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<p>[QUOTE=&quot;Juan Blanco, post: 1678376, member: 41665&quot;]FALSE.</p><p>Investment in a PM ETP is not actually <i>an investment in PMs </i>(the GLD ETF is a paper financial instrument, not a call or warrant on bullion.) Institutions and HNW investors may have cheaper alternatives; most individuals do not. And unless you hang a shingle yourself, becoming a vest-pocket PM trader on CL, there are no cheaper alternatives for avg American retail investors than ~5-8% premiums* on ASEs, Morgans, whatever. </p><p><br /></p><p>Becoming a quasi-professional trader not a reasonable alternative for MOST people buying/selling a few dozen ounces of bullion. fwiw, the avg seller&#039;s cost on eBay is ~13%, currently. <b>A 5-8% premium to BUY PMs really isn&#039;t much, especially with s/h/ins.* </b>What were the premiums for AGEs and ASEs back in 2009? </p><p><br /></p><p>fwiw here&#039;s a table of premiums (no s/h/i, I suppose; HIGH miminums???):</p><p><a href="http://goldprice.org/gold-prices/1003-Gold-Coins/1001-American-Gold-Eagle.htm" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://goldprice.org/gold-prices/1003-Gold-Coins/1001-American-Gold-Eagle.htm" rel="nofollow">http://goldprice.org/gold-prices/1003-Gold-Coins/1001-American-Gold-Eagle.htm</a></p><p><br /></p><p>* I ran a calc of APMEX premiums +plus s/h on eBay on 2/15/2013. Here is the breakdown for avg cost at mkt, for several dozen auctions of Ag product:</p><p><br /></p><p>100 ozt (generic) ingot .....<b>12.0% premium over Spot</b></p><p><b></b>10 ozt (generic) ingot ..... <b>16.9% premium over Spot</b></p><p><b></b>10 ozt (brand) ingot ..........<b>20.2% premium over Spot</b></p><p><b></b>5 ozt (generic) ingot ........ <b>19.6% premium over Spot</b></p><p><b></b>5 ozt (ATB) round .............<b>29.1% premium over Spot </b></p><p><b></b>1 ozt (generic) round ........<b>36.3% premium over Spot ( range: 34.5% - 48.8%)</b></p><p><b></b>1 ozt (collectible) round .....<b>53.4<b>% premium </b>over Spot ( range: 39.7% - 119.5%)</b></p><p><b><br /></b></p><p><b></b>You can see for yourself the numismatic premium for various products, from the rock-bottom cheapest premium (12%) which is very close to eBay&#039;s fee! </p><p>Premiums fluctuate, but the 100 ozt ingot cost is reasonable baseline for a calc. You also might be able to buy 100 ozt at a known bullion dealer<i> in store </i>for ~1-2% premium ; check around. I doubt many posters here have 100 ozt ingots, though. It&#039;s NOT reasonable to suppose coin-rollers do.[/QUOTE]</p><p><br /></p>

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