What are your thoughts on current Pre-1933 U.S. Gold premiums?

Discussion in 'Bullion Investing' started by Tuco, Aug 1, 2020.

  1. -jeffB

    -jeffB Greshams LEO Supporter

    Seems really not smart. I don't think "sit on lots of inventory" is a winning business strategy for anyone. Then again, I'm not a business owner.
     
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  3. GoldFinger1969

    GoldFinger1969 Well-Known Member

    I guess you are FORCED to sell at prevailing market prices. What do you tell customers, "Yeah, I have bullion/Saints/other gold but I'm not selling until the price goes back to $2,000/oz. ?" :D

    As long as you are disciplined and don't make a speculative bet on gold prices by loading up, I guess you'd be OK.
     
  4. baseball21

    baseball21 Well-Known Member

    Just think of how many times the phrase "I can't sell it for x because I paid y for it" gets said at coin shows and shops etc
     
  5. -jeffB

    -jeffB Greshams LEO Supporter

    Yep. And some of the folks saying that are fools, and some of them think I'm a fool that cares what they paid. :rolleyes:
     
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  6. Gilbert

    Gilbert Part time collector Supporter

    I’m interested to know how you avoid being ripped off or worse selling gold on Craigslist?
     
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  7. GoldFinger1969

    GoldFinger1969 Well-Known Member

    But that isn't as much based on bullion prices, it's usually for numismatic or specific pieces detached from bullion prices, no ?
     
  8. GoldFinger1969

    GoldFinger1969 Well-Known Member

    I just can't believe someone would want to sell stuff there.
     
  9. baseball21

    baseball21 Well-Known Member

    Plenty of it is from bullion. Just wait till it starts going back down and see how quick prices get adjusted, it's significantly slower and a lot don't want to buy anymore unless its under spot
     
    GoldFinger1969 likes this.
  10. imrich

    imrich Supporter! Supporter

    Been there, done that, don't want to do it again!

    There are several important tips from the bad characters, as wanting to meet in their territory, handle the coins in advance, want to bring someone along, they're "interested", etc..

    A long list, but once they're informed of a back-up ex-police officer in another unseen vehicle, you're conceal/carry, pay as items are transferred. no one leaves their vehicle, a busy location, difficult to exit ....

    An honest seller is normally told to friends, resulting in additional "buyer"/customer.

    I just sold another (10) 1/10oz AGE @ $220/coin, for delivery today, as I typed this response. As usual, I was asked for a discount if another 10 are purchased, as the spot price was reduced today. I invited him to call when the price again is elevated, as many have.
     
    Last edited: Aug 11, 2020
  11. GoldFinger1969

    GoldFinger1969 Well-Known Member

    That's their right, but if they are only buying/selling when prices are RISING, then they'll lose business during both good and bad times from folks like me who don't know if they are really making a market all the time or if they are just there to enrich themselves.
     
  12. -jeffB

    -jeffB Greshams LEO Supporter

    I can think of few businesses where I don't assume they're there to enrich themselves. Making a profit is kind of the point, isn't it?
     
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  13. baseball21

    baseball21 Well-Known Member

    It's almost certainly going to be a repeat of last time when it comes back down. That's kinda the bullion market though. Most want to buy on the way up trying to catch the top, miss it then wait for it to come back and it doesn't then cut their losses and sell closer to the bottom than top. The dealers obviously have to avoid that but if silver gets to 35 just wait till most places all of a sudden have more than enough when it drops back to 25. Same for gold if it starts a slide

    Things also start getting melted more on the way down to limit losses.
     
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  14. GoldFinger1969

    GoldFinger1969 Well-Known Member

    I meant always looking to make $$$ on every single transaction. I don't think that's the norm, right ?
     
  15. baseball21

    baseball21 Well-Known Member

    Much more normal than you would think
     
    imrich likes this.
  16. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Well, I might pay a small premium for a nice MS65 common Saint....but I'm not paying 30% premium because the price of gold fell 15%, too !!:D
     
  17. GoldFinger1969

    GoldFinger1969 Well-Known Member

    My uncle bought a bunch of Saints from Blanchard in the 1990's....did any of you ?

    Roger Burdette's SAINTS book has price guides for low-60's and MS65 Saints so you can get historical premiums for pre-1933 Saints, if you are interested.

    The book is a FANTASTIC read and great reference. Must-own and must-read if you have any Saints or want to get into them. :cigar:
     
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