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Talked to my favorite coin dealer today
Kitco Forums > The Markets > Gold discussion group > Big news from my local coin dealer
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goforgold
02-18-2009, 03:37 PM
So my local coin dealer doesn’t always offer great prices, but I usually will deal with them some anyway just to build the relationship. SO today I went in to talk with them and 2 very interesting things happened. First- he sold me a celebration gold buffalo for the same price as a bullion buff. Second- he told me that yesterday, a customer came in and purchased 1,000 gold 1 ounce coins (700 krugs and 300 maples). Now, I didn’t know my dealer had that many (it turns out he had them all hidden in his safety deposit box at the bank), but when a dealer who sells gold for like $100 over spot is able to move 1000 ounces of gold (and they person actually wanted 2,000) that tells me how big the demand for gold is and it is getting bigger. By the way, I live in a pretty small town in Florida so for a person here to purchase that many, it pretty darned impressive.
appel
02-18-2009, 03:44 PM
Good post!
Sunstorm
02-18-2009, 03:47 PM
It is great that the demand seems to be greater, but you got to ask yourself…. why would a season vet (your local gold dealer) be selling out if he believed the price of gold will rise?
In other words…. be careful, even stingly old coin dealers are dumping right now, we will be entering a bear market soon
Silverthorn
02-18-2009, 03:56 PM
It is great that the demand seems to be greater, but you got to ask yourself…. why would a season vet (your local gold dealer) be selling out if he believed the price of gold will rise?
In other words…. be careful, even stingly old coin dealers are dumping right now, we will be entering a bear market soon
If a dealer goes to the expense to run a business with a shop front etc you don’t think he going to want to make money on a deal like that? What would his spread be on a thousand coins? He could of turned around and order a thousand coins from the mint or who ever he uses and pocketed the change. Easy money though he seems silly to be talking about it.
Obediah
02-18-2009, 03:58 PM
We can think ourselves right into a neurosis here, it could be that things are getting that bad too you know.
My Gold & Silver guy has told me he has lost money, he told me 3 mos ago or so a guy came in shop sold 300 gold coins to him he bought at spot with %3 commission few days later gold down 40+ he sold 200oz gold for spot plus %3 commission to one guy he lost money really but he said what was more important to him was to NOT turn away a customer- that in the log run he does well.
Rawhide
02-18-2009, 04:04 PM
It is great that the demand seems to be greater, but you got to ask yourself…. why would a season vet (your local gold dealer) be selling out if he believed the price of gold will rise?
Because dealers are in the business of buying and selling, not stacking.
He sold those coins for more than what he can replace them for tomorrow. Tomorrow he will buy the replacement coins and sell them to someone for more than he can replace those coins for.
Rawhide
02-18-2009, 04:12 PM
First- he sold me a celebration gold buffalo for the same price as a bullion buff. A celebration gold buff is a bullion buff. The original purchaser from the Mint probably paid $980 for the coin and was forced to sell it to the dealer for less than spot because his dog got hit by a firetruck and he needed the money to pay the vet bills.
The big Mint premiums dissapear the first time the coins are sold.
Twostaff
02-18-2009, 05:33 PM
I’ve been to five coin shops in the past months and NO ONE has ANY fractionals. I go in and ask if they have any silver bullion, rounds, gold fractionals? and they LAUGH! One dealer said he wouldnt sell me an ounce of gold (this was way back when it was in 700s) for under 900. He said he didnt care if gold went to 500 in a week a month a year it will be at 900 again. The shops are ALREADY sold out. The coin guy is in business to SELL coins. If you own a widget store you get an opportunity to sell 2000 widgets you do it.
I think the only thing this proves is that our economy is on the brink of total failure, for many years the PTB ignored it or used it to make more money, the world economy might get sucked down with it, China just agreed to buy 2 TRILLION in US Tbonds, (it’s hard to ignore THAT) people are finally admitting it sucks and the herds of clueless sheep finally noticed the wolves and are lifting their heads.
In the short term gold will go up and gold will go down, in the long term it always goes up.
CarRide
02-18-2009, 05:43 PM
I’ve been to five coin shops in the past months and NO ONE has ANY fractionals. I go in and ask if they have any silver bullion, rounds, gold fractionals? and they LAUGH! One dealer said he wouldnt sell me an ounce of gold (this was way back when it was in 700s) for under 900. He said he didnt care if gold went to 500 in a week a month a year it will be at 900 again. The shops are ALREADY sold out. The coin guy is in business to SELL coins. If you own a widget store you get an opportunity to sell 2000 widgets you do it.
I think the only thing this proves is that our economy is on the brink of total failure, for many years the PTB ignored it or used it to make more money, the world economy might get sucked down with it, China just agreed to buy 2 TRILLION in US Tbonds, (it’s hard to ignore THAT) people are finally admitting it sucks and the herds of clueless sheep finally noticed the wolves and are lifting their heads.
In the short term gold will go up and gold will go down, in the long term it always goes up.
Hmm, I wonder what’s changed - or is it just different parts of the country?
I went into my local coin shop 2(?) mos. ago and he said he was paying a premium on 1 oz.’ers (any type) but below spot (his cut) on fractionals; he said nobody was wanting fractionals (then).
bsaxberg
02-18-2009, 05:48 PM
I think its been a while, at least 4 weeks since I was at my local shop. Asked about fractionals. He wished he had some. If he had any gold he wasnt letting on very easily.
So I picked up some silver while I was there.
ColDax
02-18-2009, 05:48 PM
I
I think the only thing this proves is that our economy is on the brink of total failure
No, it means people are concerned about inflation, and are hedging with PM’s.
jackrabbit
02-18-2009, 05:53 PM
Go try and find Platinum American Eagles and see how many of them you find. I was lucky to buy one for $1000.00 back in November at a coin show, and it was the ONLY one at the show. BTW, this was a large show in major city in the Northeast. There were about 5 1oz Nobles for sale though, but that was it.
Kamron
02-18-2009, 07:18 PM
Talked to my favorite coin dealer today and he has
krugs for $65.00 over spot.
100 oz bars for 2.25 over
1 oz libertads (Mexican 1 oz coins) for 3.50 over spot.
Gold and Silver are God’s universal money and only governments of slave plantations can get away with ignoring the law and faking value.
joethebummer
02-18-2009, 07:21 PM
So my local coin dealer doesn’t always offer great prices, but I usually will deal with them some anyway just to build the relationship. SO today I went in to talk with them and 2 very interesting things happened. First- he sold me a celebration gold buffalo for the same price as a bullion buff. Second- he told me that yesterday, a customer came in and purchased 1,000 gold 1 ounce coins (700 krugs and 300 maples). Now, I didn’t know my dealer had that many (it turns out he had them all hidden in his safety deposit box at the bank), but when a dealer who sells gold for like $100 over spot is able to move 1000 ounces of gold (and they person actually wanted 2,000) that tells me how big the demand for gold is and it is getting bigger. By the way, I live in a pretty small town in Florida so for a person here to purchase that many, it pretty darned impressive.
or maybe he just made a big fish story so you felt an urgent need to buy gold from him
captbilly
02-18-2009, 08:36 PM
It is great that the demand seems to be greater, but you got to ask yourself…. why would a season vet (your local gold dealer) be selling out if he believed the price of gold will rise?
