Posted on 03/27/2020 6:43:36 AM PDT by C19fan
Collectors and investors appear to have flocked to gold coins as a safe haven buy amid stock market turbulence caused by coronavirus, with some at a behind closed doors auction this week selling for triple their estimate. More than 500 lots of coins dating from the Iron Age all the way through to 2008 went under the hammer at auction house Spink, selling from anything from £30 to £65,000. While the auction house told This is Money its estimates did tend to be more conservative to encourage bidding, many of the highest-selling lots dramatically exceeded their estimates in the online-only auction of more than 500 bidders.
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These are numismatic coins, not bullion. Nobody is particularly eager to buy gold bullion right now, although lower interest rates should cause an upward price trend if they stick around.
Inherited a mother load of them that I have long been holding onto, as with my silver and platinum coins. Grandkids ftw.
Still, if a total SHTF situation would occur and government fiat is worthless, I would assume the gross weight of collector gold coins would matter over the original purchase price.
Gold is through the proverbial roof again. Not sure why silver is lagging so much.
15 years in this game, and I’ve never seen anything like it.
A fool and his money...
Before I would run out and buy gold/silver, I would make sure my house, car and bills are paid off.
If you have no bills you are truly a free man...
Told you william devane was right. :-)
I have been a gold bug since I was young - and now I'm old.
And I still believe the central mantra of goldbuggery - the price of gold never changes, it's the price of dollars that changes.
However.
The notion that you will be using gold as money after SHTF needs the following reality check (which plays into why I am no longer a libertarian): The first time you exchange a 0.10 oz coin for a loaf of bread, and unless you are an upper-tier Navy SEAL in terms of your personal fitness and aggressiveness, you are signing your death warrant, because the fact that you possess gold AT ALL will become common knowledge within minutes.
You ALWAYS have bills. Even when you’re house is paid off. You can cancel insurance if you want but you can’t cancel taxes. :-) Of course you could just camp out in a national forest or something I suppose.
Silver is at $14 and change. Maybe time to pick up a few more generic rounds if my local coin shop is open. L
Which I doubt.
L
If you have no bills you are truly a free man...
You can accomplish this easily:
1. become homeless
2. Become a ward of the state
3. Go to prison
4. Die
She cannot deny that I was right (as right as a husband can be) and she was wro...wro...!
If the SHTF scenario you paint arises, an ounce of lead will get the ex-Navy SEAL more bread than .1 oz of gold. :)
All things considered, that is a good price for Silver, though I paid $8/oz back in the day. ;)
Exactly what I've been saying. Junk silver... OK. A silver dollar or a silver Maple Leaf... it's like a twenty dollar bill. But a gold piece, especially of any significant size, will make one a target.
I remember it at around $5 or so before the Hunt Brothers goofed things up. I still have some Englehart bullion around somewhere.
Stay safe!
L
You haven’t been keeping up. Most coin shops and online bullion dealers have been cleaned out of their non collectible stock. My usual source is JM Bullion and last week their inventory looked like the toilet paper aisle at Walmart. I did pick up a little when the price briefly dipped to $1477/oz. But I paid a somewhat larger premium then I am used to. Now I can’t find Krugerands or gold/silver eagles anywhere unless you are prepared to pay scandalous premiums. For those willing to accept the counter-party risks there is always the paper gold like IAU/GLD.
normally yes, but in a SHTF meltdown I’d rather owe the bank money (which I don’t) than have them owe me my own money. “your” money in the bank isn’t yours. you didn’t deposit it for safe keeping, you loaned it to them. when the bank fails, you’re one of hundreds/thousands of creditors. get in line and good luck.
Agreed. I have a healthy stash of silver rounds for exactly that purpose. Gold is the better insurance metal. But silver is what you need for day to day expenses. My only quibble with junk silver is I don’t want to have to explain to every store clerk that yes, pre-1965 US coins were made of silver.
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