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Thoughts on gold...

Started by RI AL,

12 posts in this topic

RI AL

RI AL

Posted
Posted

Hey, guys.

 

History Channel ran a very good show on Fort Knox. It was very interesting and well worth catching they show it in your area.

 

Well, it got me thinking (frequently a dangerous thing). I got to wondering where all the gold for the U.S. bullion coins comes from. If I read correctly, there will be 3 designs of gold U.S, bullion coins soon? It can't be Fort Knox gold because I believe that is considered "national treasure". Now with gold just a hair over $1000 an ounce, I can't help but wonder how much of the increase per ounce is because of worldwide demand for gold in bullion coins. In other words, would gold be cheaper if bullion coins didn't exist? (Do I win the dumb question of the day award?)

 

RI AL

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stinkycheese1

stinkycheese1

Posted
Posted
Hey, guys.

 

History Channel ran a very good show on Fort Knox. It was very interesting and well worth catching they show it in your area.

 

Well, it got me thinking (frequently a dangerous thing). I got to wondering where all the gold for the U.S. bullion coins comes from. If I read correctly, there will be 3 designs of gold U.S, bullion coins soon? It can't be Fort Knox gold because I believe that is considered "national treasure". Now with gold just a hair over $1000 an ounce, I can't help but wonder how much of the increase per ounce is because of worldwide demand for gold in bullion coins. In other words, would gold be cheaper if bullion coins didn't exist? (Do I win the dumb question of the day award?)

 

RI AL

 

Yeah, I saw the same show. All that gold gave me goosebumps..

 

They have the army guarding it with machine guns and tanks. Heh.

 

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MunkyMan95

MunkyMan95

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Though Fort Knox is one of the biggest bullion reserves in the country (if not THE biggest) there are other, smaller reserves around. West Point comes to mind. As of 1937, West Point was known as the "Fort Knox of Silver."

 

So, there are other sources for the minting of bullion coins. It would be very unwise of the government to keep all of their gold in a single place, even if it is deep inside an army base.

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physics-fan3.14

physics-fan3.14

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So, there are other sources for the minting of bullion coins. It would be very unwise of the government to keep all of their gold in a single place, even if it is deep inside an army base.

 

Especially since Goldfinger can get in there so easily. Luckily, 007 can stop the nuclear bomb he put in there, but what if Bond is off in the Pacific rescuing some other fair damsel in distress?

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jtryka

jtryka

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I doubt if there is any gold actually stored in Ft. Knox anymore. I would bet that all of the US gold reserves have been leased by the bullion banks and is no longer in our illustrious government's possession. I've seen the gold in the basement of the FRB of NY, and most of it belonged to foreign governments...

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RI AL

RI AL

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Hello, everyone. Hope everyone is well.

 

Second cataract surgery is done and MAN...can I SEE! need reading glasses now but what an improvement! To anyone suffering from cataracts, I highly recommend treatment. The difference is UNREAL!

 

I have been out of the loop for a bit, adjusting to my new eyes, but noted today that gold has taken about an 8% drop from the $1000+ high. Still too pricy for me, but I was wondering:

 

I know the St. Gaudens bullion coins sell for melt + a small percentage (common date), but how true is this for the Buffalo $50? And then, let's say gold went to $900 and ounce, and I decided to buy (either type),...do gold bullion dealers adjust their sell prices daily (hourly?). I've never bought gold bullion (except for a 1/10 philharmonic from Austria) and was wondering how sell prices are established?

 

Hope this isn't a totally dumb question.

 

RI AL :screwy:

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Oldtrader3

Oldtrader3

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Glad that your cataract surgery was successful. My left eye went from 20/200 to 20/20 with the surgery. It sometimes takes a couple weeks to gain all that will come from surgery. My right eye still needs to be done.

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RI AL

RI AL

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Well, Oldtrader. You can relate to "the plights of a coin collector with screwed up vision". It isn't pretty... as you well know. I actually READ Coin World today...instead of just salivating at the pictures (the BIG ones). I'm glad your first eye went so well and expect the same with eye 2. I went from 20/300 to 20/20 or so in both eyes. Reading is tough but boy...can I see FAR!! Currently up to 2 pairs of reading glasses and should get a few more so I can have them in every room. Big changes...but I am starting to enjoy the hobby again!!!!

 

RI AL

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Oldtrader3

Oldtrader3

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I also regained my far sightedness, but have to wear reading glasses. That is preferable to having to memorise eye chart for left eye test at DMV while obtaining drivers license.

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stinkycheese1

stinkycheese1

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Hello, everyone. Hope everyone is well.

 

Second cataract surgery is done and MAN...can I SEE! need reading glasses now but what an improvement! To anyone suffering from cataracts, I highly recommend treatment. The difference is UNREAL!

 

I have been out of the loop for a bit, adjusting to my new eyes, but noted today that gold has taken about an 8% drop from the $1000+ high. Still too pricy for me, but I was wondering:

 

I know the St. Gaudens bullion coins sell for melt + a small percentage (common date), but how true is this for the Buffalo $50? And then, let's say gold went to $900 and ounce, and I decided to buy (either type),...do gold bullion dealers adjust their sell prices daily (hourly?). I've never bought gold bullion (except for a 1/10 philharmonic from Austria) and was wondering how sell prices are established?

 

Hope this isn't a totally dumb question.

 

RI AL :screwy:

 

Hi RI AL, I'll try and answer your post to the best of my knowledge.

I'm glad the surgery helped your eye. I'm supposed to wear glasses but I don't. I can read things close up fine but cannot see too far. My vision isn't 20/20

 

The buffalo $50, I'm pretty sure that's the 1 oz 24 karat gold coin the mint makes now. It's unique because it's the first time in the mints history to mint pure gold coins. Most gold is 22 karat or 900 fine. The buffalo 1 oz bullion coin usually sells for melt. There is no numismatic premium on it because it is a bullion coin. Usually saints will sell at a 200 or 300 dollar premium for NGC MS64. I'm not quite sure how the market is established since I'm not that good with the stock market but both saints and buffalos values fluculate on the price of gold, the saints with slightly less flucutation because of the numismatic value. Whenever I buy gold like at a store it goes by what melt closed at at the new york stock exchange I believe for that day.

 

 

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