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- - 2008 - Gold Buffalo Sets, did you buy? (http://goldismoney.info/forums/showthread.php?t=409084)

tekhen | 09-20-2009 07:24 PM
2008 - Gold Buffalo Sets, did you buy? if one would have purchased both 4-coin buffalo sets (proof and unc.) when they were initially offered they would now realize a 118% profit! :23_30_104:

HistoryStudent | 09-20-2009 07:37 PM
Re: 2008 - Gold Buffalo Sets, did you buy? :111::111: Quote:
Originally Posted by tekhen (Post 1931259) if one would have purchased both 4-coin buffalo sets (proof and unc.) when they were initially offered they would now realize a 118% profit! :23_30_104:
Wait for a few years and IF the US Mint keeps HALTING doing their lawful obligations (they are supposed to MINT proofs and MS EAGLES for, at, and to the PUPLIC demand, Imagine that?) those puppies will be worth 5 to 10 times today's value. :thumb.aspx: :signs14:

tekhen | 09-20-2009 07:51 PM
Re: 2008 - Gold Buffalo Sets, did you buy? Quote:
Originally Posted by HistoryStudent (Post 1931290) :111::111: Wait for a few years and IF the US Mint keeps HALTING doing their lawful obligations (they are supposed to MINT proofs and MS EAGLES for, at, and to the PUPLIC demand, Imagine that?) those puppies will be worth 5 to 10 times today's value. :thumb.aspx: :signs14:
lawful obligations??? :Surrender: I've given up on the Mint following the law! at this point it seems like they are saying... be happy that we allowed you to own PMs again that we offer what we do.

47Protons | 09-20-2009 10:14 PM
Re: 2008 - Gold Buffalo Sets, did you buy? Quote:
Originally Posted by HistoryStudent (Post 1931290) :111::111: Wait for a few years and IF the US Mint keeps HALTING doing their lawful obligations (they are supposed to MINT proofs and MS EAGLES for, at, and to the PUPLIC demand, Imagine that?) those puppies will be worth 5 to 10 times today's value. :thumb.aspx: :signs14:
There's no requirement in the law for them to meet public demand for proof or uncirculated eagles. If you disagree, can you please point to the specific law containing the requirement?

tekhen | 09-21-2009 09:33 AM
Re: 2008 - Gold Buffalo Sets, did you buy? Quote:
Originally Posted by 47Protons (Post 1931509) There's no requirement in the law for them to meet public demand for proof or uncirculated eagles. If you disagree, can you please point to the specific law containing the requirement?
I'm not sure if HS is talking about Unc and Proofs but he is correct when it comes to certain bullion coinage... Section 1. This Act may be cited as the �Gold Bullion Coin Act of 1985�. Minting Gold Bullion Coins Sec. 2. (a) Section 5112(a) of the title 31, United States Code, is amended by adding at the end thereof the following new paragraphs: �(7) A fifty dollar gold coin that is 32.7 millimeters in diameter, weighs 33.931 grams, and contains one troy ounce of fine gold. �(8) A twenty-five dollar gold coin that is 27.0 millimeters in diameter, weighs 16.996 grams, and contains one-half troy ounce of fine gold. �(9) A ten dollar gold coin that is 22.0 millimeters in diameter, weighs 8.483 grams, and contains one-fourth troy ounce of fine gold. �(10) A five dollar gold coin that is 16.5 millimeters in diameter, weighs 3.393 grams, and contains one-tenth troy ounce of fine gold. Where are the fractional Au Eagles? Shouldn�t this take an act of congress to change not the US Mint? http://usmint.gov/images/Pressroom/BullionUpdate.jpg Where are the 2009 bullion buffaloes? The Mint's page says, "required by law"? Where are the Pt Eagles? �Laws fall silent in time of war�� in this case financial war

