1/10 ounce gold eagles on ebay, priced too high?
MoneyLA
Posts: 1,825 ✭
I saw an auction for five of the one tenth ounce gold eagles and as I write this the bidding is at about $120 each.
You will recall that several months ago there was a thread about the company telemarketing these exact coins, and the price then was $99 each.
The newest commercials from this telemarketer (saw it on CNBC) shows the price at $114 each.
Here is a link to the auction on ebay.
Do you think the price is too high or fair given the current environment? It will be interesting to see how this auction ends.
You will recall that several months ago there was a thread about the company telemarketing these exact coins, and the price then was $99 each.
The newest commercials from this telemarketer (saw it on CNBC) shows the price at $114 each.
Here is a link to the auction on ebay.
Do you think the price is too high or fair given the current environment? It will be interesting to see how this auction ends.
0
Comments
At $114, you are at 20%, and at $120, you are at 26% over spot.
If you are of the same mind as fc, you will percieve these spreads as a rip-off and will wait until doomsday for prices to come down and for the spreads to shrink.
Make no mistake, the prices may very well come down some day, and the spreads will no doubt come down some day as well.
In the meantime, your assets are tied up in other things, and you basically have no protection, if you are inclined to think like I think, and if you see all of the monetary and economic trends going in absolutely the wrong direction.
It's a matter of interpretation. The spreads could easily go to 50% or 100% before anything changes in the other direction.
I knew it would happen.
Modern mint commemoratives command far lower premiums over spot. For the $230-240 you might pay for two 1/10 oz eagles you can purchase one common $5 gold commemorative with 0.24185 oz of gold. Same weight and fineness as pre 1933 US gold.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
I can see the premiums coming down only as spot rises. JMO
Regards
HH
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
<< <i>I was in a B&M just today looking at quite a few gold pandas. The shop had maybe 10-15 of the 1/10ths. I could have bought them all at just $101.50 each, but passed of course because I already have the 1/10th complete date set. So yes, $120 for a 1/10th AGE is WAY too high!!! >>
Please post the name and number of the coin shop and I'll call him and take them off his hands
<< <i>
<< <i>I was in a B&M just today looking at quite a few gold pandas. The shop had maybe 10-15 of the 1/10ths. I could have bought them all at just $101.50 each, but passed of course because I already have the 1/10th complete date set. So yes, $120 for a 1/10th AGE is WAY too high!!! >>
Please post the name and number of the coin shop and I'll call him and take them off his hands >>
You think i'd just turn over my "honeyhole" to you that easily?
<< <i>I was in a B&M just today looking at quite a few gold pandas. The shop had maybe 10-15 of the 1/10ths. I could have bought them all at just $101.50 each, but passed of course because I already have the 1/10th complete date set. So yes, $120 for a 1/10th AGE is WAY too high!!! >>
Phil, Phil, Phil.........remember that "Law Of Supply And Demand" I keep talking about?
Because the Mint is not striking fractional gold eagles at this time, the supply is greatly curtailed.
Because the economy sucks, a lot of people are buying gold these days. That means that the demand is greatly increased.
One of the other dealers we occasionally do business with has a standing buy on BU 1/10th eagles at +20%. Right now that's $112 and change. Other dealers trying to fill specific orders are offering $115 to fill them. If I had to buy some myself for a customer, I could run a buy at $116 and maybe get some, or pay $118-119 and get them for sure.
So, AT THIS TIME, how is $120 way too high for a retail price on a 1/10th gold eagle?
I certainly agree that if somebody wants to buy gold at this time they would be better off buying one ounce bars at a much lower rate per ounce, or even larger bars at a still lower rate per ounce, but if the customer for his own reasons wants his gold in the form of 1/10th ounce eagles, how is $120 way too high?
TD
(BTW, since the first of the year we have sold approx. 50 of the one kilo bars)
<< <i>
<< <i>I was in a B&M just today looking at quite a few gold pandas. The shop had maybe 10-15 of the 1/10ths. I could have bought them all at just $101.50 each, but passed of course because I already have the 1/10th complete date set. So yes, $120 for a 1/10th AGE is WAY too high!!! >>
Phil, Phil, Phil.........remember that "Law Of Supply And Demand" I keep talking about?
Because the Mint is not striking fractional gold eagles at this time, the supply is greatly curtailed.
Because the economy sucks, a lot of people are buying gold these days. That means that the demand is greatly increased.
