I am interested in starting to buy gold coins and have looked around at the US Mint website. I want to buy mainly for investment purposes. They show 4 different sizes and a 4 coin set with all four sizes. The prices on the website are quite a bit higher than the gold value. My question is why would anyone but from the mint when they can buy from a dealer for much less? That being said can anyone recommend any gold bullion dealers?
The mint only sells proofs on their website, which is why they charge so much. I haven’t seen a dealer come off the price of the proofs ether. A lot of collectors see American eagles as bullion not as coins. I say buy proof eagles only if you like them and UNC ones if you want bullion.
1oz gold coins are considered bullion. If buying for collecting then it's upto you what you collect. It can be proof or mint state its your call.
I was going to write a rant about the mint and eagles but instead of chewing on my foot I’ll just agree with shatsi. I do wonder what everyone else thinks. Are US eagles coins? I think their just bullion with some collectable value.
Hello.. The US American Gold Eagle is gold coin period. It is not a circulated coin and therefore considered bullion. If you look close at the mintages of the Proof and Uncirculated you will see that many dealers look at the mintage of the coins and factor in the numismatic potential based upon the available coins. As an example try finding a 1991 1/2 Oz AGE uncirculated at bullion prices..NO Way! With just 24,100 coins produced you will be lucky to find one at $ 925.00. Each year the proofs are made by the mint and limited to a production number. Prices will vary with both types of coins. The good news is that they will always hold the bullion price due to the gold! The 1999 1/10th and 1/4oz uncirculated coins were made in error with proof dies and only a small number of them exist..these are rather expensive but stand out as a modern day gold error and may appreciate in the future. Go to the thread "The Eyes of Texas are Upon You:" to see my collection of AGE both proof and Unic, Raw and Slabbed... Good hunting!! RickieB
I have been lookin gall over the Internet for places to buy gold bullion but am leary of some of the dealers. I almost ordered from one and then I notcied that the shipping was outragously high. Can anyone recommend a good online dealer to buy gold bullion at fair prices? I am not interested in proofs, just bullion. Also is there any advantage to buying a certain size over another?
Just found this on the US Mint website. http://www.usmint.gov/mint_programs/american_eagles/index.cfm?action=AuthSellers
Another thing to think about is that if you want to buy gold strictly for investment purposes [presumably meaning that you think the price will go up so you can sell at a profit], it might be better to do it via the stock market. The exchange traded fund with the ticker symbol GLD is a pure gold investment with lower bid/ask spreads than you will find on any gold coin.
Dealers you might want to look at for bullion by date include http://lynncoins.com/ http://www.apmex.com http://www.kenschlosser-coins.bigstep.com/ There are other dealers who sell the coins as bullion; that is, not by date, but they tend to be cheaper IMO: http://www.golddealer.com/bullionpage.html The most expensive ones seem to be the ones who sell them certified in slabs: http://www.cameocc.com/webdocs/index.aspx
Cloudsweeper I am afraid I don't understand your reasoning. We can go out and buy gold and silver collectable coins or gold bullion without PAYING someone else to do it for us. It seems to me the American people have been conditioned to believe WE can't do anything ourselves so we must pay someone for a service we don't actually need. I might also point out, if one does it himself, there is NO records concerning your collection or bullion, should you chose to call it that, and if no records exsist (no paper trail and nothing floating around in someones computer) which is a feeling I LIKE VERY MUCH. I have been buying and selling gold for years and my gains or loses are entirely of my own doing and I have no one to blame but myself if I don't do well. I could set here and rant and rave forever about doing things ourselves but one thing I will NEVER do is recommend the stock market or a 401K to anyone ever! Quite honestly if it wasn't for the 401Ks in the last few years the stock market would have crashed as the filthy rich were smart enough to get out when the going got rough and put their money else where. The average Joe took the brunt of the last few years. I have used my gold and silver bullion when and as needed the past few years. Its handy to convert to cash and I really like POSSESSION of my money, collectables, gold and silver. I am in total control and, right or wrong, its my money and my collection! When it comes to bullion I wouldn't pay the inflated prices for proofs from the mint or play the high grade game. All of the bullion coins are very high grade (at least all I have seen or handled) so why pay a grading service to tell me that? This may be a little blunt but if an individual wants to put a little money into gold or silver he/she doesn't need to pay anyone else for the service. Find a dealer and go from there and a local dealer would be your best bet. And, above all, compare prices with other dealers before committing to buy. Good luck with what ever you choose to do bplinson!!!
I agree with that. I use my scale to authenticate them by weight. My guess is that there’s not enough of a collector markup on most of them to make it worthwhile to counterfeit them, unless it’s done in a cheaper metal. My scale will catch that. I suppose someone could change a gold 1997 into a 1991 and gain some “value”, but most of the coins I would think are too close to melt value. So, my main concern is authenticity (is this real gold) rather than condition. Like Mr. 64 says, they’re nearly all high grade.
crystalk - Consider this: as I write this, the spot price of gold is $470.40 and 100 shares of GLD representing 10 ounces of gold can be purchased for $4696.00. If you add in the $7 commission from Scottrade, it is $470.30 per ounce, or roughly the same as the spot price. I don't know where I, as a retail customer, can purchase gold coins for less. If you can, good for you. Regarding the rant about doing things yourself, it is irrelevant. If you purchase a gold coin from an internet dealer, or I purchase the economic equivalent from an internet broker, there is no substantial difference from a dollar standpoint. If you like to walk into a coin shop and deal with someone in person, that is a lifestyle preference and not an economic consideration. Regarding the privacy aspect, I'm not paranoid about it so that is not an issue for me either. If you like to touch and possess your gold, then coins are the way to go. But the post I was responding to referred to the investment aspect of gold, not the collectors aspect, so I think my response, which merely pointed to an alternative method of participating in a rising gold price in a way that is inexpensive and easy to do, was warranted. But I agree with you that anyone who is dead set against the stock market, 401K plans, and "the filthy rich" as you call them probably shouldn't look into GLD.
Were all of the 1999 1/10th and 1/4th ounce uncirculated coins made with the proof die error, or just a few? I wasn't aware of this.
The American Gold Eagle 1999 was minted with unpolished proof dies and bear the "W" Mint mark. It is speculation that a very few of these less than 2000 each escaped from the mint. GDJ (Doug) had some estimated mintages on these. As far as I know, the official mintage of these has not been accounted for per se as a real number. The 1/4 oz sells for ~ $500.00 and the 1/10 oz sells for $375.00-450 depending on the grade. I have a 1/4 oz PCGS MS68 and NGC 1/10 oz MS67 that I bought last year...the cost was 425. and 375. which I consider a deal at the moment! You can see a MS 69 1/4oz at www.coinfinders.com listed at 485.00 Also..see athread I created in error coins titled 1999W AGE coins..GDJ did reply with the estimated figure on the # of coins minted. Good luck. RickieB
Cloudsweeper, Very good reply and very professional as well. Appreciate your views and glad this forum offers different views for those seeking advice and answers. In the end bplinson MUST make his own decision and live with it, just as we all do, and that opportunity alone makes this a very rewarding hobby. Again, thank you for your views and well written posts. You are an asset to those who come here.
