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Endangered Golden Eagle To Make Ultra Rare (And Brief) Appearance, Then Disappear For Extended Period (Or Ever)

Tyler Durden's picture




 

WASHINGTON - The United States Mint will open sales for the 2011
American Eagle One Ounce Gold Uncirculated Coins at noon Eastern Time
(ET) on May 5, 2011.  The coin's cost is based on the United States
Mint's pricing structure for precious metals products.  Current pricing
information is available at http://usmint.gov/pressroom/index.cfm?flash=yes&action=goldplat.

Orders will be accepted at http://www.usmint.gov/catalog or
at 1-800-USA-MINT (872-6468).  Hearing- and speech-impaired customers
with TTY equipment may order at 1-888-321-MINT (6468).  A $4.95 shipping
and handling charge will be added to all domestic orders. 

Customer
demand will determine the number of 2011 American Eagle One Ounce Gold
Uncirculated Coins minted.  There is no order limit. 

The
American Eagle One Ounce Gold Uncirculated Coin is the collector version
of the American Eagle Gold Bullion Coin.  Struck on specially burnished
blanks, the coin bears a finish similar to its bullion counterpart but
has a "W" mint mark, indicating its production at the United States Mint
at West Point.  Each coin is encapsulated in plastic and mounted in a
presentation case accompanied by a Certificate of Authenticity.

-Featured
on the obverse of the 22-karat gold coin (heads side) is Augustus Saint
Gaudens' full-length figure of Liberty.  The coin's reverse (tails
side) features Miley Busiek's image of a male eagle carrying an olive
branch flying above a nest containing a female eagle and her eaglets. 
 
The
United States Mint, created by Congress in 1792, is the Nation's sole
manufacturer of legal tender coinage and is responsible for producing
circulating coinage for the Nation to conduct its trade and commerce. 
The United States Mint also produces proof, uncirculated and
commemorative coins; Congressional Gold Medals; and silver, gold and
platinum bullion coins.

Note:  To ensure that all members of
the public have fair and equal access to United States Mint products,
orders placed prior to the official on-sale date and time of May 5,
2011, noon ET shall not be deemed accepted by the United States Mint and
will not be honored.  For more information, please review the United
States Mint's Frequently Asked Questions, Answer ID #175.

h/t Alex Gloy

 

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Mon, 05/02/2011 - 14:57 | 1230979 TruthInSunshine
TruthInSunshine's picture

Plan B. Minting whatever gold the U.S. can source and sell it for as much as it can to raise money to offset ongoing deficit spending (through 2085).

They're probably melting down and extracting gold from artifacts previously on display at The Smithsonian.

Brilliant.

Hilarity in the Banana Ben Bernank Republic of Amerika will ensue:

Mon, 05/02/2011 - 15:20 | 1231130 covert
covert's picture

why would they be discontinued? they have been around almost forever. I used to own a few. they are great. it's a bad mistake to discontinue them.

http://covert2.wordpress.com

 

Mon, 05/02/2011 - 15:28 | 1231152 TruthInSunshine
TruthInSunshine's picture

I'm not saying they should be discontinued. I'm merely saying that almost any action of the government, whether directly or through a proxy, has an element of circus evident in it now that has risen to the level of smack in the forehead.

 

Oh, look - here's one of the shrillest clowns out there, now:

Mon, 05/02/2011 - 14:54 | 1230999 Henry Chinaski
Henry Chinaski's picture

Federal reserve notes ARE redeemable in gold.

Mon, 05/02/2011 - 14:58 | 1231007 traderjoe
traderjoe's picture

At ever declining rates...

Mon, 05/02/2011 - 15:45 | 1231233 tmosley
tmosley's picture

And for a limited time only!

Mon, 05/02/2011 - 17:19 | 1231713 DoChenRollingBearing
DoChenRollingBearing's picture

Friends of the Bearing here at ZeroHedge are invited to read the new Press Release downthread.

Mon, 05/02/2011 - 14:55 | 1231000 homecinemax
homecinemax's picture

I do not think that it will be worth the premium people are going to pay for it.

Mon, 05/02/2011 - 15:11 | 1231074 Meatier Shower
Meatier Shower's picture

Then by all means, please continue to collect fiat coupons instead.

Mon, 05/02/2011 - 15:21 | 1231122 UGrev
UGrev's picture

he's suggesting, I'm sure, that you can convert your FIAT to gold using less costly avenues where they don't automatically give you a jar of KY for every order. 

Mon, 05/02/2011 - 15:22 | 1231138 FastBoat
FastBoat's picture

+1

Mon, 05/02/2011 - 15:55 | 1231292 Meatier Shower
Meatier Shower's picture

And I'm suggesting that in a few years it won't really matter what you paid for your gold, just so long as you have some.
Besides, KY is an excellent product!

Mon, 05/02/2011 - 17:25 | 1231726 granolageek
granolageek's picture

This is the fancy collector's edition. If you want to pay bullion price, buy the bullion version. Every time the mint does one of the collectors editions and then limits production, Tyler posts a story implying that the mint is not going to produce the regular version either. 

