[Posted September 28th, 2009]
by Hal Young
People are always looking for new ways to make money, especially in a bad economy like ours. If you’ve ever asked the question, “how can I sell my gold” selling gold for cash could be one of these ways for you if you have the patience to learn how. You can sell all different types of gold – whether it’s scrap gold that you’ve gathered from around the house or some gold bullion that you’ve invested in. In the coming article I will tell you how you can sell all those different types of gold and who to sell to.
The very first thing you need to do before you think about finding a buyer is to figure out how much your gold is worth. The easiest way to accomplish this is to go directly to a jeweler or pawnshop where they have the tools available to determine the karats of your gold and how much it weighs. They will then give you an estimate based on the current spot price of gold. But that price changes daily so you may have to check a financial related sites like CNN or gold price.org that will give you the current price of gold later when you actually go to sell your items. You can also try your hand at figuring it out yourself but you will have to find a guide that shows you how to convert from the standard ounces to pennyweights.
When you finally figure out how much the gold is worth you can go about finding a gold buyer. There are plenty of gold buyers out there in fact may be overwhelming at the number there are. Just keep in mind that you need to research any company that you may think about selling to beforehand is so you don’t get ripped off.
If you have scrap gold to sell, your best bet would be selling to a gold refiner. Gold refiners buy your gold based on the spot price of gold and various other factors but you can usually get at least 90% of the spot price of gold if the refiner is legitimate. Also most gold refiners usually have a sliding pay scale so the more you have the better chance you have a getting a better price.
If you have any gold jewelry and you think it might be worth more than just the gold content in the piece, you should probably think about selling to a gold jeweler or pawnshop. At very least they will confirm if it is actually worth more than the gold content in the piece. If it is you will certainly get more than what you’d get from a gold refiner or dealer.
The last kind of gold we will cover today is gold coins. Most people buy gold coins as an investment like gold bullion but some may have older coins that have more value than just the gold content. So you are usually better going to a coin dealer before you make any decisions where you can get the coins appraised first.
And that is all there is to it folks. If you will just follow the tips outlined above you will have learned how to “sell my gold” both safely and easily. Just remember to check out the companies first before going through with anything.
About the Author:
Hal writes about all the different ways that you can sell gold. If you have ever asked the question how can I sell my gold then please visit his site where he will show you how.
Topic: Gold Coins, coin collecting, coin prices |
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[Posted September 28th, 2009]
LONDON - The discovery of four silver coins in Gloucestershire, UK, which date back to 11th century Norman England, has generated considerable excitement among archaeologists.
According to a report by BBC News, the coins, found by a metal detector enthusiast, are believed to have been minted in Gloucester in 1073-1076 and represent an unrecorded type of penny.
Archaeologist Kurt Adams said that the coins, which are just 0.8mm thick and about the size of a 10p piece, were incredibility rare.
Reports of the coins are already exciting collectors because of their rarity, according to Adams.
“Coins dating to the age of William I (William the Conqueror) are very rare finds, but these are unique,” Adams said.
“The finder reported them to me and I have taken them in under the 1996 Treasure Act and reported the find to the coroner who will hold a Court of Inquest to prove they are treasure,” he said.
“I’ll then send the coins to the British Museum for examination. If experts there decide they want the coins, they have to be independently valued and the museum would have to find the money,” he added.
“Half of that would go to the landowner and half to the finder,” he further added. (ANI)
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[Posted September 28th, 2009]
Collecting silver and gold bullion coins can be an investment, an insurance against market inflation as well as a passionate hobby all combined into one. Amassing silver and gold bullion coins are the easiest method for you to start owning gold and silver. Many of the bullion coin series also feature multitudes of designs, created with outstanding craftsmanship, therefore making them very desirable objects to collect.Ever since the first bullion coin is issued in South Africa in 1967, many national mints worldwide have followed suit issuing their own bullion coins series, the most popular being the British Britannia series, the Chinese Gold Panda Series and the American Silver Eagle series.
