Next Level: GOLD $1,350.00

New high for the euro today in gold. Closed at 822.67 euros. WoW. Down in the after trade in sydney at 818.10 euros. In the $ its at 1103.88.
Dave

 

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Markets opening in Asian markets for Friday:

Currently: Gold @ $1,106.60/oz

 

long term yes! to 900s! i still say buy! When it hits $2000 say 2017 $1100 will look cheap??

 

day high - $1,126.70/oz.
currently - $1,120.10/oz.

 

I didn't know the mint had a limit of what year you can buy.
Looks like they are having a hard time selling the 2009's. I wonder if perhaps they will mint fewer in 2010??? Still wondering what proofs will make it this year too.

From NumismaticNews:
If you want to buy an ounce of gold because you think it is going up in price, does it matter what the date is?
Apparently.
The Mint still has 17,000 of the 2009-dated coins to get rid of approximately one month after the 2010 coins went on sale Jan. 19.
Gold buyers have to buy one 2009-dated coin for every three 2010 coins they purchase.
So far, the Mint has sold 135,000 one-ounce gold American Eagles. Of that number, 34,000 were dated 2009, so the enforced ratio is basically showing the buyers taking what is required and no more.
It could be that another 68,000 coins will have to be sold at this rate to get rid of the remaining 17,000 2009-coins.

 

Can't make fractional gold, or proof gold due to the high demand. At least that is what they told us. Now they say they need people to buy 17,000 AGE, surplus. Which is it? I'm thinking the latter and the earlier hoopla about too much demand was a bunch of bologna. So, this still doesn't answer the question of why no fractional gold and no proofs. My guess is that they are too cheap to hire more labor in the face of demand.

 

Anyone feel free to clarify, but I'm under the impression that proof coin blanks are prepared of a different level of quality/finish pre-strike than those for the uncs. Therefore the Mint cannot simply insert any gold or silver blank (planchette) in the dies set up on the production line which is prepared for unc. bullion coins to suddenly swithch to producing proof coins. And since they 'haven't access to' or made orders for fractional sized planchettes, they do not currently exist in their blanks inventory, are not set up in the production line and cannot be minted.

 

Wow! Thanks for posting this Chuck. This is very interesting to see how they are enforcing sales. Seems like it would be a decent tactic to dramatically slow down sales, but I'm not sure if they are doing this or not.

 

I believe proofs are made out of the same plankets, 22 carat gold is 22 carat gold. The differnce is in how the coins are pressed. They are minted under more pressure and for a longer time. This is just my basic understanding of it. So, the blanks were available.

As you mentioned, the blanks for the fractionals weren't available. But why not? If the demand for the 1 ounce coins is diminishing...as it was. Why wouldn't they decide smaller plankets would be more marketable, or more affordable. I'm sticking to the idea that the mint is either run by a bunch of lazies, or they don't want to hire more help in the face of demand.

 

Not sure if it's laziness or common bureaucracy and related politics.

The material of the coin planchets (22k in the case of the AGEs being discussed) are the same whether proof or unc, but proof planchets and dies are polished pre-strike, then inserted into the die by hand, handled with gloved hands, struck in the press at least twice and at a slower speed than unc or business strike coins.

If demand could not be met to produce proof and unc 1 oz. AGEs then adding the three other fractional sizes wouldn't be possible as it would at least triple the production demands and no amount of marketing was going to make up for that unless a massive premium was levied on both unc and proof collectible coins, in which case they would have still been unobtainable by many many regular customers/collectors.

 

mint is already updated twice. but the sites that report mint production is always late or way behind. here is the latest from me:

AGE bullion one ounce gold coins:
2010 production- 135,000 --- 143,000 --- 151,000
2010 mintage ----101,000 --- 107,000 --- 113,000
2009 dated --------34,000 -----36,000 ------38,000
2009 unsold--------17,000 -----15,000 ------13,000

total 2009 mintage - 1,386,500 (include 13,000 unsold).

 

This YouTube video is not from the US Mint but shows a German mint worker at the Mayer Mint polishing coining dies at the 2:15 minute marker, stamping out planchet blanks at 2:50 minute marker then polishing those blanks in a rotating/jostling mix of water and steel beads at 3:00 minute marker. These are for their Proof coins. The process for creating proof coin planchets is similar at the US Mint.

 

But this is the source of my outrage. Demand could not be met....yet now they are forcing purchasers to buy 1 2009 AGE for every 3 2010 AGEs. So, was demand too much? I don't think so. Yet, this is the excuse they used to not make Proofs nor fractionals. If they had taken that time making 17,000 surplus AGEs, they had the time to make Proofs and fractionals....one would think.

My outrage comes in the fact that they lied.

 

I understand what you are upset about, however I don't think you are fully recognizing the enormous production issues related to the two lines of coins nor the impracticable nature of 'firing' up production of Proofs and fractionals midyear. IF demand was heavier earlier in the year and they made such decisions to only set up production for unc coins or to convert all operations to focus on unc coins only, then the Mint wouldn't have the time during the space of the minting year to stop any of those production lines and retool production for proofs nor for fractionals. I think the problem was that they made a decision to fore go any other proof numismatic production of silver and gold and buffalo fractionals, they stuck with that decision, they ended up with a surplus of uncs at years end (after many people exhausted budgets on bullion) and yet didn't inform the collectors until October about the Proofs and fractionals. The collectors who may have been holding back their coin budget waiting for these coins felt jilted and lost many points in the year when they might have bought the UHR for MUCH less or entirely took their collecting budget elsewhere after the Mint's announcement. I think the Mint did irreparable damage to many devout and long time ASE and AGE collectors by their decision and late announcement.

 

I think they made the decision early on and just stuck with it. I don't recall if it was the AGE or ASE, but there was an article in Coin World a few weeks back that said the Mint was so over stocked with 2009 bullion coins that in November, they stopped minting the 2009s and began minting the 2010s...what's up with that?

 

gold touches $1,200.00 by april 1. $1,500.00 by year end.

http://www.business24-7.ae/Articles...2212010_253ef6a0a8434d5f866f066b6b350b4f.aspx

 

Oh dear! The "end end" ...is it nigh already!

 

thanks dear. i correct it. it's year end my lord krispy.

may i ask you a question. do we have to pay taxes profit made on AGB and AGE with w mint mark?. i mean collector's items. it is safe to sell at e-bay?. and is it necessary to go slab?.

 

As a Seller in the US you must collect and pay State Income Taxes on your (eBay) sales. It is the Sellers responsibility to do so. There is an option to select that the Buyer must pay the tax at the rate you set or you can disable this feature when you create the auction listing. I am not sure how it works for international sales, if there is any exemption. I personally do not sell coins that would ship to non-US addresses. Maybe some other online Sellers can chime in with more details on how taxes works here.

 

you mention state tax. what about local or city tax and federal tax?. what about selling less than $10,000.00?.