NSFW Anon Archived $50 Million worth of gold bars in circulation found to be fake. Some making it as far as JPMorgan and Chase & Co's vaults. (dailymail.co.uk)
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Archived on: 11/27/2019 10:00:00 AM
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NSFW Anon Archived $50 Million worth of gold bars in circulation found to be fake. Some making it as far as JPMorgan and Chase & Co's vaults. (dailymail.co.uk)
submitted ago by 3403648?
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[–] 20366958? 0 points 2 points 2 points (+2|-0) ago
No. You don't understand.
I'm talking about the non-numismatic, bullion ones, usually listed as "random year". (as opposed "proofs" or special editions).
US Gold Eagles also include some silver and copper for hardening. They are 22Kt - that is, exactly one ozt of gold, plus the other metals.
Additionally, the cost to fabricate a coin is higher than a generic bar.
Both of these features have value which is reflected in what you pay (premium) BUT it is also fully carried with the value of the coin, and you DO get it back when sell. We are not talking about numismatic or rarity value here.
Gold Eagles are the most liquid and widely traded bullion product in the USA. They do not generally have any numismatic value, although there are some special edition ones that you should avoid.
If you don't believe me, check the buy/sell spreads at your favorite dealers. You will probably find that gold eagles have the lowest trade spread of any bullion product. This was true last time I checked. For investment purposes that's what matters: your cost to actually trade them - not the premium per se.
In the context of counterfeiting, which we were discussing, Gold Eagles have an enormous advantage over generic bars because they are harder to counterfeit and the legal penalties for doing so are much higher (because it's official US legal tender).
Generic bars on the other hand, due to concerns of fraud, some dealers are melting down because they are not sure if they can verify the fineness by any other way. (I had this experience recently with APMEX). Meaning you get a significantly worse trade spread compared to AGEs because the cost to refine and re-cast must be covered.
Talk to some coin dealers. Any of them will corroborate what I'm telling you here.
[–] 20369929? 0 points 1 point 1 point (+1|-0) ago
I prefer canadian maples and their .9999
[–] [deleted] ago
[–] 20367178? 0 points 1 point 1 point (+1|-0) ago (edited ago)
That depends. Are we accounting for the trade spread when we buy, or are we pretending it doesn't exist?
What actually costs you money? - the trade spread, or the premium?
If you want to manufacture tooth fillings, buy 24kt generic.
If you want to invest - that is, if you are buying for future resale value: then US Gold Eagles (random year) are the best deal.
If you don't believe me, go study the market. Call around, find out what they actually buy back these products for.