Gold is at a 26 year high. Actually it is really close to the all time high back in 1980. I got 4 PCGS MS69 and 4 PF69 $5 Constitutions and an AU58-MS60 1899-S double eagle. These are .9675 Fine gold of an ounce per $20 face value for these coins. Comes out to about 2.9 ounces fine gold. Should I just scrap these coins for 98% of spot? At my local dealer? (nearly $2100), or what..... The Constitution coins sell for less than spot on ebay.... 7% ebay and Paypal fees.... big loser for sales, perhaps a buying opportunity..... What would you do? Sell what you have or buy some more cheap, and hope for the best.....???
I agree; the all-time high of $850 in 1980, adjusted for inflation was the equivalent of $2,125 in 2007 dollars.
bz: When you decide what to do, let me know. I have a bunch of junk gold, most from metal detecting, rings & such. I guess that I should dump it.
Nobody knows what future prices will be, but at the present time very few people are excited about the price of gold. When you start seeing stories on the evening news about people lined up around the block to buy gold coins, that would be a good time to sell. Of course, if the plan is to sell the common coins to buy better date coins, the trade might be justified. Edit: By the way, I really like the gold commemorative coins from the 1980s. They aren't scarce and are really bullion coins, but they are one of my favorites to collect.
I have never used these people, but think I might for some scrap silver. http://www.midwestrefineries.com/gold.htm They claim "Midwest Refineries pays 94% of the value of gold metals based on the gold market on the day your order is completed." and "Midwest Refineries pays 88% of the value of sterling silver (.925) like flatware and jewelry and photographic silver flake. Midwest refineries pays 92% for pure silver (. 999) bars, and coins. Midwest refineries pays 90% for all U.S. coin silver (90%). Payables on silver is based on the silver market on the day your order is completed. Turn around time between 2 and 5 working days." These seem like numbers that would allow them to be profitable with enough volume. Just wanted to know if they jack you around on things like what day your order was "completed" in order to milk their profit for a few bucks more. Obviously, we would have to pay shipping out of our own pocket too.
I can get 98% spot from a particular local coin dealer.... and have done so in the past... You are correct that mostly you can expect only 90% of spot from most coin dealers. Been there etc.
Hey GD! Yeah, I know because when I shopped around a tube + 10 (60 coins) of 1999 1/10 ounce gold eagles a couple few years ago, what I heard was (1) these are 1999 and junk so we will pay 90%. (2) if you had some other date we might pay 91% (WHOOPEE!!!) I did find a local dealer that did pay me 98%. I just called to confirm that they still do. The guy that runs the shop (not the owner) is the guy that turned me on to CONECA. (SEE MY SIGNATURE TO JOIN CONECA!!! The Error and Variety Collectors organization!) I can`t put their name out here, because I did not get permission to do so, and because I am sure they cannot handle the hundreds or thousands of ounces, that this national post might engender. If I know you, I might let you know who this shop is via private message. I will talk to them tommorrow if this is OK with them. Like I said, I am sure they cannot handle the free-for-all that a national post here on cointalk would engender.
