Gold Premiums

I haven’t been buying or selling my gold. I been satisfied where I am for a while now, so I haven’t been actively buying for a while.

Last week a friend of mine that knows I mess around with coins and and PM’s asked if I could find him some gold to put in his safe. So I been hitting up my regular sources and everything I see is substantially over spot..... Called my dealer buddy that can find anything and he tells me that even if I can even find pre-33 gold that the current premiums are sky high right now.

So is this some result of our upside down Coronavirus world right now? People maybe hoarding PM’s creating a supply/demand imbalance?

 

Log in or Sign up to hide this ad.

Sound like my best advice to my friend would be to wait before he scratches that itch then. This is just not a buyers market.

 

If you can even find a seller.

 

New member here testing ability to post with a warning on gold. I have seen numbers stating approximately 42,000 counterfeit coins per month enter the USA. I have two of them, both rejected by PCGS. I was also burned by the Perth Mint gold bar counterfeit ring. I was able to get my money back on one coin and the gold bar.
In regards to the price of gold, fear and greed is driving the price up. If you plan to buy and hold, don't do it. If you want to speculate (gamble), now is the time but be aware a cure for C-19 is already on the market and this panicdemic will soon be over.

 

Yeah... That would seem to be the message. Just six weeks ago my dealer was turning gold away he had so much.

 

You are correct. Sadly, the counterfeit market has been a big black eye on our hobby in recent years.

 

I seem to remember reading that there were some major supply disruptions coming out of Europe's lockdown, resulting in a shortage of smaller gold bars and, hence, a premium for physical over spot.

 

Where did you obtain this data? Thanks

 

Oh really...

 

IMO there is no good time to sell one’s gold, unless you really really need FRNs.

 

I just sold half my gold this week and got well over spot for AGEs and Buffalos. I'd been holding some for quite a few years, my wife has been impatient with my promises that "I'll sell when the price rises." I immediately took the proceeds and paid down a chunk on our little vacation home's mortgage. Mama's happy, I'm OK with it. Still have half left.

Now, if silver would spike again....

Steve

 

No cure yet, at least one Dr charged with fraud for selling a "miracle cure".

Some preliminary testing suggests that the virus is killed by sunlight and that transmission outdoors is lower during the day, during hot days, and during humid days. That was from a leaked early experiment that needs to be proven but what most expected to be true.

Also growing testing evidence and studies are starting to show the virus has infected a lot more people and is less deadly than initially reported particularly one out of Stanford that found antibodies in people to be 50-85 times higher than reported numbers. Needs to be peer reviewed and figure out how significant, but viruses are almost more common than reported

The stock of Gilead Sciences also popped on Thursday Friday after one of their clinical trials for a drug was leaked that showed a lot of promise, but it's an incomplete study though it is a more advanced one of over overwhelmingly the most severe patients

There's a lot to be hopeful for, but yea the claim there is already a cure on the market is false

 

Enlighten me with this cure.

 

People aren't going to be wanting to separate themselves from their currency or money (gold or silver) for a while. Best to wait until people don't want it at the time.

As far as going up in value, I prefer it doesn't. That is just an indication of problems or inflation, and doesn't mean you're going to get rich - that's not why you buy gold and/or silver.

 

It's better than paying $3,000 an ounce....

 

where did you buy these counterfeits?

 

You ought to be careful of what you claim on a public forums. Check your facts first.

 

Yeah, I passed the "I don't really have more room to store it" stage a while ago. My dream would be silver spikes but PT and gold stay they same, and I would swap out silver for them. However, if silver spikes it will probably mean the others do too, so I would have to take a gamble to convert to USD and wait for prices to come back down. I am fine with the value in my "pile", just with the pile was more compact and didn't weigh so much.