In other words…. be careful, even stingly old coin dealers are dumping right now, we will be entering a bear market soon
Gold dealers are in the business of selling gold, what possible reason would he have for not selling? There is no shortage of gold coins. You can buy all you want from Tulving for $44 - $60 over spot right now (I know you can get as much as you want from other dealers as well). Coin and bullion dealers are brokers not investors. They make their money by taking a percentage of each sale. In tough time that percentage might be very very small. My local dealer said that a short time before this latest crisis he sold Krugerands for $6 over spot, now they are $30 - $40 over. To a certain extent the price over spot doesn’t really make any difference to the dealer. My dealer can get me pretty much anything I want. He buys it from a large distributor who’s premiums change depending on normal supply and demand conditions. I can get PAMP platinum bars for $45 over, when they used to be only a few dollars over. Eagles at my dealer are now $60+ over when they used to be $ 30-$40 over (actually only $20 over 6 months ago).
Bottom line is that if that dealer sold 1000 gold coins for $100 over spot he made a huge amount of money. I am not even a dealer and I could make $40 -$50 per eagle by selling them at $100 over spot, by just buying from any of a number of sources. I wonder if the guy buying $ one million from a small dealer wasn’t up to something more then just wanting gold. Why wouldn’t he go to Tulving or some other less expensive dealer and save himself $50,000? I thinking that he wanted to hide the transaction somehow.
FlyOnTheWall
02-18-2009, 08:42 PM
Most coin dealers are not coin collectors, they are dealers, meaning they buy and sell for a profit. They have no clue as to where the price is going, just like any of us. If most coin dealers knew for sure gold was going to $5,000 an ounce or whatever crazy price, then they would never sell their wares. They would just hold tight and wait.
It is good to hear someone thinks they need 2 million dollars worth of gold though. That takes 2k oz off the table.
FlyOnTheWall
02-18-2009, 08:46 PM
Bottom line is that if that dealer sold 1000 gold coins for $100 over spot he made a huge amount of money. I am not even a dealer and I could make $40 -$50 per eagle by selling them at $100 over spot, by just buying from any of a number of sources. I wonder if the guy buying $ one million from a small dealer wasn’t up to something more then just wanting gold. Why wouldn’t he go to Tulving or some other less expensive dealer and save himself $50,000? I thinking that he wanted to hide the transaction somehow.
Yeah, maybe it was some auto exec. trying to hide that bonus he or she isn’t taking.
Whats_Going_On_Here
02-18-2009, 08:49 PM
Something’s fishy here. Some guy walks in off the street and buys 1000 coins worth say $1100 an ounce? Did he write a check or put it on plastic? Who walks around with that kind of money and isn’t aware of wholesalers? Does he have a million bucks but no internet connection?
Blankpage
02-18-2009, 09:01 PM
Yeah I was also wondering how he paid for it.
But however he did a guy with that kind of cash can see every day he turns on the tv a new hedge fund fraud. The market is tanking as is real estate, there is no shortage of crooks in the fund managing business. Where else can you safely store your savings but pm’s.
2008 is going to be one of those years that everything else gets referenced to, what times were like before it relative to life after it.
goforgold
02-18-2009, 09:04 PM
Okay- so the guy paid via wire transfer (actually wired it in while the coin dealer was making trips to his safety deposit box). They sold 700 krugs and 300 maples at $95 over spot (and they covered this morning on the dip down to $960ish- they bought 500 more at spot + $45) So all in all they made a very very nice profit in 1 day on 1 transaction. He wouldnt feed me a fish story b/c they know I know about gold and wouldn’t buy any more from him b/c his premiums are too high (except on 1/10 ounce gold eagles- they charge a reasonable amount on those)
Centaur
02-18-2009, 09:06 PM
Something’s fishy here. Some guy walks in off the street and buys 1000 coins worth say $1100 an ounce? Did he write a check or put it on plastic? Who walks around with that kind of money and isn’t aware of wholesalers? Does he have a million bucks but no internet connection?
Exactly what I was thinking… a thousand ounces could get you a hellova discount from wholesalers
Oregon Gold
02-18-2009, 10:17 PM
Exactly what I was thinking… a thousand ounces could get you a hellova discount from wholesalers
No doubt…
Let me get this straight…
A guy walks in and buys 1000 1oz gold coins?!
If he paid cash and only paid $1000 bucks each you’re looking at 1 million dollars cash.
Unless the coin dealer let him buy on credit ( Ha,ha )
Doesn’t add up…
auh2o64
02-18-2009, 10:38 PM
or maybe he just made a big fish story so you felt an urgent need to buy gold from him
Exactly my first thought.
Reich
02-18-2009, 10:42 PM
Indications : GOLD gonna make new Lows so wanna sell all at high prices
mcmcapital44
02-18-2009, 11:01 PM
The poster did state the funds were wired. There are many people in this world who have money and no clue about PM’s.. This guy could have been watching all the hype on the news. Woke up one morning and had the need for PM’s. I work, with many wealthy people who do not have an understanding of financial planning and markets. This story is probally very real.
On a smaller scale, why are people going to ebay. Paying 180 for 10oz silver bars. When you can goto apmex and buy them for 159? Most people do not have the understanding,time or means to research to get the best price. They want it ASAP, no thought involved.
Reich
02-18-2009, 11:04 PM
The poster did state the funds were wired. There are many people in this world who have money and no clue about PM’s.. This guy could have been watching all the hype on the news. Woke up one morning and had the need for PM’s. I work, with many wealthy people who do not have an understanding of financial planning and markets. This story is probally very real.
On a smaller scale, why are people going to ebay. Paying 180 for 10oz silver bars. When you can goto apmex and buy them for 159? Most people do not have the understanding,time or means to research to get the best price. They want it ASAP, no thought involved.
Very true! there are many they just don’t care abt $.
Twostaff
02-19-2009, 08:09 AM
Hmm, I wonder what’s changed - or is it just different parts of the country?
I went into my local coin shop 2(?) mos. ago and he said he was paying a premium on 1 oz.’ers (any type) but below spot (his cut) on fractionals; he said nobody was wanting fractionals (then).
yea? where’s that? maybe he’ll ship me some. I’m in New Jersey.
Twostaff
02-19-2009, 08:10 AM
No, it means people are concerned about inflation, and are hedging with PM’s.
Rampant inflation is part of an economy’s failure.
Twostaff
02-19-2009, 08:11 AM
or maybe he just made a big fish story so you felt an urgent need to buy gold from him
LOL probably the best explanation
Twostaff
02-19-2009, 08:15 AM
Okay- so the guy paid via wire transfer (actually wired it in while the coin dealer was making trips to his safety deposit box). They sold 700 krugs and 300 maples at $95 over spot (and they covered this morning on the dip down to $960ish- they bought 500 more at spot + $45) So all in all they made a very very nice profit in 1 day on 1 transaction. He wouldnt feed me a fish story b/c they know I know about gold and wouldn’t buy any more from him b/c his premiums are too high (except on 1/10 ounce gold eagles- they charge a reasonable amount on those)
He has 1/10s? once again i will say does he ship to NJ
Kitco Forums > The Markets > Gold discussion group > Is THIS a reason for the run-up in GOLD?
