Gold set

[prudden]

Hey all,

A friend has been looking at a relatively small purchase of some gold coins.He's says he'd like me to find some things I like and run them by him.

I'm looking at this set and something like this might be just the thing. As well as some Proofs.He says he likes the new proofs but he also wants some he can actually handle and show. Some people just need to touch their raw coins sometimes.

 

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWAX:IT&item=250296633632

 

First, Is the pricing on this even close to what it should be. I've been doing research and am not close to buying yet. I know that PCGS and NGC graded coins are probably the way to go,but on a set like this on? Thanks for any ideas.

[Oldtrader3]

Your friend would be buying 2.177 ounces of gold per set. Gold closed at $882/ounce on Friday. The gold content is worth $1920 for a set priced at $3750. The sellers grade the set at MS60 for all coins but the $3 and the Type 2, $1 coins which they grade at XF45. My impression from their pictures is: The major coins are not MS60 and look, Net AU, cleaned. The $3 and Type 2, $1 gold coins also look, Net VF, cleaned. This means that the set is overpriced about $800 or maybe more. I would not buy it!

 

 

[EZ_E]

Listen to Oldtrader3. He knows what he's talking about. Besides, if you want abused coins in a similar set just buy one from Coast to Coast Coins, Paul Sims or The Coin Depot at a $1000 less. This is a very bad deal. Run away from it!!

[astrostu]

Yeah, gotta say, those coins look pretty bad. I'd use a different adjective, but the board software would spoon-ize it.

[BillJones]

If you are going to pay the premiums for collector gold coins, NOT bullion gold coins, like the American eagle, I'd only buy NGC or PCGS certified pieces. There is a saying in the business that scarce gold pieces, like the $3 gold coin, are offered uncertified for a reason. Usually the reason is not to your benefit. It's often something like cleaned, damaged, repaired or counterfeit.

 

If you want bullion gold, buy the modern bullion gold coins raw from a reputable dealer. If you want collector gold coins, buy them certified. This advice is especially important for those who have had little experience in the numismatic gold market.

 

[michael]

what bill jones said sums it up really well

 

(thumbs u

 

 

 

 

[prudden]

Thanks guys,

I did say I'm not close to buying? Still researching? I did say a set "like this" might be just the thing? One big thing I didn't like about that set was the range of grades.I'd like them all to be MS.

It's difficult trying to find something for someone else. I asked why not go to a broker? He says he wants to help me out and doesn't think his purchases will be large enough. I think he wants to avoid certain things..

Is there a difference between Proofs and Uncirculated gold for tax or insurance purposes

[Oldtrader3]

I would advise not buying gold coins on Ebay unless you know the dealer and his reputation. It is good advice for novice collectors to buy certified gold. Also, you can not buy a decent graded AU, $3 gold coin for less than $2000.

[prudden]

I would advise not buying gold coins on Ebay unless you know the dealer and his reputation. It is good advice for novice collectors to buy certified gold. Also, you can not buy a decent graded AU, $3 gold coin for less than $2000.

 

Thank you,

Yes I've been looking in to these kinds of sets. It can be very costly I know but it's not my money. I think I'll buy the dude a book on collectible gold coins and I'll only buy slabbed (NGC,PCGS)singles for him.