the dealer to dealer bid price for american eagle one ounce gold proof went as high as $2,180.00 and ask price to $2,220.00 each. but now it is quoted bid $1,980.00 and ask $2,020.00 now if you want to sell to them. they will buy from you at around $1,860.00. this is based on $1,115.00 per ounce. this proof one ounce gold went as high as $2,050.00 that a dealer will buy from you. for collector want to buy from the dealers. most likely the price will be 5% to 10% higher than the dealer to dealer ask price. currently the selling price should be around $2,120.00 to $2,220.00. the fractional gold just divided by from the one ounce price. said 1/2 oz cost you $1,110.00 each.
Could someone please explain to me why the proof Eagles (all dates) are fetcing 2 grand again? What did I miss here? When did they start going up so high and why?
The price is going through the roof on proofs because collectors are now busily scooping them up while they can-- Proof Eagles are minted in limited numbers, and are almost always more desirable than their BU counterparts. Having said that, it is still possible to find proofs on sale for less than $2k, for instance, on eBay and through other channels (or even the US Mint, if looking for 2009 Proof Buffalos). When/if the s**t ever does hit the fan with Gold skyrocketing to over $10k per ounce, as has been predicted, You can bet that proofs will be worth little, to nothing, more than BU or even circulated gold coins, as the collector market will vanish overnight and the only people buying will be those who want as much Gold as possible, for the least amount of Money. Those asking for premiums over spot for Proof or Collectors issues will be unlikely to find buyers in a true financial meltdown.
Still doesn't make sense. They make proof bullion coins all over the place. I know a year or two ago they fetched about 20 percent over spot and I thought that was steep then. How did these things double in value? The mintages aren't that low..are they?
No, not really. I'd wait until after the Holidays, as the price is bound to go down at least somewhat. In fact, I predict that there will be a huge correction- albeit short-lived-- in the COMEX Gold market sometime shortly after the new year. Regardless, I feel that the currently high premiums on Proofs are mostly a reflection of depleting supplies amongst established dealers through the Christmas Gift-Buying season. Even if Gold on Wall Street were to re-trace it's steps to over $1200 per ounce after the New Year, I'd think that the premiums on 1-Ounce Gold Proofs will once again fall to a more reasonable level of 20% (or less).
Interesting that you say that, because the exact opposite thing happened in '79. When the price was going through the roof, so many people wanted to buy that there wasn't enough. People were willing to pay outrageous premiums on high end coins just to get their hands on them.