Gold bug / silver bug / numismatic / metals thread

[pantone159 719]

Still no gold for me, but I did pick up 19 or so grams of rhenium metal, for about $300. In theory this is a speculation on this rare metal but more likely it is another shiny for the collection.

 

[workswithseed 2086]

5 hours ago, RDCanecutter said:

New month, new Goblin Metal budget.

I see some stuff on my usual website that I'd be pretty happy having. Then again, biggest coin show in my state is coming up in two weeks.

So sit at the computer clicking a button like a degenerate now, or drive 20 minutes to root around who knows what hidden treasures like a degenerate in two weeks?

I think I gotta go LARP amidst the real pile of shiny.

Maybe you can cosplay like a goblin, and find yourself a girl like this.

[Shaggy3.0 1695]

1 hour ago, workswithseed said:

Maybe you can cosplay like a goblin, and find yourself a girl like this.

 

waaaay hotter than fitlump.  so definitely wood.

[RDCanecutter 26377]

12 hours ago, workswithseed said:

Maybe you can cosplay like a goblin, and find yourself a girl like this.

2,

1

[RDCanecutter 26377]

17 hours ago, pantone159 said:

Still no gold for me, but I did pick up 19 or so grams of rhenium metal, for about $300. In theory this is a speculation on this rare metal but more likely it is another shiny for the collection.

 

I would not have the slightest idea what that was if I didn't see the label on the bottle.  Do you have your household trained in what it is in case you slip on a banana peel?

My wife knows metals, and I am pretty sure my son knows what's what, so if either of them starts a meth habit they will know what to sell to fund it without having to steal from strangers. The rest of the family is split between the savvy, and those who would fight over cupronickel 50 cent pieces and gold-plated chains.

[RDCanecutter 26377]

Gold Bugs in Popular Culture...

Just finished reading a tattered 1948 copy of B. Traven's Treasure of the Sierra Madre, which, besides being awesome, is a good look inside post-WW1 economy as some American drifters live hand-to-mouth as the oil boom (with jobs for foreigners) fades away around Tampico. (Traven actually worked these kinds of jobs when he first fled to Mexico to avoid arrest.)

The three of them work like slaves for about 8 months at an old gold mine, to dig up a total amount of paydirt worth about $50,000 in 1920s dollars, IF they can get it out of the mountains in one piece. Don't want to spoil it, just say that the less experienced diggers plus bandits don't know what it is just by looking at it.

The movie version is well worth it, and you get to see Bogie beg for Cap and Ray Pesos.

 

Edited July 3, 2021 by RDCanecutter

[RDCanecutter 26377]

So I walk into a coin shop, and not only do they have a decent amount of gold, but some of the gold they have is cool stuff, like some Danish 20 Kronor coins.

Because I am a genius who knows everything, I know that these are .1960 oz, or about $350 melt price. I ask the dudes what they want for one, boss-man says:

"$490."

A $140 mark-up for a 1/5 oz coin? I do not blow my stack. I do not argue. There is no way to bargain down to what I'd pay, even if I had the cash on me, which amazingly I do not. So I leave.

Later I am puzzled. The guy had given me decent prices in the past, what's up with this sudden gouge? Did his assistant look up the wrong coin? A .1960 oz coin shouldn't cost anywhere near that.

Google tells me the Danish 20 Kronor is .2593 oz, and that I am a brain-damaged idiot. As in, my dude was gonna sell me the coin at a 25 buck mark-up. I had it mixed up with the Austrian 20 Corona which is .1960 oz, which means I am still an idiot.

Edited July 6, 2021 by RDCanecutter
and yet again an idiot. take my car keys.

[Armybrat 40814]

On a side note about the 1852 US $1 gold coin pictured in my post #75 here:

That coin sat in this 1924 model National Cash Register from the 1930s until my grandparents sold their rural Missouri auto repair garage in 1958. Grandma gave it to me soon thereafter. 
 

 

[52-80 19140]

Why is it that US Mint doesnt sell their actual minted products at competitive prices?

 

e.g. they want $2600 for 1oz Gold eagles that are retailing for ~2k at places like apmex and provident. 
 

what gives ?