 

It's comletely predictable. He did it with silver eagles last year. Because the mint is not producing more collectors versions so that they can use all their blanks for the bullion version, and now he's doing it for gold.

 

I knew what the story said as soon as I saw the headline.

 

 

Mon, 05/02/2011 - 14:55 | 1231006 earnulf
earnulf's picture

Interesting that there is no limit and production is based on demand.   So when do they plan to cut off the ordering?    If production is based on demand, how to they determine the upper limit of the demand?

Mon, 05/02/2011 - 15:00 | 1231023 Cognitive Dissonance
Cognitive Dissonance's picture

So when do they plan to cut off the ordering? 

I would set the over/under at 12 hours. But that's just me.

Mon, 05/02/2011 - 15:12 | 1231088 MrBinkeyWhat
MrBinkeyWhat's picture

I was thinking 15 minutes, but you are more optimistic than I am, it seems.

Mon, 05/02/2011 - 15:20 | 1231109 Cognitive Dissonance
Cognitive Dissonance's picture

That's just the initial setting of the over/under. As bets......um......indications of interest are placed they can move the line up or down to balance the book. All they care about is the 15% vogorish. :>)

Mon, 05/02/2011 - 15:26 | 1231142 MrBinkeyWhat
MrBinkeyWhat's picture

Do you really think they will melt down some of the tungsten bars in Fort Knox? Maybe we will be able to get incandescent bulbs again. ;-)

Mon, 05/02/2011 - 15:13 | 1231093 faustian bargain
faustian bargain's picture

Over/under of 12 minutes that they'll have "online ordering website technical difficulties".

Mon, 05/02/2011 - 15:21 | 1231124 MrBinkeyWhat
MrBinkeyWhat's picture

+

Mon, 05/02/2011 - 14:59 | 1231011 homecinemax
homecinemax's picture

btw, if US gov was confiscating gold, would they have the right to confiscate Canadian Maples or Austrian philarminics?

Mon, 05/02/2011 - 15:11 | 1231069 Hansel
Hansel's picture

Are you seriously asking if there is some law restricting the government?  HA!  2 international assassination attempts, 1 successful, and a war by executive decree already this year, but maybe there is some law that will let you keep your gold.  HA!  OM

Tue, 05/03/2011 - 08:52 | 1233372 Harlequin001
Harlequin001's picture

The only way you can prevent it is to buy gold overseas through an offshore trust or non resident company. It is not illegal to own assets overseas, only to evade paying taxes on them if you are required to at home. The trick is to avoid the deeming provisions which allow the tax office to tax you as the beneficial owner of an offshore trust or company which is far more difficult but by no means impossible.

They cannot instruct you to sell what is not legally yours, they cannot tax you on what you have no entitlement to and they cannot take what is beyond their control...

Anything else is fair game.

Mon, 05/02/2011 - 15:13 | 1231094 Papasmurf
Papasmurf's picture

That depends on their ability to take what isn't theirs through force.  That has nothing to do with the type of gold.

Tue, 05/03/2011 - 10:23 | 1233790 Urban Redneck
Urban Redneck's picture

JFK conspiracy theorists like to point to the triffin dilema and Executive Order 11110, but less publicised is Executive Order 11037, which reads,

"Except under license issued therefor pursuant to the provisions of this order, no person subject to the jurisdiction of the United States shall, after the effective date of this section, acquire, hold in his possession, earmark, or retain any interest, legal or equitable, in any gold coin, gold certificates, or gold bullion, situated outside of the United States or any securities issued by any person holding, as a substantial part of his assets, gold as a store of value or as, or in lieu of, money and not for a specific and customary industrial, professional or artistic use. The Secretary of the Treasury, subject to such other regulations as he may prescribe, is authorized to issue licenses permitting the acquisition and holding by persons subject to the jurisdiction of the United States of gold bullion situated outside of the United States which the Secretary or such agency as he may designate is satisfied is required for legitimate and customary use in the industry, profession, or art in which such person is regularly engaged." 

Mon, 05/02/2011 - 15:06 | 1231015 Cognitive Dissonance
Cognitive Dissonance's picture

Is it an indication of where the price of Gold is going that the "Pricing of Numismatic Products Containing Gold Coins" chart the US Mint produces shows a Gold range of $2,000.00 to $2049.99 at the bottom? Or are they just projecting one of many possible realities in our multi-verse?

http://www.usmint.gov/pressroom/?flash=yes&action=goldplat

Mon, 05/02/2011 - 15:00 | 1231019 redpill
redpill's picture

Why give them your name?  Buy from your local coin dealer in cash.

Mon, 05/02/2011 - 15:00 | 1231024 Sudden Debt
Sudden Debt's picture

WTF!! ALMOST 400$ OVER SPOT!

 

And why doesn't the indicated value on the coin doesn't change? Why not put 1500$ on the coin? 20$ WTF!

It is legal tender but WTF, THIS is so contradictorial to the real value of the dollar!

