Say you were going to purchase 100 ounces of Gold this coming Monday
braddick
Posts: 24,116 ✭✭✭✭✭
Where would you go to lock in the best price?
Would you buy Eagles and if so, would you break down a percentage of your purchase into fractionals?
What would be your strategy and assume the buy is a cash purchase (of course).
Would you buy Eagles and if so, would you break down a percentage of your purchase into fractionals?
What would be your strategy and assume the buy is a cash purchase (of course).
peacockcoins
0
Comments
for me personally, I guess I'm buying 100 ounces of boring gold on Monday because I have 100 large lying around that I'm looking for a place to park, AND I've paid off my mortgages, AND my retirement and the kids college accounts are fully funded, AND I have everything else I and my family need and want.
AND I'm buying 100 oz of just bullion because I already have all the rare coins I'll ever want to buy, surpassing the mighty Eliasberg.
SOOOOOO, in this dream world, I'd buy a nice mixture of American, Canadian, and Australian bullion, mostly ounces but also maybe 10% fractionals, and I'd give them all away as tips on my 'round the world cruise that I'm leaving on Tuesday.
Ahh, nice fantasy, thanks.
On second thought, I'd buy a single 100 oz bar and use it as a doorstop.
OK, serious answer: www.apmex.com
Liberty: Parent of Science & Industry
It is/was assuming all the conditions you placed on your answer is correct (well, all but the rare coins part!).
120K at 1.2% interest with inflation right around the corner? No thanks. The CD matured on Friday.
Monday is gold shopping!
peacockcoins
APMEX likes you to register. I just did so.
peacockcoins
<< <i>Say you were going to purchase 100 ounces of Gold this coming Monday.. >>
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Sounds like a great way to make a cool $40K in the next 12-18 months!
I like APMEX.
Call Tulving, Gainesville, Apmex. And show some love for the home team--at least call CaptHenway to get a price!
--Severian the Lame
A)1 oz eagles
B)1 oz buffalos
C)1 oz Maples
D)1 oz K-rands
E)1 oz Pamp bars
Ideally
no fractionals
coins slabbed pcgs or ngc 69 or 70 (take or leave first strike nonsense)
bars in assay cards
If by 10:00 am on Monday silver is anywhere around $16, I'd probably put $15k in silver. Below $16 I'd go as high as $25k. That would be Eagles, then maples, then 10 oz first tier bars, then 100 oz.
--Severian the Lame
That price is around 42 dollars an ounce. At that price, you can
afford the 22 pound brick.
Camelot
Best thing to do is ask a dealer whe is is long in that day. For example, right now I am long in Mexican 20 Pesos, South African 1/4 Krugerrands and fractional Maple Leafs. Ask me about that kind of stuff and I'll deal. Ask me about what is hot and in short supply, like Eagles, and I can't.
TD
P.S.: By the way, earlier this week we happened to have four 100 oz. (+/-) RCM gold bars in on consignment when a guy came in and told me he wanted to spend about $500,000. Both he and the consignor ended up happy. We ended up happy. Just tell your dealer how much you want to spend and ask what deals he has.
Don't feel you have to dump it all in one shot or even a couple of shots to get the smallest commission. I'd consider some staggered buys based on how the gold market is correcting. Gold could drop to $1000 in 2 weeks so you don't want to blow your bank roll at $1100 thinking that "was" the deal. 5 to 10% shots every couple of days might be one way. When there appears to be too much gold "blood" in the streets you'll have a better feeling when to increase those purchases. But if the right deal came along I could see going all in on a large purchase.
roadrunner
I like the idea of modern ounces and half ounces but also like to mix it up with problem free AU/MS Liberties.
Going at it over a course of a couple of weeks is sound logic I hadn't considered.
I do love this correction we've had over the last few days and call it as a window of opportunity unless premiums shoot up to absorb that spread.
peacockcoins
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>Excellent advise.
I like the idea of modern ounces and half ounces but also like to mix it up with problem free AU/MS Liberties.
Going at it over a course of a couple of weeks is sound logic I hadn't considered.
