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Posted

Mrs. Canecutter is now into collecting base-metal dollar coins so at the credit union I'll pick her up a roll of this or that. 9/10 of them never make it into the book, and sit there on the shelf. Well at least my son will have an inheritance.

The other day I dropped into the coin shop looking for cheap Bo Dollars (Ikes) for her. They usually have a few ordinary coins that people bring in because eBay tells them it's a $50 rare dollar coin. Nope, but here's a dollar if you want it.

No such luck. So I decide to be a tycoon and grab her a Bicentennial 40% silver one for 8 bucks. Don't tell her it's silver. She puts it in the book, yawns, forgets about it.

Me: "You know that one is silver, right?"

She: "No that mintmark can't be silver."

"I'm pretty sure it's silver. Did you see the edge?"

"Yeah the edge looks silver. But it can't be silver."

:D

 

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Posted (edited)

Ran my credit card up a bit past month. 

In the past, bought a good bit of really generic silver bars and rounds at maybe 25 average. Generic so I'd have no attachment to them.

I find myself driving past coin shops,

that aren't on the way home.

[edit: realized this is a bit mysterious. Credit card was for non-PM stuff. Thinking about ditching some silver to kill the bill like that kid shooting Ol' Yeller.]

Edited by RDCanecutter
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Posted (edited)

I'm cleaning out my mom's place (she is now in memory care). One thing I've learned is that the "valuable antiques" that were given places of care and honor growing up are mostly worthless baubles. China is not sought after (the people who loved it are dieing or dead), crystal is worse. Antique furniture is frequently not worth the storage. I've been turned down by 2 consignment shops already. 

The only things really worth saving (between both my parents) have been: sterling silverware (mostly for melt value), guns (though of they'd been sold in 1980 and invested, it would be worth way more), and tools (you can always get $40 for a decenr circular saw). The family jewelry was already passed down, and even that is mostly unfashionable. 

So I guess what I'm saying is that while I am dubious about "investing" in silver and gold, it is definely way better than most manner of illiquid markers of class and wealth. At least our heirs can take it down to the coin shop and get some fair value with minimal effort.

Also... anyone want a vast antique ashtray collection?

Edited by CleverNickname
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Posted
2 minutes ago, CleverNickname said:

Also... anyone want a vast antique ashtray collection?

Got one. Had the idea to burn one Hav-A-Tampa in it in Grandaddy's honor, but I have been informed I can do that in whatever hotel I move to.

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Posted
8 minutes ago, bernorange said:

You'll either laugh or cry...

 

Thus ever is its fate. Think about all the indigenous art that the Spaniards melted into ingots so they could ship it home and win the fair hand of María Dolores Culo Podrido de la Finca de Chicharrones de Pedos Pantanescos.

Couple months ago I was in the biggest coin shop around here, and they were sending Gold Eagles off to melt. They would have happily sold them to customers, but when the fish don't bite, still gotta keep the cash flow.

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Posted

Still spitting up light Covid chunks, so not the time to go corner my favorite silver guy in his tiny store to sell my stuff. And he is going to an out of town coin show until Monday.

Called him and asked prices. His generic silver (what I'm selling) has had the premium evaporate. He buys it a dollar under spot and sells it a dollar over. 29 would still beat what I paid for mine by about 16%.

Ah well, it'll do one of three things by Monday, up, down, stay the same, and two of those are a win. Main thing is to get a patch on this sucking chest wound of credit card.

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Posted (edited)

And of course silver took a dump the day I could sell it at the shop. Was waffling about even going through with it, but remembered that the mission was to murder interest-generating Credit Card debt so I pulled the trigger. $28.50/oz for generic, ie a dollar back of spot. About 14% higher than what I bought it at if anybody's giving out cookies.

So tomorrow if it shoots up to 35, that's me, team.

Edited by RDCanecutter
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Posted
Quote

...
Now, a spike in so-called lease rates in London this week signals that an increasingly frenetic global hunt for bullion is under way as major dealers seek to shift metal to the US before any tariffs are imposed. 

Lease rates reflect the return that holders of bullion in London’s vaults can get by loaning their metal out to other buyers on a short-term basis. Normally, the returns on offer sit close to zero, but this week they’ve surged to historic levels, with profits on one-month lease rates exceeding 3.5% on an annualized basis. 

That’s the highest level since at least 2002, and it signals surging demand for metal in London’s vaults. There have been similarly extreme moves in the silver market, and some analysts and traders warn that there may not be enough freely available metal to meet dealers’ needs.
...

https://www.bloomberg.com/news/articles/2025-01-17/trump-tariff-risks-are-fueling-a-chaotic-hunt-for-gold-in-london/

 

Posted (edited)

Wife is set to inherit a substantial amount of physical gold and silver almost entirely what her folks invested in for their wealth. Assuming we keep it - which I expect she will - a few questions…

I assume a safe deposit box is the best way to secure it? Joke about burying it in the back yard … that’s what her dad did.

it’s mostly coins (a lot of them) so how do you liquidate?

when liquidating what are the fees, etc? Can we expect to sell at the spot market rate? 