Most silver and gold bullion coins are never used in daily commerce (some bullion coins like the Krugerrand have no face value!), despite that many of the bullion coins issued today are bestowed with legal tender status in their respective country of issue, therefore making them exportable to most of the countries worldwide without being subjected to import taxes, duty or VAT. This fact makes silver and gold bullion coins a very attractive means for private gold or silver ownership. Investors often put their money in gold and silver bullion coins to balance off the effects of inflation because the value of both metals have since increase more or less consistantly for the past five years. Then again it is notable that since many bullion coin series, especially those that changes designs every year, have very limited mintage, many of them below 100,000 units per year. This results in some bullion coins fetching much higher prices on top of their market gold content due to its rarity and collectible value. Hence investors tend to look for bullion coins that have repetitive design throughout their years of issue, have substantial mintages and does not command a high premium, one such excellent example is the South African Krugerrand coin, when it was first issued, the South African Krugerrand fetch a premium no higher than 5% of its gold content, today the premium can be as less as under 1% on top of their market price of gold.
Here are some tips to start your silver and gold bullion coin collection:
1. Are you an investor or collector? This is the major factor that will influence which coins to buy and which coins to "admire only". Furthermore, caring for rare collectible bullion coins requires more technical expertise and some considerable investment in keeping your collection in pristine condition (but well worth the price).
2. Bullion coins are not fast money earners, they are usually kept for years before even trading or reselling them. As your collection grew, investment in the safekeeping such as a hidden safe in the house or the bank deposit vault would be necessary.
3. For starters, silver bullion coins are a great idea as they come cheaper, thus you can generate an impressive collection in a shorter time (and with less budget!).
4. Focus on collecting a few types of bullion coins as starters, the marketplace can be full of counterfeit and scams, read up about the series of bullion coins you collect, knowing certain facts such as sizes, purity, designs of the coin as well as special issues (e.g. there is no such thing as a silver Krugerrand) can easily help you identify which is a deal and which is a scam.
5. When buying from your local coin dealer, take the time to check your dealer background first, are they reputable in your area? Has this dealer sold similar items before? Do they offer honest advice and friendly service?
6. When buying online, the best method is to start buying from auction first before going to individual shops, as auction website such as ebay have feedback system tracking the past sales of the particular seller, giving good indication on whether the seller provide good service, or whether they have sell similar items in the past and of course whether they provide good quality wares. And the large market place of auction websites with multitude of sellers, can give good comparison of prices of a particular coin, giving you a good grasp on how much price that this particular coin is trading at.
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Topic: Gold Coins, coin collecting, coin prices, silver coins |
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[Posted September 21st, 2009]
Montreal, Canada
Gold has traditionally been viewed as the best inflation hedge since the creation of fiat coins under the Roman Empire. When deficits became too large – namely to fund foreign conquests – the Romans simply chipped-off parts of the coin.
Nothing has really changed since the last Roman Empire dissolved around 293 AD. Today, countries regularly devalue or revalue their national currencies on a regular basis, rendering the global exchange-rate system largely dysfunctional, unpredictable and costly to maintain for businesses, individuals and governments alike. The trend is getting worse since the dollar peaked in 2001. And gold has noticed, rising from $253 an ounce in 1999 to over $1,000 now.
Inflation leads to the debasement of our purchasing power and ultimately reduces our long-term standard of living. No other monetary phenomenon has plagued central bankers more than inflation – except for deflation – the worst of two evils.
Deflation, not inflation, has gripped the world economy since the asset “bubble” pricked in July 2008. Stocks, bonds, commodities, real estate and even fine art and the most expensive French red wine vintages have all declined sharply over the last 20 months. Despite a massive recovery since March for most of these risk assets, investors are still sitting on double-digit losses since January 2008.
Deflation has also gripped wages and consumer prices.
More than two dozen countries worldwide, including China, are still grappling with falling prices. Real estate busts in places like Spain, Ireland and the United States have intensified deflation. Even if we exclude crude oil prices from the CPI calculation – oil prices have crashed from $145 a barrel in early July 2008 to $71 now – consumer prices are still in negative territory.
It’s fundamental to point out that since the beginning of this decade U.S. consumer prices (CPI) have risen a cumulative 25% — not an insignificant number but not mind-blowing awful, either. The 1970s, and to a lesser extent, the 1980s, saw much higher inflation. In the 1990s, disinflation dominated the economy or an environment of slowly rising inflation.
If gold prices are tied to inflation then why has spot gold risen a cumulative 300% this decade compared to just 25% for U.S. CPI? Something doesn’t give. True, gold should exceed inflation but that rate of excess performance belies a different story behind this rally.