I do love this correction we've had over the last few days and call it as a window of opportunity unless premiums shoot up to absorb that spread. >>
Had somebody in the store yesterday who came in to sell gold but decided not to at these spot levels. Said they would wait until gold went back up to "x".
If enough people do this, supplies dry up. That causes retail premiums to go up. Simple Supply and Demand.
TD
too much premium for fractional gold and gold coins, such as Canadian maple leafs and others..
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>stick to the 1 to 5 ounce ingot bars.
too much premium for fractional gold and gold coins, such as Canadian maple leafs and others.. >>
But to be perfectly fair, some of that premium is returned upon selling. If I walk into the local bullion shop with a 1oz xmas round, and an ASE, do you think his buy price on both are identical? If they ARE, you simply know to cross another shop off your list.
<< <i>Gosh, so much depends. Let me ask you, say you're going to buy a motor vehicle this weekend... would it be a car or something else.. what kind.. where would you buy it for the best price?
for me personally, I guess I'm buying 100 ounces of boring gold on Monday because I have 100 large lying around that I'm looking for a place to park, AND I've paid off my mortgages, AND my retirement and the kids college accounts are fully funded, AND I have everything else I and my family need and want.
AND I'm buying 100 oz of just bullion because I already have all the rare coins I'll ever want to buy, surpassing the mighty Eliasberg.
SOOOOOO, in this dream world, I'd buy a nice mixture of American, Canadian, and Australian bullion, mostly ounces but also maybe 10% fractionals, and I'd give them all away as tips on my 'round the world cruise that I'm leaving on Tuesday.
Ahh, nice fantasy, thanks.
On second thought, I'd buy a single 100 oz bar and use it as a doorstop.
OK, serious answer: www.apmex.com >>
Good answer Baley!!!
roadrunner
roadrunner
<< <i>can I help you carry them to the Bank Box? >>
What?
Keeping them in a shoe box in the garage...
No good?
peacockcoins
<< <i>
<< <i>can I help you carry them to the Bank Box? >>
What?
Keeping them in a shoe box in the garage...
No good? >>
NO!
QUITE ALRIGHT.....What's that 4 digit Number again for the opener..6969 ?..I'l have my secretary stop over to give them a once over, while you are at work. Don't worry, she has insurance!
–John Adams, 1826
<< <i>Did ya'll feel the Braddick bounce today?
Who will step up tomorrow and buy 100 ounces of gold?
What I did do was purchase 25 double eagles- a mix of Liberties and St. Gaudens in strong XF to high AU- each problem free.
I also purchased two PCGS slabbed MS62 ten dollar Libs and two NGC MS62 double eagle Libs. Each coin was sight-seen and free of harsh abrasions or issues.
I still have plenty left over to shop as the deals see fit.
I will get up to that 100 ounces but I need to remember Rome wasn't built in a day.
peacockcoins
<< <i>I ended up not spending the full 120K although I was prepared too. Sage advice during a PM exchange with a member here convinced me to go at it with a slightly different strategy.
What I did do was purchase 25 double eagles- a mix of Liberties and St. Gaudens in strong XF to high AU- each problem free.
I also purchased two PCGS slabbed MS62 ten dollar Libs and two NGC MS62 double eagle Libs. Each coin was sight-seen and free of harsh abrasions or issues.
I still have plenty left over to shop as the deals see fit.
I will get up to that 100 ounces but I need to remember Rome wasn't built in a day. >>
Excellent choices! I believe firmly, that every PM stack should have some old classic U.S. gold in their portfolio. Also like your idea of not spending your full amount and leaving some dough to pick off some other possible future deals.
–John Adams, 1826
<< <i>Aren't St Gaudens traded as Bullion? Or does the condition of such gold coins determine their worth? >>
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Below MS, Saints are priced close to bullion, plus 10-20%. In MS it's a different game. Generic Saints in 65 and 66 command large premiums.
60-62 Saints are not hard to find at low premiums of 20-30% over spot with 63-64 falling in the middle.
Check some auction results on generic MS66 Saints - they're currently around triple melt!