One of the other dealers we occasionally do business with has a standing buy on BU 1/10th eagles at +20%. Right now that's $112 and change. Other dealers trying to fill specific orders are offering $115 to fill them. If I had to buy some myself for a customer, I could run a buy at $116 and maybe get some, or pay $118-119 and get them for sure.
So, AT THIS TIME, how is $120 way too high for a retail price on a 1/10th gold eagle?
I certainly agree that if somebody wants to buy gold at this time they would be better off buying one ounce bars at a much lower rate per ounce, or even larger bars at a still lower rate per ounce, but if the customer for his own reasons wants his gold in the form of 1/10th ounce eagles, how is $120 way too high?
TD
(BTW, since the first of the year we have sold approx. 50 of the one kilo bars) >>
Tom, with much respect, lets look at facts. Since the mint is not striking 1/10ths at this time, all new dealer inventory has to come in either over the counter, or from another dealer. If buying from another dealer, you might have to pay that heavy premium you speak of. However, I can GUARANTEE you that if I called 5 major local shops tomorrow morning, telling them I had 25 AGE 1/10ths to sell, I promise you not a single one of those shops is paying above melt Tom. Do you think Archies is paying melt+ over the counter? What about Kedzie Coin? How about the shop formerly known as World Coin? Think Brian is gonna offer me melt+? What about High Grade Coin? Gordy wont touch them for above melt. Neither will Chicago Coin Company. So I just cannot see the justification of paying $120 per coin, or almost 30% premium! Like I said Tom, I could have bought about 15 of the 1/10th pandas at just $101.50 each yesterday, from a FAIR dealer. Sure, they arent AGE's, but the pandas have always enjoyed higher premiums than eagles anyway, and I suspect they still do even with this new "mint shortage".
<< <i>
<< <i>
<< <i>I was in a B&M just today looking at quite a few gold pandas. The shop had maybe 10-15 of the 1/10ths. I could have bought them all at just $101.50 each, but passed of course because I already have the 1/10th complete date set. So yes, $120 for a 1/10th AGE is WAY too high!!! >>
Please post the name and number of the coin shop and I'll call him and take them off his hands >>
You think i'd just turn over my "honeyhole" to you that easily?
i gues that saves a PM to you!
<< <i>
Tom, with much respect, lets look at facts. Since the mint is not striking 1/10ths at this time, all new dealer inventory has to come in either over the counter, or from another dealer. If buying from another dealer, you might have to pay that heavy premium you speak of. However, I can GUARANTEE you that if I called 5 major local shops tomorrow morning, telling them I had 25 AGE 1/10ths to sell, I promise you not a single one of those shops is paying above melt Tom. Do you think Archies is paying melt+ over the counter? What about Kedzie Coin? How about the shop formerly known as World Coin? Think Brian is gonna offer me melt+? What about High Grade Coin? Gordy wont touch them for above melt. Neither will Chicago Coin Company. So I just cannot see the justification of paying $120 per coin, or almost 30% premium! Like I said Tom, I could have bought about 15 of the 1/10th pandas at just $101.50 each yesterday, from a FAIR dealer. Sure, they arent AGE's, but the pandas have always enjoyed higher premiums than eagles anyway, and I suspect they still do even with this new "mint shortage". >>
Phil, I'm with you on this. It seems that for some reason, everyone wants to side with the dealers, but I think we all need to start thinking more in line with dealers and stop buying coins from them at such high premiums. I was chided recently for bidding just at bit over premium for a load of silver!--10k worth. Everyone chided me, but no one chided the dealer who was charging a high premium.
<< <i>
<< <i>
<< <i>I was in a B&M just today looking at quite a few gold pandas. The shop had maybe 10-15 of the 1/10ths. I could have bought them all at just $101.50 each, but passed of course because I already have the 1/10th complete date set. So yes, $120 for a 1/10th AGE is WAY too high!!! >>
Phil, Phil, Phil.........remember that "Law Of Supply And Demand" I keep talking about?
Because the Mint is not striking fractional gold eagles at this time, the supply is greatly curtailed.
Because the economy sucks, a lot of people are buying gold these days. That means that the demand is greatly increased.
One of the other dealers we occasionally do business with has a standing buy on BU 1/10th eagles at +20%. Right now that's $112 and change. Other dealers trying to fill specific orders are offering $115 to fill them. If I had to buy some myself for a customer, I could run a buy at $116 and maybe get some, or pay $118-119 and get them for sure.
