Anybody remember this thread ?

Discussion in 'Bullion Investing' started by GDJMSP, Feb 26, 2010.

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  1. green18

    green18 Unknown member Sweet on Commemorative Coins

    Seems like a lot of these wierdo sales man guys have been arriving on our site of late.......
     
    green18, Feb 26, 2010
    #21 + Quote Reply
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  3. SilverSurfer

    SilverSurfer Whack Job

    I got your point. What I don't understand is why you attribute the hype to investment fund managers? Who sells these proof coins? Investment fund managers? Maybe the hype came from the fact that there was all this hoopla about no proof coins being made available. Maybe people thought they would be a good investment based on scarcity. I guess I don't understand why investment fund managers would be interested in proof coins and not regular bullion.

    It is up to the buyer to determine the value of something and consider the costs. This why I haven't bought any gold and have stuck with silver. At present, that seems to be a bad investment. But, as I've stated before, I'm not a commodities trader.....I'm an investor. The time will come for silver. If someone offered an ASE proof bullion coin for $50, I don't think I would buy it.

    EDIT: Wait a minute....you're not freaking out because you bought one of these $2000 proof coins, are you?
     
    SilverSurfer, Feb 27, 2010
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  4. krispy

    krispy krispy

    LOL! Check out his albums

    I've been following along this thread and don't think he was freaking out, just offering words of advice by way of recent example so people might take heed
     
    krispy, Feb 27, 2010
    #23 + Quote Reply
  5. justafarmer

    justafarmer Senior Member

    Proof bullion coins is not an investment in a precious metal - it is an investment in a collectable.
     
    justafarmer, Feb 28, 2010
    #24 + Quote Reply
  6. coinman0456

    coinman0456 Coin Collector

    I agree GD. Hype Hype Hype
     
    coinman0456, Feb 28, 2010
    #25 + Quote Reply
  7. coinman0456

    coinman0456 Coin Collector

    A salesperson's responsibility is to convince the prospect, they really need whatever they are " hawking" . Now when the prospect solicits more information from these companies, the salesperson has a 50% + advantage
    in completing a transaction with them. TV coin shows, buy gold now advertisements, they all operate on the same premise IMHO Old W.C. said it best. " There's a sucker born every minute"
     
    coinman0456, Feb 28, 2010
    #26 + Quote Reply
  8. GDJMSP

    GDJMSP Numismatist Moderator

    Apparently you are unaware of how these things work. Ever hear the prhase "boiler room" used ? Do you have an understanding of it ? Well, that's what happens when investment fund management companies and all these "gold investment" companies do when they run a promotion. They put a bunch of people together in the same room with each having a phone and give them a list of phone numbers. Then these people sit there for days at a time calling and calling and using high pressure sales tactics trying to get folks to buy their gold coins.

    Now bear in mind, the people that are being called are not coin collectors, nor dothey know anything about investing in gold. They are John Q. Public, often old and retired, on a fixed income and worried about the future. Sometimes they are young, newlyweds or young couples with a new baby. The guys running these things have it down to a science. They know how to prospect, they know how to pick their victims, they know how to play on your fears, they know how to convince you to buy what they are selling. And they sell it at vastly inflated prices knowing full well that the people (the victims) who are buying are going to lose a large portion of their money - and very quickly.

    Now the group, or groups for there is almost always more than one group, that I was talking about do this every year, at the end of the year, because a lot of folks wait until the end of the year to make their contributions into their IRA accounts for tax purposes.

    But they also do the same thing all year long, but on smaller scale. And they don't always just sell gold or silver. Many times they will be selling "rare coins". Like the famous SGS 70's (or choose your self-slabber). But whatever they are selling, you can count on it being sold for far, far more than it is worth.

    So when I use the term investment managers, I use it lightly. But that is what they present themselves as, that is what they sell themselves as. And they will use some fancy company name that makes it seem all too legitimate.

    But in every single case they have but one purpose to get your money. And they are very successful at it. They make millions ! And the people, the victims, they lose money. Every single time.
     
    GDJMSP, Feb 28, 2010
    #27 + Quote Reply
  9. SilverSurfer

    SilverSurfer Whack Job

    Maybe you should write to a reputable newspaper or magazine that many people read and educate the public. Letting us know is like preaching to the choir.
     
    SilverSurfer, Feb 28, 2010
    #28 + Quote Reply
  10. GDJMSP

    GDJMSP Numismatist Moderator

    You'd be surprised how many people on this forum or that read this forum don't know it. There are peopl on this forum that paid that $2000 and up price for the 1oz AGE Proofs.
     
    GDJMSP, Feb 28, 2010
    #29 + Quote Reply
  11. coinman0456

    coinman0456 Coin Collector

    don't forget those who buy these new commemorative coins at ridiculous prices.(Gold and Silver) Even if they are held long term ( 10 years ) the true prospect of making any appreciable profit is about zero and they will be fortunate to get close to what they paid ( invested) or simply melt value.
     
    coinman0456, Feb 28, 2010
    #30 + Quote Reply
  12. SilverSurfer

    SilverSurfer Whack Job

    At least silver commemoratives have a limited mintage, usually around 500,000, as compared the the 2009 silver eagles, which had a mintage of 26 Million. They are expensive when they are new, but if you wait a few years you can buy them from the guy that paid full price for a fraction of what he paid. I bought many of my earlier silver commemoratives for about $25 a piece.
     
    SilverSurfer, Mar 1, 2010
    #31 + Quote Reply
  13. krispy

    krispy krispy

    fyi

    American Eagles swing by Steve Roach from COIN VALUES Market Analyst [dated 3/15/2010]

    There's more at the link above...
     
    krispy, Mar 3, 2010
    #32 + Quote Reply
  14. green18

    green18 Unknown member Sweet on Commemorative Coins

    Bottom line folks....collectability, Si......Investment, no.....:)
     
    green18, Mar 3, 2010
    #33 + Quote Reply
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