Mon, 05/02/2011 - 15:01 | 1231036 hambone
hambone's picture

Agreed,

I simply don't get it (not unusual) but why pay a significant premium to the mint when you can buy for hundreds less in secondary?  What is the upside and why would anybody pay up?

Mon, 05/02/2011 - 15:05 | 1231045 TheGreatPonzi
TheGreatPonzi's picture

I agree, there's no point in giving money to the US mint. 

You can have uncirculated Krugerrands for far less.

But Americans are "patriot", so they turn in priority to their official institutions... lol

Mon, 05/02/2011 - 15:06 | 1231061 RockyRacoon
RockyRacoon's picture

It is a collector coin, doofus.  It has a numismatic premium.  If you want the regular bullion Eagles then you'll have to go to the primary dealers or secondary market.   The bullion coins are sold in bulk to selected dealers for distribution to the weary masses.   Get with the details so you don't make a dunce of yourself.

Mon, 05/02/2011 - 15:08 | 1231071 TheGreatPonzi
TheGreatPonzi's picture

Collector? Who would want to buy a coin from the official mint of a bankrupt and disgusting country at a premium, thus directly giving money to the US government? 

Mon, 05/02/2011 - 15:22 | 1231134 Cognitive Dissonance
Cognitive Dissonance's picture

As RR has pointed out many times in the past the true value of Gold and Silver numismatic coins may be that they are considered US currency and thus less likely to be confiscated than general (US Gvt or non US Gvt) bullion.

Less likely, not unlikely.

Mon, 05/02/2011 - 15:38 | 1231193 RockyRacoon
RockyRacoon's picture

True.  Even when gold was confiscated there was an exclusion for collector coins.

What part of article was misunderstood about these being numismatic coins?

The American Eagle One Ounce Gold Uncirculated Coin is the collector version of the American Eagle Gold Bullion Coin.  Struck on specially burnished blanks, the coin bears a finish similar to its bullion counterpart but has a "W" mint mark, indicating its production at the United States Mint at West Point.  Each coin is encapsulated in plastic and mounted in a presentation case accompanied by a Certificate of Authenticity.

The shallowness of some of the comments here about the "premium" and how they ain't gonna pay it reveals a serious lack of information at levels where one would think it most important.

Mon, 05/02/2011 - 15:53 | 1231266 traderjoe
traderjoe's picture

RR - I'm usually on your side but I want to disagree about your thoughts on the premium issue. I think ppl here get it. What they are saying is that they are not coin collectors, they're gold collectors. And therefore they place no value on the numismatic element. To each their own...

Mon, 05/02/2011 - 17:33 | 1231765 RockyRacoon
RockyRacoon's picture

Exactly!  We are on the same team.  This "article" is nothing but a Mint press release and should not even be on ZH.   The obvious objective, as is evidenced by the "title" of the "article" is to inflame and provoke. 

Mon, 05/02/2011 - 15:42 | 1231210 Bananamerican
Bananamerican's picture

"Collectee" is the operative phrase....

Mon, 05/02/2011 - 15:23 | 1231140 traderjoe
traderjoe's picture

It's a legimate question. Personally, I wouldn't pay that sort of premium. I'd rather pay as close to spot as possible on a Kangaroo. Paying that premium is a gamble that the premium holds or even increases. That's a risk I don't want...

Mon, 05/02/2011 - 15:27 | 1231160 MrBinkeyWhat
MrBinkeyWhat's picture

Me too! I love "junk silver". Go to yard sales and estate auctions. Those pre-1965 dimes are really sweet! And after SHTF will make great barter items.

Mon, 05/02/2011 - 15:07 | 1231065 takeaction
takeaction's picture

I have always wondered that myself...I think I figured it out.  When traveling this world, you are not allowed to carry more than $10,000 in currency.  Well, if you just carry $10,000 at face value of 1 oz American Eagles(  $50 each), you can transfer $320,000 in gold out of this country at a time with no laws being broken. Correct?  I actually think this was done on purpose.  Same with Silver Eagles ($1).  You can take 10,000 of these out of the USA without a red flag...it is just currency...right? 10,000 eagles allows you to transfer $500,000 out of this country with Customs Forms.  Think about it.

Mon, 05/02/2011 - 15:13 | 1231081 Urban Redneck
Urban Redneck's picture

CBP/ICE will have an fun time with anyone who tries that...

Mon, 05/02/2011 - 17:28 | 1231752 DoChenRollingBearing
DoChenRollingBearing's picture

Urban Redneck is correct.

DO NOT take over $10,000 of gold out of the USA without declaring it!

I have told my story about taking out over $10,000 in gold before, so I will not repeat it other than to mention to everyone that the (outbound) US Customs Agent told me "Right answer" when I declared their real value.

Mon, 05/02/2011 - 20:14 | 1232321 DosZap
DosZap's picture

So the USC A, basically said the US Gov(he/she) works for is a LIAR?.

Face value, legal tender is $50.00.

So, your saying you must declare SPOT value at the Customs?.

Hell of a deal.

