>
So far they have made 5 and a teletrade affilate has purchased three of them.
<< <i>A-Mark Precious Metals, a Teletrade affiliate that specializes in coin wholesaling, bought three of the five 100-kilo coins from the Royal Canadian Mint.
Teletrade and A-Mark are both subsidiaries of the New York-based Escala Group, a publicly traded holding company that also owns Irvine-based Bowers & Merena Auctions, a live auction house, and Collateral Finance Corp., which is offering 4.9 percent financing to the buyer of the 100-kilo Canadian coin.
A-Mark got the rights to purchase the mother-of-all gold coins because it is a major dealer of 1-ounce Canadian gold coins, said Gregory Roberts, chairman and chief executive officer of the Santa Monica-based coin wholesaler. The 1-ounce coins typically fetch $750 to $800 at auction, said Roberts. The price is closely tied to the value of gold, he said, a commodity that has more than doubled in value over the past five years. >>
Link
The Numismaster article reports:
<< <i>Reportedly six of the big gold coins have been sold by private treaty since introduction in May. RCM has estimated that it might make 10 of them, though no formal maximum mintage is set. >>
Maybe storage posed a problem. Where do you keep a huge coin worth over $2M
The same place you keep a pig, in the Freezer
<< <i>
<< <i>I wouldn't recommend anyone buy it until late in 2007. It might be interesting if they only make a single one for 2007. But as soon as 2 exist, it's not really that interesting. >>
So far they have made 5 and a teletrade affilate has purchased three of them. >>
Good to know. If there are 5 of them, then I'd pass unless you intend to buy all five and use them as dinner placesetting chargers under clear glass plates. That would be pretty cool IMO.
<< <i>but they received quite a bit of publicity on it....so surely that is worth something... >>
And I'll grant them that from the pics they do look impressive for such a big coin. I bet they had to refine their minting techniques.
shall discuss moderns in the next years.
geez, it is just silver bullion with a W mint mark.
geez, it is just gold with a copy of a buff on it.
geez, these hag coins are boring, so many and plain ugly.
<< <i>take this coin as the example and compare it to how people
shall discuss moderns in the next years.
geez, it is just silver bullion with a W mint mark.
geez, it is just gold with a copy of a buff on it.
geez, these hag coins are boring, so many and plain ugly. >>
Or ...
geez, it is just silver bullion with a CC mint mark.
geez, it is just a commem that was never intended to circulate.
geez, these hag coins are boring, so many and plain ugly ... umm, classic hags that is.
it and it will drop in price since it has peaked. ;-)
<< <i>hehe, yea, CC is such a new trendy mint. All the cool kids collect
it and it will drop in price since it has peaked. ;-) >>
Or all the cool kids are being trained to collect by type and won't care about collecting by little letters and numbers
Isn't it the older generation that primarily collects by mint mark and date?
<< <i>
<< <i>Nobody took home the big Canadian $1 million gold coin offered in Teletrade's Aug. 16 auction. >>
These coins are just not that interesting to me. I had thought it might be nice to flip for a profit (assuming that I could even come close to affording one), but apparently there's not enough interest in them to count on flipping one quickly.
Seems like it would be a great museum piece, but much less desireable for a collector who actually enjoys looking at their collections.
<< <i>It is a vary cool bullion piece. However, it is too much gold packed into one bullion item. It weighs 220 lbs. and as someone who lifts a lot of weights, that would break your back if you attempted to heft it up for closer inspection. The gold "coin" is unwieldy to the extreme, storage, insurance and transportion costs would be problematic and expensive. Imagine having to call up a security detail and 4 muscle heads to come deliver the coin from the bank vaults to your home everytime you wanted to enjoy the coin.
Seems like it would be a great museum piece, but much less desireable for a collector who actually enjoys looking at their collections. >>
Depends on the collector as some collections are essentially in minor private museums, e.g. art and car collections. It's also much harder to walk off with in public (though not impossible) so depending on the placement, it may be in public view (and thus enjoyed) more than traditionally sized coins which are often out of sight and in SDBs.
<< <i>
<< <i>Maybe storage posed a problem. Where do you keep a huge coin worth over $2M
The same place you keep a pig, in the Freezer
You've been talking to Congressman Jefferson again, haven't you? lol
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870