Gyroscopic Investing

Reub wrote: Any opinion on purchasing Pre 1933 XF (Extra Fine) $20 Saint Gaudens ( Minted From 1907-1932)? I see that they are available on Tulving, 10 coin minimum.

Ad Orientem wrote:
On a side note, be careful.  Some less than honest gold dealers have been known to try and foist old coins on people looking to buy gold claiming that they are rare.  People are grossly overcharged for these coins which often have very little numismatic value.  Just because it's old does not make it exceptionally valuable.

Caveat Emptor

Isn't Goldline in trouble for doing something like this?

Ad Orientem wrote:

Isn't Goldline in trouble for doing something like this?

Yes.  They are hardly alone in the practice.  But they got caught and have garnered a lot of bad PR.  I've never done any business with them so I can't comment from personal experience.  Still, I have heard enough from people I respect to seriously question their business ethics.

MediumTex wrote:

Ad Orientem wrote:

Isn't Goldline in trouble for doing something like this?

Yes.  They are hardly alone in the practice.  But they got caught and have garnered a lot of bad PR.  I've never done any business with them so I can't comment from personal experience.  Still, I have heard enough from people I respect to seriously question their business ethics.

But Glenn Beck endorses Goldline.

How could someone Glenn Beck endorses not be a straight shooter?

Reub wrote: Just a follow-up. I purchased a 2012 one ounce gold Liberty Eagle coin on Dec. 29, 2011 from Goldmart. They still have not sent it out. Is this a common practice?

Reub wrote: 10% via cc to lock in the price. The rest by check, which was cashed on 01/04/12. They say that they hold the check for 7 business days, which would take it to 01/13/12. So far 3 calls to them, where they said something along the lines of "Oh, let me check on your order. Yes, the shipment which contains your order has not come in as of yet, it should be in later in the week. We should be sending it out by Thursday. If you haven't been notified of it being shipped out to you by next week then please give us a call back."

Reub wrote: 10% via cc to lock in the price. The rest by check, which was cashed on 01/04/12. They say that they hold the check for 7 business days, which would take it to 01/13/12. So far 3 calls to them, where they said something along the lines of "Oh, let me check on your order. Yes, the shipment which contains your order has not come in as of yet, it should be in later in the week. We should be sending it out by Thursday. If you haven't been notified of it being shipped out to you by next week then please give us a call back."

BearBones wrote: ↑Sun Jan 22, 2012 8:07 am Here are my notes on gold dealers in alphabetic order. Most of these have been recommended on this site, Bogleheads, or elsewhere. I've weeded out those that consistently have higher prices. Would be curious if anyone has a reason why any of these companies should not be on list or why one company should be favored over the others (i.e., not just "I've had good experience with X").

AJPM
http://www.ajpm.com/
503-277-4653
BBB A
Shipping free for > 10 oz gold
7 d holding on checks

California Numismatic Investments
http://www.golddealer.com/
800-225-7531
BBB A
Free shipping
3 week holding on checks

Colorado Gold
http://www.coloradogold.com/
888-442-0994
BBB A+
Shipping 1.5% (included in price, click button)
5 d holding on checks

Gainesville Coins
http://www.gainesvillecoins.com/
813-482-9300
BBB A+
Bank wires only
Shipping dependent on weight

Goldmart
http://www.goldmart.com/
800-470-0170
BBB A-
Free shipping >15k
7 d holding on checks

Tulving
http://tulving.com/
800-995-1708
BBB A+
Min order gold 20oz

yankees60 wrote: ↑Mon Feb 24, 2020 8:33 pm

BearBones wrote: ↑Sun Jan 22, 2012 8:07 am ...

would you be adding or subtracting any from this list?

ppnewbie wrote: ↑Wed Feb 26, 2020 9:54 am Just throwing my 2 cents. I keep it simple - 1 ounce buffaloe or eagle proofs - 60 to 75 over spot from my local shop. It was scary at first but I’ve made a new good friends in the process.

Tortoise wrote: ↑Thu Nov 17, 2011 1:11 am
At two of my local coin dealers, Gold Eagles are currently selling at 4-5% above spot, and Krugs are selling at 3-4% above spot. The buy/sell spread for both is around 3-4%. From what I've seen, those are all pretty typical.

In early 2009 I was tracking the weekly premiums and buy/sell spreads on gold coins at my favorite local dealer (a reputable one). In April of that year, Gold Eagle premiums climbed as high as 9.2% over spot, but that was pretty unusual, and it dropped back down below 5% a couple of months later. For Krugs the premium peak was 6.4% then dropped below 3% a couple of months later. Interestingly, the buy/sell spreads for both Eagles and Krugs at that dealer stayed close to each other the entire time, varying within a fairly tight range of 3-4.5%.

So premiums over spot can vary quite a bit as supply and demand fluctuate, but what you'll notice is that the buy/sell spreads tend to remain fairly constant--often fixed--in dollar terms (e.g., $50 per coin) since the dealer just wants to focus on moving the merchandise and making a predictable profit on each transaction. When I'm buying, I just buy the lowest-premium coin the dealer is offering at the time and make sure the premium is in the same ballpark as at least one or two other reputable dealers.

Tortoise wrote: ↑Fri Aug 20, 2021 6:13 pm
For premiums, yes, but not for buy/sell spreads since the local dealers I usually use list only their sell prices on their web sites (not the sell and buy prices).

I've tracked gold eagle and krug premiums since February of this year when they were unusually high, and they've steadily dropped by about 2-3% since then.

I did find another local dealer whose web site lists both buy and sell prices, and it looks like the current spread for gold eagles and krugs is 5.3% and 5.2%, respectively. So their spreads are very close, even though their premiums are a bit different (6.7% for the eagles and 5.3% for the krugs).

I guess that's roughly consistent with what I observed 10 years ago, i.e., when you compare gold eagles and krugs, their buy/sell spreads are roughly the same even if their premiums aren't.

Vinny wrote: …
I checked at some point last year and I do not believe I have any dealers in my local area. Or, at least that are of any size to make you think that they are going to be around tomorrow so that you can trust them today.

R7RW+J8 Milford, New Hampshire