Us Coin Collecting Pricing
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buying gold coins off the TV,not for collecting, but for future profit?
I remember my (extremely gullible) dad had bought into the whole Iraqi Dinar scam, a few years ago (Big time, 1500 Us dollars worth)
he bought Gold coins off the television this time because they promised that the value of the coins were going to rise greatly
OF course even if the price of gold went up, where the hell would he sell it, And OF COURSE theres no way to verify whether the tv scamsters set a fair price (of course not, or they wouldnt make money!)
so did my dad get 100% scammed again?
he thinks he is so smart haha, cant talk him out of anything
and btw, gold coin dealers only pay like 80 or 90% of the actual coin value from what i read now.
To buy and sell gold for profit, you must understand that prices change over time.
You can check “spot” prices anytime:
http://www.kitco.com/
At the moment, Bid/Ask prices are $815.70US / $817.70 per troy ounce. There are 31.1 grams in a troy ounce.
Only two things about a gold object matter when evaluating it for it’s gold content: Weight and purity. Weight should be straightforward, if the object is not labeled as to weight, you can weigh it. The purity should also be labeled, either as a 3-digit decimal fraction, .999 or some such, or as a “K” rating. Pure gold is .999 or 24K, .958 or 23K is 23 parts gold, and 1 part something else,.916 or 22K is 22 parts gold, and 2 parts something else, and so on.
Spot price is a funny number. When you are buying gold, some people will charge a little over spot, some people will charge a lot over spot, but nobody will charge you less than spot. When you are selling gold, some people will offer you a little under spot, some people will offer you a lot under spot, but nobody will offer you more than spot.
So you can check the coins, and you will probably find that the seller charged you a premium over spot. I expect gold prices to increase over the next few years, due to inflation, so you may do well yet.
Grandpa
My Old Coin And Rare Coin Collection
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