LOL, really, the only reason is they (us.govz), puts Gold at $42.xx per oz.

So, it's gotta have that $50.00 on it...............so when they wannna collect em', they give the fools $50.00 fiat.

What a racket.

Tue, 05/03/2011 - 09:14 | 1233416 Harlequin001
Harlequin001's picture

Let's not overlook the fact that there may also be limits where you're going on how much you can import, and they won't value it at $42/ounce...

Might I suggest that the ideal solution is a trade off, to hold some of your bullion somewhere where you can use it as collateral for a credit line that you can take in any currency in any country. Not saying you should keep it all there, but some of it certainly avoids the need to move or store large quantities of coins or bullion at home or move it with you as you go...

Mon, 05/02/2011 - 15:14 | 1231097 aphlaque_duck
aphlaque_duck's picture

Maybe, if the TSA goons don't just pocket it.

Mon, 05/02/2011 - 15:16 | 1231105 MrBinkeyWhat
MrBinkeyWhat's picture

Customs goes with "face value", for declaration.

Mon, 05/02/2011 - 15:26 | 1231143 Urban Redneck
Urban Redneck's picture

NO.

http://www.zerohedge.com/article/bernanke-starts-talking-gold-surges-past-1558#comment-1221811

Then read the federal statutes listed several posts down.

Mon, 05/02/2011 - 15:40 | 1231199 MrBinkeyWhat
MrBinkeyWhat's picture

The essence of a modern fasciststate is to have a bewildering array of "regulations" and "laws", so that everyone is a "criminal", or better still a "terrorist". Criminals still have "some" rights.

Hail Victory! >sarc off

Mon, 05/02/2011 - 15:51 | 1231258 Urban Redneck
Urban Redneck's picture

Definitely a fascist state, inherently contradictory definitions are used in different statutes.  Therefore, the traveler is at the mercy of the state, and if the traveler makes even a verbal admission, much less a protest, to the state that the coins are worthless than $10,000, then the State turns around in court and tells the judge that they would happy to turn over less than $10,000 in FRNs, and the traveler is sent packing.  At least there is still a right to remain silent in the US, even if few are smart enough to avail themselves of that right. 

Mon, 05/02/2011 - 15:55 | 1231293 MrBinkeyWhat
MrBinkeyWhat's picture

Hunker down Bro! .22 ammo (copper & lead) also makes for great barter goods. (oops...out loud voice)

Mon, 05/02/2011 - 16:17 | 1231374 topcallingtroll
topcallingtroll's picture

Were you not listening this morning? The revolution has been.called off. Weather or something.

Mon, 05/02/2011 - 15:19 | 1231129 Green Leader
Green Leader's picture

You can carry more than $10,000 just have to declare it.

I asked a friend who's a US CBP agent a few months ago. What counts is face value, however...you might need to prove you have the means to own such amount of coins.

Mon, 05/02/2011 - 15:48 | 1231240 trav7777
trav7777's picture

huh?  CBP would not be involved on a move OUT.  only foreign customs.

Mon, 05/02/2011 - 15:58 | 1231294 Urban Redneck
Urban Redneck's picture

The don't make you stand in a line and verbally declare that you have nothing to declare on the way out, but if you fail to declare it and they stop you, it is subject to siezure and forfeiture.


From the FinCen105   http://www.irs.gov/pub/irs-pdf/ffc105.pdf


P A R T I

FOR A PERSON DEPARTING OR ENTERING THE UNITED STATES, OR A PERSON SHIPPING, MAILING, OR RECEIVING CURRENCY OR MONETARY INSTRUMENTS. (IF ACTING FOR ANYONE ELSE, ALSO COMPLETE PART II BELOW.)

Mon, 05/02/2011 - 16:21 | 1231403 trav7777
trav7777's picture

good luck with that at FL350

Tue, 05/03/2011 - 09:20 | 1233513 Harlequin001
Harlequin001's picture

There are countries that place restrictions on how much you can take out...

Mon, 05/02/2011 - 15:10 | 1231077 Papasmurf
Papasmurf's picture

$400 is a small premium, compared to where these are going.

Mon, 05/02/2011 - 16:06 | 1231343 FluffyCone
FluffyCone's picture

How did you come up with $400 over spot? Show your work? WTF. LOL!!!! ;-)

Comparisons is a moving target since the spot price moves. But here is my best effort.

Monday, May 5, 2011 @ 3:50 (or so).
Spot: 1545.00

USMint Gold Proof
OneTroyOunce: 1785.00
ServiceFee: 0.00
CreditCardFee: 0.00
Shipping: 4.95
Total: 1798.95

APMEX Gold Bullion
OneTroyOunce: 1545.40
ServiceFee: 83.99
CreditCardFee: 48.88
Shipping: 24.95
Total: 1703.22

For a $86.73 premium you get a Gold Proof Coin directly from the US Mint. I think for $10 dollars less, you can get a Gold uncirculated Coin directly from the US Mint.

You can argue other different comparisons like buying tube, monster box, or pallet and get more discounts, but your average joe-six pack will not be buying that kind of volume.

