Stupid bullion buying

Discussion in 'Bullion Investing' started by myownprivy, Sep 27, 2019.

  1. myownprivy

    myownprivy Well-Known Member

    The number of bad bullion purchases people make are nearly countless, but here's another one I would like to share:
    Gold Backs

    A Utah company has issued gold "money" in the form of bills they print. These bills are gold and come in different denominations. They hope businesses in the state of Utah, which allows gold to be used as a currency, will use them. Each note is 1/1000th of an ounce of gold.

    https://www.reddit.com/r/Silverbugs/comments/d9stot/1510_and_50_goldbacks/
    https://www.reddit.com/r/Silverbugs...ldback_coins_are_injust_placed_a_phone_order/
    https://goldback.com

    Now, forget about all the lunacy of people trying to use PMs as currency. That's a dumb enough idea as it is that has been addressed countless of times for it cannot and shouldn't happen.

    How about this little shiny nugget of a great idea? People are paying $2.60 for 1/1000 of an ounce of gold. People are paying $2.60 for $1.50 cents worth of gold. People are paying a 73% premium!!! Fools!
     
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  3. fretboard

    fretboard Defender of Old Coinage!

    Crazy! That's even worse than buying the little gold coins on feebay! No, wait a second, I don't know which ones worse, both are really bad! laughhard.gif

    https://www.ebay.com/itm/2018-South...=132696937042cd3a905f5f79473d98192a1693957b6a
     
  4. TheFinn

    TheFinn Well-Known Member

    That isn't bullion buying. That is a pipe dream.
     
    fretboard likes this.
  5. Legomaster1

    Legomaster1 Cointalk Patron

    I would think that people are buying these things just for fun, or to prove a point. I can't imagine these are serious bullion buyers.
     
    Santinidollar likes this.
  6. Santinidollar

    Santinidollar Supporter! Supporter

    Sounds like something for the TV charlatans.
     
    Randy Abercrombie likes this.
  7. myownprivy

    myownprivy Well-Known Member

    Wow! That is definitely overpaying. However, $40 for 1/50th of an ounce isn't nearly as outrageous as $2.60 for 1/1000th of an ounce.

    The 1/50thoz Krugerrand melts at $30 today, so paying $40 is only a 33% premium. That is still crazy, but not nearly as crazy as those stupid 73% premium Utah Gold Bucks.

    You know, I might go buy one of those Krugerrands...

    Kidding.

     
    fretboard likes this.
  8. Collecting Nut

    Collecting Nut Borderline Hoarder

    But, but, I've just gotta have one, I really do!
     
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  9. rte

    rte Well-Known Member

    Go ahead and get one.
    Post up a better picture and stir up myownprivy....that should be worth the premium :D
     
  10. TyCobb

    TyCobb A product of PMD

    Premium or not, that would be neat to have. It's like the 100 trillion dollar bill and those designs look good.
     
  11. Johndoe2000$

    Johndoe2000$ Well-Known Member

    Better get 2 of them. You're bound to lose one of the little gold buttons. ;)
    It's only a little money, so what's the big deal. :wacky: :greedy:
     
    Last edited: Sep 28, 2019
  12. longnine009

    longnine009 Most Exalted Excellency

    "Stupid Bullion Buying"? When did 1/1000th of an ounce become "bullion." ? They are alternative currency. Nothing new or unusual there-been around for centuries Priv. They are alternative currency backed by gold. Nothing new or unusual there either. Someone in the 80's sold $1 notes backed by gold.They are collectibles which typically have a high premium. Nothing new or unusual there. Coin collectors buy them. Nothing new or unusual there either because you know, collecting money is kinda what we do.
    But thanks for the link. I think I'll get one.
     
    Last edited: Sep 28, 2019
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  13. Nathan401

    Nathan401 Quis custodiet ipsos custodes? Supporter

    Yup. These, Mexican gold 2 and 2.5 Pesos, and other small, cheaper gold coins make great gifts for the young kids ( my kids save them up, and have a nice little collection). They are thrilled and amazed to own real gold, and it doesn’t break the bank. Not every ROI has to be in monetary form.
     
    longnine009 likes this.
  14. fiddlehead

    fiddlehead Well-Known Member

    Wouldn't it make more sense to buy silver dimes at near melt? It wouldn't be difficult to get a merchant or anyone who knows roughly the value of silver to give you a bucks worth of whatever for a silver dime - maybe even $1.50?
     
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