[Armybrat 40814]

51 minutes ago, 52-80 said:

Why is it that US Mint doesnt sell their actual minted products at competitive prices?

 

e.g. they want $2600 for 1oz Gold eagles that are retailing for ~2k at places like apmex and provident. 
 

what gives ?

Just like Federal sells their own ammo online for 20% more online than many other sources.

[RDCanecutter 26377]

1 hour ago, 52-80 said:

Why is it that US Mint doesnt sell their actual minted products at competitive prices?

 

e.g. they want $2600 for 1oz Gold eagles that are retailing for ~2k at places like apmex and provident. 
 

what gives ?

Dunno, but the 2021 Gold Buffalo was on back order for $2690, so I guess they sell.

We think that's high because it's 700 over some other guy's price, but my bet is that people who buy from the US Mint aren't bullion sharks, they are people buying a gift for granddad. Then they go to a jewelry website and order a 1 oz gold bracelet for themselves for 3 times melt price.

Also there may be some contract with dealers that the US Mint will not compete with them on price.

 

[bernorange 8359]

On 5/11/2021 at 8:31 AM, bernorange said:

Some news worth keeping an eye on...

https://gata.org/node/21134

If the BoE and/or BIS don't relent and require Basel III compliance as it currently stands, banks might close their gold trading operations

Reuters is reporting that London gold trading banks can get a waiver on the Basel 3 reqs for clearing gold trades (but not for loans/swaps).  LBMA crisis averted it would seem.

 

[bernorange 8359]

Re: previous post, here's the link:

https://www.reuters.com/world/china/britain-carves-out-exemption-gold-clearing-banks-basel-iii-rule-2021-07-09/

Whether typo by Reuters or Freudian slip by UBS rep, the quote at the end is hilarious.  The "gold cleaning" shall continue.

Edited July 13, 2021 by bernorange

[RDCanecutter 26377]

16 hours ago, bernorange said:

Reuters is reporting that London gold trading banks can get a waiver on the Basel 3 reqs for clearing gold trades (but not for loans/swaps).  LBMA crisis averted it would seem.

 

So if I understand this, if the law had gone through as written, there would have been bottlenecks on trading large amounts of physical gold?

[bernorange 8359]

5 hours ago, RDCanecutter said:

So if I understand this, if the law had gone through as written, there would have been bottlenecks on trading large amounts of physical gold?

No.  The banks that trade gold would have been required to maintain huge cash reserves to backstop their trading activity.  The LBMA claimed that many of their members would have just closed their trading desks.  There would be less trading volume and liquidity in the futures markets.  Some claimed it would have led to the physical markets asserting dominance over the paper markets for price discovery.

[XYZ 2154]

You two are saying more or less the same thing.

[RDCanecutter 26377]

16 hours ago, XYZ said:

You two are saying more or less the same thing.

If I said anything correct, it was random chance. The doings of London banks are like Smaug's hoard, while I am a mere goblin snatching small coins from unattended farm houses.

[RDCanecutter 26377]

Figured I'd take a break from the Shiny to talk about this chunky little base metal coin, a Cuautemoc 50 Centavos with a wee bit of its original bronziness trying to peek out.

Brat could have dropped this at the taco stand. When these were current, I believe the Mexican Peso was pegged at 12 1/2 to the US$, or 8 cents US per Peso. So this would have clocked in at 4 cents American. Given that inflation since the 1950s has knocked the dollar down to roughly a tenth of what it once was, if you could convert this coin into modern US face value (Narrator: you can't,) it would roll in pretty close to 40 cents, by random chance not far from its printed value.

But I guess you could time machine it, and convert this one into part of a chunk of gold. When it was minted, the US$ was 35 dollars to an ounce of gold, and this being 1/25 of a dollar, would buy you 1/875 oz of gold down at the 1/875 oz of Gold store. So about 2 bucks US worth of gold right now.

Not impressive for a 50+ year investment, but not shabby for a hedge.

