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Just saw a guy sell 200 gold American Eagles at the coin store

Dave99BDave99B Posts: 8,556 ✭✭✭✭✭
edited January 8, 2020 2:34PM in U.S. Coin Forum

Biggest transaction I've ever seen...

I walked in to buy my monthly 1oz gold Krugerrand, and I immediately noticed two of the employees carefully counting and weighing gold coins. Ten rolls, 20 coins each, American Eagles. I was a little surprised they were doing all of this on the front counter, in front of God, and shady characters like me, 15 feet from the door, but they were. 300K+ in gold!

I would have loved to have snapped a quick iPhone pic of the massive glittering pile, but I didn't want to get thrown out.

Maybe this guy was a speculator hoping for a Middle East conflict? Who knows...interesting transaction to watch, for sure. At the end they said they'd go into the back and wire the funds to his bank account. Guess they didn't have 1/3 of a million dollars in the drawer.

Dave

Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.

Comments

  • mustangmanbobmustangmanbob Posts: 1,890 ✭✭✭✭✭

    Didn't they have a petty cash drawer?

  • TurtleCatTurtleCat Posts: 4,610 ✭✭✭✭✭

    Wow, that would be a sight! :astonished:

    TurtleCat Gold Dollars

  • 3stars3stars Posts: 2,291 ✭✭✭✭✭

    not sure any B&M would have that kind of free cash, even if temporarily until they wholesaled them.

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • TurtleCatTurtleCat Posts: 4,610 ✭✭✭✭✭

    Good point. I wonder if it ends up a consignment?

    TurtleCat Gold Dollars

  • Dave99BDave99B Posts: 8,556 ✭✭✭✭✭

    I wonder how far back of spot they paid/oz for that large of a transaction? $10-$15 coin?

    Dave

    Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
  • coinercoiner Posts: 694 ✭✭✭✭

    @Dave99B said:
    I wonder how far back of spot they paid/oz for that large of a transaction? $10-$15 coin?

    Dave

    I bet a lot more than that.
    Think about it. Would you lay out 300k+ for 2,000 bucks.
    I don’t think so.
    An ordinary B&M, probably 97% at best.

  • cagcrispcagcrisp Posts: 1,057 ✭✭✭✭✭

    I would hate to pay the IRS bill...

  • cladkingcladking Posts: 28,689 ✭✭✭✭✭
    edited January 8, 2020 3:04PM

    I saw a bigger transaction only once and it was silver!!!

    It was a long term hoard that made a pickup truck ride pretty low. It was mostly 100 OZ bricks and there were a couple of probable counterfeits (drilled and altered) bars included.

    Tempus fugit.
  • JimTylerJimTyler Posts: 3,454 ✭✭✭✭✭
    edited January 9, 2020 5:42AM

    At least it was after the drop. meant sold before the price drop.

  • blitzdudeblitzdude Posts: 6,026 ✭✭✭✭✭

    @JimTyler said:
    At least it was after the drop.

    Hopefully he locked in his price last night.

    The whole worlds off its rocker, buy Gold™.
    BOOMIN!™

  • KollectorKingKollectorKing Posts: 4,820 ✭✭✭✭✭

    @Dave99B said:
    Biggest transaction I've ever seen...

    I walked in to buy my monthly 1oz gold Krugerrand, and I immediately noticed two of the employees carefully counting and weighing gold coins. Ten rolls, 20 coins each, American Eagles. I was a little surprised they were doing all of this on the front counter, in front of God, and shady characters like me, 15 feet from the door, but they were. 300K+ in gold!

    I would have loved to have snapped a quick iPhone pic of the massive glittering pile, but I didn't want to get thrown out.

    Maybe this guy was a speculator hoping for a Middle East conflict? Who knows...interesting transaction to watch, for sure. At the end they said they'd go into the back and wire the funds to his bank account. Guess they didn't have 1/3 of a million dollars in the drawer.

    Dave

    I would’ve pay them $100 to snap a pic or two :o

    then post them on the Friday random pic thread :)

  • ShadyDaveShadyDave Posts: 2,205 ✭✭✭✭✭

    Hopefully the guy sold to the LCS before President Trump gave his speech on Iran today. Gold dropped a good chunk around 11:30am.

  • Dave99BDave99B Posts: 8,556 ✭✭✭✭✭

    @ShadyDave: This was in the afternoon, a few hrs after Trump addressed the nation.

    Dave

    Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
  • logger7logger7 Posts: 8,588 ✭✭✭✭✭

    The major players like MTB bank, Apmex, etc. do transactions like that daily. The problem is getting the physical product to them safely as shipping couriers have their limits.

  • jmlanzafjmlanzaf Posts: 34,758 ✭✭✭✭✭

    @coiner said:

    @Dave99B said:
    I wonder how far back of spot they paid/oz for that large of a transaction? $10-$15 coin?

    Dave

    I bet a lot more than that.
    Think about it. Would you lay out 300k+ for 2,000 bucks.
    I don’t think so.
    An ordinary B&M, probably 97% at best.

