US Mint Gold UNC's are not much over melt!

AnkurJ · March 15, 2008 3:35AM

The 1 ounce is currently $50 over melt

The 1/2 ounce is currently $30 over melt

The 1/4 ounce is currently $30 over melt

The 1/10 ounce is currenly $20 over melt

So.....depending what will happen on Monday, will the Mint pull these? If gold goes up in the Asia market, these will be a good buy.

What does everyone think?

Ankur

Joflax · March 15, 2008 4:01AM

Your 'Rithmatic is wrong but it is getting close , halves are $60 over melt and 1/4s 100+ over

AnkurJ · March 15, 2008 4:04AM

1/4 ounce of gold is 1/4 of $1000 which equals $250. US Mint price is $280. So the difference is $30. Where are you getting $100 over?

LindeDad · March 15, 2008 4:21AM

Question are you talking about the 90% eagles that missing 10% needs to put into the calculations IMO.
Makes the Buffolos easier to compute.
OK forget the Buffs they are not available but I redid the math on the one ounce eagles they are now priced at a melt value of $1150.55 Thats 1,045.95X1.1.

Joflax · March 15, 2008 4:22AM

280X4=1120/oz and gold is at 1000/oz
It is getting close though and I agree that the mint may be shutting these down though.
I get your point now...you are paying $30 over melt for a 1/4 which means $120 over melt for an oz...still 12% over melt where the 1 oz is 5% over melt

AnkurJ · March 15, 2008 4:30AM

But there is a full 30 grams of gold in the one ounce coin. Last I read, they weigh 36 grams total.

Joflax · March 15, 2008 4:33AM

<< Question are you talking about the 90% eagles that missing 10% needs to put into the calculations IMO.
Makes the Buffolos easier to compute.
OK forget the Buffs they are not available but I redid the math on the one ounce eagles they are now priced at a melt value of $1150.55 Thats 1,045.95X1.1.

>>

I thought that there was 1oz of gold in an eagle even though it is a .91% alloy...am I wrong?

SUMORADA · March 15, 2008 4:38AM

I believe they contain 1 troy oz of .999 pure

American Eagle gold coins are available from Monex in four different sizes and denominations, for personal delivery only. The one-ounce gold American Eagle has a diameter of 32.7mm, a thickness of 2.87mm, a total weight of 1.0909 troy ounces (or 33.931 grams), contains one troy ounce of pure gold, and has a face value of $50.

LindeDad · March 15, 2008 4:39AM

<< But there is a full 30 grams of gold in the one ounce coin. Last I read, they weigh 36 grams total. >>

Thanks for the info I was mistaken in understanding these. New to this gold stuff most of my collecting interests have been in just regular circulation coins.

planetsteve · March 15, 2008 4:50AM

There seems to be a lot of figures flying around here. All of these bullion coins are sold by troy ounces, which means the actual gold content equals 1 ounce or the fraction thereof.

Gold Eagles are 91.67% gold. (The rest is copper and silver.) A one-ounce eagle contains 1 troy oz of gold -- 31.1035 g -- and has a total weight of 33.931 g.

Gold Buffalos are 99.99% gold. Here again, you get a full troy oz of gold, but the total weight is only 31.108 g because it is nearly purely gold.

I appreciate the heads-up on pricing. I would order the full-oz coins, but my concern is about the "Product will be available for shipping 03/25/2008 " line. Will they ship 'em at $1046 or not?

AnkurJ · March 15, 2008 4:55AM

Thats why I think the half, quarter and tenth could be very good deals. I will wait till tomorrow to see how gold does in the Asia market before pulling the trigger on these. But you will not find gold coins for such low premiums.

Akbeez · March 15, 2008 5:03AM

These are available at an unusually low margin from the Mint and will be gone soon.

As for them "honoring" your purchase price today, maybe -- or maybe not.

BUT, if you don't try, chances of delivery are ZERO.

I ordered a few 1/10ths last week, they are "in process" and no longer in "hold".

With the exception of the 1/10th, the 07-W's could be the lowest unc mintages yet for the series.

PerryHall · March 15, 2008 5:03AM

AGE's have a full troy ounce (31.1g) of pure gold in addition to the alloy.

TomB · March 15, 2008 5:04AM

If this thread is written about the 2007-W burnished AGEs then folks are looking at the math in different ways. At a gold spot price of $1,000 then the one ounce piece is $45.95 over bullion per ounce while the one-half ounce piece is $29.95 over bullion per coin, but is $59.90 over bullion per ounce. Similarly, as the denomination of the coin gets lower, the price of the coin over bullion per ounce gets higher.

planetsteve · March 15, 2008 5:09AM

At the moment, the US Mint half-oz'ers are a few bucks cheaper than the ones at APMEX, but the full-oz'ers are a bit more expensive.

Back in November, I was hoping that the halves would be a lower mintage than the 06-Ws and expressed my opinion here, but nobody cared. My local dealer was counting on the same thing after he bought them from me, but still, nobody cared.

