US Gold Coin Market May 25-27 2020
Azurescens
Posts: 2,793 ✭✭✭✭✭
Hey sorry to trouble you folks. I regularly keep a few dozen gold coins in my watch list and shuffle better ones up and worse ones down etc. So there's always 40-50 coins I wanna buy in my list.
48h ago they started thinning out for not being a pay day, or first of the month, or holiday sale.. or ebay bucks. 36h, it was noticeably worse, and more items dropped off my list rapidly. There's been comparatively next to nothing left the past 12h in search results.
Is there another shortage building? Or here? There's never a shortage of quality PCGS coins, but it looks like all the good stuff with premiums less than $400 has just poofed.
I thought I made a mistake with my filters or search terms as to why nothing was coming up.
I've never seen my watch list disappear by so many so fast in such a short period of time.
What's going on outside ebay in the last 48h?
Hope you are all safe and well.
Comments
I got a ton (OK, pounds) of gold coins off eBay until sometime last year. PCGS gold, double eagles & modern ounces, were available for less than 10% over spot.
Experts as diverse as Jim Cramer and Dan Carr recommended buying gold coins for a small premium over spot.
I have not noticed a dramatic change in the last 2 days, but now eBay charges sales tax, spot gold is up, and physical gold is not as readily available. Premiums are also up.
I would have figured a fair amount to roll through and stagnate a little due to those very reasons. Instead it did the complete opposite. Hmm.
As the saying goes...'You got to know when to hold 'em, know when to fold 'em'.... etc., People scooped up physical gold as the market and economy crashed.... Hang on though, as things return to normal and money starts to flow again, there will be some buying opportunities as panic buyers seek to 'fold 'em'....
Cheers, RickO
A retail client recently bought a mix of USGTC around 95pct CPG (CDN based retail). I did well on the deal. I do keep a certain gold position (ounces).
Investors loading up on gold - panic buying or meeting gold position of x ounces. Friend who runs shop says “they will be in here when this thing is over selling out at 40-60 cents on dollar” he says laughing. “Aka 89 crash.” He said one thing doing well was graded star notes. Makes sense many real low pop. Mexico silver Onzas also popular sellers.
I am still working on my Mexico Cabalito Peso and 50 Peso Gold Centanaro slabbed sets. I picked up a couple rolls of silver Eagles from him. Will be cruising the bay for Mexico Revolution graded currency if price right (summer doldrums).
A vest pocket trader I have known for years spent about $100 k on rolls of gold 1 oz US Gold Eagles and another $25k on some slabbed AGB in 69 & 70 he got very close to melt from some guy on west coast selling out. He quickly flipped a roll of gold Eagles to guy in Dallas I know who deals in slabbed US Seated Type and large size nationals so go figure.
Never trust "experts". This economic situation has no recent equivalent and results for what passes for "investments" today are likely to be subject to violent up and down movements. There is more than covid19 at play. Watch the Hong Kong situation very carefully (among other things).