What's with the run-up in value of Proof AGEs and ASEs?
Connecticoin
Posts: 13,073 ✭✭✭✭✭
Especially the AGEs!!
For years, you could only sell those coins for melt. I had a 1986 Proof $50 AGE which I sold for $950, figuring the run-up in spot gold was a good time to sell. Now they are going for $1,550!
Is there some kind of mega-promotion going on with these? If so, who are the promoters?
For years, you could only sell those coins for melt. I had a 1986 Proof $50 AGE which I sold for $950, figuring the run-up in spot gold was a good time to sell. Now they are going for $1,550!
Is there some kind of mega-promotion going on with these? If so, who are the promoters? 0
Comments
<< <i>Was that sale a graded PR70? Cheers, RickO >>
No! $1,550 is Greysheet Bid for Proof $50 AGEs raw, in mint packaging.
<< <i>Probably the same as for slabbed generic classic gold, the telemarketers with the radio ads and print ads are driving the bus. They have long lists of know-nothing customers that will often pay double or triple the sheet prices for that material. There are orders to fill, and commissions to make. I feel bad for all those bag holder investors, but what is, is. >>
as said in a UHR thread... anything with perceived desirability can be hyped... when the pump-and-dumpers are done with a market, the results are always ugly for the entire market.
The price of gold is set by faith, or lack of, in the currency it is priced in.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Some of the larger coin firms are paying $1525-$1550 and $43+ with boxes/paper. Don't give yours away for LESS.
roadrunner
<< <i>These are much higher now than when gold last hit $1000 in February. It's more than just the gold price. Demand in IRA's is part of it. No doubt some telemarketer is out there competing as well. Let's face it. Collectible gold coins don't exist in unlimited quantities as fiat currency does.
Some of the larger coin firms are paying $1525-$1550 and $43+ with boxes/paper. Don't give yours away for LESS.
roadrunner >>
Unfortunatly, I don't have any more (I only had a $50 and $20), but it looks like Ricko has an opporunity to "cash in".
<< <i>Supply and demand based with the simple fact that gold and silver prices have risen. If and when gold and silver drop drastically, the price of these coins should also drop. >>
Negative. The ASEs were trading at premiums of no more than 10% over melt (and in reality could only sell for melt) in the past, now the premiums are in excess of 50%!
<< <i>Probably the same as for slabbed generic classic gold, the telemarketers with the radio ads and print ads are driving the bus. They have long lists of know-nothing customers that will often pay double or triple the sheet prices for that material. There are orders to fill, and commissions to make. I feel bad for all those bag holder investors, but what is, is. >>
Lets not forget whats his name in the news for buying 500 or more UHR s.As he stated he had designs to cause an uptick in the price and dump them on the market.Who will be hurt?? only the uninformed who pay premium prices for these once they are no longer available from the mint and oh yes the informed who bought one or more thinking it wad a good investment.
link
Who would take a chance on those?
prior sale link
<< <i>This is not in my realm but I was told that the only ones worth that kind of money were the ones in mint packaging as they are the only ones allowed in ira's. Whether or not that's a load of crap, I don't know. I have a couple of pcgs boxes full of graded ones that came in on trade a few years ago when they were available for a whole lot less. I think they're pretty so I haven't offered them for sale. >>
I heard this too; if you want to have these coins in your IRA, they have to be raw and have pristine boxes and COAs (go figure).
This information seems to contradict the perception that it's just US proof coins which are eligible (I found this on more than one site):
"The law governing acceptable precious metals investments for IRAs mentions specifically only two gold and silver coins: American Gold Eagles and Silver Eagles. However, other forms of gold bullion and silver bullion became approved precious metals investments in 1997. The change was especially beneficial to IRA investors thinking of buying silver for their IRAs.
One-thousand ounce and 100-oz .999 fine silver bars carry much smaller premiums over spot than do Silver Eagles. The 1997 change means that precious metals IRA investors now can get much more silver for their IRA investments.
Another significant change was the inclusion of American Platinum Eagles, the most popular platinum bullion coins in the US. This change offers IRA investors the opportunity to diversify their investments.
