<< <i>If the 2008 plat proofs do come in under the '04s, do you guys think that the '04s would essentialy go for melt? >>
'04s have already dropped a lot. I expect them to drop further as people give up the proof plat game--for a while. Eventually, I think a lot of these proofs will command a premium, but it might take 10-20 years for more hardy collectors to move into this series and realize what great coins they are. Also, as others have pointed out, the "great melting" of this year has probably created some rarities that aren't recognized for a number of years. Right now, we can't find out what they are because no one is selling. Once the hoarders loosen up, or prices go back up, it will become more apparent what's been lost. It may be possible that dates such as the '01 end up almost as rare as the '04.
If the car is misfiring and running sluggish with no power, punch a hole through the catalytic convertor with a roll head pry bar or a long pointed piece of steel to unclog the baffles. Wear your safety goggles and do not remove this component while "hot". After this hole is made, the system can "breathe" again. Put the coin inside and remount it (catalytic convertor) to the exhaust system. Voila ! This will save you gas money and costly repairs at the shop.
"'04s have already dropped a lot. I expect them to drop further as people give up the proof plat game--for a while. Eventually, I think a lot of these proofs will command a premium, but it might take 10-20 years for more hardy collectors to move into this series and realize what great coins they are. Also, as others have pointed out, the "great melting" of this year has probably created some rarities that aren't recognized for a number of years. Right now, we can't find out what they are because no one is selling. Once the hoarders loosen up, or prices go back up, it will become more apparent what's been lost. It may be possible that dates such as the '01 end up almost as rare as the '04."
Actually, 2004 has outperformed virtually every Platinum coin even through this tremendous drop in platinum prices. When Platinum was $2,100/oz about a half year ago, 1997-2003 sets were trading around melt - around $3,900-$4,000/set. At the same time, 04 sets were trading around $6,750-$7,000/set. Today, melt is less than $1,700 on the 1997-2003 sets and they trade for around $1,900- $2,000/set. Meanwhile, the 04 trades between $5,000++ - $6,000/set (with dealers trying to buy the sets around $4,250 - $5,000 - usually unsuccessfully). The 04 set has performed surprising well and what the US Mint did yesterday may make the 04 set even stronger in the year ahead.
Wondercoin
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
<< How will ya'll feel when plat hits $300.00 / oz ? >>
Nearly as lousey as I do now thinking of 1) What I paid for my '08 plats that I currently have and 2) what I could have sold them for a couple of weeks ago. Of course, unlike some of my stocks, at least the plats that I bought tonight will always be worth something!
I feel your pain Raufus, I bought a bunch of Proofs and BU's also. It was a pricey bet but one I felt could pay off big. I'm thankful that I did send back a few of the BU's when Platinum started it's big dump.
What bothers me is that a lot of "info" is being released by the investment gurus out there, that Platinum is going to be in a surplus situation due to the seriously slumping auto biz. Since that info was released, spot has dived about $200 and now here the Mint is returning the Platinum Eagles back to the market. Is this a last ditch effort to salvage as much as possible before Platinum finds a floor down near Death Valley? ( 282 ft below Sea Level )
And who's to say that the Mint is only selling off a few hundred pieces from a brief first run? Seems to me that at the current selling price for these Collector type Eagles, the return is much better than that from selling the bullion type Eagles. And with the current dive in Platinum prices, reportedly from investors dumping to raise cash to cover other losses, I'd say the bullion market has got to be nearly dead. It would be a smart move on the Mints part to divert all Platinum Eagle production to the collectors versions.
In any case, I suppose current buyers of the Proofs and W-BU's will have the 30 day return window. And with a $100 face value on the 1 oz Eagles, there is at least a minimal level of protection from a complete collapse of Platinum.
ps Before returning my Bu's a few months ago, I actually pulled a 1 ouncer out of the plastic capsule and held it in my hand. The darned thing felt very dense - much like Lead. If spot drops much farther, I'm going to start thinking of Platinum and Lead in the same way.
Supposedly Russia, one of the world's largest platinum producers, has been dumping platinum on the market due to their financial crisis. Just like hedge fund selling of gold and silver in the past week or so has driven down prices as well.
When this dumping stops, prices will recover quickly in the flight to quality.
Didn't the Russians just bail out an Icelandic Bank to the tune of several $Billion? How much of a crisis can they be in? Or was selling Platinum how they were able to bail out the Bank?