Mon, 05/02/2011 - 16:27 | 1231418 Absinthe Minded
Absinthe Minded's picture

Agreed. Should be at least $1000 coin.

Mon, 05/02/2011 - 17:04 | 1231645 Bagbalm
Bagbalm's picture

When they confiscate them they will pay face value.

Mon, 05/02/2011 - 17:17 | 1231688 Hacked Economy
Hacked Economy's picture

@ Sudden Debt,

"And why doesn't the indicated value on the coin doesn't change? Why not put 1500$ on the coin? 20$ WTF!

It is legal tender but WTF, THIS is so contradictorial to the real value of the dollar!"

 

Here's the quick math to explain:

The U.S. Dollar's value was originally set at 1.555 g of gold.  One ounce of gold is 31.10 g.

1.555 / 31.10 = 0.05 (or 1/20th)

Therefore, if the dollar was originally pegged long ago as being worth 1/20 an ounce of gold, then a 1-ounce gold coin has a "face" value of $20.  Yes, it's laughable nowadays, but there's the history.

So how much has the dollar declined in relation to the value of gold?

If today's spot is about $1560 (give or take), then the dollar **should** be worth $78.00.  One dollar (today's value) divided into 78 (what it should be) is about 0.0128, which means the dollar has lost almost 99% of its gold-backed purchasing power over the last century.  Of course, it's not a true barometer since gold is a market-traded commodity nowadays and not a currency foundation, but you get the idea.

Mon, 05/02/2011 - 20:10 | 1232303 Exposer of Inte...
Exposer of Internet Shills's picture

No, it's spot price, the 400 is for the presentation case

Mon, 05/02/2011 - 15:00 | 1231034 TruthInSunshine
TruthInSunshine's picture

If they wanted to 'confiscate' this gold, all they'd have to do is cancel your order and keep your money.

It will be called an 'austerity measure.'

Mon, 05/02/2011 - 15:05 | 1231044 RobotTrader
RobotTrader's picture

Still going up...

No relief in Silver Eagle prices at Monex yet.

 

Mon, 05/02/2011 - 15:04 | 1231054 redpill
redpill's picture

That's because all their rare coin salesmen are being forced to sell bullion these days.

Mon, 05/02/2011 - 15:07 | 1231057 bob_dabolina
Mon, 05/02/2011 - 15:13 | 1231082 Papasmurf
Papasmurf's picture

Graph this on a log scale.  Money is power.

Mon, 05/02/2011 - 15:03 | 1231047 disabledvet
disabledvet's picture

i thought they only "HAWKED" t-shirts here?

Mon, 05/02/2011 - 15:07 | 1231059 Cognitive Dissonance
Cognitive Dissonance's picture

So you're suffering from a mental disability.....right?

Mon, 05/02/2011 - 15:23 | 1231132 RockyRacoon
RockyRacoon's picture

This "article" (press release) is really out of place.  There are no numismatists here to speak of, and it's not a real bullion product.   When the Mint was selling silver below melt, which I posted comments on numerous times, there was nary a peep from our Tylers.   What's going on here?

Mon, 05/02/2011 - 15:26 | 1231155 Cognitive Dissonance
Cognitive Dissonance's picture

Who knows RR.

I loaded up big time on those 2010 Silver 5 quarter proof sets for $31.95 each when you pointed this out a while back. It was very nice to be immediately in the money at the time of my large purchase.

Mon, 05/02/2011 - 15:27 | 1231157 Richard Head
Richard Head's picture

I saw your posts, Rocky.  I don't recall those mint products ever selling below melt, although the premium did get relatively narrower over spot.

Mon, 05/02/2011 - 15:47 | 1231249 RockyRacoon
RockyRacoon's picture

There was a window when they were below melt.  I also posted about the America The Beautiful 5 ounce coin set (25 total ounces) that the primary dealers were dumping out of inventory.  I picked up 3 sets (75 total ounces) for an average of $39.40/ounce.   I get a little peeved when the values are there, made common knowledge, but all folks want to do is gripe and complain about the entire gov't structure.   Shit people, they're screwing up and giving us metal for good prices occasionally.   This article concerns a product that is not a good value -- today.  Next year this may look like a great deal.   Who knows.   The Mint is not requiring anyone to buy their stuff!   Buy what you want, where you want and stop complaining.  (That's a general comment not directed at my favorite Dick Head.)

Mon, 05/02/2011 - 15:53 | 1231279 Cognitive Dissonance
Cognitive Dissonance's picture

When I saw the RR post about the 2010 US Mint 5 quarter silver proof set, the price of silver was over $35 and the set was $32. Which means it was about even considering the 5 quarters represented 9/10's of an ounce of silver. By the time I received confirmation that my CC had been charged (4 days later) the price of silver was pushing $37.

They were sold out the day after RR posted BTW.

Mon, 05/02/2011 - 15:29 | 1231165 hambone
hambone's picture

RR,

what is a typical premium ($ and/or %) from the mint (numismatic and regular GE?).  How abnormal is this?  Context?

