Some lies coin dealers will tell you
 

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Contributed by: Tamara Thoene on 7/29/2008


Some of you are looking into putting your IRA or 401K funds into a safe investment. A lot of the traditional holdings aren't doing so well in protecting your accumulated wealth. There is even talk of the U.S Government losing their AAA credit rating if they nationalize Freddie Mac and Fannie Mae. That would mean all of our U.S. Treasury Bills and U.S. Savings bonds might not be as safe as they once were. So, people are turning to precious metal investments.

Some very large companies selling gold, silver, and platinum are a little on the greedy side in the fees they charge getting you coins in your retirement account. The tell their customers that they are going to put "Mint Condition" bullion coins in the person's IRA and because these are "Mint" and sealed in a special case they have collector's value. That is not true. Bullion coins are valued ONLY by the weight in the precious metal. They also might try to sell you a "First Strike" bullion coin. There is no added value to the coin no matter if it was first off the assembly line or last. This is just a way to get you to pay the collector's premium (30% spread quoted-some large companies actually charge 43%) when they shouldn't be charging more than 10% for a bullion transaction. If you find that a company is lying to you about the type of coin you are getting collectable/bullion, please don't trust them at all. What else are they lying to you about?

The Federal Government has designated that ONLY Bullion coins may be placed in an IRA. It is illegal to put any collectable coins in a Roth or Traditional IRA. You should never pay more than a 10% spread to put coins in your IRA.

I had a lady bring me a "Millennium Proof Set" of Krugerrands. She told me she paid six times their value in gold because they were a "Millennium Proof Set." I was baffled. I had never heard of such a thing. I am a member of the American Numismatist Association. So, I asked them if this was something special. They laughed and said the woman was lied to and told me not to buy her set unless I bought it for the price of the weight in gold. Again, bullion coins are valued only by the weight in the precious metal.
http://denver.yourhub.com/CastlePines/Stories/News/General-News/Story~501375.aspx


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Re: Some lies coin dealers will tell you
 

There will be no shortage of fleecing the sheep when the stampede into metals begin next year.


T

Re: Some lies coin dealers will tell you
 

It's called "fool tax" and we all pay it until we learn how to avoid it.

Re: Some lies coin dealers will tell you
 

the Krugerrand "special" sets actually fetch a pretty nifty premium, i saw a 30 year celebration set go for spot here in Norway only to see it go for almost double that amount on eBay.

true story.

but yeah, the coin dealers who spend the most on advertising are also the ones that lie the most.

Re: Some lies coin dealers will tell you
 

Yup..............+1

Re: Some lies coin dealers will tell you
 

2 things
1 we may soon see a 10% swing in prices in one or a couple days
2 we may soon see a posted price for paper medals and a much higher price for the physical medal

Re: Some lies coin dealers will tell you
 

1. If selling rare coins to dealer: I have a huge inventory of that coin.
2. If buying: This coin has become very hard to find.
3. Error coins aren't worth much unless you can see the error without magnification and only error coins in UNC or PF condition have any real value.

I even had one tell me 90% silver was only worth a little more than face because it was illegal to melt, he shut up real quick when I offered to buy all he had at 10X face.

A good one is not easy to find.

bt

Re: Some lies coin dealers will tell you
 

I expect to see a day soon when physical gold and silver prices will have nothing to do with what "spot" is. As the people catch on to PMs and they start to realize that all the "paper gold" sales are suspect as having little or no actual metal backing them.
Eventually the only price you will set for your metal will be in land, arms, and food.

Re: Some lies coin dealers will tell you
 

And that is the day I am praying for.....

THE DAY WHEN I GET TO BE A KING IN THE SILVER UNDEGROUND......

THE PRICE IS ........WHAT I SAY IT IS......DONT LIKE IT??

HIT THE ROAD JACK.



For the first time of my life.....I will be in ABSOLUTE CONTROL OF MY DESTINY.


Cant get here soon enough.


T

Re: Some lies coin dealers will tell you
 

TA Glad you are prepared. When TSHTF if you need a contact of some sort up in the sticks you can get in touch with me. I got plenty of hideouts in downeast and central Maine. :wink:

Re: Some lies coin dealers will tell you
 

Much appreciated good buddy......glad to know I can call in favor.

I will certainly save it for a "rainy day"



If we ever have to hook up when the grid is down we will be ready to rock!!

Re: Some lies coin dealers will tell you
 

Thanks in large part to GIM, I can happily say that I've never paid it.

:bull-buddy-icon:

Nice one! :applause_

Not sure I could have been that quick on my feet...