Big fall in Silver Proof Eagles and Gold Proof Eagles
buyselltrade
Posts: 23 ✭✭
Can anyone offer insight into why Silver and Gold Proof Eagles have fallen so much in 2017?
Is it just a combination of lack of demand and over supply?
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Yup.
Liberty: Parent of Science & Industry
Manipulation.
Knowledge is the enemy of fear
How about why were they so absurdly high in the first place???
Because those who collect them realized they are overpriced.
"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
They held up there for a long time. I was just wondering if some event recently triggered a fall. They were actually in line with the US Mint premiums, but as mentioned that's not cheap.
They are gravitating toward becoming just another bullion coin. To command a higher premium requires sustained collector demand and, apparently, it isn't there anymore.
They are bullion coins and were bullion coins...
the reality or fundamentals shall we say? is now after many years , moving price and confirming that...
And quite bulky vs the value in slabs and esp. in the OGP
Liberty: Parent of Science & Industry
milk spots killed the radio star
Loves me some shiny!
Fallen? From what to what? Please offer at least one example. I like proof eagles (all metals) but have only really gone after an Ag and fractional Pt here and there over the years.
All the above.....The proofs are beautiful, however, the price has long been in question... Now, it seems, reality is setting in.... Cheers, RickO
maybe the same forces driving generic double eagles down are also driving the proofs down
lack of buyers?
I've noticed also. If your paying attention the prices are starting to come back a bit.
I sold a good size quantity of ASE's a few months back to a dealer. He explained to me that he was going to hoard a few hundred until the price went back up. Looks like might have been right right but time will tell
They all spotted.
A dealer told me just this past weekend that common dates that were $55-60 3 months ago, he can't sell for $35 now.
"....he can't sell for $35 now." That is interesting, was he talking about proofs or bullion?? Cheers, RickO
If Amazon takes over distribution instead of eBay.... they could go higher. Bwahahaha
They both the Same thing Ricko...
theres no blood left to squeeze from that stone. Everyone is new to bullion at some point but in a downmarket you run out of rubes after a while. How do you convince a world weary PM bug that a million of something no one wants is a scarce commodity ?
poor silver and gold junkies have been bent over by the US mint so many times they don't have anything left to spend.
@rawteam1 ...
Technically, you are correct.... however, they are priced differently....Cheers, RickO
4 legs good, 2 legs bad...
When they're selling on ebay for under $40 delivered that's easy to understand. A few sold today for $30-$35.
Thanks, that sounds very similar to the 2017 proof silver 1oz libertads, mintage was higher than the last few years so premiums slumped compared to recent years as to be expected.
Heres real numbers about 6 months ago, Heritage buy prices were 44.00, they were lowered to 41.00 , then a short time ago went to 35 , then now 31.00.
My guess is : just no collector support for the proofs, becoming more and more just another form of silver.
just hold them until december , and unload . Stock up on Maalox for the ulcers
The reason I've ever bought the proofs was as Christmas gifts to the grandkids. They've got one for each year, and are tucked back in a drawer somewhere. I figure they'll get them out to look at sometime in the future, and will find them pretty, as well as a minor inflation hedge.
And who knows? Some of them may decide to be coin collectors some day as a result!
You're welcome.
Here's a warning parable for coin collectors...
That dealer friend of mine isn't even offering them right now, he's put them aside till values rebound. He's not interested in any current value offer. He'd rather sit on them.
The old sit and wait move...
dealer around here still sitting on his 35 silver bars, 100ozers, that he got at 35per oz...
another one a bunch of gold bars at 1600...
I got one of those in my area. It's a precious metals museum. Nothing for sale until the rebound.
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
If you bought precious metals for the express purpose of "just sitting there" it makes perfect sense not to sell until you need cash.
OTOH, if you bought precious metals to make a profit from continuous turnover, maybe you should think up another business plan.
Except for the stock market fueled by Fed money printing, nothing goes up forever - and even that might not last forever - although that seems to be the plan.
I knew it would happen.
So jmski, does that mean gold is headed lower, as you say nothing goes up forever? Seems gold has gone up forever, no?
Knowledge is the enemy of fear
If they drop to $25 I'll buy a roll for safe keeping.
