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cook island gold coin story

jdimmickjdimmick Posts: 9,935 ✭✭✭✭✭
in Precious Metals

So I had a guy come in yesterday, had bought 250 1/10th oz cook island .24 gold coins, thinking they were a great purchase, only to find out they are not 1/10th, but 1/10th .24 . I told him he took it (you fill in the blank) It was an older gentleman , who was trying to get in on the gold rise. I basically told him we have to buy them like buying 5k scrap gold, cause thats basically what it was. tremendous loss , I told him if gold gets to 17k I might could get him out

Comments

  • WingsruleWingsrule Posts: 3,275 ✭✭✭✭

    Ouch

  • softparadesoftparade Posts: 9,917 ✭✭✭✭✭

    so I assume he thought the .24 meant 24k (.999)?? Ooooff

    COPPER is gutter !

  • 1630Boston1630Boston Posts: 14,155 ✭✭✭✭✭

    Somewhat misleading advertising for the general public....too bad.

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

    Bad transactions with : nobody to date

  • DisneyFanDisneyFan Posts: 2,884 ✭✭✭✭✭

    @1630Boston said:
    Somewhat misleading advertising for the general public....too bad.

    What is the name of the company that posted this ad?

  • 1630Boston1630Boston Posts: 14,155 ✭✭✭✭✭

    https://ttbullion.com/product/558452-cook-islands-110-of-24-gold-5-coins

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

    Bad transactions with : nobody to date

  • taxmadtaxmad Posts: 1,178 ✭✭✭✭

    @1630Boston said:
    https://ttbullion.com/product/558452-cook-islands-110-of-24-gold-5-coins

    People really need to read and understand what they are buying - this line below the price should have scared any buyer off...

    "As low as $1,379.22 per oz above spot"

  • DisneyFanDisneyFan Posts: 2,884 ✭✭✭✭✭

    Am I calculating this correctly?

    GOLD $5,000 X 10% = $500 X .24 = $120? If so,

    GOLD $2,000 X 10% = $200 X .24 = $48

    Depending on when they were bought, possibly there is a profit???

  • jdimmickjdimmick Posts: 9,935 ✭✭✭✭✭

    Dfan,
    your calc is correct, but he paid a lot more, not only that, many places wont take it as BULLION coin due to low gold content, would have to be sold like selling scrap 5k jewelry.

  • 1630Boston1630Boston Posts: 14,155 ✭✭✭✭✭

    current selling price

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

    Bad transactions with : nobody to date

  • blitzdudeblitzdude Posts: 7,561 ✭✭✭✭✭
    edited February 12, 2026 12:16PM

    I watch guys like ole diamond hands buy these all day long on the bay for $300-$400 a pop. Crazy World. RGDS!

    P.S.: Actual Gold Weight (AGW): These 1/10 oz coins contain only .0239 oz to .024 oz of actual gold. $4983 x .024 = $$118.63. Why even bother? Just stick with the real deal. THKS!

    The whole worlds off its rocker, buy Gold™.
    BOOMIN!™
    Wooooha! Did someone just say it's officially "TACO™" Tuesday????
    Retiring at 55, what day is today? :sunglasses:

  • DisneyFanDisneyFan Posts: 2,884 ✭✭✭✭✭

    People think if it's gold, it must be valuable, Buying a gold coin for $160 can appear to be a reasonable amount of money to spend. Unfortunately many people don't understand that knowing the percentage of gold in an object is critical. Think of all of the gold filled Cross pens that were sold over the years.

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