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I need your help with GOLD values

piecesofmepiecesofme Posts: 6,669 ✭✭✭
in Precious Metals
Anyone who has done a BS&T transaction with me knows that I am mainly a Silver guy, but I am asking for some help with Gold prices. I’ve got a guy that wants to sell ALOT of Gold to me but I don’t know what to offer. The old timer is a friend of the family and knows that I dabble in the PM markets although I am just a small time guy, not a dealer. He’s inquired at a few of the local B&M’s and feels he’s getting low-balled the hell out of and wants to know what I would pay, so he knows what a fair price is and I want to offer him a fair price. He’s old, not ignorant.
Could you all please help me out with what you would pay for the below mentioned items? You could just C&P the part below and just fill in what you’d pay. And no, I’m not lazy and not afraid to do the diligence on it, just thought coming here and asking would be more indicative of what real prices are being that almost everyone here is very knowledgeable of what I am asking. Thank you!!!

Just one thing, please keep in mind that this is a very large Lot and I expect to get a discount for buying it all in one shot or else I’m not really interested in it.

This is all modern Gold I’m talking about, what would you pay per coin? I’ll do the math to get to each Lot size for what the guy actually has. I already told him that I am basing it all on $1300 oz. because that’s what Spot was at the time he brought this all to me.

1/10 oz. generic rounds:
1/10 oz. Gold Eagles:
¼ oz. generic rounds:
¼ oz. Gold eagles:
½ oz. generic rounds:
½ oz. Gold eagles:
1 oz. generic rounds:
1 oz. Gold eagles:
To forgive is to free a prisoner, and to discover that prisoner was you.

Comments

  • CaptHenwayCaptHenway Posts: 32,120 ✭✭✭✭✭
    Could you please give more information on the "generic rounds?" Who made them?
    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • jmski52jmski52 Posts: 22,825 ✭✭✭✭✭
    I'm not sure that I'd be offering to buy gold from a friend of the family, although you could certainly help him get pricing. Check CNI, Apmex and Tulving's websites for current coin prices. I'm not familiar with any gold rounds, so that's another matter entirely.

    You might be spending alot of time, and doing a favor is one thing but going out on a limb is quite another. You may dabble in something, but to him you might be a "big time" dealer and he may be expecting you to cut him a deal.

    As the Captn said in a different thread recently, don't expect to work for free or to take market risks for free either. I'd certainly clarify his expectations before going too far.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • goingbrokegoingbroke Posts: 1,410
    Gold is gold! just buy them all!
    Many successful BST transactions ajia
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  • cjmezzcjmezz Posts: 467
    my local dealer is paying spot for gold right now.....i think a fair offer would be spot for it all...i would add it all up at spot and then take a few bucks off that total for a "volume" buy..........just my thoughts
    "When someone tells you nothing is impossible, ask them to dribble a football"

    MANY positive BST Transactions
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Could you please give more information on the "generic rounds?" Who made them?
    The U.S govt., they are almost all Commens that the gold is worth more than numismatic value of the coin.


    Gold is gold! just buy them all!
    Even I know better than that image



    my local dealer is paying spot for gold right now.....i think a fair offer would be spot for it all...i would add it all up at spot and then take a few bucks off that total for a "volume" buy..........just my thoughts
    Probably what im going to do, but just thought i'd ask here first. thanks.

    As the Captn said in a different thread recently, don't expect to work for free or to take market risks for free either. I'd certainly clarify his expectations before going too far.
    Yes, thats already been established being that I told him everything is based off of $1300 Spot and that I would want a break for the quantity purchase. He has agreed to that.

    I welcome more input. Thanks
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    From afriend or anyone really these would be my buy prices @ $1300. MJ


    1/10 oz. Gold Eagles: $135

    ¼ oz. Gold eagles:$330

    ½ oz. Gold eagles: $660

    1 oz. Gold eagles: $1320
    Walker Proof Digital Album
    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......
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    I've not heard of a 1 oz gold "generic round" and or commemorative? Please define your Au better.

    Gold is gold add total weight pay spot at time of purchase.
    Avid collector of GSA's.
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    I've not heard of a 1 oz gold "generic round" and or commemorative? Please define your Au better
    LOL..I told you I dont know much about Au. They are not Gold eagles. They are "hallmarked' 1 oz. .999 fine gold. Honestly I havent had a chance to look at it much as it still at his house. It was so much, I just kind of stared at it for awhile and said..."man, thats a hell of alot of gold." I'll try to find out more, im just going off of what the old timer is telling me. He's not trying to pull anything on me, we've known the man for 20+ years. He's just an old timer that wants to cash out at this point being nearly 80 years old and no one other than his wife to leave it to.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • CoulportCoulport Posts: 1,087 ✭✭✭


    << <i>I've not heard of a 1 oz gold "generic round" and or commemorative? Please define your Au better.