Gold is on the move again this month for several important reasons. Plunging fabrication demand in countries like India, Russia and China have been easily offset by soaring demand for gold ETFs, European private bank gold purchases, U.S. mint sales and hedge fund accumulation. Why? Because there is a growing distrust of paper currencies amid a deluge of massive government deficits since late 2008.
All paper currencies are no good and are rising vis-à-vis the dollar but declining against gold since 2005. The dollar might be the biggest drunk at the bar but the euro and other currencies are drinking their way to devaluation against gold.
Since 2002, the euro is widely seen as a safe-haven against the dollar; I’m not sure that premise is justified because it’s highly possible that the euro-zone will witness a break-up or a collapse over the next several years under the weight of a strong currency, bulging deficits, rigid labor markets and soaring unemployment. Also, the banking crisis in Europe hasn’t bottomed. Banks across Europe are largely starved for capital and will remain on government life-support for years to come.
Europe is not a safe-haven. Investors tend to forget that prior to the euro’s introduction in 1999 that its predecessor, the ECU (European Currency Unit), was devalued in September 1992 when the British and Italians exited from the ERM or the European Exchange Rate Mechanism. True, the euro is a physical currency now and circulating worldwide compared to the synthetic ECU back in 1992 — but that doesn’t mean it can’t be devalued.
Gold is rising because the post-Breton Woods exchange rate system doesn’t work. More than ever, governments are loading up on debt as a result of bailing-out their respective banking systems. There is a price to pay for this profligate spending. And gold sniffs trouble.
Topic: Gold Coins, coin collecting, coin prices |
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[Posted September 21st, 2009]
Buying discount gold coins online
Investing in gold historically, and today, is of the best investment options we have. There are several different types of gold investments, but the most sought out way of investing in gold is through private gold ownership by way of investment-grade gold and silver coins.
You can buy your gold coins from a number of places such as gold coin dealers, brokers of large firms with little or no experience, local coin or pawn shops, and also through online stores. The latter options are not recommended for several reasons. Beware of the pricing structure as many of them mark up their coins 28% to as much as 45%. Search for discount gold coin dealers, until you find an expert who knows what they are talking about with the absolute lowest prices.
The internet is the best place to search for your gold coins in the United States because US gold and silver coins provide the highest profit potential of any gold or silver coins in the marketplace. Don’t just go to your local coin shop who sells inferior coins or is limited, learn about how to maximize your profits through US investment-grade gold and silver coins from discount dealers that sell nationwide. Search keywords online such as discount coin dealers, discount gold coins, discount gold dealers, etc.
Normally, you will find a great variation in the price of different types of gold coins. Bullion coins are reportable assets and investment coins are private and non-reportable. Most importantly, compare the prices between different precious metals firms. Don’t just talk with one firm because they will say anything. Search for superior discount coins (dot com) and you will be rewarded by comparing the different prices for a higher return on your investment. Don’t just talk to one firm, look for discount firms and search for an expert because many of the larger firms not only charge more, but you may get stuck with a broker that has little or no experience versus years of knowledge and expertise in the marketplace.
Only buy your coins from someone you trust. Until you find that expert that leads you in the right direction, educating you on your options, providing the absolute lowest prices, don’t make a move because the right discount dealer could save you 45-75% on investment spreads. In other words, don’t pay more than you have to.
Play it safe and find someone online that you can deal with offline and interact in real time. You should also be able to talk to your discount coin dealer about the growth potential of several different coins. You need an expert that knows how certain coins have performed historically, and how they are expected to perform in the future. This way, you can make the right decision on which coins you would like to purchase.
Focus on getting the best return on your investment. Search for discount coin dealers in order to find the best values of high quality coins ("sight seen" - not sight unseen, which are inferior coins) that will provide the highest profit potential in the shortest amount of time. Ultimately, your investment coins will work harder for you.
