Forum Replies Created
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milkspot
ParticipantI have purchased from Bay Precious Metals two times. They were small purchases … fractional bullions coins. That’s how I usually do it, start small, build some trust before making bigger purchases. So far so good with them.
ParticipantI prefer coins because coins have reached collectible status just like stamps, sports trading cards, lego sets, etc. Bars have not. So the price of a coin is it’s melt value + collector’s premium. This premium can grow over time and also fluctuates.
For example, you can purchase the 2016 gold panda for about $50 premium. However, per Ampex.com, you can purchase the 2015 gold panda for about $350 over spot and the 2014 gold panda for $500 over spot. If I were to buy a bar for $20 over spot today, it will most likely be just $20 over spot years from now. I am willing to pay the extra premium for coins if I feel that premium will increase over time. One reason for this that there are limited mintages of some bullions and rarity factor generally increases with time.
But I find that this is also true with bullions which I think are not meant to be collectible. They become collectible anyways like the gold American eagle. I am talking about the “regular” gold eagle not the proof or burnished versions. I believe they are generally minted to demand (not so sure this but it looks like it) but still their premium tends to increase gradually. I think this true as long as there isn’t an abnormal spike in sales.
In times when gold is out of favor, not much gold eagles were sold. In 2007, 140,016 1 oz regular gold eagles were minted. In 2009 and 2010, 1,493,000 and 1,125,000 were minted, respectively. I think this was time when gold was on the rise and reached a peak in 2011. If you are discipline about your buying and buy whether gold is in favor or not you may get lucky and end up with a “key” date. It may be that 2007 becomes a “key” date that a collector has got to have if he’s to complete his collection.
If you can find the right buyer you can realized much of this collector’s premium.
ParticipantIf you think gold is still on the way up …
Apmex has “SPECIAL PRICE!” on Britannia @ $1274 via Ebay as I am typing this with 2% ebay bucks of $25.50. Not bad considering other online dealers like jmbullion is selling them at $1287 for ONE coin cash/wire price.The Britannias have above average premiums but I like variety as opposed to always getting the bullion coin with the lowest premium.
ParticipantI see that you caught one of apmex’s “SPECIAL PRICE!” deal through ebay. They just had the special pricing for the American gold eagle not long before that. In my time of following this, the special pricing generally rotates between 4 bullions (American eagle, Canadian maple leaf, Austrian Philharmonic, English Britannia). I saw Chinese gold panda on special pricing only once.
If you plan to add a coin here and there, it may be worth your time to sign up for ebay’s ebucks program. This is where you get a 2% rebate toward future ebay purchases. Bullions are exempt from this. However, there can be an exception depending on how they are listed. This typically happens with the Philharmonics and Britannias. For example,
is listed under
Coins & Paper Money>Coins: World>Europe>AustriaSo it is eligible for a 2% rebate. On the other hand,
is the same Philharmonic but listed under
Coins & Paper Money>Bullion>Gold>CoinsBecause there is “Bullion” in the listing path, it is not eligible for a 2% rebate.
In order to see if an item is eligible for ebucks you must be log in into ebay and have signed up for ebucks (that is what someone has told me).
From time to time, I get lucky and apmex would have a special pricing on a Philharmonic or Britannia that has been listed on ebay not under a “Bullion” category. Then I would get the 2% ebucks rebate. This is a good deal but it can get better.
At some point, I became a VIP member. As a VIP member, I get a coupon for anywhere between 3x to 5x ebucks (5x means 10% rebate capped to $100) about every 3 weeks on average. A few times a year, the stars align. A Philharmonic/Britannia not listed under “Bullion” category would be at an apmex special pricing at the same time I get a 5x ebucks coupon — nice!
When you buy metal below melt value, it probably means someone made very little or perhaps even lost some money. Someone in a precious metals forum stated that ebay guarantees that bullion dealers with an ebay storefront do not lose money. Whatever loss incurred by vendor becomes ebay’s marketing expense to improve sales. That’s the theory.
