Just saying here (today): GOLD BID $1,241.20 ASK $1,241.90 I have a priority intrinsic calculation that says gold is a buy at this level. I am buying. Yes, it seems that interest rates are going higher and some pundits say that gold is not the store of value that it once was for the last 75 years. I just sold some other stuff and will have enough cash for four gold coins at this price and a few pieces of silver. I'd like to expand my Saint Gaudens collection. Are you buying or selling now?
I am going to the one in Marietta, GA. http://www.remingtonhospitalityservices.com/property.php?id=12
@Doc J I'd buy St Gaudens if I had the spare cash. But only "spare" cash, or what I call "transfer asset" cash where you sell one thing to transfer into another, such as you are doing. With all that is going on, who knows where PMs will balance out in the short term. Long term should be okay as PMs are considered different things in different countries. And as long as foreign economies grow and expand the wealth of their citizens they'll buy PMs, if anything because they look pretty.
It's actually what I call "hobby cash". Early in my hobby: I meet a coin dealer that stated that he didn't inventory gold coins due to the small profit margins, and the market can go against him. I get his thinking now as gold has been up and down but still in the same range for 3 years. I did buy Panda's (1988) and Krugerrand's (1975-1978): The profit margin on gold coins is very small. Like you say, I am now all over Saint Gaudens (marked $20 for new guys but around 97% gold). And, it is certainly the most beautiful coin every made. I am about 10% of hobby cash in Morgan Dollar's (90% silver). I love the design, but the mark-up's worry me. So, I go slow here.
I did buy two Saint Gaudens today @ $1260 each which was $58 above melt. They were a 1908 and a 1924 bought together (slab coins at MS62). I bought six Morgan dollars that I didn't own (not slab) which wasn't at the best prices, but I wanted them. I returned home falling short of my purchase goal. It seems a few dealers there were not aware of the current gold price (posted above). BTW, $1240/oz AU is $1202 for 96.7% coins. A new dealer couldn't believe that his slightly rare Saint Gaudens was not a bargain at $4,000? I had a book with 300,000 made.