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View Full Version : Is THIS a reason for the run-up in GOLD?
wgadget
02-19-2009, 08:51 AM
Of course, it’s not like we didnt’ see it coming…This explains why GOLD and the DOLLAR are going up.
Ministers and officials have got the picture. They are facing a breakdown of Europe’s economy. If the bailouts are insufficiently large in every nation to reduce depositors’ fears regarding their banks, there will be a rush out of the euro and into dollars and yen. If the bailouts are sufficiently large to stem the tide on bank fears, then there will be a rush by bond investors out of government bonds. This will make the existing recession much worse.
http://www.lewrockwell.com/north/north689.html
wgadget
02-19-2009, 09:17 AM
Also, in related news….
http://www.bloomberg.com/apps/news?pid=20601109&sid=aLfgoPq8v8TU&refer=home
Rawhide
02-19-2009, 09:19 AM
“SINGAPORE (Reuters) - China’s demand for gold for investment nearly tripled in 2008 and could rise further this year…” http://in.reuters.com/article/businessNews/idINIndia-38098120090219
AND:
“MUMBAI — Indian purchases of paper gold, or exchange-traded funds, have shot up over the past week as the precious metal’s price has rallied, ….” http://online.wsj.com/article/SB123503028764620693.html?mod=googlenews_wsj
AND:
“”Texas Firm Accused of $8 Billion Fraud “
AND
“Fed: Economy worse than predicted”
AND
There really isn’t any other alternative.
wgadget
02-19-2009, 09:28 AM
Perfect storm, perhaps?
Mats Wheellander
02-19-2009, 09:33 AM
Of course, it’s not like we didnt’ see it coming…This explains why GOLD and the DOLLAR are going up.
Ministers and officials have got the picture. They are facing a breakdown of Europe’s economy. If the bailouts are insufficiently large in every nation to reduce depositors’ fears regarding their banks, there will be a rush out of the euro and into dollars and yen. If the bailouts are sufficiently large to stem the tide on bank fears, then there will be a rush by bond investors out of government bonds. This will make the existing recession much worse.
http://www.lewrockwell.com/north/north689.html
Dollar down 1.30% against the Euro today.
wgadget
02-19-2009, 09:52 AM
Hm…Germany to the rescue? I wonder how that’s gonna work out.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aGOA3ntLQ8ao&refer=home
Kitco Forums > The Markets > Gold discussion group > How much should I expect to shell out for 2008 -W Buffalo One Ouncer right now?
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View Full Version : How much should I expect to shell out for 2008 -W Buffalo One Ouncer right now?
Sunstorm
02-19-2009, 06:25 PM
I feel like buying one of these puppies, anyone got one for sale?
Also… Ebay seems inflated…due to its ebay fees etc.
How much should I be paying for one of these, fair market value?
For instance, how much would fellow board members sell to each other for?
Thanks in advance!
Centaur
02-19-2009, 06:36 PM
One of the major bullion dealers has them at $1075.
Cassandra
02-19-2009, 07:12 PM
I saw a plain 1 oz bullion Buffalo at Apmex for that price - not the 2008-W uncirculated Buffalo.
Those that I’ve seen on ebay seem to be going in the $1500 range.
Centaur
02-19-2009, 07:17 PM
Yeah, you’re right… I have a short retention span
Goldfingerer
02-19-2009, 07:24 PM
I feel like buying one of these puppies, anyone got one for sale?
Also… Ebay seems inflated…due to its ebay fees etc.
How much should I be paying for one of these, fair market value?
For instance, how much would fellow board members sell to each other for?
Thanks in advance!
The going price right now is about $1500. With a mintage of under 10,000 they are sure to keep climbing. I bought mine several months ago for around $1200. It’s amazing watching how fast they are going up in price.
Rawhide
02-19-2009, 08:01 PM
Does anyone know if the Mint is continuing to produce the 2008 business strike coins, or if they are permanently shut down?
The Mint posts a production scheldule of its collector coins on its website (the ones the public can buy), but nothing about the business strike coins which are only sold to a select few dealers. They might have 20,000 of the 2008 Buffs being struck right now. Or maybe the 2009s.
refrep
02-19-2009, 08:07 PM
Does anyone know if the Mint is continuing to produce the 2008 business strike coins, or if they are permanently shut down?
The Mint posts a production scheldule of its collector coins on its website (the ones the public can buy), but nothing about the business strike coins which are only sold to a select few dealers. They might have 20,000 of the 2008 Buffs being struck right now. Or maybe the 2009s.
2008 is done. I haven’t heard if they will be making a 2009 buffalo. Seems to me that the Mint is stressing over getting gold blanks to make their new Gold Ultra High Relief coins. They state on their web site that an order could be back logged from 6-9 months.
from the web site “The United States Mint will accept orders beginning on January 22, 2009 at 12:00 noon (ET). Orders will be processed on a first-in, first-out basis, and could potentially take up to six to nine months to complete based on gold blank availability. When placing your order, please consider your credit card’s expiration date, as charges will coincide with shipment. If your credit card has expired by the time of shipment, your order will be cancelled. To update your credit card information, you must call 1-800-USA-MINT and have your order number available.”
Rawhide
02-19-2009, 08:17 PM
2008 is done. I haven’t heard if they will be making a 2009 buffalo. Seems to me that the Mint is stressing over getting gold blanks to make their new Gold Ultra High Relief coins. They state on their web site that an order could be back logged from 6-9 months.
I suspect that it is the First Spouse coins that are responsible for the shortage of the other 24K blanks. They are 1/2 oz blanks.
Unlike the other coins, Congress has mandated the production of these bitches. The Mint is producing 170,000 of the first four versions, compared to less than 7,000 of the 1/2 oz Buffaloes. They will probably end up being sold for spot price and melted down by private mints and jewelers.
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goforgold
02-18-2009, 03:37 PM
So my local coin dealer doesn’t always offer great prices, but I usually will deal with them some anyway just to build the relationship. SO today I went in to talk with them and 2 very interesting things happened. First- he sold me a celebration gold buffalo for the same price as a bullion buff. Second- he told me that yesterday, a customer came in and purchased 1,000 gold 1 ounce coins (700 krugs and 300 maples). Now, I didn’t know my dealer had that many (it turns out he had them all hidden in his safety deposit box at the bank), but when a dealer who sells gold for like $100 over spot is able to move 1000 ounces of gold (and they person actually wanted 2,000) that tells me how big the demand for gold is and it is getting bigger. By the way, I live in a pretty small town in Florida so for a person here to purchase that many, it pretty darned impressive.
appel
02-18-2009, 03:44 PM
Good post!
Sunstorm
02-18-2009, 03:47 PM
It is great that the demand seems to be greater, but you got to ask yourself…. why would a season vet (your local gold dealer) be selling out if he believed the price of gold will rise?
