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- - Why do people buy $300 pcgs ms70 first strike silver eagles? (http://goldismoney.info/forums/showthread.php?t=229934)

d00d | 01-30-2008 11:46 AM
Why do people buy $300 pcgs ms70 first strike silver eagles? I see em going for to $299 at apmex http://www.apmex.com/Product/32567/2...st_Strike.aspx :confused_ma: how can they get this price for an ounce of silver?

Goald | 01-30-2008 11:55 AM
Re: Why do people buy pcgs ms70 first strike silver eagles? There are 9 million plus of these coins. I've got no idea how they can get so much. It is a-crazy. Must be the same buyers who are long on google.

AlwaysWrite | 01-30-2008 12:11 PM
Re: Why do people buy pcgs ms70 first strike silver eagles? The more I think about slabbed bullion in general, and "First Strike" BS in particular, the angrier I get. It's just a way to rip off unknowing consumers.

d00d | 01-30-2008 12:15 PM
Re: Why do people buy pcgs ms70 first strike silver eagles? $300 for an ounce of silver so sad

Goald | 01-30-2008 12:28 PM
Re: Why do people buy pcgs ms70 first strike silver eagles? If it was truly a numismatic item though, with actual scarcity i.e. less than 10,000 minted for example- then o.k. But it is not. It falls into the worse category of all, an overpriced bullion coin that is not rare and really has no real value. You need an idiot to be able to buy it off you.

Victor | 01-30-2008 01:00 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? In the end those will go in the same melt pot as every other eagle.....

Twisted Avatar | 01-30-2008 01:03 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? My mom would tell me."you cant rape the willing" T

Raccoon | 01-30-2008 01:13 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? Intrauterine misfortunes?

Tn...Andy | 01-30-2008 01:28 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? All numismatics, IMHO, are based on the "Greater Fool Theory".......that there exists at least one bigger fool than the current owner.

Goald | 01-30-2008 01:33 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? Could say gold also operates by the Greater Fool Theory. Relatively speaking, it is pretty useless though it is seen as store of wealth and consequently viewed as valuable. Perhaps you see numismatics too much from the perspective of premium over metal content- and in many instances it would be better to view it more like art work. Do you think the sale of art operates by the greater fool theory?

phideaux | 01-30-2008 01:33 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? Last year at this time, people would have asked, "Why do these people buy these slabs at $200/oz?" ASE PCGS MS70s are extrremely rare. (I think you need to be a PCGS dues-payer to see the population report. http://www.pcgs.com/pop/ ) So they should command a substantial premium. I would never pay anywhere near that much, but it's a free market (sort of), so the price is where buyer meets seller.

d00d | 01-30-2008 01:51 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? I cant find any info at pcgs price guide how this coin is worth 300 dollars. I looked at 2007 first strike ms70 and they dont even have a price for that. so I called in to ask them why it is 300 and they couldnt tell me.

GB1980 | 01-30-2008 01:58 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? Quote:
Originally Posted by d00d (Post 943856) I see em going for to $299 at apmex http://www.apmex.com/Product/32567/2...st_Strike.aspx :confused_ma: how can they get this price for an ounce of silver?
THE SAME REASON PEOPLE PAY SEVERAL HUNDRED THOUSANDS FOR A NEW FORD GT500. "Last year, the first 2007 Shelby GT Mustang was auctioned off at a winning big of $600,000. In 2006, an early production 2007 Shelby GT500 also sold for $600,000" SO, THE QUESTION STILL REMAINS--WHY DO THEY BUT THEM??? THEY HAVE MONEY TO BURN!

d00d | 01-30-2008 02:03 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? the problem here is that apmex is raping people with $300. checking tons of completed auctions at ebay and some coin dealers there with alot of rep, they sell for around $135 for first strike pcgs 70.

bulloncoins | 01-30-2008 02:33 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? For years pcgs would not grade a silver eagle ms70. ms69 was as high as they went. (milk spots were / are a problem)...Still they claimed to be superior over NGC who handed out ms70 like popcorn and raked in a lot of cash. Pcgs caved into greed and started grading coins ms70 again. But where as in years past ms70 were very rare and cost thousands...yes thousands, they now sell for hundreds, although 2006w ms70 can still pull in $1500.00 and up...(key coin for set).... I have a set of ms69 froom 1986-2007. I will not be spending any money to add to that set. As far as I am concerned, pcgs screwed the collectors and them selves when they changed their policy and started grading just like NGC. The sets have, and will continue to go down in value. There is just no use in collecting them anymore.

d00d | 01-30-2008 02:55 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? the hope in buying a certified coin is risky. if there is a scandal involving the grading company and they are exposed for doing any fraud, the value of their coins drop. on ounce of silver is a frikin ounce of silver. 18 dollars for a silver eagle or 300 dollars for a silver eagle, sheesh

clashcityrocker | 01-30-2008 03:15 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? P.T. Barnum was right.

