Investing in Gold & Silver from U.S. Mint?

Discussion in 'Bullion Investing' started by Wandering Man, Sep 17, 2019.

  1. -jeffB

    -jeffB Greshams LEO Supporter

    Stepping in although I'm not the one you asked:

    I don't much like the slabbing/grading game, but there are LOTS AND LOTS of counterfeit gold coins floating around, especially in the smaller denominations where there's still a numismatic premium over melt. They've been heavily counterfeited since the 1960s at least. The raw "coin" you buy may be actual gold, but not an actual legit coin.

    Even if you buy slabbed, there are counterfeit slabs, too -- but so far, those are relatively easy to spot.

    The best bet is to buy from a trusted dealer (which means you'll pay a bit more than the bare minimum).

    Now, I haven't followed that advice myself, because I was raised to be a cheapskate, and I love bargain-hunting. So far, I've been lucky, as far as I know. Of all the gold I've bought, I've turned around and sold maybe half of it, mostly to experienced dealers, and so far it's all been good. In retrospect, though, I took some big chances, and -- yeah, lucky. If I'd just been accumulating all along, at this point I would be very nervous about some of the stuff I bought early on.
     
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  3. brucebuck

    brucebuck New Member

    Precious Metals - Gold and Silver, mostly.

    Like others have said, if you are spending bigger bucks on any PM (whether coin or bullion), buy it from a local trusted coin dealer. And one with at Sigma tester that can prove to everyone the metal content without damage.
     
  4. -jeffB

    -jeffB Greshams LEO Supporter

    Two points about that last comment:

    1) Those older counterfeit gold coins were actually struck from real gold. A composition test won't necessarily reveal them. Even in those days, there would have been a good profit from melting three common $10 gold pieces and striking ten $3 golds or thirty $1 golds from the metal.

    2) I'm deeply skeptical of the Sigma testers. They'll distinguish common base-metal fakes, but I think it'll be possible to produce fakes that will fool them. And as above, if the fake is made from real gold or silver, the Sigma won't tell you anything.
     
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