But anyway, in 1957 we weren't allowed to buy and sell gold bullion. But WHO CARES, this is a free Mexican coin, it can do what it wants in 1957 Mexico. Like gather up 50 of these (more likely 75 or so) and buy a sweet little gold 2 Peso-- demonetized in the 1930s, but widely available, according to my Neil Utberg (of Edinburg TX) book The Coins of Mexico.

Might have been more fun just to spend it on a taco.

[workswithseed 2086]

8 hours ago, RDCanecutter said:

If I said anything correct, it was random chance. The doings of London banks are like Smaug's hoard, while I am a mere goblin snatching small coins from unattended farm houses.

We should rename this thread Goblin's hoard haha

[RDCanecutter 26377]

1 minute ago, workswithseed said:

We should rename this thread Goblin's hoard haha

That was @MaybeACoordinator's doings.

[Fudge Nuggets 19184]

14 hours ago, RDCanecutter said:

Might have been more fun just to spend it on a taco.

I like tacos. 

[RDCanecutter 26377]

Hit the local coin show today. About 70 dealers selling all kinds of bullion, bills, jewelry, antiques and such.

First things first:

[RDCanecutter 26377]

I completely missed some great deals in that last photo, thanks to all the lamps reflecting back in my eyes. EG Roosters at melt + 20 bucks. This dealer is local though, definitely plan to visit him again.

Ran into a guy that I used to sling hash with at a restaurant, he moved off to Boston, then the next time I see him, he's dealing silver dollars. Life.

 

[RDCanecutter 26377]

Various stuff. It was mostly coins, obviously, but there was some variety among the tables.

 

[RDCanecutter 26377]

Silver price ratcheting down a notch. If it stays in this range I'll probably buy a smidge when August gets here.

[Shaggy3.0 1695]

Was in Dallas this weekend.  I scored 4 tubes of Buffalo 1oz silver bullion and a nice bar to use for a paper weight 😀

 

[RDCanecutter 26377]

7 hours ago, Shaggy3.0 said:

Was in Dallas this weekend.  I scored 4 tubes of Buffalo 1oz silver bullion and a nice bar to use for a paper weight 😀

 

Man, put that 500 gram bar in a tube sock, and you could lay waste when a brawl breaks out in the company break room.

[atomheartbevo 89618]

So...to make a long story short, around a decade ago I basically sold some old farm equipment I inherited to a friend who paid with 4oz of gold (little gold bars).  He was a libertarian and a prepper, and he tried to use gold and silver as much as he could, and he thought he convinced me it was a good investment for inflation, etc. I just wanted the stuff sold.

In hindsight, if I had kept the farm equipment, it would have been a better investment than the gold.  The gold ultimately changed very little in value between then and now (maybe $30 an ounce), but the tractor is now worth nearly four times what I sold it for.

Anyways, we are updating our wills for our kids/family members (we forgot to do so after our youngest was born), and my wife has been going through and getting stuff together and taking inventory of our safe deposit box, and she mentioned the gold.  

I had forgotten about it (not Surly 1%, it was just something I'd eventually get around to), and was a bit disappointed to see what it was valued at now, and wished I had cashed it in then and invested it.

Suggestions?  I'm not going to sit on it for another 10 years. I probably will cash it out somewhere - McBride's Guns is not far from us, and I've always had good dealings with them for firearms-related stuff, and their site says they buy/sell bullion.

Any pitfalls to avoid?  I don't think there should be a tax issue here in 2021 since the value has changed very little.

[washparkhorn 9939]

Save it for the kids and tell them it is a keepsake. Tell them might get the kids (or one of your grandkids) out of a bind someday.  This is most important step: Have a movie night after you gift it to them and watch Indiana Jones together. There are a lot of markets out there where gold is much more valuable. Physical gold remains functional and valuable (beyond USD value) in this economy and across the world.

++++++++++++++

Does anyone have any data on which  nations are accumulating physical gold? 

[RDCanecutter 26377]

2 hours ago, atomheartbevo said:

Suggestions?  I'm not going to sit on it for another 10 years. I probably will cash it out somewhere

Suggestion 1: Gold bars are worthless and cost money to dispose of. Since you are my Surly Brother, if you mail them to me I will destroy them for you, no extra money needed.