Someone else mentioned provident and jmbullion. I have purchased coins from them as well. However, I find that for the 4 bullions I mentioed above, apmex special pricing on ebay is hard to beat.
Good luck, I hope and think that your transaction will go well.
ParticipantI have purchased from apmex 34 times and had 1 minor issue. The coin had a fingerprint on it. I complained about the unprofessional handling. Their response was conciliatory (as in open for exchange) but I did not pursue because I was able to remove the print with soap/water and pat dry.
So the only question is … are my coins fake? Unless you buy directly from the mint, this is a question that applies to any dealer purchase. I am not a coin expert so I can only rely on reputation and how long they’ve been in business. The only due diligence I did was I bought an Austrian Philharmonic from Liberty Metals Group in Del Mar and another one from apmex and compared the coins carefully. They look/feel the same so either they’re both genuine from Austrian mint or they’re both fake from China. I ended up believing the former. I’ve been going back and forth about getting https://www.thefisch.com/ because I still want to spot check a few coins once in a while.
Obviously, I trust apmex. Otherwise, I wouldn’t have bought from them 34 times.
ParticipantI mostly buy from apmex.com through Ebay. Some time ago, I discovered that apmex has an Ebay store front. Once in a while, apmex would have a “SPECIAL PRICE!” bullion deal where you can buy the bullion via Ebay at the same or lower price as their wire/check price at their own website. This is when I usually buy because 1) I get 1% back since I fund paypal acct with CC and 2) I don’t have to wait many, many days for my check to clear hoping that they are still in business (yes, I am little paranoid).
ParticipantDumbrenter, your comment dated December 10, 2015 – 10:10am is just spot on for me. I can understand OP’s concern as well.
I was not born in the US — an immigrant from a country that is 85% or more muslim. I went back a few years ago to visit relatives. I was awaken many times at around 5 am by the call for prayer. For those who do not subscribe to the call for prayer … too bad. And it is best to just stay quiet about it. As a now spoiled American living in the US, I ask myself internally … “where’s the tolerance?!”
I now have a greater appreciation for my HOA’s CC&R’s “no noise before 7 am rule”
ParticipantThank you for all your comments. Let me comment on some of your comments.
I am not a flipper. I hope my parents can stay in the house for 10 or more years. But since they are quite old, they may not last that many more years and I may have to sell sooner than I want.
Their motivation for buying the house is so that they can be within walking distance to my house and a supermaket. Their driving days are numbered. They could have rented but owning a home has advantages such as you decorate as you please, you won’t be kicked out due to the landlord foreclosing, etc.
They are in the stage of life when they hear of one of their friends getting sick and dying once every quarter. Thus they want to enjoy life now, enjoy a new home now, because there may not be many tomorrows left. They are not too worried about losing money unlike many on this board, including me. Perhaps when I see the end coming soon, I’d feel the same way about losing money.
Peace, I’ll take your suggestion and will take time off to watch over the repairs. Less chance of people taking short cuts if they are being monitored.
You comments have been helpful. I checked with a real-estate agent and she concurred that after several years, people just don’t care anymore if the situation has been adequately fixed. Thanks again.
ParticipantThank you for all your comments. Let me comment on some of your comments.
I am not a flipper. I hope my parents can stay in the house for 10 or more years. But since they are quite old, they may not last that many more years and I may have to sell sooner than I want.
Their motivation for buying the house is so that they can be within walking distance to my house and a supermaket. Their driving days are numbered. They could have rented but owning a home has advantages such as you decorate as you please, you won’t be kicked out due to the landlord foreclosing, etc.
They are in the stage of life when they hear of one of their friends getting sick and dying once every quarter. Thus they want to enjoy life now, enjoy a new home now, because there may not be many tomorrows left. They are not too worried about losing money unlike many on this board, including me. Perhaps when I see the end coming soon, I’d feel the same way about losing money.
Peace, I’ll take your suggestion and will take time off to watch over the repairs. Less chance of people taking short cuts if they are being monitored.