In other words…. be careful, even stingly old coin dealers are dumping right now, we will be entering a bear market soon
Silverthorn
02-18-2009, 03:56 PM
It is great that the demand seems to be greater, but you got to ask yourself…. why would a season vet (your local gold dealer) be selling out if he believed the price of gold will rise?
In other words…. be careful, even stingly old coin dealers are dumping right now, we will be entering a bear market soon
If a dealer goes to the expense to run a business with a shop front etc you don’t think he going to want to make money on a deal like that? What would his spread be on a thousand coins? He could of turned around and order a thousand coins from the mint or who ever he uses and pocketed the change. Easy money though he seems silly to be talking about it.
Obediah
02-18-2009, 03:58 PM
We can think ourselves right into a neurosis here, it could be that things are getting that bad too you know.
My Gold & Silver guy has told me he has lost money, he told me 3 mos ago or so a guy came in shop sold 300 gold coins to him he bought at spot with %3 commission few days later gold down 40+ he sold 200oz gold for spot plus %3 commission to one guy he lost money really but he said what was more important to him was to NOT turn away a customer- that in the log run he does well.
Rawhide
02-18-2009, 04:04 PM
It is great that the demand seems to be greater, but you got to ask yourself…. why would a season vet (your local gold dealer) be selling out if he believed the price of gold will rise?
Because dealers are in the business of buying and selling, not stacking.
He sold those coins for more than what he can replace them for tomorrow. Tomorrow he will buy the replacement coins and sell them to someone for more than he can replace those coins for.
Rawhide
02-18-2009, 04:12 PM
First- he sold me a celebration gold buffalo for the same price as a bullion buff. A celebration gold buff is a bullion buff. The original purchaser from the Mint probably paid $980 for the coin and was forced to sell it to the dealer for less than spot because his dog got hit by a firetruck and he needed the money to pay the vet bills.
The big Mint premiums dissapear the first time the coins are sold.
Twostaff
02-18-2009, 05:33 PM
I’ve been to five coin shops in the past months and NO ONE has ANY fractionals. I go in and ask if they have any silver bullion, rounds, gold fractionals? and they LAUGH! One dealer said he wouldnt sell me an ounce of gold (this was way back when it was in 700s) for under 900. He said he didnt care if gold went to 500 in a week a month a year it will be at 900 again. The shops are ALREADY sold out. The coin guy is in business to SELL coins. If you own a widget store you get an opportunity to sell 2000 widgets you do it.
I think the only thing this proves is that our economy is on the brink of total failure, for many years the PTB ignored it or used it to make more money, the world economy might get sucked down with it, China just agreed to buy 2 TRILLION in US Tbonds, (it’s hard to ignore THAT) people are finally admitting it sucks and the herds of clueless sheep finally noticed the wolves and are lifting their heads.
In the short term gold will go up and gold will go down, in the long term it always goes up.
CarRide
02-18-2009, 05:43 PM
I’ve been to five coin shops in the past months and NO ONE has ANY fractionals. I go in and ask if they have any silver bullion, rounds, gold fractionals? and they LAUGH! One dealer said he wouldnt sell me an ounce of gold (this was way back when it was in 700s) for under 900. He said he didnt care if gold went to 500 in a week a month a year it will be at 900 again. The shops are ALREADY sold out. The coin guy is in business to SELL coins. If you own a widget store you get an opportunity to sell 2000 widgets you do it.
I think the only thing this proves is that our economy is on the brink of total failure, for many years the PTB ignored it or used it to make more money, the world economy might get sucked down with it, China just agreed to buy 2 TRILLION in US Tbonds, (it’s hard to ignore THAT) people are finally admitting it sucks and the herds of clueless sheep finally noticed the wolves and are lifting their heads.
In the short term gold will go up and gold will go down, in the long term it always goes up.
Hmm, I wonder what’s changed - or is it just different parts of the country?
I went into my local coin shop 2(?) mos. ago and he said he was paying a premium on 1 oz.’ers (any type) but below spot (his cut) on fractionals; he said nobody was wanting fractionals (then).
bsaxberg
02-18-2009, 05:48 PM
I think its been a while, at least 4 weeks since I was at my local shop. Asked about fractionals. He wished he had some. If he had any gold he wasnt letting on very easily.
So I picked up some silver while I was there.
ColDax
02-18-2009, 05:48 PM
I
I think the only thing this proves is that our economy is on the brink of total failure
No, it means people are concerned about inflation, and are hedging with PM’s.
jackrabbit
02-18-2009, 05:53 PM
Go try and find Platinum American Eagles and see how many of them you find. I was lucky to buy one for $1000.00 back in November at a coin show, and it was the ONLY one at the show. BTW, this was a large show in major city in the Northeast. There were about 5 1oz Nobles for sale though, but that was it.
Kamron
02-18-2009, 07:18 PM
Talked to my favorite coin dealer today and he has
krugs for $65.00 over spot.
100 oz bars for 2.25 over
1 oz libertads (Mexican 1 oz coins) for 3.50 over spot.
Gold and Silver are God’s universal money and only governments of slave plantations can get away with ignoring the law and faking value.
joethebummer
02-18-2009, 07:21 PM
So my local coin dealer doesn’t always offer great prices, but I usually will deal with them some anyway just to build the relationship. SO today I went in to talk with them and 2 very interesting things happened. First- he sold me a celebration gold buffalo for the same price as a bullion buff. Second- he told me that yesterday, a customer came in and purchased 1,000 gold 1 ounce coins (700 krugs and 300 maples). Now, I didn’t know my dealer had that many (it turns out he had them all hidden in his safety deposit box at the bank), but when a dealer who sells gold for like $100 over spot is able to move 1000 ounces of gold (and they person actually wanted 2,000) that tells me how big the demand for gold is and it is getting bigger. By the way, I live in a pretty small town in Florida so for a person here to purchase that many, it pretty darned impressive.
or maybe he just made a big fish story so you felt an urgent need to buy gold from him
captbilly
02-18-2009, 08:36 PM
It is great that the demand seems to be greater, but you got to ask yourself…. why would a season vet (your local gold dealer) be selling out if he believed the price of gold will rise?
In other words…. be careful, even stingly old coin dealers are dumping right now, we will be entering a bear market soon
Gold dealers are in the business of selling gold, what possible reason would he have for not selling? There is no shortage of gold coins. You can buy all you want from Tulving for $44 - $60 over spot right now (I know you can get as much as you want from other dealers as well). Coin and bullion dealers are brokers not investors. They make their money by taking a percentage of each sale. In tough time that percentage might be very very small. My local dealer said that a short time before this latest crisis he sold Krugerands for $6 over spot, now they are $30 - $40 over. To a certain extent the price over spot doesn’t really make any difference to the dealer. My dealer can get me pretty much anything I want. He buys it from a large distributor who’s premiums change depending on normal supply and demand conditions. I can get PAMP platinum bars for $45 over, when they used to be only a few dollars over. Eagles at my dealer are now $60+ over when they used to be $ 30-$40 over (actually only $20 over 6 months ago).