Suggestion 2: Pretty much what you are doing. Know the melt value and (in this moment) maybe you can get that or a tad more from some established bidness, who will then sell them for more.

It doesn't really matter. If you hang onto them, spot price will drop. If you sell them, it will go up. My little trick (worth what you paid for the info) is to never sell metal unless I have a specific plan for the money I get.

[workswithseed 2086]

12 hours ago, atomheartbevo said:

So...to make a long story short, around a decade ago I basically sold some old farm equipment I inherited to a friend who paid with 4oz of gold (little gold bars).  He was a libertarian and a prepper, and he tried to use gold and silver as much as he could, and he thought he convinced me it was a good investment for inflation, etc. I just wanted the stuff sold.

In hindsight, if I had kept the farm equipment, it would have been a better investment than the gold.  The gold ultimately changed very little in value between then and now (maybe $30 an ounce), but the tractor is now worth nearly four times what I sold it for.

Anyways, we are updating our wills for our kids/family members (we forgot to do so after our youngest was born), and my wife has been going through and getting stuff together and taking inventory of our safe deposit box, and she mentioned the gold.  

I had forgotten about it (not Surly 1%, it was just something I'd eventually get around to), and was a bit disappointed to see what it was valued at now, and wished I had cashed it in then and invested it.

Suggestions?  I'm not going to sit on it for another 10 years. I probably will cash it out somewhere - McBride's Guns is not far from us, and I've always had good dealings with them for firearms-related stuff, and their site says they buy/sell bullion.

Any pitfalls to avoid?  I don't think there should be a tax issue here in 2021 since the value has changed very little.

+Rep for your prepper friend. He made a really good trade.

[RDCanecutter 26377]

Dadgummit. Was out running errands out by my silver guy, and forgot to take my cash money with me.

[tomahawk dunk 321]

22 hours ago, atomheartbevo said:

So...to make a long story short, around a decade ago I basically sold some old farm equipment I inherited to a friend who paid with 4oz of gold (little gold bars).  He was a libertarian and a prepper, and he tried to use gold and silver as much as he could, and he thought he convinced me it was a good investment for inflation, etc. I just wanted the stuff sold.

In hindsight, if I had kept the farm equipment, it would have been a better investment than the gold.  The gold ultimately changed very little in value between then and now (maybe $30 an ounce), but the tractor is now worth nearly four times what I sold it for.

Anyways, we are updating our wills for our kids/family members (we forgot to do so after our youngest was born), and my wife has been going through and getting stuff together and taking inventory of our safe deposit box, and she mentioned the gold.  

I had forgotten about it (not Surly 1%, it was just something I'd eventually get around to), and was a bit disappointed to see what it was valued at now, and wished I had cashed it in then and invested it.

Suggestions?  I'm not going to sit on it for another 10 years. I probably will cash it out somewhere - McBride's Guns is not far from us, and I've always had good dealings with them for firearms-related stuff, and their site says they buy/sell bullion.

Any pitfalls to avoid?  I don't think there should be a tax issue here in 2021 since the value has changed very little.

I've sold some silverware and old jewelry at Midwest Refineries in Michigan. I did so because mr money mustache wrote about them on his site. Feel I probably got a better deal than those we buy gold/jewelry shops but don't really know. You can check out what he wrote at the link below. Good luck!

https://www.mrmoneymustache.com/2012/08/22/how_to_sell_silver/

 

[pantone159 719]

22 hours ago, atomheartbevo said:

So...to make a long story short, around a decade ago I basically sold some old farm equipment I inherited to a friend who paid with 4oz of gold (little gold bars).  He was a libertarian and a prepper, and he tried to use gold and silver as much as he could, and he thought he convinced me it was a good investment for inflation, etc. I just wanted the stuff sold.

In hindsight, if I had kept the farm equipment, it would have been a better investment than the gold.  The gold ultimately changed very little in value between then and now (maybe $30 an ounce), but the tractor is now worth nearly four times what I sold it for.

