This is not a good sign for gold

TopographicOceans · September 22, 2015 6:04AM

APMEX dumping gold bars at spot

Gotta get rid of them before gold drops below $1,000 oz.

ebaytrader · September 22, 2015 6:06AM

It's the end of the quarter. feepay PAYS the big fat bullion sellers from the fees we pay to dump gold to prop up their numbers. It happens every 90 days.

derryb · September 22, 2015 6:36AM

I wouldn't have one of those at below spot.

cohodk · September 22, 2015 10:10AM

<< I wouldn't have one of those at below spot. >>

Why, what's wrong with it. Serious question.

derryb · September 22, 2015 10:12AM

doesn't rank up there on my list of "ease of resell."

This is something a stacker should always consider when making a purchase.

cohodk · September 22, 2015 10:32AM

What is the difficulty in selling it?

derryb · September 22, 2015 11:13AM

<< What is the difficulty in selling it? >>

Anything can sell, at the right price. I prefer that the products in my holdings bring the best premiums.

Look at APMEX's current premium on these. Nuff said.

OPA · September 22, 2015 12:14PM

<< 

<< What is the difficulty in selling it? >>

Anything can sell, at the right price. I prefer that the products in my holdings bring the best premiums.

Look at APMEX's current premium on these. Nuff said. >>

I did...and they do not appear to be much different than from the rest of their gold bars.

Sell price: 1 - 9 $1,160.49
APMEX Buy Price: $1,125.50

derryb · September 22, 2015 12:20PM

<< 

<< 

<< What is the difficulty in selling it? >>

Anything can sell, at the right price. I prefer that the products in my holdings bring the best premiums.

Look at APMEX's current premium on these. Nuff said. >>

I did...and they do not appear to be much different than from the rest of their gold bars.

Sell price: 1 - 9 $1,160.49
APMEX Buy Price: $1,125.50 >>

Could be why I don't hold any gold bars.

mariner67 · September 22, 2015 1:15PM

But don't you "pay" a premium when you buy and "reap" roughly the same premium when you sell?
Isn't it usually a wash?

derryb · September 22, 2015 1:23PM

<< But don't you "pay" a premium when you buy and "reap" roughly the same premium when you sell?
Isn't it usually a wash? >>

This is true except there are premium products that see their premium increase over time. There's also consideration of which will give you the largest pool of potential buyers, which are least likely to be see a future, uncontrollable flood of counterfeits and which has a bigger collector base.

What I think my future buyers will feel is the safest gold products to purchase is a consideration in all of my present purchases.

cohodk · September 22, 2015 1:29PM

Ok I get it. But if buying at spot and selling at spot, what's the difference?

The time when PMs sold for a discount is not too distant.

derryb · September 22, 2015 1:37PM

<< Ok I get it. But if buying at spot and selling at spot, what's the difference? >>

Difference is the number of potential buyers when you go to sell. If you are trying to sell anything, you want something that attracts the most buyers. An ounce of gold is not always just an ounce of gold. Varying prices paid for the many different finished products tells us this. Premiums are a good indicator for where the greatest demand lies.

The more buyers the harder they will fight to get it, especially in an auction (or a stock trade).

cohodk · September 23, 2015 12:28AM

IMO, an ounce of gold is an ounce of gold, unless you pay a premium for it. When spot gold is $5000 I'm really not going to try to get spot +3%.

Besides, isn't there always a buyer for gold?

Baley · September 23, 2015 12:45AM

an ounce of gold is an ounce of gold

this is true, if the aesthetic value of the items is disregarded.

People like to look at their gold fetish items during the holding period and "the market" will tend to pay a premium for beauty and to a certain extent, novelty.

That valcambi bar might be the most boring looking ounce of gold on the planet.

derryb · September 23, 2015 12:48AM

<< IMO, an ounce of gold is an ounce of gold, unless you pay a premium for it. When spot gold is $5000 I'm really not going to try to get spot +3%.

Besides, isn't there always a buyer for gold? >>

Yes, at different prices, depending on the product.

BAJJERFAN · September 23, 2015 4:35AM

<< IMO, an ounce of gold is an ounce of gold, unless you pay a premium for it. When spot gold is $5000 I'm really not going to try to get spot +3%.

Besides, isn't there always a buyer for gold? >>

Try selling a damaged or blemished gold coin or bar and see if most folks want to ding you in price because it's not pristine.

cohodk · September 23, 2015 6:32AM

<< 

<< IMO, an ounce of gold is an ounce of gold, unless you pay a premium for it. When spot gold is $5000 I'm really not going to try to get spot +3%.