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Topic: Gold Coins, coin collecting, coin prices, silver coins |
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[Posted September 11th, 2009]
Do you still remember about the Brasher Doubloon first gold coin made in the United States? The owner of the coin is at the center of lawsuit by Rare coin researcher William Swoger. The co-owners of the Brasher Doubloon, Steven L. Contursi of Laguna Beach, California, President of Rare Coin Wholesalers of Dana Point, California, and Donald H. Kagin, Ph. D., President of Kagin’s in Tiburon, California. Plaintiff says the owners of a Brasher Doubloon reneged on a deal to pay him for information that he says shows the coin was the first made under the new U.S. government — which would boost its value to $10 million.
 picture by: emediawire.com
The Brasher Doubloon is steeped in historic reverence and mystique. It dates to Colonial America and the dawning of the new federal government, when Spanish gold doubloons circulated alongside other foreign gold and silver as part of New World commerce. The coin takes its name from Ephraim Brasher, a respected New York City gold- and silversmith who lived next door to George Washington. In 1787, Brasher began making gold coins, presumably to be used as currency for the soon-to-be-formed republic.
Seven of them remain and are sanctified as the first truly American gold coins. That fact, along with their distinctively American design and Brasher’s friendship with Washington, attached a permanent legacy to the coins. The coins are nearly identical, but one of them is first among equals. And it is that coin, worth $15 when Washington was president but most recently sold for nearly $3 million, that is at the heart of a lawsuit filed in Orange County Superior Court. Rare coin researcher William Swoger says he told the coin’s owners that he had "specialized information" about the coin and that they reneged on finalizing a contract to pay him in exchange for the information.
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[Posted September 11th, 2009]
August 31st, 2009 by Vadigor
It seems that to commemorate their flagship icon’s 35th birthday, Sanrio has teamed up with the British Royal Mint to create a number of silver and gold coins, each more expensive than the last. The collection consists of a series of proof quality coins in Sterling silver or fine gold, each with their own British-themed Hello Kitty display case and have a maximum mintage between 1000 and 3000 coins.
 
As you might expect, these are truly prohibitively expensive. To sum up:
- Three-Coin Silver Proof Set: £230 – Three 28.28g coins in Sterling silver, 3000 coin mintage.
- 65mm Silver Proof Coin: £280 - A 65mm, 155.51g Sterling silver coin with a face value of $10 and a mintage of 1500 coins.
- Small Gold Proof Shield Coin: £440 – A small, 22.05mm coin with 7.98g of 22 carat gold, a face value of $25 and a mintage of 1000 coins.
- Gold Proof Big Ben Coin: £920 – 15.61g of .999 fine gold in a 26.50mm coin, at a face value of 50$, again with a 1000 coin mintage.
 
To those hard-core fans crazy or wealthy enough to actually afford these, note that pricing is subject to possible variations in bullion price and doesn’t include shipping.
Supposedly, they have been available in Japan sometime now, and are now available for purchase internationally through the Royal Mint. High resolution images thanks to Harro Kitty, more details and pictures can be found on the website of the Royal Mint. While I can’t deny that they look awesome, I’d advise those looking to invest in precious metals to look for regular bullion coins instead.
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[Posted September 11th, 2009]
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Price of gold: the paradox is revealed
- Excerpt GEAB N°34 (April 16, 2009) -
For months we have witnessing a worldwide paradoxical phenomenon which the press has widely reported. Because of the crisis investors fled most categories of assets (real estate, stock market, currencies, comodities) and many of them have invested a portion of their portfolios in gold, even causing shortages of coins or bars in many markets. Yet, and this is the paradox, the price of gold is not taking off its average price of 900 USD / ounce.
As a first step, in the second half of 2008, the commonly accepted explanation was that margin calls due to massive losses in other asset classes had required significant sales of gold by their holders, offsetting growing demand and this was probably the case. But since early 2009, the paradox remains and this explanation is no longer be sufficient to explain the status of the price of the yellow metal.
LEAP/E2020, therefore, tried to understand the "why" of this paradox and draw conclusions for GEAB subscribers. Let’s keep in mind that the analysis of gold market is particularly complex because it blends several phenomena that obfuscate its actual operation:
1. It is simultaneously a highly speculative market where information of all sorts is circulated to serve any particular market trend and a market for an industrial raw material (namely the jewellery trade)
2. It is a market driven by investors particularly convinced, sometimes ideologically, of the ‘uniqueness’ of gold as the only legitimate basis of an economy and a healthy currency
3. It is a market under the close supervision of central banks and states which, in times of crisis, regard it, on the one hand, as a potential danger to fiat money and, on the other hand, as an asset of « last resort » which can be subject to seizure when the crisis becomes uncontrollable (1)
4. Finally, it is a market that deals with a metal identified as wealth for at least five millennia, known to make people go crazy!