What factors generally lead to gold increasing and decreasing in value?

assuming we hold, what are 5-10 year expectations for gold?

TIA

Edited by troph
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Posted
15 hours ago, troph said:

Wife is set to inherit a substantial amount of physical gold and silver almost entirely what her folks invested in for their wealth. Assuming we keep it - which I expect she will - a few questions… Cool!

I assume a safe deposit box is the best way to secure it? Joke about burying it in the back yard … that’s what her dad did. I guess you could. I wouldn't go that far. First determine what it's worth (by weight, not what some website claims for it.) Resist all urges to mention it IRL. 

it’s mostly coins (a lot of them) so how do you liquidate? Look around a metro area with actual coin shops. You can call and get an idea. If they can't tell you, then you don't want to go there. Pawn shops are a guaranteed loss.

when liquidating what are the fees, etc? Can we expect to sell at the spot market rate? They should be able to tell you exactly what you'll get vs spot price. Locally I can get within 3% (a dollar) back of silver spot per troy oz. Haven't sold gold in years but would expect similar %

What factors generally lead to gold increasing and decreasing in value? Dunno.

assuming we hold, what are 5-10 year expectations for gold? No earthly. I'd expect it to hold steady but I'm just some dude.

TIA

 

Posted (edited)

@troph certain coins, eg American Eagles, Mexican Libertads, maybe some others, get you a better price when you sell, quite likely over spot.

Also, I'd call everybody. You can see a 10% difference in payout just by doing recon. The best paying coin store here is a simple hole in the wall. The big one that claims to offer the most is about 3rd on the list.

I would take it slow and also see if anything has numismatic mark-up, ie rare coins that have been graded. Those should bring you extra $ if you're not in a hurry.

Edited by RDCanecutter
Posted

A'ight I just got the "executive" membership to Costco, and now I fully expect my phone to start blowing up with offers of gold under spot price. Which I resell 15 minutes later, for more.

What are the cool kid tricks for doing this? How do you know when it's on sale? Is it only in-store, or can you order it online?

Posted
On 1/5/2025 at 10:34 AM, CleverNickname said:

I'm cleaning out my mom's place (she is now in memory care). One thing I've learned is that the "valuable antiques" that were given places of care and honor growing up are mostly worthless baubles. China is not sought after (the people who loved it are dieing or dead), crystal is worse. Antique furniture is frequently not worth the storage. I've been turned down by 2 consignment shops already. 

The only things really worth saving (between both my parents) have been: sterling silverware (mostly for melt value), guns (though of they'd been sold in 1980 and invested, it would be worth way more), and tools (you can always get $40 for a decenr circular saw). The family jewelry was already passed down, and even that is mostly unfashionable. 

So I guess what I'm saying is that while I am dubious about "investing" in silver and gold, it is definely way better than most manner of illiquid markers of class and wealth. At least our heirs can take it down to the coin shop and get some fair value with minimal effort.

Also... anyone want a vast antique ashtray collection?

My grandmother married a long time paramour shortly before they both passed, and I was tasked with cleaning out his things he had accumulated with his first wife of 40 years.

They had purchased Time Life everything.  The books, duck stamps and prints, rocks, coins of the privateering age, tea sets from the old South, and my favorite, the Charles and Di Royal Wedding plate collection.  

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Posted
On 1/26/2025 at 6:51 PM, troph said:

Wife is set to inherit a substantial amount of physical gold and silver almost entirely what her folks invested in for their wealth. Assuming we keep it - which I expect she will - a few questions…

I assume a safe deposit box is the best way to secure it? Joke about burying it in the back yard … that’s what her dad did.

it’s mostly coins (a lot of them) so how do you liquidate?

when liquidating what are the fees, etc? Can we expect to sell at the spot market rate? 

What factors generally lead to gold increasing and decreasing in value?

assuming we hold, what are 5-10 year expectations for gold?

TIA

 

Capital Coin and Bullion is the only place I'd go to in Austin.  They're local and honest.  Don't walk in there with a big stash.  Call first.  You said you're not going to sell, but if you do decide to one day I'd suggest selling in small lots over time.  

 

17 hours ago, RDCanecutter said:

A'ight I just got the "executive" membership to Costco, and now I fully expect my phone to start blowing up with offers of gold under spot price. Which I resell 15 minutes later, for more.

What are the cool kid tricks for doing this? How do you know when it's on sale? Is it only in-store, or can you order it online?

It's not that the MSRP is listed for under strike, it's that they sell high demand pieces for not much over strike and if you use your Costco Visa credit card and factor in the 4% cash back at the end of the year THEN you're essentially getting it for under strike.  Set up an alert on SlickDeals for "Costco Gold" to email you whenever someone makes a post about a new batch and if you see it within the first 15 minutes you should be able to find it in stock (yes you can buy online).

 

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Posted
24 minutes ago, gsoda3 said:

 

Capital Coin and Bullion is the only place I'd go to in Austin.  They're local and honest.  Don't walk in there with a big stash.  Call first.  You said you're not going to sell, but if you do decide to one day I'd suggest selling in small lots over time.  

