Another Bank of England opportunity right now??
topstuf
Posts: 14,803 ✭✭✭✭✭
Kinda think so. Real US gold coins are selling for the lowest "premium" to spot that I think I've ever seen. Real US coins are flooding in from overseas.
As you may or may not remember, it was Bank of England gold sales that drove the metal down to $252, (think that was the number)
With gold at 1283, Gold Eagles the 1 oz coins are selling at Apmex for 1335
Unslabbed raw $20 gold pieces (.9675 oz) are wholesale 1280 (1241 actual gold value) and slabbed are going 1310-1325
(Huge quantities of $5 and $10 coins are also flooding in.)
That's nuts!
IF gold goes ballistic, you frikkin ...KNOW.... that the gummint is gonna go bonks trying to get folks away from gold.
The present glut of US coins is result of European sales for DOLLARS.
(A dlr friend who knows the market says that Venezuela is also DUMPING)
Anyhow....there it is. Me, I think the cash needs of the foreigners who originally got these coins are making the equivalent of another BOE thing.
Or not.
Comments
Why would slabbed $20s be more desirable than modern gold eagles? You already know that gubmint can make up any rules that they want to make up. Nothing is 100% protected, imo.
I knew it would happen.
Because of history. From the FDR gold "recall" of 1933 to 1975, the only way to ...legally....buy gold coins here was with US coins.
Mr. Paranoia says that in any event, no matter how draconian any regulations stemming from a dollar crisis got, the gov't would NEVER mess with peoples' "coin collections." Too much public antipathy to obeying edicts nowadays.
Mom n Pop would be able to keep "collector" coins. Or so I think. ???
(I also didn't specify "slabbed." Although it would be best)
Modern Eagles are ...now... designated "safe" and you can put them in IRAs.
Take yer pick.
Still buying Au. Prefer AGEs, but also have Maples, Pandas, Kruggs, Kangaroos, Britannies, and whatever else I forgot. I am an equal opportunity Au buyer.
At this time....I prefer good ole American Greenbacks.
I thought it was always preached on this forum that gold is great and dollars suck. Europeans have a different view of gold and dollars?
Knowledge is the enemy of fear
it's not a rumor.
Venezuela has been unloading billions in gold to buy "necessities of life."
Just the broke Europeans.
I had a pawn shop.
Poverty sells gold; wealth buys it.
Any estimates or guesstimates on how much old US coinage could still be available out there?
Europeans have a different view of gold and dollars?
I think that what Europeans think is more about the Euro than about gold or dollars.
I knew it would happen.
Watching with my pop corn. $500k tax free gain on Real estate no -brainer. THAT is what started the spike in real estate values IMHO. Oh and Stocks, Cash and of course AU/AG .
GLTA
100% Positive BST transactions
The spike in stocks is due to the loss of the individual investor.
Stocks are now bought in truckloads by fund managers who have to buy stocks or look for a new job.
Also, stupid low rates are driving the mob to stocks no matter the fundamentals.
So where do the fund managers get the money?
Knowledge is the enemy of fear
From 401-K hopes and prayers.
But you knew that.
Ok...so then why did you write,....The spike in stocks is due to the loss of the individual investor?
Your comments are contradictory.
Knowledge is the enemy of fear
At least they are consistent with hard assets.
Reminds me of Milo Minderbinder's syndicate in Catch-22. Everybody owns a share.
I knew it would happen.
Big chance here to sell in May, and only Dentists buy gold and jewelers and that demand is ever decreasing
Buy gold low... and hold... It will go up...
Cheers, RickO
Lol, buy a helium balloon, let go, it will go up...