What goes against these 07-Ws being desirable for collectors is that delivering a lower mintage than a fairly high 18k figure for 06-W really isn't saying much.

On the plus side would be some confidence that most of the 07s have already been melted.

Akbeez · March 15, 2008 5:33AM

<< At the moment, the US Mint half-oz'ers are a few bucks cheaper than the ones at APMEX, but the full-oz'ers are a bit more expensive.

Back in November, I was hoping that the halves would be a lower mintage than the 06-Ws and expressed my opinion here, but nobody cared. My local dealer was counting on the same thing after he bought them from me, but still, nobody cared.

What goes against these 07-Ws being desirable for collectors is that delivering a lower mintage than a fairly high 18k figure for 06-W really isn't saying much.

On the plus side would be some confidence that most of the 07s have already been melted. >>

Agreed. The burnished W's collector value seems to have been overshadowed by the huge runup in bullion value (IMHO). A few years ago there was lively collector interest in low mintage bullion AGE's but that seems to be diminished now. However, when the metals market stabilizes again, I believe the low mintage W's will awaken with real premiums. For collectors, this is the time to buy. But for investors, it may be a while before they break out.

fastrudy · March 15, 2008 5:40AM

As for them "honoring" your purchase price today, maybe -- or maybe not.

A couple of months ago, the mint sent my 1/4 oz Platinum coin that was on backorder. When they shipped it, the melt value was $535. I purchased it in Jan for $435. So they honored that transaction, why not gold. IIRC, the Mint purchased the gold for their eagles at a lower spot price than today. They will still make money and so can you!

57loaded · March 15, 2008 5:54AM

they may or may not honor.

i had some buffs ordered and the next day they were pulled for repricing....this was AFTER i had placed the order.

one thought would be to order today or by Sunday....you can always return...

the mint has a nasty habit of pulling an order if they reprice or pull later that day.

also sorry for bashing some of you guys when this stuff was $800 an ounce and gold was @ $740 or so...i have had an epiphany of limited sorts.

Bodie · March 15, 2008 2:33PM

Has the Mint been repricing rather than just ending the sales on most golds items? I was wondering if any gold was not repriced and pulled forever. There must be some scarce issues out there because of this.

Deadhorse · March 15, 2008 2:48PM

<< Thats why I think the half, quarter and tenth could be very good deals. I will wait till tomorrow to see how gold does in the Asia market before pulling the trigger on these. But you will not find gold coins for such low premiums. >>

I don't know about you, but the B&Ms are overstocked due to all the short sighted sellers.

I can find Gold Eagles at spot or a bit below and have been on a regular basis.

I bought a half ounce Maple Leaf at under spot delivered on our very own BST board yesterday.

AnkurJ · March 15, 2008 10:02PM

I don't know about you, but the B&Ms are overstocked due to all the short sighted sellers.

I can find Gold Eagles at spot or a bit below and have been on a regular basis.

I bought a half ounce Maple Leaf at under spot delivered on our very own BST board yesterday. >>

TRUE! But that kind of deal isnt exactly easy to find on the BST boards. The one you saw was gone in under a half hour!

Joflax · March 16, 2008 3:07AM

Pulled the trigger on a 4 coin set $80 over melt....can always cancel or send it back
Site says order request on hold and below it says in stock and reserved we shall see what happens
Mintage of these is lower than the 06w for now ....I think the next few days may change that if the mint keeps selling them.

mackdriver · March 16, 2008 3:21AM

I bought 5 celebration buffs on a Sunday and they pulled them for repricing on Monday.My 5 buffs are in processing and in stock and reserved with the cancel box gone.My cc is pending the charge.

SlangNRox · March 16, 2008 3:24AM

I just got my 1oz unc for $170 under melt this past friday. Of course I ordered it on 11/2/07, but I just got in 2 days ago.

Rarity · March 16, 2008 3:50AM

I placed my order just a few minutes ago.

By the way, anyone here has the most up-to-date mintage of 07-W Unc Gold Eagle ? If you do, please repost it here. Thanks.

Joflax · March 16, 2008 4:19AM

Just TTTd Ericcj post with the current mintages

AnkurJ · March 16, 2008 5:28AM

I will wait to see what the market does tonight.

djm · March 16, 2008 5:36AM

Why would you buy gold at melt ? Unless you are going to melt it. There are much cheaper ways to by gold to melt than buying Eagles from the mint.

BECOKA · March 16, 2008 5:45AM

<< Why would you buy gold at melt ? Unless you are going to melt it. There are much cheaper ways to by gold to melt than buying Eagles from the mint. >>

I don't think there was ever any intention of melting. Just a phrase they use. Spot would be a better word to use.

Personally I am willing to wait and pay a premium for the new Buffalo and fractional's as well as the high relief gaudens replica.

