Where do you store your gold?
Flash
Posts: 1,090 ✭✭✭
Dwight Manley apparently stores his in... his garage! That's where a large gold bar from the Central America was stored when it was stolen. And Manley didn't even know it was stolen until another dealer contacted him about its possible value! Storing it in his garage wasn't very smart, if you ask me.
Ok, the bar was stolen but there's another crime involved here... the dealer who purchased the bar from the theif, estimated to worth nearly $500,000, paid melt for it. Yes, $30,000 for a historical artifact with an estimated value of $500,000. Its not like he didn't know it was worth anything more than melt, either. He had an arrangement through Donald Kagin to sell it for $285,000. Thats right.. he paid around 10% of what he could resell it for. I think he should have offered a little bit more for it than melt. I don't feel so bad for the seller, because he was a thief, but what if it had been a legitimately owned item that somebody had brought to this dealer, Mark Striley Coins of Rancho Santa Margarita, CA in order to sell? This person would have gotten ripped big time!
Ok, the bar was stolen but there's another crime involved here... the dealer who purchased the bar from the theif, estimated to worth nearly $500,000, paid melt for it. Yes, $30,000 for a historical artifact with an estimated value of $500,000. Its not like he didn't know it was worth anything more than melt, either. He had an arrangement through Donald Kagin to sell it for $285,000. Thats right.. he paid around 10% of what he could resell it for. I think he should have offered a little bit more for it than melt. I don't feel so bad for the seller, because he was a thief, but what if it had been a legitimately owned item that somebody had brought to this dealer, Mark Striley Coins of Rancho Santa Margarita, CA in order to sell? This person would have gotten ripped big time!
Matt
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Comments
TorinoCobra71
<< <i>Ok, the bar was stolen but there's another crime involved here... the dealer who purchased the bar from the theif, estimated to worth nearly $500,000, paid melt for it. Yes, $30,000 for a historical artifact with an estimated value of $500,000. Its not like he didn't know it was worth anything more than melt, either. He had an arrangement through Donald Kagin to sell it for $285,000. Thats right.. he paid around 10% of what he could resell it for. I think he should have offered a little bit more for it than melt. I don't feel so bad for the seller, because he was a thief, but what if it had been a legitimately owned item that somebody had brought to this dealer, Mark Striley Coins of Rancho Santa Margarita, CA in order to sell? This person would have gotten ripped big time! >>
Dealers are in the business of buying things for less than they can sell them, and making as much profit as possible (generally, and over the long term). I don't see any reason for a dealer to sacrifice their potential gain.
When I sell something unusual, I do my homework and try to investigate what it's worth - at least in the ballpark.
In this specific case, there's also the chance that he guessed the item was at least "grey".
Robert A. Heinlein
<< <i>Dealers are in the business of buying things for less than they can sell them, and making as much profit as possible (generally, and over the long term). I don't see any reason for a dealer to sacrifice their potential gain. >>
So if an 80 year old lady, already disillusioned because she discovered that somebody had sold her gold bullion for double what it was worth and had to go through an orginization such as the NCA in order to get her money back and then decides to sell the rest of the gold she had accumulated as an "investement", goes to a dealer and is offered 10% of the estimated value of her numismatic treasures, don't you think that would be just a little wrong?
Now that you know that, Guess what days the Dogs are off Duty and or the Ruger is out for Service
"The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
That's not smart. All you need is a few guys intent on getting your gold. They come in your room with a gun to your kid's head and I don't care if the safe is 4000 pounds. You're losing it and if you're lucky if that's all you lose.
Put it in a bank!
<< <i>I'm visiting you Coz. Dogs are nothing, and we already know how locked up your gun is.
But what about the Monkey?
"The silver is mine and the gold is mine,' declares the LORD GOD Almighty."
Fort Knox
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since 8/1/6
Edited: "sotore" means to store
Jim
Menomonee Falls Wisconsin USA
http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
Self Indulgence | Holey Coins | Flickr Photostream
<< <i>150lb safe bolted to the floor with a digital lock. Peace of mind is a nice thing. >>
<< <i>That's not smart. All you need is a few guys intent on getting your gold. They come in your room with a gun to your kid's head and I don't care if the safe is 4000 pounds. You're losing it and if you're lucky if that's all you lose. >>
<< <i>Put it in a bank! >>
I've heard this point made here a few times, but it seems to me that a gun to your kid's head is likely to result in you turning over the gold period. Whether it is in a safe in your home or a safe deposit box at the bank is irrelevant. Personally I think that in order to get the enjoyment out of this hobby that I want I must have my coins (whatever metal they may be) with me. I'd turn them over to an assailant in a heartbeat if my family was endangered, but I don't think my family is in any less danger with them at the bank.
I think the only potentially dangerous thing a collector or metal hoarder can really do is let it publicly be known that there is a lot of value to be had from them in one place.
BTW, my collection is one of the cheapest on this forum hands down.
I'll take my "chances" with my coins in a vault.
my my my my my my my my my my my my
business as usual in the coin game
i wonder what happened to the other deals that dont get into the open so to speak
<< <i>My Epson Magicolor printer has a back, secondary tray that I never use, and store my stuff in there.. two ozs of gold, not exactly a lot. >>
Hmm...
I keep my gold inside of my xbox. I don't think I'd hide gold inside of any electronics or computer related items.
<< <i>
<< <i>My Epson Magicolor printer has a back, secondary tray that I never use, and store my stuff in there.. two ozs of gold, not exactly a lot. >>
Hmm...
I keep my gold inside of my xbox. I don't think I'd hide gold inside of any electronics or computer related items. >>
An xbox? The first thing some 14 year old not even lookin' for gold would grab? o.O
They have been broken into mind you but the protection offered, IMO, is far greater than anything you can do at home.
The name is LEE!
<< <i>
<< <i>
<< <i>My Epson Magicolor printer has a back, secondary tray that I never use, and store my stuff in there.. two ozs of gold, not exactly a lot. >>
Hmm...
I keep my gold inside of my xbox. I don't think I'd hide gold inside of any electronics or computer related items. >>
An xbox? The first thing some 14 year old not even lookin' for gold would grab? o.O >>
I was just kidding. Mine is in a bank vault, but the amount I have would fit into an xbox, or probably into a xbox controller and it would still be functional. Only keep a 1/10 oz maple leaf at home. Its easy to store when its only 5 coins.
100oz bars and 90% silver coins are giving me a harder time storing.
No, I'm not giving away any secrets today, sorry.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
<< <i>150lb safe bolted to the floor with a digital lock. Peace of mind is a nice thing. >>
At 150 pounds, all they need is a can opener.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire