@pcgscacgold said:
When gold crossed $3500 I took a couple generic Eagles in PCGS holders to a "Cash for gold" place. Not to sell, just to see what those places actually do. They offered 20% back of melt for the two P62's. I asked what they do with them and was told they go straight to the refinery to be melted. Higher gold prices will cause a decrease in available coins. I am sure many places do the same thing.
20% in back of melt is brutal! Hope you learned enough not to return for a skinning!
As I mentioned it was to see what they do to people. I had always wondered. My plan all along was to take them to Central States. A dealer there gave me melt + 5%. That was very fair as they were commons.
I changed the title from $3,800....but the thesis remains the same....gold at just under $4,400 has to make being a dealer very difficult.
I wonder if dealers at that level, and given the move we have had up.... are more inclined to want to hold bullion...or....numismatic coins ? You would expect the latter to fall LESS if the market hits an airpocket.
I have a 100 page RBC report on gold and more so, gold equities. Lots of charts, graphs, relative prices, etc.
Unfortunately, I can't attach PDFs here so if anybody wants to see it, email me at corvettekid1969@gmail.com and I'll send it to anybody who just sends me their email.
@GoldFinger1969 said:
Wow....destruction of historical numismatics at 80% of spot gold.
You wonder what 'historical numismatics' are in some of the coins being melted this go-around.
I was in the Stacks Bowers Philly office last week and talked with them about this. They said that (at least the smelter they work with) does review silver for vintage bars and gold for better dates. Now does that mean a 42/41 Mercury gets pulled from the melting pot, probably not.
They told me they get calls every week about 10-30 double eagles that non-numismatic folks have stored in their bureau and are looking to sell. They suggested that the amounts being melted should not affect rarity. I still wish coins were not being melted.
@GoldFinger1969 said: I have a 100 page RBC report on gold and more so, gold equities. Lots of charts, graphs, relative prices, etc.
Also have a piece on India and gold (looks interesting, haven't read it yet) which is much shorter...and a very detailed Bernstein piece I quoted here that goes over all the relationships with gold (dollar, inflation, deficits, GDP growth, blah blah blah).
Again, just email corvettekid1969@gmail.com and I'll send them out. Just keep them for your use and please feel free to offer comments here.
@psuman08 said:
They told me they get calls every week about 10-30 double eagles that non-numismatic folks have stored in their >bureau and are looking to sell. They suggested that the amounts being melted should not affect rarity. I still wish >coins were not being melted.
Sort of like baseball cards being thrown away in the 1950's and 1960's.
@psuman08 said:
They told me they get calls every week about 10-30 double eagles that non-numismatic folks have stored in their >bureau and are looking to sell. They suggested that the amounts being melted should not affect rarity. I still wish >coins were not being melted.
I wonder if those are raw or certified ? And if they were hand-me-downs from decades ago or purchases from a company like Blanchard or MONEX in the 1970's and 1980's ?
Based on recent market analysis, premiums for semi-numismatic coins like MS-65 Saints have generally been shrinking as the gold price rises significantly. Because the spot price of gold increases, these premiums tend to decrease in percentage terms, especially during times of heightened gold volatility and market saturation. However, premiums can either stabilize or slightly increase if the coin's rarity or collector demand becomes more pronounced, but overall, the trend suggests a compression of premiums as gold climbs higher.
Drugogoo....yup !! It's what we've all been watching. The absolute dollar rise (not seen before) and the percentage rise (which we HAVE seen before) are fascinating.
Comments
As I mentioned it was to see what they do to people. I had always wondered. My plan all along was to take them to Central States. A dealer there gave me melt + 5%. That was very fair as they were commons.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
Wow....destruction of historical numismatics at 80% of spot gold.
You wonder what 'historical numismatics' are in some of the coins being melted this go-around.
I changed the title from $3,800....but the thesis remains the same....gold at just under $4,400 has to make being a dealer very difficult.
I wonder if dealers at that level, and given the move we have had up.... are more inclined to want to hold bullion...or....numismatic coins ? You would expect the latter to fall LESS if the market hits an airpocket.
I have a 100 page RBC report on gold and more so, gold equities. Lots of charts, graphs, relative prices, etc.
Unfortunately, I can't attach PDFs here so if anybody wants to see it, email me at corvettekid1969@gmail.com and I'll send it to anybody who just sends me their email.
I was in the Stacks Bowers Philly office last week and talked with them about this. They said that (at least the smelter they work with) does review silver for vintage bars and gold for better dates. Now does that mean a 42/41 Mercury gets pulled from the melting pot, probably not.
They told me they get calls every week about 10-30 double eagles that non-numismatic folks have stored in their bureau and are looking to sell. They suggested that the amounts being melted should not affect rarity. I still wish coins were not being melted.
Also have a piece on India and gold (looks interesting, haven't read it yet) which is much shorter...and a very detailed Bernstein piece I quoted here that goes over all the relationships with gold (dollar, inflation, deficits, GDP growth, blah blah blah).
Again, just email corvettekid1969@gmail.com and I'll send them out. Just keep them for your use and please feel free to offer comments here.
Got it! Thank you for sharing Goldfinger!
Sort of like baseball cards being thrown away in the 1950's and 1960's.
Premiums for gold collector coins are dependent on the coin. Premiums for gold non-collector coins are dependent on the gold.
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
I wonder if those are raw or certified ? And if they were hand-me-downs from decades ago or purchases from a company like Blanchard or MONEX in the 1970's and 1980's ?
Based on recent market analysis, premiums for semi-numismatic coins like MS-65 Saints have generally been shrinking as the gold price rises significantly. Because the spot price of gold increases, these premiums tend to decrease in percentage terms, especially during times of heightened gold volatility and market saturation. However, premiums can either stabilize or slightly increase if the coin's rarity or collector demand becomes more pronounced, but overall, the trend suggests a compression of premiums as gold climbs higher.
https://medipakiet.pl/blog/meteopatia-dowiedz-sie-czy-jestes-meteopata/
https://medipakiet.pl/blog/meteopatia-dowiedz-sie-czy-jestes-meteopata/
Drugogoo....yup !! It's what we've all been watching. The absolute dollar rise (not seen before) and the percentage rise (which we HAVE seen before) are fascinating.
Some historical charts: