gold in AGE and the Gold Buffalo

it's not money, it's bullion. so what. I wonder if anyone here has or ever will exchange their gold for printed money.

 

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I agree, gold is not money, but what it can be called is wealth. I just thought it was hilarious that the Fed only keeps it around for tradition, especially since that contradicts JP Morgan's statement that 'Gold is money and nothing else' even though he was instrumental in creation of the Federal Reserve.

 

I've done that on a few occasions. Back in 1981, for example, I had to pay tuition, and the people in the Admin Building were only going to give me $20 credit for my St. Gaudens $20 gold piece. So I took it to the local coin dealer and he gave me printed money for it which, when all added up, amounted to a little over $600.

 

Yep, back in 1980, we just had our second daughter, my wife was off of work for a few months, I sold 4 double eagles I had bought in 73 for 500 each, and paid the bills. Have you ever exchanged gold for printed money?

Even today I would love to trade a saint or double eagle liberty for an 1863 20 dollar gold certificate.

 

I am simply confused. I am not sure you really read my posts. I stated that I used to work with a jewelry manufacturer, a valued added gold user, who specified at least .99 gold as raw materials. You then said it made no sense for an industry to use pure gold and blend it down, and I simply stated my industry, (unrelated to gold) does exactly that. I am not hiding my industry, its just irrelevant. It could be stainless steel, chemical blending, food manufacturing, or dog food manufacturing, all of them blend pure products into higher value blends that consumers will pay more for, just like the jewelry industry. My point was that there are industries who require .99 gold, so I thought a .99 gold coin might be more preferable in the future on that basis.

I cannot explain it simpler.

 

No I haven't sold any back yet.

 

I don't have much gold, so I plan to hold it just to have it. When the Gold/Silver ratio hits 20:1 I will convert some silver into gold though. I would never sell either one for cash unless a number of criteria is met. Yes I would sell if I really needed the money, otherwise I would wait for the following to be met before considering transferring into another store of wealth.

- Currency is tied to a metal standard of some kind.
- The budget is balanced.
- Silver short positions do not grossly outweigh the long positions, or at the very least are not concentrated.
- Monetary policy is in the hands of elected officials.
- Current elected officials do not freely donate the wealth of one class to another.

 

:thumb:

Good plan!

 

For jewelry 18K seems to be preferred for strength.
several years the Austrian Philharmonic out sold all coins here, and abroad.
Nice .999 coin and they also do silver .
S/A is not putting out the immense production they use to. The further down you go the greater the cost for safety measures. During the 1970-1980 they really had strong production but not so much now. Loans are hard to come by to revamp mines. Paying while your revamping on a loan is near impossible.

Pep

 

coppermaina: " . . . The reverse "family of eagles" is quite underwhelming as well compared to the large flowing wings on the original host coin. Hey, don't get mad at me , somebody had to say it. It is still American gold and there are many reasons to like it just for that as already stated on this thread. . . "

I bought my first AGE around three years ago and was underwhelmed by the reverse. Then compared it to my 1924 $20.00 Saint G and was depressed.