Any pitfalls to avoid?  I don't think there should be a tax issue here in 2021 since the value has changed very little.

I think that gold bars have a reputation of being more likely to be counterfeit than gold coins, but hopefully yours are fine. I would not expect much better investment results in the next decade, and now is probably a decent time to sell. If you don't like having a little dragon hoard for fun, there is really not much reason to keep it. McBride's would probably give you a decent deal, I would guess. You do have to claim it on taxes as a 'collectible' which means some extra complication, but it wont be much money for you.

[RDCanecutter 26377]

On 8/2/2021 at 8:25 PM, tomahawk dunk said:

I've sold some silverware and old jewelry at Midwest Refineries in Michigan. I did so because mr money mustache wrote about them on his site. Feel I probably got a better deal than those we buy gold/jewelry shops but don't really know. You can check out what he wrote at the link below. Good luck!

https://www.mrmoneymustache.com/2012/08/22/how_to_sell_silver/

 

I'd like to point out that many knives have solid sterling handles, not plated. They'll have some tiny writing either on the blade or handle like "stainless blade, sterling handle." The dealers I know will buy them and crack the handles off the blades, and I guess they go straight to the refiner. Kind of a shame seeing how many vintage patterns are out there not being made anymore.

Edited August 4, 2021 by RDCanecutter

[RDCanecutter 26377]

The Mysterious Algorithm said I was supposed to buy silver this month.

(Mystery revealed: Each month I multiply the weight of the gold and silver I have by their current spot prices. Whichever "half" has a lower $USD total value, I buy a little more of it.)

But I didn't want no boring silver right now. Still feels a bit high. But, Mysterious Algorithm speaks, hey, so I was gonna get around to it.

Then I saw that gold 5 pesos would be available for maybe 12 seconds online. I did a quick recalibration and included the premiums of the cheapest silver and gold in the algorithm. That was enough to flip it to "Buy Gold." I disregarded loose females, acquired pesos.

Hey, if I can't successfully lie to myself, how can I do it to strangers.

[Chewy's Hairy Horn 868]

2 hours ago, RDCanecutter said:

The Mysterious Algorithm said I was supposed to buy silver this month.

(Mystery revealed: Each month I multiply the weight of the gold and silver I have by their current spot prices. Whichever "half" has a lower $USD total value, I buy a little more of it.)

But I didn't want no boring silver right now. Still feels a bit high. But, Mysterious Algorithm speaks, hey, so I was gonna get around to it.

Then I saw that gold 5 pesos would be available for maybe 12 seconds online. I did a quick recalibration and included the premiums of the cheapest silver and gold in the algorithm. That was enough to flip it to "Buy Gold." I disregarded loose females, acquired pesos.

Hey, if I can't successfully lie to myself, how can I do it to strangers.

If I may: where did you find these 5 peso coins?
 

I have some eBay wealth to spend and, since I spent last weekend reading the entirety of this thread while enjoying a Harry Potter marathon with my 6 year, I feel more than ready add to my merge stockpiles of metals.

Edited August 6, 2021 by Chewy's Hairy Horn
Failed the GSP exam twice

[RDCanecutter 26377]

11 hours ago, Chewy's Hairy Horn said:

If I may: where did you find these 5 peso coins?
 

I have some eBay wealth to spend and, since I spent last weekend reading the entirety of this thread while enjoying a Harry Potter marathon with my 6 year, I feel more than ready add to my merge stockpiles of metals.

Hey, they are down to 10 pesos:

https://www.providentmetals.com/gold-coins-bullion-bars-rounds/mexican-gold-coins.html

[Shaggy3.0 1695]

Silver and gold hammered. 
 

 

Time to buy more.

 

 

[RDCanecutter 26377]

13 hours ago, Shaggy3.0 said:

Silver and gold hammered. 
 

 

Time to buy more.

 

 

I made that happen by buying something less than 24 hours before the drop.

[bernorange 8359]

41 minutes ago, RDCanecutter said:

I made that happen by buying something less than 24 hours before the drop.

[Capt. Squints 176]

On 8/2/2021 at 4:51 PM, RDCanecutter said:

Dadgummit. Was out running errands out by my silver guy, and forgot to take my cash money with me.

