When I was a kid, I wanted to collect (and was collecting) all coins that I could get my hands on. When I got a bit older, I understood that it's not feasible and restricted myself to just a few countries. I wasn't a maniac collector (for most of the times, excluding probably just a few years ), so my collection is of a moderate size. I got about 500+ New Zealand coins (almost complete collection by year/type/and what i wanted to collect) and about 300+ Russian coins (about 70% of what I'd like to have). I never collected gold coins as I thought they're way too expensive, but now I'm thinking that if I just started collecting only gold coins (by type), I would already have got all gold I wanted in the same time-line as I have now :|... So, my thoughts are - sell everything I've got so far and buy gold on all money I can savage from selling. What do you say on that? Cheers, Mik
If you like gold coins better than NZ and Russian coins, then you should do it. It's really a personal choice and nobody can tell you whether it is right or wrong. Welcome to Coin Talk.
It's not that I like gold coins more than say Russian coins, but I mean Russian gold coins vs not gold coins. So, to rephrase it: Would you rather have 100 copper, copper-nickel, silver, and etc. coins than 1 gold?? And until recently I did indeed thought that having 100 different non-gold coins is a lot more fun than having one gold one...
If I were you, I would consider a few things here. 1. The current price point of bullion. 2.Current price point of the gold coins you would like to have. 3.The price point you established on the curent collection 4. The price point difference between the current collection and the gold coins that you would buy. 5. The % loss you will encounter or in the best case the % gain you might encounter Weigh out these parameters and make your choice. For me I have been buying gold on cycles of down turn starting when it was $250 USD/oz. I bought bullion AGE coins as only a few have numismatic potential in the fractionals. Gold is Gold...it is the only value store house Countries turn to to back up the Fiat currency! It is the money of Kings and Queens and Dictators...it is symbolic and traditional for many Nations and Civilizations....awhhhhh the lure of GOLD! RickieB
Bad time to buy Russian gold coins - at best you might be able to complete a set of Nicholai II gold coin set with the 7.5 and 15 rubles gold coin but wait till you try Alexander III and earlier - extremely painful I can guarantee
Like others have said, it is really a personal choice! With that said, you must determine the reason for your choice!? Do you want to dump everything you have to purchase Gold coins because you feel that they are more collectible or because you want to use them as an investment in Gold due it's soaring value right now? If you feel that they are more collectible and want them for that reason, then you must buy them wisely as some are collectible while others are just Gold coins that are only worth the value of the Gold that is in them. If you want them as an investment, then the same holds true as the previous sentence and then you should probably concentrate on Bullion coins only. However, if you are looking at it from an Gold Bullion investment angle, then I would say to put the money into Silver coinage or Silver Bullion instead, since Silver is a better investent and gives a better return on your money. Frank
It really depends on what you're trying to accomplish. Do you want to travel the world through its coinage? Sounds kind of like that's what you've been doing. If that's what you like about coin collecting continue with that. If you just suddenly want to own gold instead I would say get rare examples of gold pieces. There is a certain joy in owning something that so many people would want and you actually have. So the type idea is a good one. I don't think the weight of the gold matters as much as the uniqueness of the coin. Gold coins are far more than bullion. Consider out of the 10 coins that went for the most at auction 5 of them are silver.
OP, my current strategy involves pulling silver out of rolls searched, then selling the 40% silver when I get to $1,000 face. With the proceeds from the silver, I'm buying gold. The last bag I sold, I got 19 Colombian 5 Peso Gold Coins. Oddly enough, the one coin I scanned to complain about possible overgrading turned out to have two digits in the date clearly repunched. If it were my collection, I wouldn't sell anything that was "organized", but rather just start focusing on the gold for future purchases. If you have "bulk" items in your collection, I would still be cautious about selling them and make sure you sell them for a premium, and not just for the first offer that comes along. Many people here on these forums didn't believe that I could get 4½ oz of gold for my $1,000 bag of 40% kennedies, but not only did I get it, but I got a $167 check on top of it.
Goldman Sachs says sell gold in 2008 http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSL2989677420071129 A lot of people think the price will go <700. You should watch it and wait for a better time in early '08(?)