Thanks

Mon, 05/02/2011 - 15:54 | 1231274 RockyRacoon
RockyRacoon's picture

There is not a "typical" spread to look for.   The Mint is a big place and has an unbelievable variety of products.   Once in a while bargains slip through.   The gold pricing chart that is linked to is a fairly new tool for the Mint.   The old pricing mechanism was to have a percentage over the Mint's acquisition cost.  This was giving the primary dealers an unfair advantage in that the dealers could/would sell for well above this cost.  The advance in PM spot has been a headache for the Mint.   They really are good people, but it happens to be a government entity with all the bureaucratic crap that makes pricing a retail product very difficult.

Mon, 05/02/2011 - 15:57 | 1231306 hambone
hambone's picture

Thanks for educating us PM newbies - only been buying physical since Jan of this year and it's a whole new world and appreciate those willing to help us become better acquainted.

Mon, 05/02/2011 - 17:37 | 1231782 RockyRacoon
RockyRacoon's picture

Best advice I can give is to stick to bullion (that does not come in a velvet-lined box) of your own country.   Always fall back to your original reason for having the metal.  If it's for trading, then watch the spot pricing and swing in/out as your gut will allow you.  If it's for the long term store of value (which gold/silver do well as a currency) then hold on and buy when you have the money.   There is no one strategy that is best for everyone.

Mon, 05/02/2011 - 15:10 | 1231066 TruthInSunshine
TruthInSunshine's picture

Hey, look everyone! They're aggressively cutting deficit spending and national debt! /sarc

 

 

 

Mon, 05/02/2011 - 15:48 | 1231257 RichardENixon
RichardENixon's picture

I think that $156 million was the amount they had budgeted to keep hunting for bin Laden.

Mon, 05/02/2011 - 15:52 | 1231278 TruthInSunshine
TruthInSunshine's picture

Ransquawk screwed up - it was a typo they've since fixed - 156 billion is the actual amount, so someone is telling TALL TALES...

..TIMMAY!

Mon, 05/02/2011 - 15:10 | 1231068 breezer1
breezer1's picture

demand is already soaring so why not dampen sales report with a huge premium. this risks tainting other sellers with the same idea and possible further hoarding. they are screwed.

Mon, 05/02/2011 - 15:14 | 1231087 Sandy15
Sandy15's picture

What??  Where is Congressman Weiner......USA selling gold $400 over cost??  They are robbing people blind and making a profit selling their gold........  What a horrible horrible evil corporate position to take, making money on gold!!!!!  Congressional hearings, where are they?

Mon, 05/02/2011 - 15:44 | 1231230 Missiondweller
Missiondweller's picture

Excellent point. Where is the Weiner?

Mon, 05/02/2011 - 20:42 | 1232388 DosZap
DosZap's picture

Up Waxmans nose.

Mon, 05/02/2011 - 15:18 | 1231101 SheepDog-One
SheepDog-One's picture

This doesnt make sense! Bernanke CLEARLY said no one wants to buy silver or gold, they want to use FRN's to buy stocks. US Mint *fail*

<sarc off>

Mon, 05/02/2011 - 15:22 | 1231128 TruthInSunshine
TruthInSunshine's picture

Well, gold is a "barbarous relic," don't you know?

I wipe my ass with fine 75% cotton/25% linen.

Mon, 05/02/2011 - 15:16 | 1231108 aphlaque_duck
aphlaque_duck's picture

This is a "fuck you" response to Ron Paul's complaint that the mint is not addressing demand.  So now they're happy to sell an "unlimited" number of coins - at a $400 premium.

Mon, 05/02/2011 - 15:20 | 1231116 lieutenantjohnchard
lieutenantjohnchard's picture

i paid a huge premium for $1 silver proofs in december 2010. they're $20 higher than where i paid for them 5 months ago. not saying it'll happen again. but they sure are fun to look at for 30 seconds before going into the safe for eternity.

Mon, 05/02/2011 - 15:33 | 1231153 RockyRacoon
RockyRacoon's picture

Proofs still have a premium above the bullion products.   I recently sold another dealer all my proof eagles, including several original Mint boxes of proof silver eagles (they are in boxes of 5 from the Mint), from the mid 1990s vintage for $52 each.  My cost in the 90s was $12 to $14 each.   Why sell?   Take the fiat and trade it for pure bullion eagles.  It's a strategic move rather than a "trading" move.   I'd rather have more silver in the cheapest form as opposed to the numismatic value of the proofs.  As the value of silver rises, the spreads for numismatic value narrows.   This holds true for other coins like better, graded Morgans.

Mon, 05/02/2011 - 15:44 | 1231231 lieutenantjohnchard
lieutenantjohnchard's picture

good points.

Mon, 05/02/2011 - 15:58 | 1231312 Cognitive Dissonance
Cognitive Dissonance's picture

RR,

I hold almost all pure bullion products and I wanted to purchase some (proof) numismatic issues for diversification. When you pointed me towards those 2010 US Mint 5 quarter proofs at near spot I grabbed a wheelbarrow full. Many thanks. It was a great way to buy proofs at near spot without the normal premium.