Bottom line is that if that dealer sold 1000 gold coins for $100 over spot he made a huge amount of money. I am not even a dealer and I could make $40 -$50 per eagle by selling them at $100 over spot, by just buying from any of a number of sources. I wonder if the guy buying $ one million from a small dealer wasn’t up to something more then just wanting gold. Why wouldn’t he go to Tulving or some other less expensive dealer and save himself $50,000? I thinking that he wanted to hide the transaction somehow.
FlyOnTheWall
02-18-2009, 08:42 PM
Most coin dealers are not coin collectors, they are dealers, meaning they buy and sell for a profit. They have no clue as to where the price is going, just like any of us. If most coin dealers knew for sure gold was going to $5,000 an ounce or whatever crazy price, then they would never sell their wares. They would just hold tight and wait.
It is good to hear someone thinks they need 2 million dollars worth of gold though. That takes 2k oz off the table.
FlyOnTheWall
02-18-2009, 08:46 PM
Bottom line is that if that dealer sold 1000 gold coins for $100 over spot he made a huge amount of money. I am not even a dealer and I could make $40 -$50 per eagle by selling them at $100 over spot, by just buying from any of a number of sources. I wonder if the guy buying $ one million from a small dealer wasn’t up to something more then just wanting gold. Why wouldn’t he go to Tulving or some other less expensive dealer and save himself $50,000? I thinking that he wanted to hide the transaction somehow.
Yeah, maybe it was some auto exec. trying to hide that bonus he or she isn’t taking.
Whats_Going_On_Here
02-18-2009, 08:49 PM
Something’s fishy here. Some guy walks in off the street and buys 1000 coins worth say $1100 an ounce? Did he write a check or put it on plastic? Who walks around with that kind of money and isn’t aware of wholesalers? Does he have a million bucks but no internet connection?
Blankpage
02-18-2009, 09:01 PM
Yeah I was also wondering how he paid for it.
But however he did a guy with that kind of cash can see every day he turns on the tv a new hedge fund fraud. The market is tanking as is real estate, there is no shortage of crooks in the fund managing business. Where else can you safely store your savings but pm’s.
2008 is going to be one of those years that everything else gets referenced to, what times were like before it relative to life after it.
goforgold
02-18-2009, 09:04 PM
Okay- so the guy paid via wire transfer (actually wired it in while the coin dealer was making trips to his safety deposit box). They sold 700 krugs and 300 maples at $95 over spot (and they covered this morning on the dip down to $960ish- they bought 500 more at spot + $45) So all in all they made a very very nice profit in 1 day on 1 transaction. He wouldnt feed me a fish story b/c they know I know about gold and wouldn’t buy any more from him b/c his premiums are too high (except on 1/10 ounce gold eagles- they charge a reasonable amount on those)
Centaur
02-18-2009, 09:06 PM
Something’s fishy here. Some guy walks in off the street and buys 1000 coins worth say $1100 an ounce? Did he write a check or put it on plastic? Who walks around with that kind of money and isn’t aware of wholesalers? Does he have a million bucks but no internet connection?
Exactly what I was thinking… a thousand ounces could get you a hellova discount from wholesalers
Oregon Gold
02-18-2009, 10:17 PM
Exactly what I was thinking… a thousand ounces could get you a hellova discount from wholesalers
No doubt…
Let me get this straight…
A guy walks in and buys 1000 1oz gold coins?!
If he paid cash and only paid $1000 bucks each you’re looking at 1 million dollars cash.
Unless the coin dealer let him buy on credit ( Ha,ha )
Doesn’t add up…
auh2o64
02-18-2009, 10:38 PM
or maybe he just made a big fish story so you felt an urgent need to buy gold from him
Exactly my first thought.
Reich
02-18-2009, 10:42 PM
Indications : GOLD gonna make new Lows so wanna sell all at high prices
mcmcapital44
02-18-2009, 11:01 PM
The poster did state the funds were wired. There are many people in this world who have money and no clue about PM’s.. This guy could have been watching all the hype on the news. Woke up one morning and had the need for PM’s. I work, with many wealthy people who do not have an understanding of financial planning and markets. This story is probally very real.
On a smaller scale, why are people going to ebay. Paying 180 for 10oz silver bars. When you can goto apmex and buy them for 159? Most people do not have the understanding,time or means to research to get the best price. They want it ASAP, no thought involved.
Reich
02-18-2009, 11:04 PM
The poster did state the funds were wired. There are many people in this world who have money and no clue about PM’s.. This guy could have been watching all the hype on the news. Woke up one morning and had the need for PM’s. I work, with many wealthy people who do not have an understanding of financial planning and markets. This story is probally very real.
On a smaller scale, why are people going to ebay. Paying 180 for 10oz silver bars. When you can goto apmex and buy them for 159? Most people do not have the understanding,time or means to research to get the best price. They want it ASAP, no thought involved.
Very true! there are many they just don’t care abt $.
Twostaff
02-19-2009, 08:09 AM
Hmm, I wonder what’s changed - or is it just different parts of the country?
I went into my local coin shop 2(?) mos. ago and he said he was paying a premium on 1 oz.’ers (any type) but below spot (his cut) on fractionals; he said nobody was wanting fractionals (then).
yea? where’s that? maybe he’ll ship me some. I’m in New Jersey.
Twostaff
02-19-2009, 08:10 AM
No, it means people are concerned about inflation, and are hedging with PM’s.
Rampant inflation is part of an economy’s failure.
Twostaff
02-19-2009, 08:11 AM
or maybe he just made a big fish story so you felt an urgent need to buy gold from him
LOL probably the best explanation
Twostaff
02-19-2009, 08:15 AM
Okay- so the guy paid via wire transfer (actually wired it in while the coin dealer was making trips to his safety deposit box). They sold 700 krugs and 300 maples at $95 over spot (and they covered this morning on the dip down to $960ish- they bought 500 more at spot + $45) So all in all they made a very very nice profit in 1 day on 1 transaction. He wouldnt feed me a fish story b/c they know I know about gold and wouldn’t buy any more from him b/c his premiums are too high (except on 1/10 ounce gold eagles- they charge a reasonable amount on those)
He has 1/10s? once again i will say does he ship to NJ
Kitco Forums > The Markets > Gold discussion group > Is THIS a reason for the run-up in GOLD?
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View Full Version : Is THIS a reason for the run-up in GOLD?
wgadget
02-19-2009, 08:51 AM
Of course, it’s not like we didnt’ see it coming…This explains why GOLD and the DOLLAR are going up.