So, to try to understand what is happening currently in this market, caution is required. However, in the many shadowy areas of the international gold market, a darker area than others seems to provide an explanation of the current gold price and from which at the same time, useful recommendations can be drawn for GEAB subscribers. It is the difference between the two types of market for the yellow metal:
1. The physical market, which requires real transactions of yellow metal. It sells and buys real coins and bars that one must then stored oneself (in a bank safe, in one’s garden or under one’s mattress (2))
2. The paper-gold market. It buys and sells certificates that guarantee the possession of a quantity of gold (coins or bullion), which the seller agrees to provide the buyer physically if required.
The practical aspect of the paper gold market is obvious. It avoids the complex problems of transport and storage for buyers of large quantities of gold and facilitates all transactions, increasing liquidity in the gold world market. However, it requires absolute trust in two types of operators in the heart of this market:
. Sellers
. Regulators
The first have to be above any suspicion and respect the rules that require them, in general, to possess physical gold equivalent to 90% of the certificates that they negotiate. The latter must be even more legitimate because they must ensure that all sellers of paper gold comply with the regulations.
However, the performance of global financial institutions and regulators of the major international financial centers over the past two years does not inspire great optimism. The first acted (and still act) as top-level crooks and the latter as the accomplices of the former, especially on Wall Street and the City … which, coincidentally, are the international centers of the gold market (3).
LEAP/E2020 believes that because of the current struggle for survival of major financial institutions and of the crisis in the international monetary system, it would be very naive to assume that the regulators of the gold market play fair, in so far as this would be, first, to the detriment of the Dollar, the British Pound and most fiat money and, second, to the detriment of the balance sheets of major financial institutions, already seriously weakened. We therefore believe that the paper gold market no longer operates by the regulations and that many operators in this market do not respect the requirement to hold 90% physical gold as collateral. It is impossible to know precisely at what collateral they hold but it is likely to be very low, at least at a level that would pose a serious problem if tomorrow more than half the buyers demanded conversion of their certificates into physical gold (4).
For the record, the United States acted, to all intents and purposes in the same manner when a manipulation when, in 1971, President Nixon suddenly announced that the dollar was no longer convertible into gold. Before 1971 the Dollar was equivalent to a certificate on gold and the United States a seller of paper gold which forgot to comlply the constraints of coverage of its certificates, and eventually had to acknowledge that it could no longer honor its contracts (5).
Evolution 2004-2009 of gold sales by the central banks of France (red), Switzerland (blue), The Netherlands (green) and the rest of the world (orange) - Source : World Gold Council / VM Group, 02/2009
Of course, the gold market is also affected by the supply of precious metal. These sources are mainly mining (which is basically stable), central banks’ sales or sales by international institutions like the IMF (6). By massive sales (public or discrete) states can easily alter the gold price (7). Currently, the level of central banks’ gold sales has hardly changed. For many European states, which, because of the Euro, can no longer rely on the direct income of gold sales because they only receive the interest (the capital is in the hands of central banks), the relevance of sales is now marginal. The monetary storm coming by the end of summer 2009 may encourage governments to exchange their foreign currency reserves, particularly U.S. dollars, for gold. As far as the United States is concerned, its gold reserves, even valued at the current market price (about 300 billion USD (8)), represent only a small fraction of the exorbitant amount committed by the US under the current crisis (and there is great uncertainty about the exact amount of current U.S. gold reserves (9)). However this LEAP/E2020 analysis and recommendations does not pass judgment on an evolution of gold price, but on the safety of the investment. That in the end the buyer of gold has physical gold in the hand instead of a piece of worthless paper.
In conclusion, our team recommends that its subscribers who do not want to speculate (and therefore face the risk of losing their entire investment (10)) must stop investing in paper gold and should limit themselves to physical transactions (11). It This may be difficult in some cases, but as we get closer to the breakdown of the international monetary system in the summer of 2009, we believe that there is now a major risk that owners of paper gold will end up losing all their investment when sellers recognize that they cannot honour their contracts because they are unable to supply the physical gold they contracted to.