??? If one needed cash, they shoulda just kept the cash...
??? If one needed cash, they shoulda just kept the cash...
Always keep a healthy cash reserve. Next question........
I knew it would happen.
So jmski, does that mean gold is headed lower, as you say nothing goes up forever? Seems gold has gone up forever, no?
I keep hearing that gold has been going down for the past 6 years. It can't be going down and up at the same time, I think.
The stock market has been going up now for some time, I think. You tell me - I'm not really keeping track of it these days. Lots less stress focusing on just doing a good job and making money.
I knew it would happen.
Stock market has been going up for 100 years, so has gold. Is that going to change? Real estate been going up forever also. Time for a change?
I think you know why assets denominated in a fiat currency increase is value vs that currency, so why should equities, gold and real estate go down--since they've been going up forever?
Knowledge is the enemy of fear
I think a big issue is just ASE overload... This anniversary set and that special mintage etc.... Just too damn many Eagles for the collectors to try and buoy. Then add in the super secret clandestine ASE's struck in various mints during the night and shipped via moonlight by moonshine runners... Thankfully discovered by some do gooder and being properly exploited by "in the know" dealers...
_I think a big issue is just ASE overload... This anniversary set and that special mintage etc.... Just too damn many Eagles for the collectors to try and buoy. Then add in the super secret clandestine ASE's struck in various mints during the night and shipped via moonlight by moonshine runners... Thankfully discovered by some do gooder and being properly exploited by "in the know" dealers... _
Bingo! Very well stated!
I knew it would happen.
"....super secret clandestine ASE's struck in various mints during the night and shipped via moonlight by moonshine runners... " Tell me more about these secret mints....Cheers, RickO
I would have been an avid collector of these had they used the original reverse as depicted on the half dollar, similar to what they did with the gold Buffalo bullion coins.
ricko, I think he is referring to the ASEs having no identifying mintmark that are being marketed as being produced at various mint locations only by virtue of knowing the code numbers on the sealed boxes.
It escapes me how a coin with no identifying mintmark is somehow worth 2X or 3X as much as one that doesn't have "the label" saying so. It seems overwhelmingly insignificant to me from a collector's or numismatic standpoint.
I knew it would happen.
2 or 3 times? They are selling on of those clandestine Philadelphia mint struck eagles for 4 or 5,000$ dollars.... No Bulsh!t
2 or 3 times? They are selling on of those clandestine Philadelphia mint struck eagles for 4 or 5,000$ dollars.... No Bulsh!t
Ah, I passed over those recent write-ups, I thought that skimming the first paragraph or two told me about all I needed to know.
The label business is getting a bit overdone, I'd say. Who's going to pay $5,000 for one of those? I'd like to get them as a buyer for some of my stuff. I'll even provide a custom-printed label for anything over a grand.
I knew it would happen.
On the other hand, I'll have to admit to buying recent years' low mintage Proof Gold Eagles in some quantity as a longterm speculation. So far, no premium and a probable loss if I had to sell now. You just never know - I did the same thing with some burnished gold fractionals back when ericj96 was posting, and some of those I've sold for good profits.
I knew it would happen.
I stockpiled the 08w Buffs... missed the 09uhr double eagle... never really messed with proof silver eagles... Big mintages and big premiums dont get my blood flowing.
I loved those proof Platinum fractionals where the reverses kept changing... those were nice
For the record, I joined this forum and started to collect ASE since the end of March this year. And I have completed the burnished and regular bullion twice.
I bought over ten 1986 proof with gop/coa and average out at the cost of $32. As for the rest of the ASE beside 3 proof and 4 special sets that I am missing, I probably average out around $35-$36 for each proof. $28 for each burnished and $20 for each regular bullion.
And of course, while waiting on you to sell me the 1995W CHEAP!
I accidentally bumped into this coin for $38 shipped.
I believe that my '95W would cost you more than all those combined....(I do not actually know what you spent on all your ASE's).
Cheers, RickO
These had the COA which allowed them to be in sold into IRAs. There were telemarketers selling these. Heritage was their buyer. Seems either the telemarketer went out of business or stopped selling them. When prices collapse, sellers multiply.