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Don’t Pay ‘Outrageous’ Prices

January 28, 2013 by  

Dear Bob,

I called National Bullion and Currency Depository on Jan 11th to order some of the $5 gold eagles.  Jason White took my order.  He informed me that they were sold out but I could get the $10 gold eagle for the same price per oz which was $840 for each of the $10 coins.  I then put an order in for 6 of the 1/2 oz coins for a total of $5040 + $20.00 S & H.  I received my order today, but they must have gotten something screwed up.

What I received was:

 

Qty Description Amount
1 2004 $10 gold eagle proof 70 1225.00
1 2006 $25 gold eagle MS 70 2056.00
2 $25 gold eagle – bullion 1680.00
Shipping and handling 20.00
TOTAL $4981.00

 

I don’t buy numismatic coins but even if I did, their prices are outrageous.  I could buy a 2006 1/2 oz Gold American Eagle MS-70 PCGS (First Strike) from APEMX for $999.90.  I will call Jason tomorrow to cancel the order.  I expect them to arrange to have Fed Ex, UPS or USPS pick this order up from my house and give me full credit of the $4981.00.  I would be willing to keep the two, 1/2 oz bullion coins for $840 each and pay the $20.00 S&H.  Or what would you suggest?  I definitely don’t want the numismatic coins.

L.J. M.

Dear L.J.M.,

I would send them back, keeping the ½ ounce if they agree. Then I would find a local dealer who is reputable and established and make a purchase from them for the other coins you want. You are correct in that you don’t want numismatics.

Best wishes,

Bob

Filed Under: Asset and Wealth Protection, Investing, Questions For Bob
Bob Livingston

is an ultra-conservative American who has been writing a newsletter since 1969. Bob has devoted much of his life to research and the quest for truth on a variety of subjects. Bob specializes in health issues such as nutritional supplements and alternatives to drugs, as well as issues of privacy (both personal and financial), asset protection and the preservation of freedom.

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  • Proteus1946

    If you really just want Gold or Silver coins, why don’t you just buy them direct from the US Mint? You can get either ‘Proof’ or ‘Uncirculated’, .999 fine metal coins every year (some limits on quantity apply). You can even get a subscription for issue coins so you get the coins every year upon issue. Why are you even wanting to pay for the profit of a third-party dealer? Here’s the web address to the US Mint: http://www.usmint.gov/

    If it is ‘just’ the metal you want (like investing), you can buy one ounce ‘Silver Trade Units’ or ‘Rounds’ (other weights available up to 100 ozs), and they pay the shipping! One oz Silver Round (.999 Ag) today (1/28/13) costs $32.64 (50-99 quantity). Buy back for $31.00 (buy back is today’s price, 1 oz minimum). Buy/Sell prices can change by the day, depending on spot prices. Bullion Gold coins also available ($20 Double Eagle BULLION coin is $1750.86). Here’s their web address: http://bullion.nwtmint.com/ (NorthWest Territorial Mint). I’ve done business with them, and they are good people.

  • Incredulous1

    I’ve used and like APMEX but Provident Metals has lower premiums and lower shipping costs.

  • Strightothepoint 2012

    Give APMEX a try,Or provident metals,Mint Ptroducts.com. I’ve done business with them all.Good Luck in the future!!!

  • Mr Diesel

    Funny, I have purchased a few online from APMEX and always get prompt service and what I pay for.

    • Jan Scallan

      I agree. APMEX has always delivered exactly what I ordered and at reasonable prices for years

    • Tigerous

      Likewise for JM Bullion

  • steve

    this is why you don’t buy things like gold on-line. buy them in person .then you see what your getting. you only have yourself to blame. your too trusting.

    • Incredulous1

      Every “face” I’ve tried to buy from has insisted on ridiculous high premiums – some as much as twice the premium at APMEX. And Provident Metals is less than APMEX. Have done business with both – 100% approval for both.

  • Dave

    Make sure to check the coins for “tungsten specials” as well……

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