You are still my favorite coon. I'll leave the light on anytime you wish to raid my garbage can. :>)

Mon, 05/02/2011 - 17:36 | 1231790 RockyRacoon
RockyRacoon's picture

I like leftovers from rich folk like you!  Just don't dump coffee grounds all over everything.  They say coons wash their food -- but that's your fault.

Mon, 05/02/2011 - 16:13 | 1231323 TomJoad
TomJoad's picture

I have been watching the close in numismatic spread, still going to hang onto my hoard of fractional 2008 Buffalo proofs though (all direct from the mint), didn't do too bad on the 2009 UHR's in MS 70 at sub $1400 either. Not something you want to dabble in unless you have some idea what you are doing though. At the end of the day, however, it is still gold (or silver) and graded numismatics may be somewhat more confiscation resistant than straight bullion. Not that I won't go all "...cold, dead hand." regardless.

Mon, 05/02/2011 - 17:39 | 1231801 RockyRacoon
RockyRacoon's picture

Your strategy appears to be very sound.   No Mint products in proof version or in Mint packaging will ever be confiscated.    Many not in the business don't realize it but there are some very sympathetic ears in Congress for the numismatist.   Many things will be excluded in a confiscation scenario, as well as sell/buy rules being looser than we'd think.

Mon, 05/02/2011 - 15:18 | 1231117 faustian bargain
faustian bargain's picture

I'd like to know if they are using gold they have on hand, or if they're procuring it somewhere.

Mon, 05/02/2011 - 16:17 | 1231376 Cognitive Dissonance
Cognitive Dissonance's picture

Meth Man: "They are digging it out of the ground for $5 an ounce."

Does that answer your question? :>)

(Yes I know Meth Man was talking about Silver, but I just couldn't resist.)

Mon, 05/02/2011 - 15:22 | 1231126 RobotTrader
RobotTrader's picture

PSLV now at LOD....

SLV about to bust down through $45.

Tom O'Brien must be especially ebullient today.

Mon, 05/02/2011 - 15:31 | 1231169 Richard Head
Richard Head's picture

Who's Tom O'Brien? 

Mon, 05/02/2011 - 15:24 | 1231136 SheepDog-One
SheepDog-One's picture

Hmm no thanks, I guess if I want some 1 oz gold I'll pay pay the regular price at the dealer. They can take $400 over spot and cram it.

Mon, 05/02/2011 - 16:56 | 1231586 DollarMenu
DollarMenu's picture

Where is this $400 over spot coming from?

Spot now is around $1545 and the Mint price list for that is $1778 + $5 for shipping.  That's a $238 premium.

And, as RR pointed out, this is a numismatic coin - special blanks, encapsulation and provenance.

The Mint takes credit cards and so many will get cash back on their purchase.

Past purchases of Mint PM offerings have proved profitable over time, even though maybe not the ultimate nickel squeeze most aspire to with every

moment of their existence.

For others, it's an easy way to put something away for the great-grand kids. 

Mon, 05/02/2011 - 17:42 | 1231811 RockyRacoon
RockyRacoon's picture

Good thinking.  $1,700 to $1,800 might look cheap soon enough.

The premiums for the numismatic versions will stay with the coins at least until Mad Max wants to trade for a gallon of gasoline -- then the premium will vaporize!

Mon, 05/02/2011 - 21:09 | 1232459 RockyRacoon
RockyRacoon's picture

Take note Mr. SheepDog:

The 2009 Ultra High Relief Double Eagle Gold Coin went on sale January 22, 2009, had no maximum mintage, was initially priced at $1,189 per coin, and limited of one per household. Opening day sales were 28,173 coins. After four days, sales reached 40,727. More than six months after the start of sales, the ordering limit was increased to ten coins, later increased further, and eventually removed.

The premium for this coin was INSANE!  But it sold anyhow.  So -- how does a 1 ounce, limited issue, blazing nice, coin for $1,189 sound to you TODAY?

Everyone here should have backed up the truck.   This short-sighted bullshit over premiums is nonsense.   Making money today over yesterday's price is just crazy thinking.

Mon, 05/02/2011 - 15:25 | 1231150 Ancona
Ancona's picture

JP Morgan will find a way to short US Eagles and make their value fall

sarcasm off:

Mon, 05/02/2011 - 15:30 | 1231172 Saxxon
Saxxon's picture

Coin dealers do shows up here in VA clubhouses, etc. in Northern California.  I already have enough but if I want more bullion, that is where I will go.

Cash will get you whatever you want, from people who respect coins and privacy if that is your concern.  You can find sub-apmex deals, sometimes coins at spot.

Mon, 05/02/2011 - 15:30 | 1231175 mynhair
mynhair's picture

Ok, who farted?

 

Sellllll!

Mon, 05/02/2011 - 15:42 | 1231187 Diogenes
Diogenes's picture

Wonder if any news media analyst will point out that a coin worth $20 in 1933 now sells for $1800 representing a fall in value of paper money of 90%?