Ministers and officials have got the picture. They are facing a breakdown of Europe’s economy. If the bailouts are insufficiently large in every nation to reduce depositors’ fears regarding their banks, there will be a rush out of the euro and into dollars and yen. If the bailouts are sufficiently large to stem the tide on bank fears, then there will be a rush by bond investors out of government bonds. This will make the existing recession much worse.
http://www.lewrockwell.com/north/north689.html
wgadget
02-19-2009, 09:17 AM
Also, in related news….
http://www.bloomberg.com/apps/news?pid=20601109&sid=aLfgoPq8v8TU&refer=home
Rawhide
02-19-2009, 09:19 AM
“SINGAPORE (Reuters) - China’s demand for gold for investment nearly tripled in 2008 and could rise further this year…” http://in.reuters.com/article/businessNews/idINIndia-38098120090219
AND:
“MUMBAI — Indian purchases of paper gold, or exchange-traded funds, have shot up over the past week as the precious metal’s price has rallied, ….” http://online.wsj.com/article/SB123503028764620693.html?mod=googlenews_wsj
AND:
“”Texas Firm Accused of $8 Billion Fraud “
AND
“Fed: Economy worse than predicted”
AND
There really isn’t any other alternative.
wgadget
02-19-2009, 09:28 AM
Perfect storm, perhaps?
Mats Wheellander
02-19-2009, 09:33 AM
Of course, it’s not like we didnt’ see it coming…This explains why GOLD and the DOLLAR are going up.
Ministers and officials have got the picture. They are facing a breakdown of Europe’s economy. If the bailouts are insufficiently large in every nation to reduce depositors’ fears regarding their banks, there will be a rush out of the euro and into dollars and yen. If the bailouts are sufficiently large to stem the tide on bank fears, then there will be a rush by bond investors out of government bonds. This will make the existing recession much worse.
http://www.lewrockwell.com/north/north689.html
Dollar down 1.30% against the Euro today.
wgadget
02-19-2009, 09:52 AM
Hm…Germany to the rescue? I wonder how that’s gonna work out.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aGOA3ntLQ8ao&refer=home
Kitco Forums > The Markets > Gold discussion group > How much should I expect to shell out for 2008 -W Buffalo One Ouncer right now?
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View Full Version : How much should I expect to shell out for 2008 -W Buffalo One Ouncer right now?
Sunstorm
02-19-2009, 06:25 PM
I feel like buying one of these puppies, anyone got one for sale?
Also… Ebay seems inflated…due to its ebay fees etc.
How much should I be paying for one of these, fair market value?
For instance, how much would fellow board members sell to each other for?
Thanks in advance!
Centaur
02-19-2009, 06:36 PM
One of the major bullion dealers has them at $1075.
Cassandra
02-19-2009, 07:12 PM
I saw a plain 1 oz bullion Buffalo at Apmex for that price - not the 2008-W uncirculated Buffalo.
Those that I’ve seen on ebay seem to be going in the $1500 range.
Centaur
02-19-2009, 07:17 PM
Yeah, you’re right… I have a short retention span
Goldfingerer
02-19-2009, 07:24 PM
I feel like buying one of these puppies, anyone got one for sale?
Also… Ebay seems inflated…due to its ebay fees etc.
How much should I be paying for one of these, fair market value?
For instance, how much would fellow board members sell to each other for?
Thanks in advance!
The going price right now is about $1500. With a mintage of under 10,000 they are sure to keep climbing. I bought mine several months ago for around $1200. It’s amazing watching how fast they are going up in price.
Rawhide
02-19-2009, 08:01 PM
Does anyone know if the Mint is continuing to produce the 2008 business strike coins, or if they are permanently shut down?
The Mint posts a production scheldule of its collector coins on its website (the ones the public can buy), but nothing about the business strike coins which are only sold to a select few dealers. They might have 20,000 of the 2008 Buffs being struck right now. Or maybe the 2009s.
refrep
02-19-2009, 08:07 PM
Does anyone know if the Mint is continuing to produce the 2008 business strike coins, or if they are permanently shut down?
The Mint posts a production scheldule of its collector coins on its website (the ones the public can buy), but nothing about the business strike coins which are only sold to a select few dealers. They might have 20,000 of the 2008 Buffs being struck right now. Or maybe the 2009s.
2008 is done. I haven’t heard if they will be making a 2009 buffalo. Seems to me that the Mint is stressing over getting gold blanks to make their new Gold Ultra High Relief coins. They state on their web site that an order could be back logged from 6-9 months.
from the web site “The United States Mint will accept orders beginning on January 22, 2009 at 12:00 noon (ET). Orders will be processed on a first-in, first-out basis, and could potentially take up to six to nine months to complete based on gold blank availability. When placing your order, please consider your credit card’s expiration date, as charges will coincide with shipment. If your credit card has expired by the time of shipment, your order will be cancelled. To update your credit card information, you must call 1-800-USA-MINT and have your order number available.”
Rawhide
02-19-2009, 08:17 PM
2008 is done. I haven’t heard if they will be making a 2009 buffalo. Seems to me that the Mint is stressing over getting gold blanks to make their new Gold Ultra High Relief coins. They state on their web site that an order could be back logged from 6-9 months.
I suspect that it is the First Spouse coins that are responsible for the shortage of the other 24K blanks. They are 1/2 oz blanks.
Unlike the other coins, Congress has mandated the production of these bitches. The Mint is producing 170,000 of the first four versions, compared to less than 7,000 of the 1/2 oz Buffaloes. They will probably end up being sold for spot price and melted down by private mints and jewelers.
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Kitco Forums > The Markets > Gold discussion group > “i hear all bankers buying gold and silver…”
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viter
02-17-2009, 03:32 PM
something interesting slipped in this video. listen to last 1.10 sec.
http://www.cnbc.com/id/15840232?video=1037479929&play=1
are bankers buying coins and not paper?
Silken
02-17-2009, 03:44 PM
if bankers are buying PM’s instead of paper you know its LIGHTS OUT
doobsta
02-17-2009, 03:54 PM
sure as hell sounds like it.
PepePareja
02-17-2009, 04:12 PM
Wow. That certainly sounded like a slip alright. I think he knew he shouldn’t have said it as soon as it started coming out.
Karlus
02-17-2009, 04:41 PM
Wow. That certainly sounded like a slip alright. I think he knew he shouldn’t have said it as soon as it started coming out.
in banking are still bluepills. Very few (that are not commodity traders) are moving that way and would be much much more inclined to do GLD or DGP. Physical never really crosses their minds…
alexbond
02-17-2009, 04:45 PM
The lady on that clip sounds like she could be a Kitco member. After all, she did recommend buying silver (over gold), and burying it in the backyard to “hide it from the bankers”.
Silken
02-17-2009, 05:02 PM
The lady on that clip sounds like she could be a Kitco member. After all, she did recommend buying silver (over gold), and burying it in the backyard to “hide it from the bankers”.
Rattlesnake!
appel
02-17-2009, 05:05 PM
Fun video
Norburg
02-17-2009, 05:14 PM
All I see on the link is an ad for American Greed coming wednesday.
Did they take the clip down already??
captbilly
02-17-2009, 05:17 PM
Why do we think that the gold silver ratio of the past has any significance today? In much the same way that many of the the old ideas about investing just aren’t working in todays market I just don’t see why we should expect the gold silver ration to trend back to it’s old levels. Remember that at one time platinum was considered less valuable then gold, but as our technolgy and economy changed platinum became the more expensive metal (industrial and automotive uses grew dramatically).
