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Message:: [QUOTE="GoldFinger1969, post: 5257859, member: 73489"]1908 No Motto Hoard:  Was re-reading the outstanding section on the 1908 No Motto Wells Fargo Hoard in Roger's book. Interesting....the coins were initially offered in MS-65 quality for $1,160.  Spot gold averaged about $330 per ounce and an Uncirculated Saint DEs (doesn't say what grade -- MS63 ?) was about $375.  The price guide for that Saint-Gauden year included in the book says that the MS-60 sold for $490, the MS-63 for $540, and the MS-65 for $1,150. Since the price guide MS-65 price matches up well with the initial price for an MS-65 Wells Fargo, maybe the other prices are off a bit since you'd have to go down to AU's to approach $375. Regardless....buying the Wells Fargo or regular No Motto at MS-65 quality entailed paying a huge premium (350%) to spot gold.  Today, you can buy a 1908 No Motto MS-65 for about $2,400 or about a 30% premium to spot gold. It's counter-intuitive, but when the absolute price is CHEAP the relative price is EXPENSIVE.  At these times it paid to buy spot gold for more price leverage and wait to pay the higher price for the Saint later on.[/QUOTE]