———
Notes:
(1) Many countries had policies prohibiting private possession of gold and / or setting up forced sales to the State at ridiculous prices. The United States and Germany have experienced such situations in the twentieth century. The United States also maintained a ban on private possession of gold from 1934 to 1974. That is why, for the last two years LEAP/E2020, has regularly reminded its subscribers that one must be wary of the gold market and closely monitor the attitude of public authorities in this area. Although currently it is useful to diversify up to 30% of one’s assets into precious metals (gold, silver, platinum).
(2) The last option is safer but more uncomfortable.
(3) Sources: TraderTech; Quid
(4) Avery Goodman has published two interesting articles on the subject referring to two cases invoking the possibility that the New York Stock COMEX is already out of stocks of gold for certain product categories and that the European Central Bank has intervened discreetly to avoid a problem of coverage in the same market. Sources : SeekingAlpha, 03/27/2009 ; SeekingAlpha, 04/02/2009
(5) The United Kingdom did the same in 1931 because of the economic crisis.
(6) The latter announced a sale of 400 tons of gold last year as part of its reorganization. The recent statements of the G20 summit in London on IMF gold sales are not clear at all. Are they the planned 400 tons or additional quantities? A mystery, and, anyway, it is the general assembly of the IMF which will decide. Source : Reuters, 04/02/2009
(7) For an inventory of world gold reserves: Wikipedia.
(8) Source: Watoday, 03/09/2009
(9) In recent years, frequent changes of the wording in the classification of the various components of the gold reserves of the United States have generated a series of questions about the exact quantity of the country’s gold reserves. Their use by the ESF (Exchange Stabilization Fund, whose interventions on the foreign exchange market in the summer of 2008, which LEAP/E2020 has already described, is suspected to have greatly reduced the country’s gold reserves contrary to official statistics. Source: MarketOracle, 01/31/2007
(10) We take this opportunity to remind subscribers that our analysis and recommendations are never intended for speculation purposes. Anyone who uses them for such purposes takes the risk any speculator should assume: losing his entire bet.
(11) And convert their current certificates, if any, into physical gold immediately.
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[Posted September 11th, 2009]
Posted on August 31, 2009 by Adam Nash
This is actually old news, but I picked it up in a few searches I was doing on Palladium.
It seems that in early April, Max Baucus (Sentator from Montana) put forward a bill (S. 758) to authorize the US Mint to produce a 1 ounce Palladium coin, similar to the very successful 2009 Ultra High Relief gold coin.
CoinNews.net: Palladium Ultra High Relief Coins Come Back, S. 758
History, however, provides insights. Senators Max Baucus [D-MT] and Jon Tester [D-MT] sponsored S. 758 and they also introduced S. 2924 for the same purpose last year. That bill was similar to an earlier and unanimously passed House version, H.R. 5614. The Senate failed to take action on either before the new year, and both died with the end of the 110th congress.
The previous bills would have authorized one-ounce proof and uncirculated palladium coins that were digital reproductions of the famed Augustus Saint-Gaudens’ designed 1907 $20 Double Eagle — often described as the most beautiful coin ever minted in the U.S.
Buyers of the gold 2009 Ultra High Relief $20 Double Eagles can attest to the beauty and detail of that 1907 design. During the first day of Ultra High Relief sales alone, the US Mint sold 28,173. Despite the over $1200 price tag for one, the latest Mint sales figures show 56,527 have been purchased.
You might be wondering why Max Baucus, who is point on driving health care reform in the Senate, would concern himself with coinage.
It turns out that the only mine in the United States that produces Palladium is in Montana, and with the auto industry hurting, it’s a serious jobs issue for the State.
Commodity speculators may be on the outs with regulators in Washington right now, but it seems if you take a commodity and turn it into a coin to spark collector/speculator interest, well, that’s just OK.
In any case, I would love to see this happen. Buying Palladium right now is incredibly difficult. 2005 & 2006 Canadian Maple Leafs are hard to find without a huge (30%+) markup over the metal. Ironically, this crash of the auto marketplace is a perfect opportunity to invest in Palladium. Not surprisingly, however, the lack of demand for the metal also seems to translate into a lack of vehicles to invest in it.
Such is the life of a contrarian coin investor.
Let’s hope Max can take a day off from the health care push and get this one passed. Given it’s bi-partisan support, maybe it can help revive some form of bi-partisan cooperation in Washington… 
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