    Gold is gold add total weight pay spot at time of purchase. >>



    JM made 'generic' gold rounds for the Cortez mine for employee awards. I've seen those in the 1/4 and 1/2 ounce range.
    They also made some really cool 10 ounce silver rounds. (If I could figure out how to post a picture of one, I would)
    The most money I made are on coins I haven't sold.

    Got quoins?
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    image
    Avid collector of GSA's.
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    I've got about 200 oz. of this covered but does anyone want to give me a loan so I can buy other 138 oz of Au this old timer has? Anyone LOL?

    I know this sounds crazy, i've invested my life savings in this but i'm going to do a cash-out re-fi on the house to buy the rest, with what I get out of the house. I already have a buyer for most of it. This is the biggest score of my life!!! Go Au GO!!! I guess the old saying is true, you've got to spend a little to make a little...but there aint nothing little about this deal for this small timer who struck gold (pun intended).
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    Hold up, this is a 350oz gold deal???!!! Daaaaaaaaammmmmmmnnnnnnnn

    to add:

    Daaaaaaammmmmmmmnnnnnnn x2
  • cjmezzcjmezz Posts: 467
    DDDDAAAAAAAAAAAAAAAAAAAAMMMMMMMMMNNNNNNNNNNNNNNN X3 image
    "When someone tells you nothing is impossible, ask them to dribble a football"

    MANY positive BST Transactions
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    338 oz! I've bought 200 of it and will be flipping it as soon as the buyer who has committed to it (which i've known for 14 years and is a bigtime dealer in the area) can get the cash ordered from his bank. Coincidentally, I already had a cash out re-fi on the house in progress so if the dealer doesnt get enough cash I need to buy the remaining 138 oz. in time, the cash out will get a part of the rest. By then, the dealer will have all the cash to snap up the rest, whatever that may be at that point.
    I am debating BIG time to sit on at least some of this Au, but i'd rather have the cash at this point because I think a major dip is around the corner and I want to be loaded with funds to buy at that point. Everyones got to have a plan, right? We'll see if it all comes together, but I cant tell you how excited I am doing this deal!!!



    edited for spelling errors...Im so excited i cant spell right LOL!!!
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • OPAOPA Posts: 17,119 ✭✭✭✭✭
    $2,600,00 of fiat money ... + another $2,000,00 fiat $...... I hope none of these are cash transactions.

    edited to remove 1 zero ... image
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • guitarwesguitarwes Posts: 9,266 ✭✭✭

    dang, that's a pile of yellow stuff!

    I'm sure some folks here wouldn't mind giving you a good price for some that. imageimageimageimage

    @ Elite CNC Routing & Woodworks on Facebook. Check out my work.
    Too many positive BST transactions with too many members to list.
  • guitarwesguitarwes Posts: 9,266 ✭✭✭


    << <i>$2,600,000 of fiat money ... + another $2,000,000 fiat $...... I hope none of these are cash transactions. >>




    you mean $260,000 and 200,000

    @ Elite CNC Routing & Woodworks on Facebook. Check out my work.
    Too many positive BST transactions with too many members to list.
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>

    << <i>$2,600,000 of fiat money ... + another $2,000,000 fiat $...... I hope none of these are cash transactions. >>




    you mean $260,000 and 200,000 >>



    lets see how good my math is: 200 x 1300 = by gosh, you are correct...image got carried away...still a nicely sum of change...
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    image this deal not go through?
    Avid collector of GSA's.
  • VikingDudeVikingDude Posts: 1,342 ✭✭✭
    And are you going to sell any of it on the PM Forum? image
  • jmski52jmski52 Posts: 22,825 ✭✭✭✭✭
    A potential $26,000 gain on a $465,000 deal. It's not without some risk, however the deal appears to be fair on both sides, liquidity and convenience having some value.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    It should be completed by mid week next week. I wont be selling any here as it is all "locked in" with the dealer Im selling to. That was key to it all...I wouldnt have done it if I didnt have a buyer waiting in the wings.
    Only a little over $10k profit though. Yeah, I laid out ALOT of $ to make $10k, but I got it all back + $10k in what will be about 2 weeks. Not bad for a small timer like me...really a once in a lifetime deal for someone like me. We can finally have a "real" vacation next year image
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • jmski52jmski52 Posts: 22,825 ✭✭✭✭✭
    Big Chunks of money all at one time make my conservative little bones tremble.image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • gecko109gecko109 Posts: 8,231 ✭


