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Will the 2020 Gold Buffalo be Key?

OnastoneOnastone Posts: 4,144 ✭✭✭✭✭

With Coronavirus raging through the US and most people unemployed, the release of the American Buffalo 2020 One Ounce Gold Proof Coin tomorrow April 9th could be a tough sell. Could it be the lowest minted Buffalo?

Will the 2020 Gold Buffalo be Key?

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Comments

  • johnny9434johnny9434 Posts: 29,191 ✭✭✭✭✭

    I'm undecided right now. Maybe in a few months

  • OnastoneOnastone Posts: 4,144 ✭✭✭✭✭

    It will be interesting to see sales numbers on this. I just saw the posted price tag, $2315.00 Good as gold.

  • jessewvujessewvu Posts: 5,065 ✭✭✭✭✭

    Hasn’t there been a new key every year for the past few years on almost all bullion?

  • bearcavebearcave Posts: 3,996 ✭✭✭✭✭

    Not collecting it.

    Ken
  • MilesWaitsMilesWaits Posts: 5,421 ✭✭✭✭✭

    Good lord. A premium on top of a premium. Brilliant to keep the numbers low.

    Now riding the swell in PM's and surf.
  • coinpalicecoinpalice Posts: 2,463 ✭✭✭✭✭

    I bought 2-2013 reverse proof buffalo's from the mint and got them both graded, both come back PR-70. thought I was going to lose money on them, but they are selling well above issue price now, glad I kept them

  • dpooledpoole Posts: 5,940 ✭✭✭✭✭

    I really think the glory years of bullion (and modern) keys is over. Too much abandonment of coins in commerce, too little (related ) familiarity and appreciation of coins among younger folks, and too many "key" bullion issues because of extortionate Mint pricing and diminishing demand.

  • santinidollarsantinidollar Posts: 1,056 ✭✭✭✭✭

    I’m not putting together a set so I don’t see a lot of need for it. I do have a 2006 PR70. This year’s price is through the roof.

  • isaiah58isaiah58 Posts: 385 ✭✭✭

    I agree, it is bullion. How many people that collect them by date?

  • Tiggs2012Tiggs2012 Posts: 167 ✭✭✭

    2020 seeing a huge upswing in bullion demand, no way will it be key. Just look at the mints March sales. You forgot to put a no option in poll.

  • Dave99BDave99B Posts: 8,689 ✭✭✭✭✭

    Not a big fan of US Mint products these days, esp at their prices. Pass.

    Dave

    Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
  • tincuptincup Posts: 5,396 ✭✭✭✭✭

    Cash will be key.

    ----- kj
  • santinidollarsantinidollar Posts: 1,056 ✭✭✭✭✭

    $2,315. I bought a slabbed 2006 PR70 for $1,550 a couple of years ago.

  • derrybderryb Posts: 37,630 ✭✭✭✭✭

    price will keep mintage low.

    No Way Out: Stimulus and Money Printing Are the Only Path Left

  • OnastoneOnastone Posts: 4,144 ✭✭✭✭✭

    That's what I thought. Just looking at the results from a handful of us, it doesn't look like many will be selling, at this point not one from us. Too expensive, wrong timing, too many out of work, money too tight, bullion, cash is king, not collecting them... this may be a super dud.

  • santinidollarsantinidollar Posts: 1,056 ✭✭✭✭✭

    The economy might make it really low mintage. Then again, it seems anything that’s 1 Oz. of gold is getting snatched off the shelves.

  • ParadisefoundParadisefound Posts: 8,588 ✭✭✭✭✭

    Not buying and not because of uncertainty but just because this one did not turn me ON and I do have a few buffs already B)

  • GoldminersGoldminers Posts: 4,338 ✭✭✭✭✭

    Why is this $2315 and not $2110 like the 2020 Mint price sheet says for gold between 1700-1750?

  • cagcrispcagcrisp Posts: 1,059 ✭✭✭✭✭

    @Goldminers said:
    Why is this $2315 and not $2110 like the 2020 Mint price sheet says for gold between 1700-1750?

    The Mint changed Grid Pricing on March 17, 2020

  • cagcrispcagcrisp Posts: 1,059 ✭✭✭✭✭

    Launch Day Sales for the 2020 Gold Buffalo Proof was 4,750

    Total Revenue was $10,996,250...

  • Coin FinderCoin Finder Posts: 7,396 ✭✭✭✭✭

    I'm not sure anymore that low mintage modern US Mint products matter that much anymore as far as bringing big premiums later... The 2019 W ERP ASE would be an exception. Correct me if i'm wrong..

  • FullStrikeFullStrike Posts: 4,353 ✭✭✭

    On 2-14-20 I ordered a 2020 - 2 oz Gold Proof Brittania from the British Royal Mint . I think it cost me about $5 000. Mintage will be around 150 !

    Those 2020 Proof Buffalos are almost up to the same inflated per oz Cost. But nothing at all special about them.

  • derrybderryb Posts: 37,630 ✭✭✭✭✭

    Not buying. At that price no real upside for many years regardless of mintage. US Mint is pricing themselves out of the game.

    No Way Out: Stimulus and Money Printing Are the Only Path Left

  • batumibatumi Posts: 853 ✭✭✭✭

    Secondary market on ALL of these bullion issues. Has worked well for me over 95% 0f the time, saving a bundle while stacking bullion.