Mon, 05/02/2011 - 15:38 | 1231201 ivars
ivars's picture

Dollar plummeting does not seem to have any positive effect on silver...

Here we go again. Silver is crashing to 30, during May: (the chart is so old and bit off in timing,  its already boring, but its still valid):

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a&sta...

Mon, 05/02/2011 - 15:41 | 1231205 Diogenes
Diogenes's picture

In other words if your grand father turned in his gold in 1933 as required by law, he would have got two ten dollar bills for each $20 gold piece.

If you want to buy his gold back they will sell you a $20 gold piece of the same size and weight but you will have to give them 180 ten dollar bills.

Mon, 05/02/2011 - 15:42 | 1231221 RobotTrader
RobotTrader's picture

Wow, what a wipeout in SLV today.

I didn't expect such carnage.

Mon, 05/02/2011 - 15:51 | 1231261 trav7777
trav7777's picture

where is tmosely-claven to tell everybody to buy buy buy buy with both hands?

All the technicals showed silver was grossly overbought.  The midday spike in gold, up 20 then back down 20 is a bizarre chart.  topping hammer or tombstone doji.  We'll see how the price action looks in the coming days.  But for now, SLV was utterly CRUSHED on 4x avg volume

Mon, 05/02/2011 - 16:05 | 1231341 topcallingtroll
topcallingtroll's picture

Troll.

Hehehe

Mon, 05/02/2011 - 16:10 | 1231347 tmosley
tmosley's picture

Awww, are you still butthurt over the thrashing I gave you over the nuclear crisis in Japan?

Get over it.  

If these prices are still available in a couple of weeks, I will be buying more.  I'm out of dry powder at the moment.

Mon, 05/02/2011 - 16:32 | 1231459 trav7777
trav7777's picture

ROTFL...and by "dry powder," you mean brains, right?

By the way, we're like a month overdue for "everyone in Tokyo to be either dead or evacuated short of a Berlin airdrop."

NOTHING you ever say comes true or is even close to factually correct.

You are a complete idiot and a laughable fool.

Mon, 05/02/2011 - 15:51 | 1231270 nlude80
nlude80's picture

For what it is worth, and I am not sure if it is available to anyone or if you need an invite, but ebay emailed me a week ago with a promotion for Win7 and IE9. If you download IE9 and pin ebay to your taskbar in Win7, you get 10 ppercent ebay bucks for any purchase bought by accessing througjh the pin from now until May 18. Limited to $200 per transaction and $500 total ebay bucks in a quarter. Long story short, I bought a 2011 gold eagle MS70 from secured bullion this past weekend for $1725 shipped. Take 10% ebay bucks, 2% credit card cash back and a $5 bonus ebay bucks for first purchase and it cost me just over $1500. I bought a lot of pm below spot this past weekend. My $500 credit had been met, so feel free to look into it since I will no longer be competing on the bids. ;-)

Mon, 05/02/2011 - 15:56 | 1231288 RockyRacoon
RockyRacoon's picture

There was a similar thing with Bing when it came out.  A 10% discount for searches that resulted in purchases.   I loaded up on a lot of silver off eBay with 10% off.   Nice deal.  I forget the max but I think it was up to $2,000 in discounts.

Mon, 05/02/2011 - 15:58 | 1231296 MrSteve
MrSteve's picture

I could be mistaken, but I'm sure the only coins you can buy from the Mint are overpriced proof finish coins ($1780/oz). Anyone who qualifies as a direct buyer must buy 1000 ounce minimum for gold coins.

http://www.usmint.gov/consumer/index.cfm?action=AmericanEagles

Obiwon to Imperial troopers-"these are not the gold bitches you're looking for...."

Affectionately,

Long-time U.S.Mint mail order customer

Mon, 05/02/2011 - 16:41 | 1231521 Instant Karma
Instant Karma's picture

Ummm...Not sure I get the title to article. In fact, the uncirculated gold Eagles were not produced in 2009 or 2010 due to the mint struggling to keep up with demand for regular strike bulllion Eagles. It's great that the mint is bringing back the uncirculated gold Eagle for 2011, no order limit. The silver Eagle sold out in a day just last week.

Mon, 05/02/2011 - 17:16 | 1231692 DoChenRollingBearing
DoChenRollingBearing's picture

PRESS RELEASE

===========

 

The Central Bank of DoChenRollingBearing is pleased to announce the exchange of Silver Eagles for Gold Eagles in addition to purchasing more with FR confetti.  This the largest amount of gold ever purchased at one time in the Central Bank's history.

This of course ensures that we are at a near a top (sorry, topcallingtroll).

Mon, 05/02/2011 - 17:46 | 1231817 Hephasteus
Hephasteus's picture

Ahmmm. You got the curse now. The curse of the chumbawumba chupacabre chilli con carne chilope.

You are doomed now. Doomed to live outside the warm embrace of central bank approval.

DOOOOMMMEDDD!!

Do NOT follow this link or you will be banned from the site!