 

It's not that the MSRP is listed for under strike, it's that they sell high demand pieces for not much over strike and if you use your Costco Visa credit card and factor in the 4% cash back at the end of the year THEN you're essentially getting it for under strike.  Set up an alert on SlickDeals for "Costco Gold" to email you whenever someone makes a post about a new batch and if you see it within the first 15 minutes you should be able to find it in stock (yes you can buy online).

 

I thought the price was cash?  Or that is why I end up waiting in line.

Posted
27 minutes ago, horn4life said:

I thought the price was cash?  Or that is why I end up waiting in line.

If you're selling the price is the cash bid. If you're selling a larger amount and give them a heads up they'll be more ready to accommodate you and can work around your schedule (or their schedule) also. 

Posted

Also, lots of the best (price paid) dealers are technophobes. They work over the phone (talking on it, like animals) or verbally. Their websites, if they have one, may be straight off the Wayback Machine. It's its own crusty culture, just how it is.

Posted
2 hours ago, gsoda3 said:

It's not that the MSRP is listed for under strike, it's that they sell high demand pieces for not much over strike and if you use your Costco Visa credit card and factor in the 4% cash back at the end of the year THEN you're essentially getting it for under strike.  Set up an alert on SlickDeals for "Costco Gold" to email you whenever someone makes a post about a new batch and if you see it within the first 15 minutes you should be able to find it in stock (yes you can buy online).

 

I may switch to a Costco CC if I ever murder my current one. Until then it'd be like a character from Trainspotting buying extra heroin.

I do see several gold and silver options on my Costco app. All are online only. No prob with that, ordering looks pretty simple.

Bottom line is I think that the shiny is just generally too high right now to sink thousands into it with the hopes of making a few percent back at year's end. Would be happy to be wrong.

In other plans, my next silver dump will be Canadian 1960s silver, but only if silver hits 35. (Arbitrary number I pulled out of the air.) It's from when $5 Canadian = 3 troy oz. ASW. I will undergo the ceremonial dealer poor-mouth about "People around here don't buy that" from guys who sell every Canadian silver coin they get. Or maybe it won't hit 35. Sore-ry.

Posted
I may switch to a Costco CC if I ever murder my current one. Until then it'd be like a character from Trainspotting buying extra heroin.
I do see several gold and silver options on my Costco app. All are online only. No prob with that, ordering looks pretty simple.
Bottom line is I think that the shiny is just generally too high right now to sink thousands into it with the hopes of making a few percent back at year's end. Would be happy to be wrong.
In other plans, my next silver dump will be Canadian 1960s silver, but only if silver hits 35. (Arbitrary number I pulled out of the air.) It's from when $5 Canadian = 3 troy oz. ASW. I will undergo the ceremonial dealer poor-mouth about "People around here don't buy that" from guys who sell every Canadian silver coin they get. Or maybe it won't hit 35. Sore-ry.

The CostcoPM subreddit has a bunch on info on buying CostcoPM. Since they only ship, make sure to inspect/open the package while carrier is there or before you sign. I saw several reports of persons getting opened packages with their order missing.
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Posted (edited)

It occurs to me that for a proper Gold Bug thread, we don't have nearly enough whackadoodle subject matter, so instead of cursing the darkness, I will step up and light an eccentric candle.

Silver's high. Gold's way high. I don't really want to sell, and I definitely don't want to buy. But I had an idea:

I am repricing new art that I sell to take in inflation. Plus, I am odd. So why not have fun, and peg the price of original art  to gold and silver?

Drawings priced to silver, paintings to gold. (Photoprints are outside of this because I price them based on what the printer charges.)

I sell lots of quick drawings for 15 each. That's my 1/2oz silver. If it goes up to 40/oz, make em 20.

For paintings, it's a matter of fiddle-faddle to set some rates. I figured out what percentage of $1800 I used to charge, basically up that 50% per painting size category.

Old stuff stays on sale, clean it out.

I will probably lag in price changes-- no need to change a ton of price tags.

Anyway, it's a gold-silver bimetallic standard for a micro-economy. We'll see what happens.

Edited by RDCanecutter
Posted
42 minutes ago, B00M said:

You’ve carved out a living as an artist? Or is this your retired pastime?

The former. Though I do get 100 bucks a month from a unicorn pension where I once worked for the blink of an eye. So technically both.

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  • 2 weeks later...
Posted
8 hours ago, RDCanecutter said:

Anybody ever play around buying or selling platinum?

Never bought or sold, but I have some. 

A manufacturer I represent will randomly ship me an ounce or two as a thank you for a good quarter or for negotiating a big order.

I guess it could add up to something significant, but last I checked the price movement had really been lagging gold.

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Posted
1 hour ago, Reagan1k said:

I guess it could add up to something significant, but last I checked the price movement had really been lagging gold.

That's what drew my eye. Platinum's price has been relatively steady for several years, bopping between 800-1200, compared to gold and silver. So in other words, slowly getting cheaper.

Not like I'm gonna get enough to change the world in any case. I am mostly just bored, plus the first time I remember hearing about platinum coins I was rolling up a D&D character.

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