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Would you buy a 1oz gold buffalo today at spot?

DNADaveDNADave Posts: 7,277 ✭✭✭✭✭
in Precious Metals
A coworker needs some cash and asked if I'd be interested in a gold buffalo at spot. The only concern I have is that is hasn't been kept in any kind of holder. I didn't think to ask when I committed.

Should be OK for a bullion purchase....right?

Comments

  • adamlaneusadamlaneus Posts: 6,969 ✭✭✭
    An ounce of pure gold is an ounce of pure gold. It might not be in a holder, but is it loose?

    It's hard to imagine what one could do to a Buffalo to reduce it's value beyond that. But I suppose it could happen.

    You could probably pocket piece these things and still get a premium.
  • PerryHallPerryHall Posts: 46,238 ✭✭✭✭✭
    Unless it has been abused, I'd buy it. Look at it before you buy it. The problem with 9999 fine gold is that it's extremely soft compared to alloyed gold so it may be all scuffed up.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
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  • goingbrokegoingbroke Posts: 1,410
    Thats right! no one likes scuffed gold! we just toss it in the trash can! LOL
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  • PerryHallPerryHall Posts: 46,238 ✭✭✭✭✭


    << <i>Thats right! no one likes scuffed gold! we just toss it in the trash can! LOL >>



    No. Toss it in the melt bucket if it's damaged since it is now only scrap.

    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

  • LongshotLongshot Posts: 353
    Does it have the word "COPY" on the back?
  • KonaheadKonahead Posts: 1,476 ✭✭✭
    BUY!
    PEACE! This is the first day of the rest of your life.

    Fred, Las Vegas, NV
  • coynclectercoynclecter Posts: 2,111
    If you have the money and you want the gold, you cant get any better on the price
  • Norseman88Norseman88 Posts: 962
    If it's a legit damage free Gold Buffalo and you can get it for spot then I would buy it.
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    its a good deal because gold buffalos sell for more than spot. Just look at the coin and make sure its all good with no dents, gouges, etc
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  • Norseman88Norseman88 Posts: 962
    I was just at the local B&M and thye told me that Buffalo's are selling for $175 over spot so unless you expect Gold to plummet I would buy it and try flip it for a quick profit.
  • WegWeg Posts: 544
    With the belief the spot price will go much higher I'd buy it as fast as I could hand over the cash. If it's bought to flip and that's how you want to make money then the premium when selling is important. Otherwise gold is gold, it does not change to lead when held; if spot goes up any form or shape goes up.
    Remember, I'm pullen for ya; we're all in this together.---Red Green---
  • Steve27Steve27 Posts: 13,274 ✭✭✭
    With gold at this high level, I would offer him less than spot. Somewhere in the $950 range would probably be reasonable and better than he could get selling to a dealer.

    image
    "It's far easier to fight for principles, than to live up to them." Adlai Stevenson
  • DNADaveDNADave Posts: 7,277 ✭✭✭✭✭
    Well, he will sell to me for $1000.00 so I'm going to buy it in the morning. I did ask and it's in its orginal plastic. Now I'm really expecting gold to drop to around $600 very quickly.

    This is the first ounce I've bought since I bought 2 gold eagles for $400 each. I sold them at $440 like a big dummy.
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