Gold and silver prices are down

JMB has gold 2020 has gold 1/4, 1/2 and 1oz Eagles. Up to a 15 day delay in shipping and are requesting a minimum 300$ order which is of course nothing when talking gold. The 1/10 oz are OOS.

Buy Uncirculated American Gold Eagles | JM Bullion™

www.jmbullion.com

Silver eagles (uncirc) are in stock at 22.24 for random year, and 22.74 for 2020's. Same minimum $ required.

It looks like all the high grade SE's are out of stock there. They show a first strike 2020 MS70 PCGS SE as $35.00 but go find one at that price.


.
 
richc said:
Bloomberg: People Are Rushing to Buy 100-Ounce Bars of Gold.
www.bloomberg.com

The Wild Hunt for 100-Ounce Gold Bars

There are few corners of the global financial market that have been upended as spectacularly, or as oddly, by the coronavirus pandemic as gold trading.
www.bloomberg.com www.bloomberg.com
Click to expand...
Lol. Containing 75 ounces of tungsten...
 
So, is it a good time to buy more silver, or not? I have several mint tubes of Eagles, but debating on moving some assets into more silver. I have personally never seen SPOT silver prices as low as they were two weeks ago. (~$12/oz?!?).

But because demand is soaring, spot price doesn't mean jack shit. Demand has prices - as people have pointed out here - up 40% (or more) over spot. But even at $20 for Maple Leafs or Eagles - buy?
 
Last edited:
A copy of my post in the stocks thread is below. I was buying Eagles last month at $440 a tube for uncirc, no tax and no shipping or insurnce. The hooks are shipping, insurance and sales tax.

smokey-seven said:
Silver Eagles are not double spot, they are 33-35% above spot. The uncirc SE's are available for $22.++ to $23.++ a coin, retail. Now pay shipping and insurance and depending on what State you live in, sales tax on top of that. (They are still selling but for how long?)

I don't believe that silver was the lowest in your lifetime unless you were born after 1989. I was buying @ 8.++/oz.

The simple reason that the price of Silver Eagles is where it is, ($22.++) per coin is for 3 reasons.

#1 Nobody is selling SE's for less. If you own them, you are holding them. Why sell when you have to replace them for more?
#2 Nobody is MAKING silver coins at this point.
#3 The mines are shutting down. They blame the virus, but why produce @ expense when you KNOW the price will come back?

US Mint and the Canadian are shut because they:
A. Cannot buy silver and
B. They are blaming the lack of smelting product
C. and the virus for the shutdown.

All high grade (MS70) coins are out of stock at the retailers. I laugh at that. even I have some, but am not letting it go.
Click to expand...


.
 
I’m still buying silver but I’ve been buying numismatic coins with limited numismatic rarity value - mostly certified Morgan dollars between 50-$200. I can only buy so much bullion silver before I get bored - like I’m not even excited when I receive it in the mail.
 
richc said:
I see PM's are up today. Even before the new unemployment claim numbers came out.

Any sense why?
Click to expand...

Possibly part of the reason for the weakness the past couple days is that Russia has apparently stopped buying, at least for now. Possibly, that has now been factored into the markets, and other factors could push it back up. I don't really care if it goes up, down, or sideways; owning a little as a hedge is not a bad idea, but I never liked gold as a long-term investment. When I do buy precious metals, I tend to flip for a small, quick profit.

Link to Bloomberg article about Russia gold buying:
www.bloomberg.com

Russia, World’s Biggest Buyer of Gold, Will Stop Purchases

Russia spent more than $40 billion building a war chest of bullion over the past five years. Now, it’s calling it quits.
www.bloomberg.com www.bloomberg.com
 
Freddy Q said:
Possibly part of the reason for the weakness the past couple days is that Russia has apparently stopped buying, at least for now. Possibly, that has now been factored into the markets, and other factors could push it back up. I don't really care if it goes up, down, or sideways; owning a little as a hedge is not a bad idea, but I never liked gold as a long-term investment. When I do buy precious metals, I tend to flip for a small, quick profit.

www.bloomberg.com

Russia, World’s Biggest Buyer of Gold, Will Stop Purchases

Russia spent more than $40 billion building a war chest of bullion over the past five years. Now, it’s calling it quits.
www.bloomberg.com www.bloomberg.com
Click to expand...
If it hits $25 I'm selling for a decent profit.
 
Win said:
Paying it
Click to expand...

That's tough... adds in a 5-6% edge you need to keep in hand. Can't buy from NH? Even on the internet, most places that deal in metals will still not charge sales tax unless you are in their home state where ST is collected. (Shhhh I did not say that) Ebay is the exception.

HappyHarry said:
Possibly part of the reason for the weakness the past couple days is that Russia has apparently stopped buying, at least for now.
Click to expand...

I hear what you say but that flies in the opposite direction of supply and demand.

