Gold selling for $260 over spot on Ebay

[brandon]

I've been watching some auctions on ebay and gold seems to be selling wayyyy over spot. The most recent auction I watched just ended at about $260 over spot.

http://cgi.ebay.com/50-Gold-Eagle-M...=39:1|66:2|65:1|240:1318&_trksid=p3286.c0.m14

Why is gold selling so much over the spot price?

What makes the spot price move?

What is the spot price supposed to reflect, since it obviously is not reflecting the true market price for 1 oz coins?

Are 1 oz maple leaves worth about the same as american eagles?

 

[Indy Vidual]

Why is gold selling so much over the spot price?

Why?
The futures and spot markets are (or sure seem to be) artificially low.

How did this happen?

 

[Dr.3D]

Why is gold selling so much over the spot price?

Why?
The futures and spot markets are (or sure seem to be) artificially low.

How did this happen?

Probably because the COMEX is selling paper gold.

 

[wizardwatson]

Why is gold selling so much over the spot price?

Why?
The futures and spot markets are (or sure seem to be) artificially low.

How did this happen?

Let me 'splain.

This is very similar to the gas shortages experienced in the Southwest recently. The government, in order to prevent "price gouging", threatens anyone who was selling above normal prices when supply was high. Thus when supply shrank, they were forced to keep prices low, instead of raising them, so that people who actually could afford gas at the higher prices were out of gas as well as the people who wouldn't be able to afford the higher prices.

But who would pay higher prices for gas when the price gets really high? Answer: People who really needed it enough to fork over the extra cash (proper market allocation). Instead, the government intervenes, keeps prices low and everyone gets screwed. With socialist price controls, we all eat, or none of us eat. Doesn't matter if you're a saver or a spender, Uncle Stalin says we're all equal.

I think the same thing is happening in gold. The gold market is being artificially supressed. It's too cheap relative to supply and now the physical gold market has literally dried up. And people are paying real 'market' prices, privately, and on places like Ebay.

Ted Anderson was on AJ today talking about this very thing.

 

[Indy Vidual]

Probably because the COMEX is selling paper gold.

Let me 'splain.

This is very similar to the gas shortages experienced in the Southwest recently. The government, in order to prevent "price gouging", threatens anyone who was selling above normal prices when supply was high. Thus when supply shrank, they were forced to keep prices low, instead of raising them, so that people who actually could afford gas at the higher prices were out of gas as well as the people who wouldn't be able to afford the higher prices.

But who would pay higher prices for gas when the price gets really high? Answer: People who really needed it enough to fork over the extra cash (proper market allocation). Instead, the government intervenes, keeps prices low and everyone gets screwed. With socialist price controls, we all eat, or none of us eat. Doesn't matter if you're a saver or a spender, Uncle Stalin says we're all equal.

I think the same thing is happening in gold. The gold market is being artificially supressed. It's too cheap relative to supply and now the physical gold market has literally dried up. And people are paying real 'market' prices, privately, and on places like Ebay.

Ted Anderson was on AJ today talking about this very thing.

Thanks for the info.
I should have bought some when it was ~$250/OZ in the early 2000's. I wasn't paying attention back then.

 

[ryanduff]

Best part is... if you get an eBay MasterCard you don't have to make any payments until 2009!!! Invest in Gold, buy on credit... lol!!!

 

[ladyjade3]

Spot price doesn't seem to have any corelation to supply and demand. I blame ETFs. Also Schiff said something interesting. Some fund managers who have no clue about why you buy gold, have been selling gold to make up for losses elsewhere. But I think they must be selling ETF products, not physical. Otherwise there would be physical available.

If you're in the DC area, PM me. I know a place that still has eagles. 10% over spot plus tax.

 

[Dorfsmith]

Thanks for the info.
I should have bought some when it was ~$250/OZ in the early 2000's. I wasn't paying attention back then.

And to think that I sold my gold to fix my car back then :o

 

[Lord Xar]

Why are coins better to have than say, bars?

Are bars just as good to have than say, american eagles?

