Gold at melt plus small %...am I dreaming

[RI AL]

I guess it's impossible these days to find 1 oz gold coins (Maple leaf, Philharmonic, Krugerrand and such) without paying a huge price over melt. I haven't checked out silver, but I suspect it is the same. Anyone out there know a precious metals dealer that works on a small percentage?

[ant]

well the only place i get spot or close to, is my buddies pawn shop. and if my butt wasnt stupid and not change out rims i would be out picking up some gold at this moment. low profile tires dont work on snow deaper than 3inches

[RI AL]

You ARE funny, Ant. Change out those rims and go get yourself some bargians!!

[thirdgreenham]

I guess it's impossible these days to find 1 oz gold coins (Maple leaf, Philharmonic, Krugerrand and such) without paying a huge price over melt. I haven't checked out silver, but I suspect it is the same. Anyone out there know a precious metals dealer that works on a small percentage?

 

I deal in coins and bullion daily. The biggest problem with 1 oz gold coins is their availability. Actually, they are available, if you're willing to pay the price. I'd be buying to resell and I haven't seen any at prices that will allow me to make any money. The Canadian Maples, US eagles or buffaloes, or Chinese Pandas are selling for a big premium over spot. I think you'd be very fortunate if you could buy some at 5%-10% over spot.

 

Silver is very similar, except the percentage over spot is much more extreme. One ounce pieces can sell for 25% to 100% (and more) above the spot price. The metals are available quite readily and close to spot if you want to have a certificate that shows you own the stuff. Buying physical is the way to go, but there are larger costs involved when trying to get it.

 

Andy

[RI AL]

Thanks for the information, Andy. I have found a couple of big shot metals dealers that are selling for about 10% over spot. I'm thinking that I should pick up a few...but I think I'll wait for the next dip. The U.S. stuff seems to have the highest price above spot, with the Krugerrand being the least expensive, but only by a few dollars.

[Oldtrader3]

Al: I bought some MS George VI Sovereigns from Modern Coin Mart. They seem to have the lowest markup on some bullion coins. I got the Sovereigns for a few bucks over melt.

[RI AL]

I'll check it out, Oldtrader. Thanks for the "heads up".

[thirdgreenham]

Yeah, the unpure gold should be selling for very close to spot. .999 or .9999 will sell at a larger premium. I'd check your local coin shop and see what they've got in stock. If it's anything like here, there'll be little to choose from.

 

Andy