Similarly the uses for silver have decreased dramatically over the years. Photography was a huge user of silver but that has essentially disappeared forever. Silverware has been displaced by stainless steel due to the toxicity of silver and the fact that it is so difficult to keep looking good. There certainly are still legitimate uses for silver but not anywhere near the levels of the past. COme to think of it one of the biggest uses for silver was coinage, and that also has essentially disappeared as well.
I am not going to predict what the gold silver ratio should be or will be but I don’t see any reason to think that her “homework” showing that due to the low gold silver ratio means that gold is over priced (or vice versa) is in any way meaningful.
schoolsout
02-17-2009, 05:21 PM
toxicity of silver? Really?
Truxton
02-17-2009, 05:34 PM
PDA
View Full Version : “i hear all bankers buying gold and silver…”
viter
02-17-2009, 03:32 PM
something interesting slipped in this video. listen to last 1.10 sec.
http://www.cnbc.com/id/15840232?video=1037479929&play=1
are bankers buying coins and not paper?
Silken
02-17-2009, 03:44 PM
if bankers are buying PM’s instead of paper you know its LIGHTS OUT
doobsta
02-17-2009, 03:54 PM
sure as hell sounds like it.
PepePareja
02-17-2009, 04:12 PM
Wow. That certainly sounded like a slip alright. I think he knew he shouldn’t have said it as soon as it started coming out.
Karlus
02-17-2009, 04:41 PM
Wow. That certainly sounded like a slip alright. I think he knew he shouldn’t have said it as soon as it started coming out.
in banking are still bluepills. Very few (that are not commodity traders) are moving that way and would be much much more inclined to do GLD or DGP. Physical never really crosses their minds…
alexbond
02-17-2009, 04:45 PM
The lady on that clip sounds like she could be a Kitco member
. After all, she did recommend buying silver (over gold), and burying it in the backyard to “hide it from the bankers”.Silken
02-17-2009, 05:02 PM
The lady on that clip sounds like she could be a Kitco member
. After all, she did recommend buying silver (over gold), and burying it in the backyard to “hide it from the bankers”.Rattlesnake!
appel
02-17-2009, 05:05 PM
Fun video
Norburg
02-17-2009, 05:14 PM
All I see on the link is an ad for American Greed coming wednesday.
Did they take the clip down already??
captbilly
02-17-2009, 05:17 PM
Why do we think that the gold silver ratio of the past has any significance today? In much the same way that many of the the old ideas about investing just aren’t working in todays market I just don’t see why we should expect the gold silver ration to trend back to it’s old levels. Remember that at one time platinum was considered less valuable then gold, but as our technolgy and economy changed platinum became the more expensive metal (industrial and automotive uses grew dramatically).
Similarly the uses for silver have decreased dramatically over the years. Photography was a huge user of silver but that has essentially disappeared forever. Silverware has been displaced by stainless steel due to the toxicity of silver and the fact that it is so difficult to keep looking good. There certainly are still legitimate uses for silver but not anywhere near the levels of the past. COme to think of it one of the biggest uses for silver was coinage, and that also has essentially disappeared as well.
I am not going to predict what the gold silver ratio should be or will be but I don’t see any reason to think that her “homework” showing that due to the low gold silver ratio means that gold is over priced (or vice versa) is in any way meaningful.
schoolsout
02-17-2009, 05:21 PM
toxicity of silver? Really?
Truxton
02-17-2009, 05:34 PM
captbilly;542233 said:
Why do we think that the gold silver ratio of the past has any significance today? In much the same way that many of the the old ideas about investing just aren’t working in todays market I just don’t see why we should expect the gold silver ration to trend back to it’s old levels. Remember that at one time platinum was considered less valuable then gold, but as our technolgy and economy changed platinum became the more expensive metal (industrial and automotive uses grew dramatically).
Similarly the uses for silver have decreased dramatically over the years. Photography was a huge user of silver but that has essentially disappeared forever. Silverware has been displaced by stainless steel due to the toxicity of silver and the fact that it is so difficult to keep looking good. There certainly are still legitimate uses for silver but not anywhere near the levels of the past. COme to think of it one of the biggest uses for silver was coinage, and that also has essentially disappeared as well.
QUOTE]
As far as I have heard it could be less silver then gold left on the planet, also that it is actually CONSUMED 9000 tons more silver then they dig out every year and that silver will therefore in time be rarer then gold….
Having said that, times are changing, take aluminium for instance, it was very rare in the olden days. In fact Napoleon in France had cutlery made of aluminium instead of silver for this reason!
As for toxicity of silver, never in my life heard about it…
blackdug
02-17-2009, 05:47 PM
what a women ,,not heard a women talk so straight since maggie thatcher..to think that if she had said bury your personel wealth in your garden a year ago on live television she would have had people ridicule her and suggested she be locked up in a crazy house!!!…i am going to keep an eye open for this lady in the future as i sure liked her straight talk
johndaniels
02-17-2009, 05:54 PM
something interesting slipped in this video. listen to last 1.10 sec.
http://www.cnbc.com/id/15840232?video=1037479929&play=1
are bankers buying coins and not paper?
yeah they’re covering theit astronomical short LOSSES
Laughter
02-17-2009, 05:59 PM
That was certainly an interesting vid.
Feral child
02-17-2009, 06:08 PM
Thanks Viter- I have a feeling the guy wishes he hadn’t said that last myself.
SilverFinger
02-17-2009, 06:28 PM
captbilly;542233 said:
Why do we think that the gold silver ratio of the past has any significance today? In much the same way that many of the the old ideas about investing just aren’t working in todays market I just don’t see why we should expect the gold silver ration to trend back to it’s old levels. Remember that at one time platinum was considered less valuable then gold, but as our technolgy and economy changed platinum became the more expensive metal (industrial and automotive uses grew dramatically).
Similarly the uses for silver have decreased dramatically over the years. Photography was a huge user of silver but that has essentially disappeared forever. Silverware has been displaced by stainless steel due to the toxicity of silver and the fact that it is so difficult to keep looking good. There certainly are still legitimate uses for silver but not anywhere near the levels of the past. COme to think of it one of the biggest uses for silver was coinage, and that also has essentially disappeared as well.
QUOTE]
As far as I have heard it could be less silver then gold left on the planet, also that it is actually CONSUMED 9000 tons more silver then they dig out every year and that silver will therefore in time be rarer then gold….
Having said that, times are changing, take aluminium for instance, it was very rare in the olden days. In fact Napoleon in France had cutlery made of aluminium instead of silver for this reason!
As for toxicity of silver, never in my life heard about it…
You bring up a lot of good points….I think you almost answered your own question about the ratio of gold to silver and why it should head back to 1: 14/22. I’ve already done my research on the ratio topic (it will go in alignment to 1:20 soon)….the only decision we all need to figure out is gold over-priced today? …or is silver way-under priced? might be a combination of both…whatever the answer…the ratio is-was-and-will always be 20 to one or less…..what we’re all seeing today occurred in the 1971 metal BS disengage…keep thinking 1 to 20 for reality….it’s coming BACK.
Zarkov
02-17-2009, 07:32 PM
toxicity of silver? Really?
Really !!!!
one of THE most toxic metals… it is somewhat inert though
but it will react with various acids etc…
it should not be used for food or drink.