Besides, isn't there always a buyer for gold? >>

Try selling a damaged or blemished gold coin or bar and see if most folks want to ding you in price because it's not pristine.

Questions that come to mind...

So what is the true value of gold? Is the premium over paper spot based on prettiness? Why would you price a damaged coin as you would one that is undamaged?

Ex-jewelry coins are my favorite way to stack. What you got?

BAJJERFAN · September 23, 2015 7:08AM

<< 

<< IMO, an ounce of gold is an ounce of gold, unless you pay a premium for it. When spot gold is $5000 I'm really not going to try to get spot +3%.

Besides, isn't there always a buyer for gold? >>

Try selling a damaged or blemished gold coin or bar and see if most folks want to ding you in price because it's not pristine.

Questions that come to mind...

So what is the true value of gold? Is the premium over paper spot based on prettiness? Why would you price a damaged coin as you would one that is undamaged?

Ex-jewelry coins are my favorite way to stack. What you got? >>

You might want to fix your post since you posted inside the quote somehow.

In theory an ounce of gold should be an ounce of gold, but blemished/damaged coins often sell at a discount. If I was buying, I'd expect a discount. If I was selling I'd expect full value since an ounce is an ounce, but it probably wouldn't fly. Premiums aren't based on prettiness, but lack of it seems to count for something. I wouldn't knowingly touch the stuff so I got nuttin.

Silveraholic · September 23, 2015 7:33AM

I jumped on the deal. An ounce of .9999 gold at spot by a major manufacturer is a great deal!

BAJJERFAN · September 23, 2015 7:47AM

While not gold, notice the discount for lack of prettiness on the scruffy and spotted coins.

cohodk · September 23, 2015 9:40AM

I get that an ugly coin should be worth less than a pretty one, but the floor should be set by the ugly, rather than the ceiling set by the pretty.

derryb · September 23, 2015 11:58AM

<< I get that an ugly coin should be worth less than a pretty one, but the floor should be set by the ugly, rather than the ceiling set by the pretty. >>

The floor is set by your beloved futures paper market. Premiums are added to or subtracted from it for the real stuff.

JimDepot · September 23, 2015 1:32PM

The price of gold should drop now, thx for the heads up.

BAJJERFAN · September 24, 2015 1:24AM

<< 

<< I get that an ugly coin should be worth less than a pretty one, but the floor should be set by the ugly, rather than the ceiling set by the pretty. >>

The floor is set by your beloved futures paper market. Premiums are added to or subtracted from it for the real stuff. >>

THIS!

In addition there is pretty much one degree of prettiness, but many degrees of ugliness. So how many floors does he want? Main floor? Basement? Sub-basement? All the way to China?

Baley · September 24, 2015 1:56AM

LoL, there are nearly infinite degrees of both ugliness and prettiness for gold.

Ever see a pile of dental gold, or broken 10K jewelry?

On the other hand, there are numismatic coins worth dozens (or hundreds) of times the melt value

BAJJERFAN · September 24, 2015 2:02AM

<< LoL, there are nearly infinite degrees of both ugliness and prettiness for gold.

Ever see a pile of dental gold, or broken 10K jewelry?

On the other hand, there are numismatic coins worth dozens (or hundreds) of times the melt value >>

I'm only talking about coinage gold which is all I would deal with. I've never seen junk jewelry or dental gold offered by the big bullion houses. All dental gold is ugly. I doubt that there are any practical differences in ugliness of dental gold.

CaptHenway · September 24, 2015 6:24AM

Didn't seem to affect today's market..........

BAJJERFAN · September 24, 2015 6:29AM

<< Didn't seem to affect today's market.......... >>

A nice little bump. A few more just like it would be great.

Baley · September 24, 2015 8:53AM

so's we can get back to the prices they were a few weeks ago? that'd be nice

BAJJERFAN · September 24, 2015 10:13AM

<< so's we can get back to the prices they were a few weeks ago? that'd be nice >>

I could make $1250 or better work.

BAJJERFAN · September 25, 2015 12:54AM

Well crap a doodle, that was more like a dead mouse bounce.

asheland · September 25, 2015 12:58AM

<< The price of gold should drop now, thx for the heads up.

>>

TwoSides2aCoin · September 25, 2015 3:56AM

Opportunity knocks and some work harder when it does. Some work smarter. Some don't work at all. And who's not satisfied is usually working on seizing opportunity.

This is not a good sign for gold

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