Should I buy?

Discussion in 'Bullion Investing' started by Dammage, Jul 26, 2009.

  1. Dammage

    Dammage Junior Member

    This lady is offering them to me through email at $105 a coin. She said she has proof of purchase. I checked out her facebook from the email she sent me. A mother of two, married, seems like a nice lady. Not that that would make her innocent. Just saying.

    Thanks!

    http://albany.craigslist.org/clt/1268747527.html
     
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  3. Yankee

    Yankee Senior Member

    If this lady will sell to you in person you could consider buying them. If she wants you to send money to her I wouldn't do it!. If she does live in your area and you want to buy make sure you meet in YOUR BANK LOBY! This makes it much safer for both you and her. These days there are alot of scamers on Cragslist as well as E Bay.
     
  4. Dammage

    Dammage Junior Member

    Meeting in the bank lobby lets the bank look at them? I'm not quite sure why we would do that. If she has proof of purchase and they look legit shouldn't that be enough? I've bought a lot of stuff on craigslist (never bullion) and we've always met public places.
     
  5. Yankee

    Yankee Senior Member

    Face book pages can be faked you could get robbed. I make private buys in my bank lobby all the time. The security is nice to have. You do what you want you asked for opinions that was mine. People are hurting in this economy and are getting desperate. I sometimes even meet in my local police station lobby I live in a small town I guess in a large town it might be different.
     
  6. Dammage

    Dammage Junior Member

    Oh okay. I was just curious. Thanks for your opinions. :)
     
  7. hontonai

    hontonai Registered Contrarian

    Why would you want to purchase several ounces of gold in 1/10 oz. bits? At $105 per coin you would be paying $1,050/oz. when spot is ~$952. That's a premium of more than 10%.
     
  8. fretboard

    fretboard Defender of Old Coinage!

    I have run across some very good buys on craigslist and have met ppl in person to make all purchases. I have heard of ppl sending checks to others off of craigslist and being mailed the goods. I've also heard of ppl being burned that way. I would never do something like that as you could be parted from your money way too easily.

    You may be right and she may be a nice person but unless you can meet in person, I would walk away from the idea. just my 2 cents
     
  9. Dammage

    Dammage Junior Member

    I'm new to bullion investing. It was my understanding though that when you pay a premium for those 1/10 coins that you get the premium back when you sell?

    She stopped emailing me back anyways. I must have asked too many questions.
     
  10. rzage

    rzage What Goes Around Comes Around .

    Good idea you both get some security , but the price seems awful high .
    rzage:D
     
  11. chip

    chip Novice collector

    10 % over spot for 1/10th oz ages is well within the ballpark, It is fine if you want to resell them for spot plus 15, and if you want to hold bullion you can take the proceeds from that and buy bars or ingots for less than that percentage, By all means, if it was me in my area I would meet with her, and buy every single last one she had along with the coas and all. I typically see these selling around here for spot plus 20%
     
  12. Hobo

    Hobo Squirrel Hater

    It depends on who you sell to. The 1/10 oz. bullion coin is great for someone wanting to buy some gold but not having the money to buy an ounce. But for someone who wants to buy an ounce of gold they probably would not want to pay the permium over spot ten times when he could only pay it once.

    For example, APMEX is selling 1 oz. AGEs for $37.95 over spot and 1/10 oz. AGEs for $19.99 over spot (for coins with abrasions). If I wanted to buy an ounce of gold why would I pay $200 over spot for ten 1/10 oz. coins when I could pay only $38 over spot for one 1 oz. coin?
     
  13. andrew289

    andrew289 Senior Analyst

    If she contacts you again ...just walk away.
     
  14. Dammage

    Dammage Junior Member

    I don't know. I'm a little torn. At $105 I could buy 102 coins. The going rate on bulliondirect exchange is 113. Minus a 1% exchange surcharge. So roughly at least a $500 profit. If I weigh each coin and measure with a micrometer I don't see how I can lose with this.

    What pitfalls am I not seeing here?
     
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