GoldNuggetBug
02-17-2009, 07:35 PM
From the first bailout I already say the bank are buying gold as that will be the only physical worth holding, I say these because they were not giving out new loan.
What do you do to make money with your bailout cash!! Buy gold, that’s what they been doing from September last year. Imagine if fiat fails tomorrow the bank are all gone too!! Cashless with just toxic paper, at less with AU in hand they still can trade!!
AureliusMoore
02-17-2009, 07:44 PM
I think that silver is undervalued, because as a currency, it should have about a 20:1 ratio. Think pre-1920. But what she said was no BS. Too bad we can’t have that on the American CNBC!
batgirl791
02-17-2009, 08:16 PM
Really !!!!
one of THE most toxic metals… it is somewhat inert though
but it will react with various acids etc…
it should not be used for food or drink.
I heard in olden days, people would put a silver dollar in their milk bottle to prevent spoilage or something like that.
GoldenGotrek
02-17-2009, 08:22 PM
Silver is toxic… to microbes and viruses… think “Black Plague”, and the survival of the blue-bloods…
polcat
02-17-2009, 08:29 PM
Why do we think that the gold silver ratio of the past has any significance today? In much the same way that many of the the old ideas about investing just aren’t working in todays market I just don’t see why we should expect the gold silver ration to trend back to it’s old levels. Remember that at one time platinum was considered less valuable then gold, but as our technolgy and economy changed platinum became the more expensive metal (industrial and automotive uses grew dramatically).
Similarly the uses for silver have decreased dramatically over the years. Photography was a huge user of silver but that has essentially disappeared forever. Silverware has been displaced by stainless steel due to the toxicity of silver and the fact that it is so difficult to keep looking good. There certainly are still legitimate uses for silver but not anywhere near the levels of the past. COme to think of it one of the biggest uses for silver was coinage, and that also has essentially disappeared as well.
I am not going to predict what the gold silver ratio should be or will be but I don’t see any reason to think that her “homework” showing that due to the low gold silver ratio means that gold is over priced (or vice versa) is in any way meaningful.
Hi Cap Did I tell you to watch out for the shills on kico, they come here to bash silver & gold They usually start off by saying silver is a bad Investment and there is not much use for the metal anymore, It is just an old relic
fl57caveman
02-17-2009, 09:02 PM
toxicity of silver? Really?
that was kind of what i was thinking too..toxic?
only to microbes..
PepePareja
02-17-2009, 09:24 PM
All I see on the link is an ad for American Greed coming wednesday.
Did they take the clip down already??
That’s just an advert. Wait a moment and it passes.
Dollars for Doughnuts
02-17-2009, 09:32 PM
that was kind of what i was thinking too..toxic?
only to microbes..
…for silver is to impregnate band-aids and bandages with it. I can’t see that the medical community would think that it would be beneficial to use a toxic substance in wound care applications…
niuniu
02-17-2009, 09:36 PM
Did I miss something?
This guy’s just a TV presenter. WHy is everybody jumping up and down like it was the head of massive bank or super qualified analysist or somebody with inside knowledge saying this. Making it sound like he’s somebody knowing something and saying something he shouldn’t. My arse.
Since when did TV presenters become portals to secret knowledge.
stoked1
02-17-2009, 09:42 PM
Its true. I put several SAEs into a liter of bourbon and drank it in the name of science. The next morning i had a helluva headache.
IndianGoldEagle
02-17-2009, 10:00 PM
Why do we think that the gold silver ratio of the past has any significance today? In much the same way that many of the the old ideas about investing just aren’t working in todays market I just don’t see why we should expect the gold silver ration to trend back to it’s old levels. Remember that at one time platinum was considered less valuable then gold, but as our technolgy and economy changed platinum became the more expensive metal (industrial and automotive uses grew dramatically).
Similarly the uses for silver have decreased dramatically over the years. Photography was a huge user of silver but that has essentially disappeared forever. Silverware has been displaced by stainless steel due to the toxicity of silver and the fact that it is so difficult to keep looking good. There certainly are still legitimate uses for silver but not anywhere near the levels of the past. COme to think of it one of the biggest uses for silver was coinage, and that also has essentially disappeared as well.
I am not going to predict what the gold silver ratio should be or will be but I don’t see any reason to think that her “homework” showing that due to the low gold silver ratio means that gold is over priced (or vice versa) is in any way meaningful.
The natural out of the ground ratio of silver to gold is 17.5:1
http://www.gold-eagle.com/editorials_03/sanders030703.html
jackrabbit
02-17-2009, 10:01 PM
…for silver is to impregnate band-aids and bandages with it. I can’t see that the medical community would think that it would be beneficial to use a toxic substance in wound care applications…
Silver is a natural anti-biotic and has been known for centuries for this property. Wonder why they made silver ware for so long?
PepePareja
02-17-2009, 10:05 PM
Did I miss something?
This guy’s just a TV presenter. WHy is everybody jumping up and down like it was the head of massive bank or super qualified analysist or somebody with inside knowledge saying this. Making it sound like he’s somebody knowing something and saying something he shouldn’t. My arse.
Since when did TV presenters become portals to secret knowledge.
Yes, but he stands in front of a HUGE screen and holds a clipboard.
GDAY2U
02-17-2009, 10:17 PM
…for silver is to impregnate band-aids and bandages with it. …
Hope those bandaids are of legal age….wouldn’t want to see a paternity suit or worse for old man silver, but I feel sorry for him he has had a hard time though getting back to 18.
fl57caveman
02-17-2009, 10:33 PM
Its true. I put several SAEs into a liter of bourbon and drank it in the name of science. The next morning i had a helluva headache.
there’s your problem..sae’s have no flavor.
should have used maples, much better maple flavor..
johndaniels
02-17-2009, 11:58 PM
she seems like a bit of a moron… lol
refering to paper currencies as “quality” and “valuable things are expensive”
eother a moron, or a paid pumper or piker.
her opinion means nothing; but the idea banks are buying gold for their very salvation makes sense. i kinda think its china trading US bonds for metals.
wgadget
02-18-2009, 12:05 AM
she seems like a bit of a moron… lol
refering to paper currencies as “quality” and “valuable things are expensive”
eother a moron, or a paid pumper or piker.
her opinion means nothing; but the idea banks are buying gold for their very salvation makes sense. i kinda think its china trading US bonds for metals.
I guess those Chinese were just playing their Art of War games with this statement. I wouldn’t be surprised in the least:
http://www.ft.com/cms/s/0/ba857be6-f88f-11dd-aae8-000077b07658.html?nclick_check=1
runner
02-18-2009, 01:10 AM
Really !!!!
one of THE most toxic metals… it is somewhat inert though
but it will react with various acids etc…
it should not be used for food or drink.
i carry silver in my pockets everyday and
i’ve drank so much silver coloid i should be dead 20 times according to ??????
and my mind still functions properly. i still know almost all of my goesint’as.
nguyendneyugn
02-18-2009, 02:58 AM
The lady on that clip sounds like she could be a Kitco member
I love her accent
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