As noted, Gold Eagles are the only gold coins specifically approved for precious metals IRAs. Other gold coins, to be eligible as IRA investments, must be at least .995 fine (99.5% pure) and be legal tender coins. This provision makes Canadian Gold Maple Leaf coins, Australian Kangaroo Nuggets and Austrian Philharmonics acceptable precious metals IRA investments. Conversely, many gold coins, such as Krugerrands (91.67% pure) and old Double Eagle gold coins (90% pure), are not legal investments for precious metals IRAs.
Silver Eagles are the only silver coins specifically approved for IRAs. For other forms of silver to be eligible for precious metals IRAs, they must be at least .999 fine. This requirement makes the Royal Canadian Mint's Silver Maple Leafs also eligible. (These Canadian silver coins are .9999 fine.) However, both American Silver Eagles and Silver Maple Leafs carry high premiums that could shrink in a rising market. For precious metals IRA investors who prefer silver, CMIGS recommends bullion bars. Pre-1965 US junk silver coins are not eligible for IRAs."
<< <i>Other gold coins, to be eligible as IRA investments, must be at least .995 fine (99.5% pure) and be legal tender coins. >>
Was this provision added to make the 9999 gold buffalos IRA eligible?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>Other gold coins, to be eligible as IRA investments, must be at least .995 fine (99.5% pure) and be legal tender coins. >>
Was this provision added to make the 9999 gold buffalos IRA eligible? >>
Proof AGEs are 22 Karat (.917 fine), so they would not be eligible then, correct?
<< <i>
<< <i>
<< <i>Other gold coins, to be eligible as IRA investments, must be at least .995 fine (99.5% pure) and be legal tender coins. >>
Was this provision added to make the 9999 gold buffalos IRA eligible? >>
Proof AGEs are 22 Karat (.917 fine), so they would not be eligible then, correct? >>
No. AGE's were specifically allowed in IRA's by the initial legislation.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>
<< <i>
<< <i>Other gold coins, to be eligible as IRA investments, must be at least .995 fine (99.5% pure) and be legal tender coins. >>
Was this provision added to make the 9999 gold buffalos IRA eligible? >>
Proof AGEs are 22 Karat (.917 fine), so they would not be eligible then, correct? >>
No. AGE's were specifically allowed in IRA's by the initial legislation. >>
Ah, got it -- OTHER gold coins (in ADDITION to AGEs) need to be .995+
Precious metals IRA
Excerpt:
"The law governing acceptable precious metals investments for IRAs mentions specifically only two gold and silver coins: American Gold Eagles and Silver Eagles. However, other forms of gold bullion and silver bullion became approved precious metals investments in 1997. The change was especially beneficial to IRA investors thinking of buying silver for their IRAs.
One-thousand ounce and 100-oz .999 fine silver bars carry much smaller premiums over spot than do Silver Eagles. The 1997 change means that precious metals IRA investors now can get much more silver for their IRA investments.
Another significant change was the inclusion of American Platinum Eagles, the most popular platinum bullion coins in the US. This change offers IRA investors the opportunity to diversify their investments.
As noted, Gold Eagles are the only gold coins specifically approved for precious metals IRAs. Other gold coins, to be eligible as IRA investments, must be at least .995 fine (99.5% pure) and be legal tender coins. This provision makes Canadian Gold Maple Leaf coins, Australian Kangaroo Nuggets and Austrian Philharmonics acceptable precious metals IRA investments. Conversely, many gold coins, such as Krugerrands (91.67% pure) and old Double Eagle gold coins (90% pure), are not legal investments for precious metals IRAs.
Silver Eagles are the only silver coins specifically approved for IRAs. For other forms of silver to be eligible for precious metals IRAs, they must be at least .999 fine. This requirement makes the Royal Canadian Mint's Silver Maple Leafs also eligible. (These Canadian silver coins are .9999 fine.) However, both American Silver Eagles and Silver Maple Leafs carry high premiums that could shrink in a rising market. For precious metals IRA investors who prefer silver, CMIGS recommends bullion bars. Pre-1965 US junk silver coins are not eligible for IRAs."
The price of gold is set by faith, or lack of, in the currency it is priced in.