I'll stop now before this get all political and cold warish.
Just Google News "Russia crisis" for more. Russia itself seems OK, but they are seeing the need to support some of their bigger industries and economic sectors.
Comments
I wouldn't rule it out.
I believe this will be the last year of no questions asked 30 day returns.
<< <i>for those who bought at much higher prices,
once the low mintages are known for these your will more than re-coup your investment >>
I certainly hope so. I thought I really lucked out on purchasing early.
<< <i>If the 2008 plat proofs do come in under the '04s, do you guys think that the '04s would essentialy go for melt? >>
'04s have already dropped a lot. I expect them to drop further as people give up the proof plat game--for a while. Eventually, I think a lot of these proofs will command a premium, but it might take 10-20 years for more hardy collectors to move into this series and realize what great coins they are. Also, as others have pointed out, the "great melting" of this year has probably created some rarities that aren't recognized for a number of years. Right now, we can't find out what they are because no one is selling. Once the hoarders loosen up, or prices go back up, it will become more apparent what's been lost. It may be possible that dates such as the '01 end up almost as rare as the '04.
signed
~Joe the Shade Tree mechanic~
Actually, 2004 has outperformed virtually every Platinum coin even through this tremendous drop in platinum prices. When Platinum was $2,100/oz about a half year ago, 1997-2003 sets were trading around melt - around $3,900-$4,000/set. At the same time, 04 sets were trading around $6,750-$7,000/set. Today, melt is less than $1,700 on the 1997-2003 sets and they trade for around $1,900- $2,000/set. Meanwhile, the 04 trades between $5,000++ - $6,000/set (with dealers trying to buy the sets around $4,250 - $5,000 - usually unsuccessfully). The 04 set has performed surprising well and what the US Mint did yesterday may make the 04 set even stronger in the year ahead.
Wondercoin
<< <i>When is Seven going to post again? Did he get 15K for his set? I miss his insight. >>
That's funny!! I don't think you'll hear from "Last Word larry" again.
Nearly as lousey as I do now thinking of 1) What I paid for my '08 plats that I currently have and 2) what I could have sold them for a couple of weeks ago. Of course, unlike some of my stocks, at least the plats that I bought tonight will always be worth something!
I feel your pain Raufus, I bought a bunch of Proofs and BU's also. It was a pricey bet but one I felt could pay off big. I'm thankful that I did send back a few of the BU's when Platinum started it's big dump.
What bothers me is that a lot of "info" is being released by the investment gurus out there, that Platinum is going to be in a surplus situation due to the seriously slumping auto biz. Since that info was released, spot has dived about $200 and now here the Mint is returning the Platinum Eagles back to the market. Is this a last ditch effort to salvage as much as possible before Platinum finds a floor down near Death Valley? ( 282 ft below Sea Level
And who's to say that the Mint is only selling off a few hundred pieces from a brief first run? Seems to me that at the current selling price for these Collector type Eagles, the return is much better than that from selling the bullion type Eagles. And with the current dive in Platinum prices, reportedly from investors dumping to raise cash to cover other losses, I'd say the bullion market has got to be nearly dead. It would be a smart move on the Mints part to divert all Platinum Eagle production to the collectors versions.
In any case, I suppose current buyers of the Proofs and W-BU's will have the 30 day return window. And with a $100 face value on the 1 oz Eagles, there is at least a minimal level of protection from a complete collapse of Platinum.
ps Before returning my Bu's a few months ago, I actually pulled a 1 ouncer out of the plastic capsule and held it in my hand. The darned thing felt very dense - much like Lead. If spot drops much farther, I'm going to start thinking of Platinum and Lead in the same way.
When this dumping stops, prices will recover quickly in the flight to quality.
<< <i>due to their financial crisis >>
Interesting.
Didn't the Russians just bail out an Icelandic Bank to the tune of several $Billion? How much of a crisis can they be in? Or was selling Platinum how they were able to bail out the Bank?
I'll stop now before this get all political and cold warish.
Kremlin announces new measures to ease credit crisis
Just Google News "Russia crisis" for more. Russia itself seems OK, but they are seeing the need to support some of their bigger industries and economic sectors.
<< <i>The eagle has landed. >>
Yes indeed, something has landed but I'm not so sure if it was an Eagle. Maybe a particle from an Eagle.
Raindrops keep fallin on my head .... hey them ain't raindrops !