I am seeing these sorts of things on ebay:
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWAX:IT&item=230297951739

 

[Bruno]

Why are coins better to have than say, bars?

Are bars just as good to have than say, american eagles?

I am seeing these sorts of things on ebay:
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWAX:IT&item=230297951739

That's at least $100 overpriced.

You can buy Canadian Maples here for $55 over spot:
http://www.apmex.com/Category/21/Gold_Canadian_Maple_Leafs_2008__Prior.aspx

 

[phixion]

Why are brokers, Ted Anderson etc, selling Gold if they really believe it's going to preserve their wealth etc?

It just doesn't add up to me.

Why would Ted Anderson rather have PAPER MONEY than the Gold he actually has?

The same goes for all the big players selling gold. Why don't they hang on to it, if it's so hard to get hold of, and so valuable in these times?

Their selling point makes me wonder why they're exchanging it for fiat.

What gives.

Pete

 

[Danke]

I know a place that still has eagles. 10% over spot plus tax.

+tax.

LOL.


What a deal.

 

[brandon]

Why are brokers, Ted Anderson etc, selling Gold if they really believe it's going to preserve their wealth etc?

It just doesn't add up to me.

Why would Ted Anderson rather have PAPER MONEY than the Gold he actually has?

The same goes for all the big players selling gold. Why don't they hang on to it, if it's so hard to get hold of, and so valuable in these times?

Their selling point makes me wonder why they're exchanging it for fiat.

What gives.

Pete

Yea i wonder the same thing.

 

[Dr.3D]

Why are brokers, Ted Anderson etc, selling Gold if they really believe it's going to preserve their wealth etc?

It just doesn't add up to me.

Why would Ted Anderson rather have PAPER MONEY than the Gold he actually has?

The same goes for all the big players selling gold. Why don't they hang on to it, if it's so hard to get hold of, and so valuable in these times?

Their selling point makes me wonder why they're exchanging it for fiat.

What gives.

Pete

Probably because they are not selling their own gold.
I guess it would be sort of like asking why stores sell food when food is hard to get? (Because they are in the business of selling food.)

 

[Lord Xar]

That's at least $100 overpriced.

You can buy Canadian Maples here for $55 over spot:
http://www.apmex.com/Category/21/Gold_Canadian_Maple_Leafs_2008__Prior.aspx

well, the problem is -- delivery. Its like they hold your money until they can ship. Seems just a little squirelly to me. Could take many weeks for it to come.

 

[Bruno]

well, the problem is -- delivery. Its like they hold your money until they can ship. Seems just a little squirelly to me. Could take many weeks for it to come.

granted, you don't get it right away. but I think they have a pretty good track record from what i hear.

 

[Arklatex]

That coin sold so much over price because of it's numismatic value, it is graded and with a high grade.

 

[bluemarkets]

look at the Mint State ---> MS 70

you're going to pay a much higher premium for coins in perfect mint.

That said, it all points to the discrepancy between the paper and physical markets in both gold and silver.

 

[Deborah K]

I've been watching some auctions on ebay and gold seems to be selling wayyyy over spot. The most recent auction I watched just ended at about $260 over spot.

http://cgi.ebay.com/50-Gold-Eagle-M...=39:1|66:2|65:1|240:1318&_trksid=p3286.c0.m14

Why is gold selling so much over the spot price?

What makes the spot price move?

What is the spot price supposed to reflect, since it obviously is not reflecting the true market price for 1 oz coins?

Are 1 oz maple leaves worth about the same as american eagles?

Maple leaves are 24k - Eagles are 22k

 

[Deborah K]

If you should decide to buy numismatic coins call Andy Gause. http://www.andygause.com/
I know him and trust him. He is a really good man. He sold us our gold. He also spoke at a rally I helped organize last year in D.C. He donated all his proceeds from his book sales at the book signing we had afterward to our organization. He was on Alex Jones' show the other day. If you should call him, tell him Deborah Robinet says Hi.

Here he is again: http://www.youtube.com/watch?v=AIMB2nXWiIQ