    I'll take that bet. I would be very surprised if it was much more than $15 back for eagles. 98% for Kruggerands, pre-1933 $20s, sovereigns and the like.

    Even an "ordinary B&M" knows how to flip those with a phone call. It's actually pretty common to lay out that kind of money to make 1%. That's why bullion sucks.

  • WalkerfanWalkerfan Posts: 9,380 ✭✭✭✭✭

    That must have been exciting.

    I like your idea of buying an ounce of gold every month.

    Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍

    My Full Walker Registry Set (1916-1947):

    https://www.ngccoin.com/registry/competitive-sets/16292/

  • BochimanBochiman Posts: 25,420 ✭✭✭✭✭

    Was it BRC by the mall or RRC just up north a little?

    That much would be a pretty nice tax hit too.....as it WILL be reported

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • CoinstartledCoinstartled Posts: 10,135 ✭✭✭✭✭

    Had the place gotten robbed, exactly when does the liability pass from the seller to the buyer?

  • Dave99BDave99B Posts: 8,556 ✭✭✭✭✭

    @Bochiman - Yup, downtown Bellevue.

    Dave

    Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
  • jmlanzafjmlanzaf Posts: 34,758 ✭✭✭✭✭

    @Coinstartled said:
    Had the place gotten robbed, exactly when does the liability pass from the seller to the buyer?

    When they sign the receipt.

  • metalmeistermetalmeister Posts: 4,586 ✭✭✭✭✭

    That's a lot of checking for real Gold. I would. Every piece before I turned over $300k

    email: ccacollectibles@yahoo.com

    100% Positive BST transactions
  • 1630Boston1630Boston Posts: 13,801 ✭✭✭✭✭

    Thanks for posting your experience :)

    Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb

    Bad transactions with : nobody to date

  • lkeneficlkenefic Posts: 8,160 ✭✭✭✭✭

    Holey Moley! Yeah, that's a lot of gold!! I'd have loved to see a picture!!

    Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;

    Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
  • BochimanBochiman Posts: 25,420 ✭✭✭✭✭

    @Lakesammman said:
    How do you know it's a tax hit?? Maybe he bought at $1800 and was minimizing his losses with the recent run up??

    I would imagine, if he can show that, he would be safe. In lieu of documentation, or if purchased for much less, then tax ding….bigly :p

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • GRANDAMGRANDAM Posts: 8,546 ✭✭✭✭✭

    Did the seller have security with them?

    GrandAm :)
  • Dave99BDave99B Posts: 8,556 ✭✭✭✭✭

    @GRANDAM - Nope. Nothing I noticed. Maybe a holstered .357?

    Dave

    Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    I would like to have seen that pile of gold.... Being a confirmed gold bug, that type of display would be like looking at great art..... ;) Cheers, RickO

  • HemisphericalHemispherical Posts: 9,370 ✭✭✭✭✭

    What a sight to see @Dave99B!

  • Namvet69Namvet69 Posts: 9,039 ✭✭✭✭✭

    Did they xrf every coin? Be a hoot if it was a scam. Peace Roy

    BST: endeavor1967, synchr, kliao, Outhaul, Donttellthewife, U1Chicago, ajaan, mCarney1173, SurfinHi, MWallace, Sandman70gt, mustanggt, Pittstate03, Lazybones, Walkerguy21D, coinandcurrency242 , thebigeng, Collectorcoins, JimTyler, USMarine6, Elkevvo, Coll3ctor, Yorkshireman, CUKevin, ranshdow, CoinHunter4, bennybravo, Centsearcher, braddick, Windycity, ZoidMeister, mirabela, JJM, RichURich, Bullsitter, jmski52, LukeMarshall, coinsarefun, MichaelDixon, NickPatton, ProfLiz, Twobitcollector,Jesbroken oih82w8, DCW

  • KccoinKccoin Posts: 1,086 ✭✭✭✭✭

    that guy will be you in 16 years ;)

  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭

    OMG, what a haul !!! :)

    Timbuk3
  • ashelandasheland Posts: 23,258 ✭✭✭✭✭

    Not quite 200ozs but...

    My YouTube Channel

  • ashelandasheland Posts: 23,258 ✭✭✭✭✭

    Pretty to look at. Not mine, but I took the picture:

    My YouTube Channel

  • ashelandasheland Posts: 23,258 ✭✭✭✭✭

    @ricko >:)

    My YouTube Channel

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    @asheland.....If you think you are stirring strange desires within me..... :D;) You are correct..... >:) Cheers, RickO

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,390 ✭✭✭✭✭

    Smart buyer.

  • KkathylKkathyl Posts: 3,762 ✭✭✭✭✭


    People be like What!!!!!!!

    Best place to buy !
    Bronze Associate member

  • BryceMBryceM Posts: 11,801 ✭✭✭✭✭

    Nice profile pic @TwoSides2aCoin

    ;)

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