I read That Bloob article. If demand drops, ie Russia stops buying, then the supply rises. Rising supplies and decreasing demand present a DECREASE in market price, not an increase. I am still of the opinion that the COMEX has no gold and futures dates are screaming down the pipe at an exchage that cannot supply for what it has contracted. There will be money in the wind and not gold. Silver gets dragged along.

richc said:
I see PM's are up today. Even before the new unemployment claim numbers came out.
Any sense why?
Click to expand...

If you scroll up and read the 2 articles posted by richc, you should have a handle on it.


.
 
I'm usually buying from eBay or heritage auctions. I have a friend here in Melrose who is a coin dealer and I sometimes buy liberty $20 from him but he doesn't image his coins. I have to go over there and see them in hand which can be cool but now it's difficult.

Here's a neat deal from northeastcoin. It's not for me - I get board of silver eagles - but it's not a bad deal IMHO.

Buying and Selling Rare Coins at Northeast Numismatics
 
smokey-seven said:
That's tough... adds in a 5-6% edge you need to keep in hand. Can't buy from NH? Even on the internet, most places that deal in metals will still not charge sales tax unless you are in their home state where ST is collected. (Shhhh I did not say that) Ebay is the exception.
.
Click to expand...

I do also buy from Northern Nevada Coin | Welcome to the new Northern Nevada Coin! and just looking back at my previous purchases they didn't charge me tax but those purchases were over $1,000. I'll have to look and see if they charge tax under $1,000.
 
Win said:
I'm usually buying from eBay or heritage auctions.
Click to expand...

Ebay does not care how much ($1000 thresh hold) you buy, they or paypal just charge the MA tax. I scream about that and refuse to buy metals through Ebay. They can charge the tax and NOT PAY IT to MA if it's over the thresh hold. Guaranteed additional profit.

That set of SE's is not a bad price at all.
 
HappyHarry said:
If you find anyone selling "1 oz Credit Suisse" gold bars, be especially careful. This was posted today on a dealer group. They are being sold by someone in NH as "souvenirs" but may be getting passed as real by resellers.

View attachment 344605
Click to expand...

Good warning. It's easy to tell the difference between the authentic bar and the phony, if you know what to look for. Do a google search. The main differences are the pattern/texture on the reverse and the overall color of the bar. Careful out there everyone.
 
samandglove1 said:
Good warning. It's easy to tell the difference between the authentic bar and the phony, if you know what to look for. Do a google search. The main differences are the pattern/texture on the reverse and the overall color of the bar. Careful out there everyone.
Click to expand...

It is definitely NOT easy to tell the difference with SOME of the newer fakes. I have been dealing in these things since 1978 and I can assure you that some of the modern fakes will fool the best in the business without using a good testing method like measuring specific gravity or, more practically, using an electronic tester like a Sigma.
The newer fakes have perfect color and appearance because they have a fairly thick layer of gold on the outside. Careful measuring with a micrometer will weed out a lot of them, but it is hard to get reliable info on some about what the dimensions are supposed to be. Overall, I would recommend coins like American Gold Eagles or Krugerrands. It is easier to get reliable info on the correct dimensions and details, There are dozens or hundreds of different types of gold bars, each with its own set of specs and each packaged differently.
 
HappyHarry said:
It is definitely NOT easy to tell the difference with SOME of the newer fakes. I have been dealing in these things since 1978 and I can assure you that some of the modern fakes will fool the best in the business without using a good testing method like measuring specific gravity or, more practically, using an electronic tester like a Sigma.
The newer fakes have perfect color and appearance because they have a fairly thick layer of gold on the outside. Careful measuring with a micrometer will weed out a lot of them, but it is hard to get reliable info on some about what the dimensions are supposed to be. Overall, I would recommend coins like American Gold Eagles or Krugerrands. It is easier to get reliable info on the correct dimensions and details, There are dozens or hundreds of different types of gold bars, each with its own set of specs and each packaged differently.
Click to expand...

With American Eagles and other US minted coins you get the protection of law and the threat of the Secret Service investigating the counterfeiters. It's a whole different level of legal protections.

And with PCGS you get a guarantee of authenticity. Yeah, I know there have been some counterfeits of the coins and PCGS containers but authentic PCGS grading gets you some insurance.

No doubt some will get screwed out there however...
 

Similar threads

Calcium Hypocholite - local and cheap water sanitizer!
Replies
6
Views
147
240Geezer
2
Gold Question from Newbie
Replies
23
Views
937
Varmint
Varmint
FREE….seed starting and basic garden planning & questions seminar. 4/6/24 Hardwick MA
Replies
7
Views
111
mousegunguy
mousegunguy
Problem with my ExPed DownMat 7...
Replies
9
Views
291
Andy in NH
Andy in NH
US Senators Are Being Issued Satellite Phones in Preparation for a 'Disruptive Event'
Replies
11
Views
1K
GM-GUY
GM-GUY
Back
Top Bottom