i dont know if you guys have heard yet, but the price of gold dropped $13 and the price of silver dropped around 50 cents. the market was doing so good recently and I was taken aback by this new report. http://www.kitco.com/
It was fun while it lasted. Silver now at $6.99. Down from $8.30 just a couple of days ago. My guess is that it will live in the $6>$8 range in the near future. But, of course, it break out either way: shoot up towards $9 or sink back down to $5 (where it has lived for many years). I don't think I will buy unless it gets to $5>$5.50 range. If it hits $8 again I'm selling. Big Time! Gold is at $399.
Devastating? I buy and sell precious metal coins whether the price is low and high. The metals market is only effecting those looking for investments. The best part of this run on metals was all the hidden silver and gold coins coming out of the woodwork. By going low, all these customers will be rushing to the coin shops and shows to buy it back. The people who know this are always the winners.
well, i have some gold i though would be a good investment if the market continued to soar. i was also planning to but about four ounces of silver as a tiny investment if the market continued. i'm just dumping that idea and returning to regular coins for right now
Ian, you right about this being a coin forum but I can not see how a person can discuss coins without mentioning history or metal value as well as number minted. They really are all tied into each other inregards to value of the coin for they are all variables of demand. As for everyone who is concerned about the price of gold, I just recommend buy small, buy steady and only buy what you can afford. It's like cost averageing in stocks. Except with coins, one can buy for passion as well so it is the best of both worlds.
Seems most every market tanked so far in April. I wouldn't put too much weight on day to day fluctuations, though. A steep dip like that might present a good buying opportunity.
Well I for one am buying precious metal coins like any normal business day. The bullion price rarely effects rare coins. Nobody buys St. Gaudens because of the price of the ounce of gold in them. They also don't buy Morgans because of the silver content. While bullion coins are nice, and they are an active part of any dealers day, we don't rely on how the market is doing. Buy and sell often will usually have you making little profits all the time. If today you buy silver at $7.06 and tomorrow you sell at $7.10 you made money. If next week you buy at $7.15 and sell at $7.11 you even out. When this market took a big upward swing, everyone was selling. Now as it makes a small correction everyone is buying. For those of us that deal in this market day in and day out, corrections come and go. Even the 90% junk silver can be put into 2x2's and sold as collector coins.
that IS true, but people would much rather buy a coin that has high metal value, in addition to the asthetics and numismatic premium of the coin.
chevy I think you have that backwards. Numismatic worth is always more sought after than intrinsic value. Nickel coins are basically worthless in metal content, yet some of the nickel coins are very highly collected with numerous high values. Morgan dollars are one of the most collected coins in the hobby yet never because of the silver content. Lincoln cents are also a widely collected coin with many reaching value far above the intrinsic value. Very few coins are priced solely on their metal content. That is why no dealer adds BU coins to their 90% bags.
I agree bullion coins are rarely money makers. Trying to make a profit by buying and selling them is not likely to happen. (Silver Eagles are useless for silver speculation.) Bars are a different story. 10oz and 100oz bars can be gotten for pennies over spot. Buying at $5oz and selling at $8oz is nothing to sneeze at. In addition, (and some may think I'm a little nuts) I think silver bars are beautiful in there own way. They are basically large, retangular coins! Some of the older, cast bars look like something you'd find on ship wreck dive. They make a great gift for a youngster just learning the value of money (or the value of commodities, anyway). I have a few bars that I won't sell because I've grown attached to them. And not only do I like the way Morgans look, but I like to feel the weight of the coin's silver in my hand. To me, that's a big part of it.
I did it Well I sold my first coins and it was silver bullion--I payed $8 for them and got $10 so a $2 profit is good since they had big finger prints on them-- Speedy
What you say is all very well, but carefully re-read the post I was responding to and then (if you please) point out where you see anything about coins, history, or metal value. I couldn't see any.
I suppose I should respond to that one. The only thing I can tell you, sir, is that my posts aren't written to make you happy. They are written to express my opinions, views, feelings etc. If you don't think they are appropriate, then ignore them. As far as every post having to be about coins, history, or metal value, well, you are simply mistaken about that.
Ian, gold and silver values tie into coins just as much as asthetics and history do. Jody is completely 100% right about what she has posted. That's why she's a moderator. thanks to all you moderators out there!!!!!!!!!