Where is the best place (most $$) to dump a load of sterling flatware in the Ham? Levy's and that place in Homewood are the only ones I know of. TIA

[XYZ 2154]

5 hours ago, bernorange said:

Love that scene and subsequent fight.

[RDCanecutter 26377]

2 hours ago, Capt. Squints said:

Where is the best place (most $$) to dump a load of sterling flatware in the Ham? Levy's and that place in Homewood are the only ones I know of. TIA

Hey, if it's Rambler Rose we might make you an offer on it.

If not, check

1. Alabama Coin Shop (205) 401-3839, 3183 Pelham Pkwy #B, Pelham, AL 35124 (David)

2. Alabama Gold Refinery (205) 533-8825, 1927 29th Ave S, Homewood, AL 35209 (Steve)

3. Southern Coin & Collectibles (205), 822-4900 1564-A, Montgomery Hwy, Hoover, AL 35216 (Ethan)

4. Coin Castle West (205) 426-3984, 700 Academy Dr # 106, Bessemer, AL 35022 (Ken)

And of course Levy's

I would call them all (some of these dudes are not big on internet, some are) to get a ballpark feel. I suspect that you'll get the best price at the first guy, but I have never bought or sold silverware at any of them so my gut feeling may be wildly wrong.

Good luck!

[Capt. Squints 176]

45 minutes ago, RDCanecutter said:

Hey, if it's Rambler Rose we might make you an offer on it.

If not, check

1. Alabama Coin Shop (205) 401-3839, 3183 Pelham Pkwy #B, Pelham, AL 35124 (David)

2. Alabama Gold Refinery (205) 533-8825, 1927 29th Ave S, Homewood, AL 35209 (Steve)

3. Southern Coin & Collectibles (205), 822-4900 1564-A, Montgomery Hwy, Hoover, AL 35216 (Ethan)

4. Coin Castle West (205) 426-3984, 700 Academy Dr # 106, Bessemer, AL 35022 (Ken)

And of course Levy's

I would call them all (some of these dudes are not big on internet, some are) to get a ballpark feel. I suspect that you'll get the best price at the first guy, but I have never bought or sold silverware at any of them so my gut feeling may be wildly wrong.

Good luck!

Thank you!

[RDCanecutter 26377]

Seems like a good day to post yet another picture of the All-Conquering 2 Peso coin.

[RDCanecutter 26377]

On 7/7/2021 at 4:41 PM, 52-80 said:

Why is it that US Mint doesnt sell their actual minted products at competitive prices?

 

e.g. they want $2600 for 1oz Gold eagles that are retailing for ~2k at places like apmex and provident. 
 

what gives ?

This news tidbit reminded me of your post. Maybe other people wondered about that too.

https://www.coinworld.com/news/us-coins/treasury-inspector-general-may-investigate-mint-sales

[52-80 19140]

6 minutes ago, RDCanecutter said:

This news tidbit reminded me of your post. Maybe other people wondered about that too.

https://www.coinworld.com/news/us-coins/treasury-inspector-general-may-investigate-mint-sales

hang em all!

[bernorange 8359]

On 7/7/2021 at 4:41 PM, 52-80 said:

Why is it that US Mint doesnt sell their actual minted products at competitive prices?

 

e.g. they want $2600 for 1oz Gold eagles that are retailing for ~2k at places like apmex and provident. 
 

what gives ?

I must have missed this post earlier.  It's been a while, but last I checked, the US Mint only sells proof coins direct to the public.  They sell the straight bullion to primary dealers who then distribute through the wholesale market.  Proof coins carry numismatic/collector premiums.

[zork 629]

was at safe deposit box today with my shitty phone. here are some pics of what my grandfather gave me a few years before he died:

Silver Balboa, giant silver coin

$20 gold, keep trying to will a D on that spot below the date

$10 gold

 

There are other things but that is a start. (sorry for the shitty quality, the little rooms where you view your stuff are not well lit)

Any thoughts?

Spoiler

 

Edited August 28, 2021 by zork