So, AT THIS TIME, how is $120 way too high for a retail price on a 1/10th gold eagle?
I certainly agree that if somebody wants to buy gold at this time they would be better off buying one ounce bars at a much lower rate per ounce, or even larger bars at a still lower rate per ounce, but if the customer for his own reasons wants his gold in the form of 1/10th ounce eagles, how is $120 way too high?
TD
(BTW, since the first of the year we have sold approx. 50 of the one kilo bars) >>
Tom, with much respect, lets look at facts. Since the mint is not striking 1/10ths at this time, all new dealer inventory has to come in either over the counter, or from another dealer. If buying from another dealer, you might have to pay that heavy premium you speak of. However, I can GUARANTEE you that if I called 5 major local shops tomorrow morning, telling them I had 25 AGE 1/10ths to sell, I promise you not a single one of those shops is paying above melt Tom. Do you think Archies is paying melt+ over the counter? What about Kedzie Coin? How about the shop formerly known as World Coin? Think Brian is gonna offer me melt+? What about High Grade Coin? Gordy wont touch them for above melt. Neither will Chicago Coin Company. So I just cannot see the justification of paying $120 per coin, or almost 30% premium! Like I said Tom, I could have bought about 15 of the 1/10th pandas at just $101.50 each yesterday, from a FAIR dealer. Sure, they arent AGE's, but the pandas have always enjoyed higher premiums than eagles anyway, and I suspect they still do even with this new "mint shortage". >>
Phil.....I agree that buying them at $120 is a terrible buy. That is a ridiculous premium to pay for gold.
What I am saying is that that is the going rate right now. Don't blame the dealer for selling things at the going rate. Blame the people who pay it and make that the going rate.
As for what dealers buy them back at, tell me for certain that if I buy some in over the counter Monday at a fair discount back of the hypothetical $120 retail price, that the Mint will not resume sales on Tuesday.
TD
Regards,
HH
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
TD
<< <i>I think that on top of the now limited supply, it could be the economy that is causing the demand for the little buggers. J6P has watched his 401K go to sh*t. He watches the news every day about the trillion $$$ bailouts & the Gov. printing money like water. He knows that something is BAD wrong with this economy and this Government. He realizes that PMs may be his only savior but can't to scrape enough to buy Au in ozs, so he buys fractionals. JMO . . . Does this make sense?
Regards,
HH >>
Sure it does. I recall reading an MSN Money article a few months back about what the average family has in their savings account. Here is a number that will STARTLE you! According to that article, 33% of all U.S. families have less than $500 in their bank accounts! With numbers like that, it doesnt surprise me that J6P cant buy Au in anything bigger than 1/10th increments.
Speaking of gold, here are my newps from this past Saturday. 4 quarters and a halfer. If all I cared about was bullion, it would be strictly 1 ouncers into my till. Unfortunately, I got all caught up in doing a complete date/denomination set of these lil buggers! Still only paid melt + 10% on 4 of the 5 coins. I offered the dealer fair value on the 1983 quarter though, $300. He is always fair with me, so I refuse to cherrypick him.
Kind of tough for a COLLECTOR to become strictly a bullion investor, especially when there is bullion like those little Pandas out there!
Regards,
John
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
<< <i>
<< <i>
<< <i>I was in a B&M just today looking at quite a few gold pandas. The shop had maybe 10-15 of the 1/10ths. I could have bought them all at just $101.50 each, but passed of course because I already have the 1/10th complete date set. So yes, $120 for a 1/10th AGE is WAY too high!!! >>
Phil, Phil, Phil.........remember that "Law Of Supply And Demand" I keep talking about?
Because the Mint is not striking fractional gold eagles at this time, the supply is greatly curtailed.
Because the economy sucks, a lot of people are buying gold these days. That means that the demand is greatly increased.
One of the other dealers we occasionally do business with has a standing buy on BU 1/10th eagles at +20%. Right now that's $112 and change. Other dealers trying to fill specific orders are offering $115 to fill them. If I had to buy some myself for a customer, I could run a buy at $116 and maybe get some, or pay $118-119 and get them for sure.
So, AT THIS TIME, how is $120 way too high for a retail price on a 1/10th gold eagle?
I certainly agree that if somebody wants to buy gold at this time they would be better off buying one ounce bars at a much lower rate per ounce, or even larger bars at a still lower rate per ounce, but if the customer for his own reasons wants his gold in the form of 1/10th ounce eagles, how is $120 way too high?
