Is proof bullion an oxymoron? Is there any reason to purchase proof Gold Eagles, for instance? What do you think?

If you are paying the premium for the proof, yes, proof bullion is an oxymoron. The purpose of bullion purchases is the most ounces in the form you prefer, (endless arguments can be had about premiums, acceptance, etc etc). Proof finish, by its definition really, is an added premium that to a melter in the future will not bring a premium. Coins versus bars can bring premiums since its easier to certify purity and authenticity, but who in the future when you need bullion will want to pay more for a proof one? Look at some older proof gold eagles that sell at melt. Any premium the buyer paid for the proof strike would have been better spent on more gold. Now, can you wager a certain proof coin will appreciate in value as a collectible? Sure, but that is a collectible coin play, not a bullion one.

Good point. If you are paying a premium over regular bullion, over time it probably will not have been worth it. However, if you can buy a proof at the same price as a nonproof, even for bullion, wouldn't you think this is a pretty good buy? (In the off chance someone later will pay you a premium for it being a proof?). Having said that, is there also a higher likelihood of a proof receiving a higher grade than a nonproof, not just because it looks nicer but also because the proof will have been more carefully selected in the first place. So, that higher quality could also bring a premium.

Folks that purchase proof eagles aren’t buying for bullions sake. I buy bullion and have little regard for the grade the piece may bring. Next year when the mint releases the Apollo moon coins, I will purchase those, and it will not be a bullion purchase for me. Those coins take me to my childhood and the magic that was the space race at the time..... Proof or graded bullion purchases are not made for for the sake of holding PM’s.