Precious metal coins no longer available
Moderator: Global Moderator
- Ad Orientem
- Executive Member
- Posts: 3483
- Joined: Sun Aug 14, 2011 2:47 pm
- Location: Florida USA
- Contact:
Re: Precious metal coins no longer available
Mom wanted to pick up some gold and I told her to check out JMBullion. She just told me that they were out of almost everything. I went to see for myself and she was right. They look like the toilet paper aisle at Walmart. They've been cleaned out of almost all their inventory and the little left is heavily marked up.
-
- Executive Member
- Posts: 5994
- Joined: Wed Dec 31, 1969 6:00 pm
Re: Precious metal coins no longer available
Yeah, that's like 2008. I wanted to buy some gold and Kitco had nothing but their own branded bars, at a 10%(!) premium.Ad Orientem wrote: ↑Wed Mar 18, 2020 4:28 pm Mom wanted to pick up some gold and I told her to check out JMBullion. She just told me that they were out of almost everything. I went to see for myself and she was right. They look like the toilet paper aisle at Walmart. They've been cleaned out of almost all their inventory and the little left is heavily marked up.
I bought them and later sold them for a nice profit even though the premium had disappeared.
Re: Precious metal coins no longer available
I wasn't following the gold market at all back in 2008. I heard somewhere that gold was down 30% or so, them once all the margin calls stopped it rose dramatically the last couple months of the year. Is that how you remember it Libertarian666?Libertarian666 wrote: ↑Wed Mar 18, 2020 6:19 pmYeah, that's like 2008. I wanted to buy some gold and Kitco had nothing but their own branded bars, at a 10%(!) premium.Ad Orientem wrote: ↑Wed Mar 18, 2020 4:28 pm Mom wanted to pick up some gold and I told her to check out JMBullion. She just told me that they were out of almost everything. I went to see for myself and she was right. They look like the toilet paper aisle at Walmart. They've been cleaned out of almost all their inventory and the little left is heavily marked up.
I bought them and later sold them for a nice profit even though the premium had disappeared.
-
- Executive Member
- Posts: 5994
- Joined: Wed Dec 31, 1969 6:00 pm
Re: Precious metal coins no longer available
FarmerD wrote: ↑Wed Mar 18, 2020 11:09 pmI wasn't following the gold market at all back in 2008. I heard somewhere that gold was down 30% or so, them once all the margin calls stopped it rose dramatically the last couple months of the year. Is that how you remember it Libertarian666?Libertarian666 wrote: ↑Wed Mar 18, 2020 6:19 pmYeah, that's like 2008. I wanted to buy some gold and Kitco had nothing but their own branded bars, at a 10%(!) premium.Ad Orientem wrote: ↑Wed Mar 18, 2020 4:28 pm Mom wanted to pick up some gold and I told her to check out JMBullion. She just told me that they were out of almost everything. I went to see for myself and she was right. They look like the toilet paper aisle at Walmart. They've been cleaned out of almost all their inventory and the little left is heavily marked up.
I bought them and later sold them for a nice profit even though the premium had disappeared.
- dualstow
- Executive Member
- Posts: 14306
- Joined: Wed Oct 27, 2010 10:18 am
- Location: synagogue of Satan
- Contact:
Re: Precious metal coins no longer available
Did you sell them back to Kitco?Libertarian666 wrote: ↑Wed Mar 18, 2020 6:19 pm Yeah, that's like 2008. I wanted to buy some gold and Kitco had nothing but their own branded bars, at a 10%(!) premium.
I bought them and later sold them for a nice profit even though the premium had disappeared.
-
- Executive Member
- Posts: 5994
- Joined: Wed Dec 31, 1969 6:00 pm
Re: Precious metal coins no longer available
Yes, at about $1200.dualstow wrote: ↑Thu Mar 19, 2020 7:02 amDid you sell them back to Kitco?Libertarian666 wrote: ↑Wed Mar 18, 2020 6:19 pm Yeah, that's like 2008. I wanted to buy some gold and Kitco had nothing but their own branded bars, at a 10%(!) premium.
I bought them and later sold them for a nice profit even though the premium had disappeared.
Re: Precious metal coins no longer available
I heard an interesting perspective on this situation. Erik Townsend from the Macrovoices podcast believes there is no shortage of physical gold, specifically 400oz good delivery bars. The shortage is because mints are unable to take delivery fast enough because of demand spikes and supply chain disruptions of those large good delivery bars.
Then the dealers use this as a reason to spike premiums but claim there is a shortage of gold as the reason.
Then the dealers use this as a reason to spike premiums but claim there is a shortage of gold as the reason.
Re: Precious metal coins no longer available
You mean gold dealers are misrepresenting??? I am shocked.
-
- Executive Member
- Posts: 5994
- Joined: Wed Dec 31, 1969 6:00 pm
Re: Precious metal coins no longer available
Most people won't buy 400 oz. good delivery bars, so the number of those available isn't particularly relevant to the absence or presences of a shortage of gold at the retail level. I'm not sure how this is misrepresentation.ppnewbie wrote: ↑Sat Mar 28, 2020 10:30 am I heard an interesting perspective on this situation. Erik Townsend from the Macrovoices podcast believes there is no shortage of physical gold, specifically 400oz good delivery bars. The shortage is because mints are unable to take delivery fast enough because of demand spikes and supply chain disruptions of those large good delivery bars.
Then the dealers use this as a reason to spike premiums but claim there is a shortage of gold as the reason.
Re: Precious metal coins no longer available
From my understanding, gold is there in the form of good delivery bars. It just cannot be supplied to the mints because of the supply chain disruption. Now if the mines start closing down because of the virus and production decreases, then it could be a real decrease in supply.
- dualstow
- Executive Member
- Posts: 14306
- Joined: Wed Oct 27, 2010 10:18 am
- Location: synagogue of Satan
- Contact:
Re: Precious metal coins no longer available
There’s gold in them thar hills once again.
https://www.apmex.com/apmex-customer-co ... 9-response
Aaaand it’s $120 or 7% above spot. I’ll wait.
https://www.apmex.com/apmex-customer-co ... 9-response
Aaaand it’s $120 or 7% above spot. I’ll wait.