Tn...Andy | 01-30-2008 03:38 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? Quote:
Originally Posted by Goald (Post 944047) Do you think the sale of art operates by the greater fool theory?
Without a doubt.

twenty4karat | 01-30-2008 03:46 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? A lot of this phenomena can be laid at the alter of ignorance. Just in the last couple of years I've heard descriptions of bullion coin such as: � First Strike � Early Release � Signature series (signed by Mint Director. (ie: 2001 P Silver Buffalo Commems) These terms are bogus and PCGS and NGC should be ashamed of them selves for allowing such tripe to weasel it's way into the language of the legitimate Numismatic community. Certified slabbed pre '33 American Gold Coins and 19th Century Certified Slabbed Silver Coins are indeed worthy to be called Numismatic Collectable Coins. Contemporary AGE and ASE certified slabbed BULLION coins (other than for a very few exceptions) are an insult to the serious Coin collector. It confuses Newbies as to what is what and naturally creates a ground swell of uniformed people into thinking that they are making sound investments. There seems to be new Grading Companies popping up almost on a daily basis. I've even thought of creating my own. Something like FCGFS� (Federal Coin Graders for Suckers!). Or CGSG� (Coin Graders Society for the Gullible). This is why PCGS and NGC should be ashamed. This kind of marketing really makes you question whether or not they were legitimate in the first place. And, Yes, I would buy a Shelby GT500 that had been post market tweaked by Chip Foose or Roush. Because not only are these collectables, you can drive them daily. Really, really FAST! Nuff Said. Maranatha, :smile:

phideaux | 01-30-2008 03:58 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? Well stated, 24K.

Awoke | 01-30-2008 05:09 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? Quote:
Originally Posted by d00d Why do people buy $300 pcgs ms70 first strike silver eagles?
I think the real question is "Why are Apmex selling them for that price?"

d00d | 01-30-2008 05:24 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? sent apmex this email please tell me why this coin is $300, I cant find any info at pcgs on it. http://www.apmex.com/Product/32567/2...st_Strike.aspx got this response Not sure what ultimate population will be of these coins, hence higher price? Please send e-bay link where they are selling PCGS graded MS-70 2008 SAE for just $135.00. We want to buy some! Thanks. to which I replied just search ebay for completed listings in a search for 2008 pcgs 70 silver eagle first strike. almost all are 135 to which they replied Okay. At first of the year it is impossible to tell how many coins will ultimately be graded MS-70 First Strike by PCGS. It is safer for us to sell at a higher price to begin with and come down later if need be. Those selling on e-bay may be underpricing. They are pricing in the dark. Thanks.

Ryedale | 01-30-2008 05:48 PM
Re: Why do people buy pcgs ms70 first strike silver eagles? Quote:
Originally Posted by d00d (Post 943915) $300 for an ounce of silver so sad
Nah, you got to think long haul, buy it for $300, hold for 50 years, sell for $300 when silver is $300. Wealth Preserved. Good Investment plan :wink:

TaxHaven | 01-31-2008 01:26 AM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? For the life of me I can't understand why ANYONE would pay any significant premium for a modern bulllion coin, however few may have been minted...For about 8-10% over spot you can buy a century or more old double eagle or sovereign!:rolleyes_m:

HistoryStudent | 01-31-2008 08:35 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? GREATER FOOL theory - there MIGHT be a dumber fool than you to pay $300, right?

Highbanker | 02-07-2008 09:37 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? Good thread...........Sail on, Ship of Fools....( E-bay fools , that is) It's a frickin ounce of silver....nothing more.... Proofs and Ultra cameos are one thing....everything else is BULLION..... I have mint tubes of SAEs that I have looked at under magnification....with gloves...they are real pretty.... I'll tell you a secret.....IT'S BULLION....

Highbanker | 02-15-2008 07:48 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? Pssssst.......It's still bullion.......

Twisted Avatar | 02-15-2008 08:31 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? Quote:
Originally Posted by Highbanker (Post 970026) Pssssst.......It's still bullion.......
I think you may be on to something....I can ALMOST figure out what it is. :s9: T

d00d | 02-15-2008 08:36 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? anyone coming late to this thread the price was 300 for this coin it is now 179, I think the apmex guy here read this thread

j-son | 02-15-2008 09:33 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? they are $125 on colorado gold's site

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- - Why do people buy $300 pcgs ms70 first strike silver eagles? (http://goldismoney.info/forums/showthread.php?t=229934)

Metalophile | 02-19-2008 01:45 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? Apmex asking price is none of my business. Last I checked they are a private business, and are free to post whatever asking price they want. Big question is whether there are any suckers actually willing to pay 300 FRN. If there were, then their price was justified. No one put a gun to anyone's head and said, "You will pay 300 FRN for this OR ELSE!"

Twisted Avatar | 02-19-2008 01:55 PM
Re: Why do people buy $300 pcgs ms70 first strike silver eagles? Quote:
Originally Posted by Metalophile (Post 974365) Apmex asking price is none of my business. Last I checked they are a private business, and are free to post whatever asking price they want. Big question is whether there are any suckers actually willing to pay 300 FRN. If there were, then their price was justified. No one put a gun to anyone's head and said, "You will pay 300 FRN for this OR ELSE!"
Have to agree 100000%....... buyer beware.........it gets no simpler than that T

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