US Coin forum has issues with $1,200 gold.
renman95
Posts: 7,037 ✭✭✭✭✭
Such as "This belongs on the precious metals forum."
"Yep - take it to the PM forum where it belongs!!!!!!!!!"
And "Have you ever visited the PM forum? I find it a strange place that I visit as little as possible."
But I do like, "It about time my classic coins just keep going up up up...." ttown
issues
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Comments
--Severian the Lame
There's hope yet that I won't have to buried with my classic $5's.
One thing I have noted over the past 1-3 months is the increasing number of BST threads looking to trade out of classic US coins for barbaric gold and silver. That would have been unheard of last year. I'm seeing desireable material like draped bust coinage and key dates being offered up. Times are changing. Without the interest in gold and silver the price of standard US coins would be even lower.
roadrunner
Who has $100k to spend on a rare Saint Gaudens? Sure, there are a few folks out there but I suspect that person would rather have 80 gold eagles or 50 MS64 1924's......That is what seems to be the statement we are seeing....
$20 Saint Gaudens Registry Set
RR,
I have been seeing the exact same thing, both on the forum as you have mentioned, as well as locally at shows and even over my counters. People arent even looking at collector coins, its all bullion or bust in the store!!!!!
and PM Forum topics.
1. People use both PMs as well as rare coins as
insurance against the falling value of the USD.
2. Profits from PMs are often placed in the purchase
of rare coins.Dealers will be doing it soon.
3. Many rare coins are made out of Silver and gold. At
some point in the near future, the increase in PM prices
will be reflected, not only in generic gold,but in gold coins
considered highly valuable to start with.
4. Members of all Forums must resist the urge to feel superior
to members of other Forums. It is possible that a coin collector
also has a strong interest in PMs in addition to the collecting of
rare coins.
5.A little mutual respect and courtesy among collectors goes
a long way.
Camelot
<< <i>US Coin forum has issues with $1,200 gold. >>
If so, "let them eat cake."
I don't subscribe to the idea that buying pms siphons off a significant revenue stream from classic coins. The two markets certainly exist without each other, and it's only natural that there will be some crossover in either direction. Surely, a rising precious metals market does have some impact on precious metals buying for lots of people.
I haven't ever sold a Gold or Platinum Eagle in order to purchase a Large Cent (which I do collect). I have sold them in order to buy more Gold and Platinum Eagles, but never to buy a Large Cent. Similarly, I've sold a Large Cent in order to buy a different Large Cent, but never to buy a Gold or Platinum Eagle. I view Large Cents as discretionary spending, whereas I view Gold and Platinum Eagles as investments with a numismatic flavor.
I might forego buying some Proof Platinum Eagles this year because of the crappy design and the politically correct motivations for that design, and I might decide to buy a snow blower. Does that mean that snow blowers are siphoning money from the Platinum Eagle market? No, it means that two unrelated decisions are being made, even though the money itself could go in either direction.
I knew it would happen.
I might be the exception as I've gone from bullion to coins! Not expensive coins, just cheap coins that me and the kids like. Still have the bullion mentality so thats why I get cheap coins
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
TD
Another thorn in their side are a few converts from classic to modern/bullion.
Soon there will be a motion to split up the US Forum into a classic and modern boards.
Don't forget the Gold Buffs and Gold Spouse Liberties! Both are Moderns with Classic knockoff designs!
Hey Ren, those Gold Buffs are still climbing a bit. Quite amazing, really.
I knew it would happen.
<< <i>I think that ASE's, AGE's, and APE's are a perfect combination of classic, modern, and bullion and I think that bothers the heck out of the "other" forum.
Don't forget the Gold Buffs and Gold Spouse Liberties! Both are Moderns with Classic knockoff designs!
Hey Ren, those Gold Buffs are still climbing a bit. Quite amazing, really. >>
I think I am going to keep mine a while longer.