Bought some gold today

[jim4silver]

Picked up a nice 50 peso gold coin for 26 bucks over spot. Nice big 1.2 ounce coin. Since I have cut way back on CRHing I have had more time to be productive at work and have been able to make more money, so I figured it was time to add some more gold to the stash.


Jim

 

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[Bean]

Nice buy on the gold Jim.
Alot cheaper than american gold eagles.
Gold is gold, no sense pay'n a big premium if you dont have to.
I noticed you said on another post you didn't care for the silver eagle's because of the premiums that they charge.
$26 dollars over spot is very good on over an ounce of gold at this time.
I think I've seen gold eagle's for like $100 over spot at many places online.
Do you buy most of your metals local or online?

Bean

 

[jim4silver]

Nice buy on the gold Jim.
Alot cheaper than american gold eagles.
Gold is gold, no sense pay'n a big premium if you dont have to.
I noticed you said on another post you didn't care for the silver eagle's because of the premiums that they charge.
$26 dollars over spot is very good on over an ounce of gold at this time.
I think I've seen gold eagle's for like $100 over spot at many places online.
Do you buy most of your metals local or online?

Bean

Yeah I thought it was a great price so I scooped it up. I never have bought anything online as far as PMs go. I like to pay and walk out with the metals in my hand. If you want cheaper gold you can go for the Mexican coins, or also 100 coronas, which are Austrian. They also make 100 koronas that are Hungarian, but I have never seen them. Also, they have gold coins called ducats, that are really thin. All these can be had usually for not much over spot. In the good ole days you could get them for spot or close to it. The downside if you will is that they all have weird weights, like 1.2 ounces, or .98 ounces, etc. No nice round numbers like with maples, eagles, etc.

I predict that if the shortage keeps up, even these types of gold coin premiums are gonna go up. Right now there still seems to be some of it around because the average joe new gold buyer is gonna ask for eagles and maples and krugs cause that is all they know about. They will probably be scared off by the weird old foreign coins like I was when I first got into PMs.

But like you said gold is gold. No way am I gonna pay 100 or more over spot now for a one ounce eagle or buffalo. Just make sure you know the proper weight and dimensions of the coin when you buy so you dont get a fake and/or buy from a coin dealer you trust.

Jim

 

[Silver Stripe]

What no pic? Congrats on the purchase. HH Mark

 

[Bean]

Any dealer worth his salt would buy those coins in a heartbeat and thats all that matters.
I've heard it said before that you should never buy any coin that you don't understand or you could wind up with a
broken heart when its time to sell.

Bean

 

[jim4silver]

Picked up a 20 peso gold coin today at 6 bucks over melt. Pretty coin. Below is a photo off the net of one.

http://www.usagold.com/gold/coins/mexican-20.html

Jim

 

[BBcardsRI]

Nice looking coin Jim, and at a nice price.

Good buy!

~Dave

 

[jim4silver]

Nice looking coin Jim, and at a nice price.

Good buy!

~Dave

Dave,

I was looking at picking up some GAEs and the dealer wanted 120 over spot for a one ounce. Is that crazy or what?

He said he had some gold he would sell close to spot and I took the 20 peso. I got some 50 pesos from him in the past but he was out of them. He also had some sovereigns and some ducats, but I declined those.

I really think if the demand keeps going up eventually even the off brand gold premiums will go up.

Jim

 

[BBcardsRI]

The demand is certainly there, you'll be reaping profits in the years to come. Maybe/hopefully sooner.

That kind of premium over spot is INSANE! When you deal with silver you are like... well... a dollar or two over spot... blah blah

But when you deal in gold the above spot prices really start to cut you.

I don't have the money to play the gold game... but it looks even more volatile than the silver one... and we both know how hard a game silver is.

Hope we both win in the end!

~Dave

 

[rodzm]

Aaaaand has anybody seen the premiums for Palladium and Platinum? APMEX has their premiums of Palladium at $100 over spot and $200 for Platinum

I picked up 1 oz of Palladium with assay card card and it still cost me $291 with shipping included. Ebay is worse with premiums for Palladium going at about $120