BSTs with: Coll3ctor, gsa1fan, mkman123, ajbauman, tydye, piecesofme, pursuitofliberty
Travelog - 20in20travels.com
I think the Saints/Libs are a decent purchase but I would advise you to diversify some more. You should consider buying some gold that's sold closer to spot, e.g., modern U.S. commemorative gold, 1 ounce PAMP bars, or even Krugerrands. Something you can buy within $50 of spot per ounce. That'll give you more exposure to the movement in gold prices. Check out APMEX to get a sense of market prices.
If TSHTF, you will only get bullion prices for your gold, so any older antique coins will still bring only the same as say, a gold ring (per weight, that is).
In that same SHTF scenario then you will only get melt value for your coin collection regardless of what's in it, lumber and copper value for your home, scrap metal price for your car, etc. I don't think such a scenario is very realistic. There hasn't been such a SHTF scenario in our country since it was founded. Hopefully there will never be one.
roadrunner
<< <i>APMEX is selling generic date XF Liberties at $1381 and XF Saints at $1421. I assume you probably paid something in that ballpark. If so, that's about $250 to $300 over spot. There are cheaper ways to buy gold. Generally these coins have limited numismatic value. Their price historically is linked very closely to the spot price of gold. Right now the premium seems to be higher than it's been historically. If gold goes to $2500 will you get that premium back? Hard to tell.
I think the Saints/Libs are a decent purchase but I would advise you to diversify some more. You should consider buying some gold that's sold closer to spot, e.g., modern U.S. commemorative gold, 1 ounce PAMP bars, or even Krugerrands. Something you can buy within $50 of spot per ounce. That'll give you more exposure to the movement in gold prices. Check out APMEX to get a sense of market prices. >>
I like to figure them as $300 to $340 over melt, just to keep things in prespective.
BTW, the official bullion distributors have eagles again for a few days, so if you want to buy eagles now is the time.
TD
<< <i>
BTW, the official bullion distributors have eagles again for a few days, so if you want to buy eagles now is the time.
TD >>
Can I assume at about $80 over spot? MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
I paid spot ($1,115. at the time) plus a $150. premium per coin.
The seller was offered spot plus $30. by those rent-a-hall-fly-by-night sellers so when he quoted his price of spot plus $150. I jumped on it (sight seen).
A separate deal worked out to be about $1,510. per PCGS/NGC generic double eagles in MS62.
peacockcoins
<< <i>(raw circs)...I paid spot ($1,115 at the time) plus a $150 premium per coin. >>
That's an excellent price. At this time you can't do much better than that.
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<< <i>...about $1,510 per PCGS/NGC generic double eagles in MS62... >>
If those are Libs are got a rip. If they're Saints it's still a decent price.
<< <i>The 25 I purchased, privately, are in XF/AU slider condition- no problems/staining/big hits/cleaned. Just nice, ever so slightly circulated or with a bit of rub coins. I paid spot ($1,115. at the time) plus a $150. premium per coin.
The seller was offered spot plus $30. by those rent-a-hall-fly-by-night sellers so when he quoted his price of spot plus $150. I jumped on it (sight seen). A separate deal worked out to be about $1,510. per PCGS/NGC generic double eagles in MS62. >>
In that case, I think you did great.
<< <i>
<< <i>
BTW, the official bullion distributors have eagles again for a few days, so if you want to buy eagles now is the time.
TD >>
Can I assume at about $80 over spot? MJ >>
We cut our premium to +$75, and can dicker on quantity buys again.
TD
<< <i>APMEX is selling generic date XF Liberties at $1381 and XF Saints at $1421. I assume you probably paid something in that ballpark. If so, that's about $250 to $300 over spot. There are cheaper ways to buy gold. Generally these coins have limited numismatic value. Their price historically is linked very closely to the spot price of gold. Right now the premium seems to be higher than it's been historically. If gold goes to $2500 will you get that premium back? Hard to tell.
I think the Saints/Libs are a decent purchase but I would advise you to diversify some more. You should consider buying some gold that's sold closer to spot, e.g., modern U.S. commemorative gold, 1 ounce PAMP bars, or even Krugerrands. Something you can buy within $50 of spot per ounce. That'll give you more exposure to the movement in gold prices. Check out APMEX to get a sense of market prices. >>
Good post.