  • derrybderryb Posts: 37,630 ✭✭✭✭✭
    edited April 14, 2020 3:47PM

    secondary market on an ounce of gold that originally cost $2315 is not gonna work for anyone unless gold shoots past $2200. Too many other ounces of gold much cheaper. Don't see it as a good flip candidate at all.

    No Way Out: Stimulus and Money Printing Are the Only Path Left

  • GoldminersGoldminers Posts: 4,338 ✭✭✭✭✭

    It will almost certainly be the lowest mintage proof since the past 3 years were around 14-15,000 minted. It will probably end up lower than the 2008-W uncirculated at 9,074. To pay $600 over spot, is just really too much.

    I am a little surprised they already sold around 5,000.

  • MilesWaitsMilesWaits Posts: 5,421 ✭✭✭✭✭

    Dealers slabbing might have driven that number.
    My local dealer offered $35 over spot greater for the Unc gold Buffalo than a Unc gold Eagle.
    Any ideas why?

    Now riding the swell in PM's and surf.
  • GoldminersGoldminers Posts: 4,338 ✭✭✭✭✭

    @MilesWaits said:
    Dealers slabbing might have driven that number.
    My local dealer offered $35 over spot greater for the Unc gold Buffalo than a Unc gold Eagle.
    Any ideas why?

    My guess is certified .9999 Buffalo can be easily melted into bars for the big banks and COMEX. The eagles have to be refined at quite a cost. Maybe not the only reason, but seems possible.

  • Tiggs2012Tiggs2012 Posts: 167 ✭✭✭

    @Goldminers said:
    It will almost certainly be the lowest mintage proof since the past 3 years were around 14-15,000 minted. It will probably end up lower than the 2008-W uncirculated at 9,074. To pay $600 over spot, is just really too much.

    I am a little surprised they already sold around 5,000.

    No, it won't, not even close. First week sales are tracking not far from 3x last year. Rising gold prices increasing demand greatly and people like the OP ignoring the fact dealers are by far the bigger market for the mint. I've seen lots of dealers preselling 70 graded buffalos for more than the mint sells them and dealers get special pricing as well.

    Demand the greater factor in sales figures. The Mint is happy to supply a bunch at an inflated price. 2020 gold eagle proof sales through the roof too as is gold demand everywhere I look.

  • GoldminersGoldminers Posts: 4,338 ✭✭✭✭✭
    edited April 15, 2020 7:03PM

    Yes there is high demand, but the West Point Mint is shut down due to virus and no new Buffalo or eagle gold being minted at least for a while, so maybe by the time they start, the Basketball gold will take priority considering these high mark ups. That could keep this 2020 Buffalo mintage lower but who knows how many they already have on the shelf.

    I'd rather keep the 2008's as the Buffalo keys anyway.

  • jmlanzafjmlanzaf Posts: 36,467 ✭✭✭✭✭

    @Tiggs2012 said:

    @Goldminers said:
    It will almost certainly be the lowest mintage proof since the past 3 years were around 14-15,000 minted. It will probably end up lower than the 2008-W uncirculated at 9,074. To pay $600 over spot, is just really too much.

    I am a little surprised they already sold around 5,000.

    No, it won't, not even close. First week sales are tracking not far from 3x last year. Rising gold prices increasing demand greatly and people like the OP ignoring the fact dealers are by far the bigger market for the mint. I've seen lots of dealers preselling 70 graded buffalos for more than the mint sells them and dealers get special pricing as well.

    Demand the greater factor in sales figures. The Mint is happy to supply a bunch at an inflated price. 2020 gold eagle proof sales through the roof too as is gold demand everywhere I look.

    There is little dealer discount on these

  • JimnightJimnight Posts: 10,846 ✭✭✭✭✭

    I heard the mint will stop all gold production.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    According to this link (posted by @Jimnight ) the Mint has shut down their gold production....could affect mintage, depends on how long they stop and IF they then produce (and sell) the full authorized mint allowance. Cheers, RickO
    https://finance.yahoo.com/news/u-mint-halts-coin-output-195900161.html

  • OnastoneOnastone Posts: 4,144 ✭✭✭✭✭

    Price is climbing. Currently at $2415.00

  • OnastoneOnastone Posts: 4,144 ✭✭✭✭✭

    The price dropped earlier this week, it's now at $2365.00 So there's a $50.00 bill for you.

  • FullStrikeFullStrike Posts: 4,353 ✭✭✭

    Anyone know how I can best cash out of my Proof Buffalos? Seems a shame to get the same money as an Eagle or BU Buffalo.

  • MilesWaitsMilesWaits Posts: 5,421 ✭✭✭✭✭

    Other than the allure of proof collectibility, that is an excellent point to consider when you buy proof over BU.

    Now riding the swell in PM's and surf.
  • OnastoneOnastone Posts: 4,144 ✭✭✭✭✭

    @FullStrike said:
    Anyone know how I can best cash out of my Proof Buffalos? Seems a shame to get the same money as an Eagle or BU Buffalo.

    Try the BST Forum. Perhaps you will find an interest there.

  • kiyotekiyote Posts: 5,588 ✭✭✭✭✭

    One thing I like about proofs is being the first owner if you order it straight from the mint

    "I'll split the atom! I am the fifth dimension! I am the eighth wonder of the world!" -Gef the talking mongoose.

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