    << <i>Big Chunks of money all at one time make my conservative little bones tremble.image >>




    Shouldnt make you tremble if all the deals are locked in....I mean truly locked in though. If gold tanked 10% between the time the OP bought and the time he was supposed to sell, and the dealer backed out....big problems!!! But if he had a fairly strong trust relationship, it sounds like the OP did pretty well for himself. He simply brokered a deal and got $10,000 for his efforts.

    I would have done it slightly differently though. I think I would have set it up so that the dealer and seller did the actual financial transaction between themselves with me as a liason. I would be happy with half of what the OP received for this service and would not be involved in the monetary transaction at all.
  • VikingDudeVikingDude Posts: 1,342 ✭✭✭
    I think I speak for all of us when I say "Post some pictures!"
  • TWQGTWQG Posts: 3,145 ✭✭
    Yeah, pictures would be nice.
    My eBay store
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    LOL, didnt have the first part of it long enough to even think about that. Literally drove from the sellers house to the dealer. I'll try to click a pic of the 2nd part (which I am not in possession of yet) if times allows.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • PerryHallPerryHall Posts: 46,119 ✭✭✭✭✭
    If you can't get a pic of the generic rounds, can we at least get a description? If they aren't labeled with a well known refiner like Engelhard or Johnson-Matthey, I'd pass on them. Actually, they wouldn't be generic if the manufacturer is identified on the round.

    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

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭


    << <i>LOL, didnt have the first part of it long enough to even think about that. Literally drove from the sellers house to the dealer. I'll try to click a pic of the 2nd part (which I am not in possession of yet) if times allows. >>



    Camera phones were made for times like these..................MJ
    Walker Proof Digital Album
    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......
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Do you believe in JC? If you do, do you need a pic to confirm He is real. Gimme a break...I see where this is going and I think it's time for me to just say thanks for thinking of me when you have absolutely nothing to gain from the whole thing, that means alot to me.
    Later, see ya down the road.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • 30AnvZ2830AnvZ28 Posts: 1,619


    << <i>Do you believe in JC? If you do, do you need a pic to confirm He is real. Gimme a break...I see where this is going and I think it's time for me to just say thanks for thinking of me when you have absolutely nothing to gain from the whole thing, that means alot to me.
    Later, see ya down the road. >>



    I think you might be looking at this the wrong way. I personally wanted to see the pic because I thought it would be cool as hell to see that much gold in "pieces" and not a bunch of bars. I kinda think everyone else was thinking on the same lines. More of a "cool" factor then a "believing" factor.

    JMHO
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    Not even an attempt of a description? If I mortgaged my house on a deal I'd at least look at what I bought.

    I'm just saying~hmmm???

    I sure would think the dealer would have to put it out in the open to take inventory.

    A half million dollar deal. One time at that and you just give a man a box get your 10K and See ya image
    Avid collector of GSA's.
  • VikingDudeVikingDude Posts: 1,342 ✭✭✭
    Not sure about the rest, I just wanted to see what that much looked like.
  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    10g in a couple weeks is just fine! Nice.

    And I was feeling good about the hundred I won last night over 2 beers....ha!
  • dontippetdontippet Posts: 2,606 ✭✭✭✭
    Good job piecesofme. You did well. I know I wouldn't have been able to stomach that much outlay.
    > [Click on this link to see my ebay listings.](https://www.ebay.com/sch/i.html?_nkw=&amp;_in_kw=1&amp;_ex_kw=&amp;_sacat=0&amp;_udlo=&amp;_udhi=&amp;_ftrt=901&amp;_ftrv=1&amp;_sabdlo=&amp;_sabdhi=&amp;_samilow=&amp;_samihi=&amp;_sadis=15&amp;_stpos=61611&amp;_sargn=-1&saslc=1&amp;_salic=1&amp;_fss=1&amp;_fsradio=&LH_SpecificSeller=1&amp;_saslop=1&amp;_sasl=mygirlsthree3&amp;_sop=12&amp;_dmd=1&amp;_ipg=50&amp;_fosrp=1)
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  • gripgrip Posts: 9,962 ✭✭✭✭✭
    A half a mill for 10K,no way in heii.
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