You comments have been helpful. I checked with a real-estate agent and she concurred that after several years, people just don’t care anymore if the situation has been adequately fixed. Thanks again.
ParticipantThank you for all your comments. Let me comment on some of your comments.
I am not a flipper. I hope my parents can stay in the house for 10 or more years. But since they are quite old, they may not last that many more years and I may have to sell sooner than I want.
Their motivation for buying the house is so that they can be within walking distance to my house and a supermaket. Their driving days are numbered. They could have rented but owning a home has advantages such as you decorate as you please, you won’t be kicked out due to the landlord foreclosing, etc.
They are in the stage of life when they hear of one of their friends getting sick and dying once every quarter. Thus they want to enjoy life now, enjoy a new home now, because there may not be many tomorrows left. They are not too worried about losing money unlike many on this board, including me. Perhaps when I see the end coming soon, I’d feel the same way about losing money.
Peace, I’ll take your suggestion and will take time off to watch over the repairs. Less chance of people taking short cuts if they are being monitored.
You comments have been helpful. I checked with a real-estate agent and she concurred that after several years, people just don’t care anymore if the situation has been adequately fixed. Thanks again.
ParticipantThank you for all your comments. Let me comment on some of your comments.
I am not a flipper. I hope my parents can stay in the house for 10 or more years. But since they are quite old, they may not last that many more years and I may have to sell sooner than I want.
Their motivation for buying the house is so that they can be within walking distance to my house and a supermaket. Their driving days are numbered. They could have rented but owning a home has advantages such as you decorate as you please, you won’t be kicked out due to the landlord foreclosing, etc.
They are in the stage of life when they hear of one of their friends getting sick and dying once every quarter. Thus they want to enjoy life now, enjoy a new home now, because there may not be many tomorrows left. They are not too worried about losing money unlike many on this board, including me. Perhaps when I see the end coming soon, I’d feel the same way about losing money.
Peace, I’ll take your suggestion and will take time off to watch over the repairs. Less chance of people taking short cuts if they are being monitored.
You comments have been helpful. I checked with a real-estate agent and she concurred that after several years, people just don’t care anymore if the situation has been adequately fixed. Thanks again.
ParticipantThank you for all your comments. Let me comment on some of your comments.
I am not a flipper. I hope my parents can stay in the house for 10 or more years. But since they are quite old, they may not last that many more years and I may have to sell sooner than I want.
Their motivation for buying the house is so that they can be within walking distance to my house and a supermaket. Their driving days are numbered. They could have rented but owning a home has advantages such as you decorate as you please, you won’t be kicked out due to the landlord foreclosing, etc.
They are in the stage of life when they hear of one of their friends getting sick and dying once every quarter. Thus they want to enjoy life now, enjoy a new home now, because there may not be many tomorrows left. They are not too worried about losing money unlike many on this board, including me. Perhaps when I see the end coming soon, I’d feel the same way about losing money.
Peace, I’ll take your suggestion and will take time off to watch over the repairs. Less chance of people taking short cuts if they are being monitored.
You comments have been helpful. I checked with a real-estate agent and she concurred that after several years, people just don’t care anymore if the situation has been adequately fixed. Thanks again.
ParticipantI too find that salespeople are not interested in spending much time with you if you’re just looking around. I guess they’ve encountered too many of these folks. It does not matter that you are pre-qualified and have 20% plus down. They are not interested in qualified buyers. They are interested in serious, qualified buyers. By serious, I mean you need to put the $10,000 deposit and make an offer. Then, they will talk numbers (price, incentives, …) and invite you to sit in their office and give you something to drink.
ParticipantI too find that salespeople are not interested in spending much time with you if you’re just looking around. I guess they’ve encountered too many of these folks. It does not matter that you are pre-qualified and have 20% plus down. They are not interested in qualified buyers. They are interested in serious, qualified buyers. By serious, I mean you need to put the $10,000 deposit and make an offer. Then, they will talk numbers (price, incentives, …) and invite you to sit in their office and give you something to drink.
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