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Didn't realize APMEX is paying above spot for gold

pmcollectourpmcollectour Posts: 1,211 ✭
in Precious Metals
I bought from them a few years back, let's say three. Haven't really visited their website since then.

Back in 2009 I remember them paying about $50.00 under spot if you wanted to sell them your gold.
Now I see they are paying at or even above spot for 1 oz gold eagles and bars.

Thoughts, or not that big a deal.

Comments

  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>I bought from them a few years back, let's say three. Haven't really visited their website since then.

    Back in 2009 I remember them paying about $50.00 under spot if you wanted to sell them your gold.
    Now I see they are paying at or even above spot for 1 oz gold eagles and bars.

    Thoughts, or not that big a deal. >>



    It's been like that for several years....not sure about your 2009 quote
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • CaptHenwayCaptHenway Posts: 32,115 ✭✭✭✭✭
    The demand for physical product is strong. Better to buy it from retail customers for a little over than from the Mint for 3% over.
    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.
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    My dealer (CNI) has been at about 1.1% over spot on the buy side and at about 4.1% over spot on the sell side. It's been like that for 6 or 7 years that I can remember with a probable exception or two. I've never bought from APMEX so I can't respond to that.

    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......
  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭
    It's about time !!!
    Timbuk3
  • derrybderryb Posts: 36,790 ✭✭✭✭✭
    the difference between paper gold (spot price) and real gold is becoming more obvious to all the players. look for spreds to continue to rise. Their eventual decline may be a good indicator to sell a bit.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • RevDrBlimberRevDrBlimber Posts: 391
    When I first saw Apmex's ads in Coin World, I thought here we go, another over-promoted business venture. I gave them a try and was pleasantly surprised. They run a top notch operation, that is geared to being 100% honest and above board IMO. I sold some 90% silver at the ANA and they gave me top dollar. Their buy/sells are tight and reasonable and posted online. This is a very competitive business.
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭


    << <i>the difference between paper gold (spot price) and real gold is becoming more obvious to all the players. look for spreds to continue to rise. Their eventual decline may be a good indicator to sell a bit. >>



    And that eventual decline should help expose GLD for what it is. Which will reward physical owners in spades!

    From the GLD prospectus:

    From the GLD prospectus: (as of 7/10/08)

    The Trust may not have adequate sources of recovery if its gold is lost, damaged,
    stolen or destroyed and recovery may be limited, even in the event of fraud, to the market value of the
    gold at the time the fraud is discovered.

    and

    Because neither the Trustee nor the Custodian oversees or monitors the activities of
    subcustodians who may temporarily hold the Trust's gold until transported to the Custodian's London
    vault, failure by the subcustodians to exercise due care in the safekeeping of the Trust's gold could
    result in a loss to the Trust.

    and

    Gold held in the Trust's unallocated gold account and any Authorized Participant's
    unallocated gold account will not be segregated from the Custodian's assets.
    If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant. In addition, in the event of the Custodian's insolvency, there may be a delay and costs incurred in identifying the bullion held in the Trust's allocated gold account.

    and.... BEST OF ALL:

    The sale of gold by the Trust to pay expenses will reduce the amount of gold
    represented by each Share on an ongoing basis irrespective of whether the trading price of the Shares
    rises or falls in response to changes in the price of gold.

    unless this is better:

    When the seven year fee reduction period terminates or expires, the estimated ordinary
    expenses payable by the Trust may increase, thus reducing the NAV of the Trust more rapidly and
    adversely affecting an investment in the Shares.

    So...there ya go. Buy it if ya want it.
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