TD
(BTW, since the first of the year we have sold approx. 50 of the one kilo bars) >>
Tom, with much respect, lets look at facts. Since the mint is not striking 1/10ths at this time, all new dealer inventory has to come in either over the counter, or from another dealer. If buying from another dealer, you might have to pay that heavy premium you speak of. However, I can GUARANTEE you that if I called 5 major local shops tomorrow morning, telling them I had 25 AGE 1/10ths to sell, I promise you not a single one of those shops is paying above melt Tom. Do you think Archies is paying melt+ over the counter? What about Kedzie Coin? How about the shop formerly known as World Coin? Think Brian is gonna offer me melt+? What about High Grade Coin? Gordy wont touch them for above melt. Neither will Chicago Coin Company. So I just cannot see the justification of paying $120 per coin, or almost 30% premium! Like I said Tom, I could have bought about 15 of the 1/10th pandas at just $101.50 each yesterday, from a FAIR dealer. Sure, they arent AGE's, but the pandas have always enjoyed higher premiums than eagles anyway, and I suspect they still do even with this new "mint shortage". >>
So do you sell your silver at melt?
<< <i>
<< <i>
<< <i>
<< <i>I was in a B&M just today looking at quite a few gold pandas. The shop had maybe 10-15 of the 1/10ths. I could have bought them all at just $101.50 each, but passed of course because I already have the 1/10th complete date set. So yes, $120 for a 1/10th AGE is WAY too high!!! >>
Phil, Phil, Phil.........remember that "Law Of Supply And Demand" I keep talking about?
Because the Mint is not striking fractional gold eagles at this time, the supply is greatly curtailed.
Because the economy sucks, a lot of people are buying gold these days. That means that the demand is greatly increased.
One of the other dealers we occasionally do business with has a standing buy on BU 1/10th eagles at +20%. Right now that's $112 and change. Other dealers trying to fill specific orders are offering $115 to fill them. If I had to buy some myself for a customer, I could run a buy at $116 and maybe get some, or pay $118-119 and get them for sure.
So, AT THIS TIME, how is $120 way too high for a retail price on a 1/10th gold eagle?
I certainly agree that if somebody wants to buy gold at this time they would be better off buying one ounce bars at a much lower rate per ounce, or even larger bars at a still lower rate per ounce, but if the customer for his own reasons wants his gold in the form of 1/10th ounce eagles, how is $120 way too high?
TD
(BTW, since the first of the year we have sold approx. 50 of the one kilo bars) >>
Tom, with much respect, lets look at facts. Since the mint is not striking 1/10ths at this time, all new dealer inventory has to come in either over the counter, or from another dealer. If buying from another dealer, you might have to pay that heavy premium you speak of. However, I can GUARANTEE you that if I called 5 major local shops tomorrow morning, telling them I had 25 AGE 1/10ths to sell, I promise you not a single one of those shops is paying above melt Tom. Do you think Archies is paying melt+ over the counter? What about Kedzie Coin? How about the shop formerly known as World Coin? Think Brian is gonna offer me melt+? What about High Grade Coin? Gordy wont touch them for above melt. Neither will Chicago Coin Company. So I just cannot see the justification of paying $120 per coin, or almost 30% premium! Like I said Tom, I could have bought about 15 of the 1/10th pandas at just $101.50 each yesterday, from a FAIR dealer. Sure, they arent AGE's, but the pandas have always enjoyed higher premiums than eagles anyway, and I suspect they still do even with this new "mint shortage". >>
So do you sell your silver at melt? >>
I assume your snide remark is in reference to my HAND CRAFTED silver "art bars". I seriously have reservations about name calling, but it seems no matter how often we go over this, you are apparently just too thick to be able to comprehend.
Last time......"brokering" an item as opposed to "manufacturing" an item are 2 completely different entities. When a coin dealer buys something such as a 1/10th oz AGE for melt, and then sells it to the next guy who walks through the door for melt +30%, he simply brokered that deal. Anybody on this forum could do that on some level or another. On the other hand, manufacturing an item from scratch takes not only "brokering" skills ( I have to procure the raw materials, and decide what profit margin I need to work off of), but also is VERY labor intensive! There is no real labor to speak of to buy an item and then sell it, UNCHANGED, to someone else. That simply takes savvy. To produce a silver art bar from raw silver grain takes REAL LABOR, AND savvy to then sell such an item for even a modest profit. Its just amazing to me that you see no difference between these two very distinct activities. Actually blows my mind to be honest.