Home› Precious Metals

Modern Proof Gold $1800 an oz?

tydyetydye Posts: 3,894 ✭✭✭
in Precious Metals
Why such a premium? I was quoted this today on a 87 and 89 4 coin sets. Price kind of baffled me. Seems kind of steep for general coin collectors (key date territory) and way too high of a premium for stackers. Quote was from one of my regular dealers who is always fair to me. I thought the proof gold was cool but find it hard to believe I would get such a premium back when time came to sell.

Just whining because I would of liked some proof gold but was too cheap to pony up. Anyway left with a bag of 999 silver at 25 cents over instead


Comments

  • WeissWeiss Posts: 9,941 ✭✭✭✭✭
    I think it has something to do with metals in IRAs. Like only proofs in original government packaging is allowed? Not positive, though. I think there are threads in the US coin forum about it.
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    It's all about supply and demand....and in particular dealer promotions and IRA's. Major dealers were buying proof 1 oz. AGE's (with boxes/papers) for $1800-$1900 just a week or two ago. They had been as high as $2100-$2200 when gold hit $1225 back in December. If I am going to pay that kind of premium per oz. I think I'd rather own a MS63 $20 Lib or a MS64+ Saint.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • 7over87over8 Posts: 4,733 ✭✭✭
    and the funny thing is - dealers were placing those 1oz proof AGE's with gov't papers and box into Precious Metals IRA's at $3,000 an oz....

    thats right - $3,000 and oz - after they paid a customer $2,100 for the same coin....

    very profitable for some.
  • TexasNationalsTexasNationals Posts: 3,837 ✭
    Yep, peoples IRA's
Sign In or Register to comment.