47Protons | 09-21-2009 11:41 AM
Re: 2008 - Gold Buffalo Sets, did you buy? Quote:
Originally Posted by tekhen (Post 1932043) I'm not sure if HS is talking about Unc and Proofs but he is correct when it comes to certain bullion coinage... Section 1. This Act may be cited as the �Gold Bullion Coin Act of 1985�. Minting Gold Bullion Coins Sec. 2. (a) Section 5112(a) of the title 31, United States Code, is amended by adding at the end thereof the following new paragraphs: �(7) A fifty dollar gold coin that is 32.7 millimeters in diameter, weighs 33.931 grams, and contains one troy ounce of fine gold. �(8) A twenty-five dollar gold coin that is 27.0 millimeters in diameter, weighs 16.996 grams, and contains one-half troy ounce of fine gold. �(9) A ten dollar gold coin that is 22.0 millimeters in diameter, weighs 8.483 grams, and contains one-fourth troy ounce of fine gold. �(10) A five dollar gold coin that is 16.5 millimeters in diameter, weighs 3.393 grams, and contains one-tenth troy ounce of fine gold. Where are the fractional Au Eagles? Shouldn�t this take an act of congress to change not the US Mint? http://usmint.gov/images/Pressroom/BullionUpdate.jpg Where are the 2009 bullion buffaloes? The Mint's page says, "required by law"? Where are the Pt Eagles? �Laws fall silent in time of war�� in this case financial war
I believe you have found the relevant law. Thanks for taking the time to post specifics. The law does appear to require meeting public demand for the fractional-ounce gold bullion coins. But it doesn't require that they be issued every year. And it doesn't require that they are brand new. Is the mint still offering prior-year fractional gold eagles? I have no way of knowing, because they only sell bullion coins to established dealers, and I'm not a dealer. I'm not saying the mint is following this policy, but from my reading of the law, I think it would meet the requirements. At this moment, APMEX is offering "random year" gold eagles in 3 of the 4 sizes. (They don't have any 1/4 oz in stock.) If established dealers are trying to get 1/4 gold eagles and can't get them, they can ask the mint to supply them. I think the law requires the mint to supply them, either from existing stock or new production. If the mint bought a batch of prior-year eagles on the open market, and offered them to any dealers who tried to buy them, I guess that would meet the legal requirement too. If nobody, including the mint, could obtain a supply of 1/4 oz eagles, then I think the law requires the mint to start producing them ASAP. But it's not clear to me that we're in that situation. I can't find a "sufficient to meet public demand" clause in the law for the gold buffalos. These are the legal requirements I found for the buffalo gold coin: "A $50 gold coin that is of an appropriate size and thickness, as determined by the Secretary, weighs 1 ounce, and contains 99.99 percent pure gold." ... this is 31USC section 5112(a)(11), which immediately follows the parts you cited. The "sufficient to meet public demand" requirement is 31USC section 5112(i)(1), which specifically applies to subsections 5112(a)(7) through 5112(a)(10), which are the 4 gold eagle bullion coins. It does NOT include the 24k buffalo coin. (There's a separate requirement to meet public demand for 1 oz silver eagles, in 5112(e).) As for platinum, 5112(k) says: "The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time." ... so the platinum coins are completely up to the discretion of the secretary of the treasury. At the moment the secretary is a tax-evading fool, but congress has given him the authority. It looks to me like congress has been very inconsistent in defining the requirements for our coins. That doesn't surprise me, given my low opinion of the vast majority of the people who have served in congress over the years.

ghaffar23 | 09-21-2009 12:23 PM
Re: 2008 - Gold Buffalo Sets, did you buy? Considering a 1/10th oz PCGS PR70DCAM went for $902USD last night, the potential for these Buffalos is in high gear already. Hell, a $10 PCGS PR70 cannot be had for any less than $1000USD now; the $50? Forget about it...for a PR69DCAM, you're looking at a price of at least $2000USD and a PR70 fetching close to $3000USD...it's getting out of hand, and FAST! I was priced out of Buff's when the $5 pieces were selling for $300 apiece...oh well! I'm chasing the gold eagles now, as they will soon follow those ridiculous premiums *hint-hint*

oldmansmith | 09-21-2009 12:38 PM
Re: 2008 - Gold Buffalo Sets, did you buy? Yeah, I blew it not buying the proof set last year at this time for $2,000. Looks damned cheap now, doesn't it? I do own the 06 and 07 proofs, and even my wife loves them.

tekhen | 09-21-2009 01:22 PM
Re: 2008 - Gold Buffalo Sets, did you buy? The percentage I listed is for ungraded sets... I can only imagine what 69s & 70s are going for :confused_ma: My guess would be at the least a 250% increase from the issuing price. These sets although modern, might be worth grading!

goldwish | 09-23-2009 05:20 PM
Re: 2008 - Gold Buffalo Sets, did you buy? what? man, I gotta' keep up on this $tuff! yes I been living in a cave temporarily. I like the buffs almost more than the UHRs. blasephemy but to each their own. :)

goldfingerer | 09-24-2009 05:13 PM
Re: 2008 - Gold Buffalo Sets, did you buy? Yep, I bought all I could afford when they were close to spot. I sold one recently and doubled my money on it.

HistoryStudent | 09-24-2009 05:46 PM
Re: 2008 - Gold Buffalo Sets, did you buy? Heck we were all saving our nickels and dimes for the UHRs! :111::111:

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