57loaded · March 16, 2008 5:46AM

<< Why would you buy gold at melt ? Unless you are going to melt it. There are much cheaper ways to by gold to melt than buying Eagles from the mint. >>

such as?

some would rather have an AGE than someone's gold caps, or cracked out rings?

and i don't think anyone is buying these to sell to be melted at the mints selling price.

djm · March 16, 2008 5:54AM

such as:

Scrap jewelery and impaired classic gold coins

57loaded · March 16, 2008 6:25AM

<< I placed my order just a few minutes ago.

By the way, anyone here has the most up-to-date mintage of 07-W Unc Gold Eagle ? If you do, please repost it here. Thanks. >>

i have a weird feeling these will NOT be available come Monday AM and feel that they will not honor orders over the w/e. i ordered (or placed) some too

Akbeez · March 16, 2008 9:35AM

<< I placed my order just a few minutes ago.

By the way, anyone here has the most up-to-date mintage of 07-W Unc Gold Eagle ? If you do, please repost it here. Thanks. >>

Here are the latest stat's from the Mint -- from NN:

N News Link

TwoSides2aCoin · March 16, 2008 9:48AM

classic gold on eBay

Or mint fresh new coins ?

Gold is gold, right ?

AnkurJ · March 16, 2008 10:16AM

GOLD IS UP $15 so far in the asia market!

They will be pulled tomorrow so order now. I ordered a half and a quarter. Alas couldnt afford the 1 ouncers.

Ankur

bigbadchad777 · March 16, 2008 10:29AM

I ordered 5 one ouncers on 3/13.
I got this backorder email on 3/14:

Item: Z7A Qty: 5 Exp Ship: 3/25/08
2007 AMER EAGLE GOLD 1 OZ UNC W/MNT MK

tincup · March 16, 2008 10:44AM

The Numismatic News mintage update page.... says the new 2008 gold eagles will be out this week. If that is so..... wouldn't the 2007 W coins be pulled at the same time? Is this the last opportunity to purchase them??

MilesWaits · March 16, 2008 10:45AM

I put in my "hopeful" order for some of that Speculative Mint Uncirculated GOLD!

MIles

mackdriver · March 16, 2008 10:55AM

Just ordered 5 1 ouncers (AGE).Will have to wait and see if the mint honors it.

AnkurJ · March 16, 2008 10:55AM

Fed just cut interest rates 1/4 point! down goes the dollar, up goes gold!

AnkurJ · March 16, 2008 11:07AM

I took the advice of two sides a coin and bought this:

And I got it for $100 over melt!

tincup · March 16, 2008 11:08AM

Well, I went ahead and placed a Mint order for one of the W sets.... the way the metals are going, there will be little or no premium tomorrow. Plus.... I suspect the 2007 coins will be history after tomorrow.... both due to the price of gold, and also if the 2008 issues will be coming out. Looks like the very last chance to try to get a set of the 2007's (if the Mint will accept the orders, that is)

southside · March 16, 2008 11:14AM

Ordered 2 1/2 ounces tonight. Hopefully these will not be cancelled.

trozau · March 16, 2008 11:24AM

Ordered 2 - 1 troy ounce tonight for my teen aged kid who wants to park his idle money in gold rather than in the bank. Hope the order goes through.

jessewvu · March 16, 2008 11:25AM

I just ordered 10 1oz UNC's and 1 4 coin set.

Gold is up $21 already on the foreign market tonight

GOLD 03/16/2008 21:23 1023.90 1024.70 +21.40 +2.13%

Joflax · March 16, 2008 11:31AM

The mint has already tested my cresit card from an order placed this morning , hopefully the order will go thru
Just ordered another set gold at 1027.9 as I write this

AnkurJ · March 16, 2008 11:34AM

At this rate will be $1100 by tomorrow!!

jessewvu · March 16, 2008 11:39AM

I thought about sending back an unopened box of 10 American Buffalo Celebration coins I picked up at $1018 each but I think I will hold onto them for a while.

On a totally unrelated topic, when did Nostradamus and the Mayans predict the world would end? 2012, something like that?

AnkurJ · March 16, 2008 11:41AM

<< I thought about sending back an unopened box of 10 American Buffalo Celebration coins I picked up at $1018 each but I think I will hold onto them for a while.

On a totally unrelated topic, when did Nostradamus and the Mayans predict the world would end? 2012, something like that?

>>

You can send them to me!

But damn, must be nice to buy that much gold!

trozau · March 16, 2008 11:43AM

<< On a totally unrelated topic, when did Nostradamus and the Mayans predict the world would end? 2012, something like that?

>>

No world end prediction. The Mayan calendar ends Dec 21, 2012. Everything else is interpretative speculation as to whether the world ends with the end of the Mayan calendar.

RobertS · March 16, 2008 11:46AM

I ordered 20 on 3-5 lets see if they honor them, I placed another other for 10 more.

US Mint Gold UNC's are not much over melt!

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