gold closed monday on the comex at $388 are you buying or selling?

[michael]

are you a gold buyer or a seller?

or maybe a buyer of generic saints? better numismatic gold?

 

or not?

 

will this help the overall numismatic market?

 

any comments

 

 

michael

[nwcs]

I've bought some but now am holding.

[jtryka]

Well, I just bought the Wright Brothers eagle, and was bidding a little more aggressively on better date Saints at Long Beach (though apparently not aggressively enough! ) So, I guess I am in the market, but just more selective in my buying now than I was before.

 

As for the impact of gold on the broader market, I think it's good in the short run and bad in the long run. In the short run, more people might be interested in coins, bringing a surge in demand, but as these are less knowlegable, less experienced buyers, in the long run they will damage the market as they will likely dump coins in mass if they become disappointed.

[CarlWohlforth]

I'm hanging tight. I have a few gold coins I would like to sell if gold goes significantly higher.

[jom]

I'm hanging tight. I have a few gold coins I would like to sell if gold goes significantly higher.

 

Yup....exactly what I'm thinking....although I dumped a couple at LB. Possibly a bit premature....

 

jom

[BillJones]

I'm a gold coin collector so the chances are very, very slim that I will sell any pieces from my core collection. Currently I only sell coins that are in my collection when I get a better example, which has happened a couple of times this year. Why would I sell the coins that have taken me years to find in the grades that I could afford unless I was getting out of collecting entirely? I'd end up paying taxes on the gains, and not have pieces that add to my enjoyment of the hobby. I also would have a hard time replacing those coins at prices that I could afford.

 

As for the business. Well I'll buy gold coins for inventory if I think that they are properly graded and I think I can make some money on them in the short run. Since I'm not a bullion dealer, I look for numismatic value far more than bullion speculations. I don't do much with the gold eagle bullion coins because the up side is not good enough to off set the down side of bullion prices drop. I do purchase double eagles now and then, mainly as collectors' items. There is a bullion risk there, but if you offer attractive double eagles there will be collectors and dealers who will always buy them for a numismatic premium.

[gmarguli]

Neither a buyer or seller.

 

If the price of the base metal is affecting what you buy then you are more likely either collecting common bullion value type coins (circ or low unc Libs or Saints) or are an investor in pure bullion coins. If that is the case you'd probably do better buying some other investment.

 

[Leothelion]

In the last 5 years, I have bought a quarter, half or an ounce or a 10th or quarter of platinum every time I visit a coin show when prices where below $300 for gold, something like $270 to $300. The last time I bought gold one seller sold to me at $325 but at another table, a seller had gold at $300 so I went back to the first seller and my money was returned. I might sell if gold tops $400 but I don't like the way dealers buy at $30 less then it's worth. Am I selling to the wrong person?

 

Leo

[chinook]

I just buy stock in the gold mining companies. Or I trade the XAU (gold/silver) index. I find that the gold stocks move about 3x the move in gold. If gold is up 1% then the stocks move about 3%. The more speculative stocks can be much more volatile.

 

I have been buying a ton of Durban---ticker symbol DROOY-- all summer at about $2.50 per share. Today it is about $3.40. I think it should trade up to $4.50.

 

Resistance on the XAU is about 120, currently it is at 97. This should translate into a gold price of about $415. That is my target for year end.

 

Over the next couple of years the metal looks "golden". The dollar should continue to weaken and the Yen and Euro strengthen. Gold is a great hedge against a weak dollar because it is quoted worldwide in terms of dollars.

 

I know the stocks are not as pretty to look at but they make me more $$$$$ which allows me to buy more coins.

[Leothelion]

I just buy stock in the gold mining companies. Or I trade the XAU (gold/silver) index. I find that the gold stocks move about 3x the move in gold. If gold is up 1% then the stocks move about 3%. The more speculative stocks can be much more volatile.

 

I have been buying a ton of Durban---ticker symbol DROOY-- all summer at about $2.50 per share. Today it is about $3.40. I think it should trade up to $4.50.

 

Resistance on the XAU is about 120, currently it is at 97. This should translate into a gold price of about $415. That is my target for year end.

 

Over the next couple of years the metal looks "golden". The dollar should continue to weaken and the Yen and Euro strengthen. Gold is a great hedge against a weak dollar because it is quoted worldwide in terms of dollars.

 

I know the stocks are not as pretty to look at but they make me more $$$$$ which allows me to buy more coins.

 

Hi Chinook

So if your stock went from $2.50 to $3.40 then that's a 36% increase. And gold was at $330 sometime earlier this year. If gold hits $390 then thats an 18% increase. Buying $330 worth of $2.50 stack will give you 132 shares, times the .90

increase on each share is 118.8, will double your money. If my figures are correct, where can I buy?!!

 

Leo

[beartracks42-migration]

I have a PCGS set of Indians/St Gaudens(1912) graded AU55 to MS63 and a few $5 AGE's in NGC MS70 that I am holding. So I guess I am neither, at the present time.