$1000000 Gold Coin (Precious Metals thread)

[Gemelli]

Canada's plotting to issue a BIG gold coin, 99.999% pure, and the size of a pizza!

http://www.canada.co...&k=13551&p=1

[diamondjunkie]

Chances are that it will instantly be worth more than it sells for too.  Amazing!

[annie1]

dang.... 

I don't know what else to say...

[Snooper]

Dang! I can't wait to see pics of this coin!!!

[Gemelli]

Chances are that it will instantly be worth more than it sells for too.  Amazing!

At current gold prices, it's ~$2 million (says the article); it will be interesting to see how much of a premium over bullion value it'll go for once productions stops.

Hmmm.... if I had a spare $2x10⁶.....


Speaking of bullion, I should have bought some palladium last month - prices are on the up. 

[Snooper]

I figured it would be a matter of time until palladium went up Noooo

[diamondjunkie]

They say it will be up near platinum in price at some point.

[Gemelli]

It's still pretty modest - about 5 or 10% so far (depending on how far back you're looking) after holding quite steady in the last few months (seems to be roughly tracking platinum).  Shouldn't have a huge influence on jewellery prices - yet.

I'm still trying to figure out the best way to get my hands on some physical bullion - there are palladium 1 oz. Canadian Maple Leafs, but AFAIK one still has to pay 6% tax on them, whereas gold and silver are tax-exempt.  So it's going to be a 6% hit plus whatever premium the dealer applies.  There are few dealers here in town...

I was hoping that palladium would drop below $300/oz. before heading upwards - it's a pretty volatile metal.  It's been MORE than platinum on occasion (2000 - 2001).

[Snooper]

Oh wow!!! I had no idea!

[diamondjunkie]

Sounds like a good buy - how does one go about buying precious metals?  We have an account for stocks but I don't think it allows us to buy metals.  Hmmmm.

[Gemelli]

Actually, palladium looks better than just about anything else right now....  gold, silver, platinum, and rhodium are about the highest they've been in the last 15 years.

I've heard uranium is up, too... but I don't think I'd want a pocketful of uranium coins.


DJ, you'd have to find a bullion broker if you want to get physical coins or bars - I know that there are (Swiss) companies that will hold "virtual" gold bullion on your behalf - i.e., they actually keep the bars for you, and you buy and sell electronically.  Not sure about other metals, as gold and silver are the main metals that are traded physically.  Canada does high-purity Maple Leaf bullion coins in Au, Ag, Pt, Pd (although the last aren't being currently minted).

[diamondjunkie]

Hmmmm, interesting Gemelli.  Thanks for that.  I may have to talk this over with DH at the weekend.

[Snooper]

Very interesting... I can see the wheels turning

[diamondjunkie]

I told DH a few years back when gold was at a low that we should have put our money into it - gold ALWAYS swings back up.  It's very annoying to be looking at today's prices and knowing we could have made a pretty penny but did he listen to me?  NNNNNOOOOO!  I think he could redeem himself with Palladium........

[Gemelli]

I've got a gold Maple Leaf that my grandma gave me that I've considered rolling over into Pd, but will probably hang onto (sentimental value).  I think she bought it the last time gold was up, so it hasn't really increased in value.

DJ, based on historical prices, there looks to be a good return made by putting money into one metal and then switching it out when the price is right - imagine you had bought Pd at $140/oz. in 1994, rolled oz. for oz. into Pt in 2001 and then sold it when platinum peaked at $1400/oz. last November.....   


Gold was also low when Pd was up, and like you said, gold ALWAYS goes back up. 
I'm still counting on a slight drop in Pd over the short term, but that's purely because I don't want to admit that I missed the chance to buy at a low. 

[acebruin]

i have a gold coin, but it sure ain't 2 million$...   

[joia]

A friend of my husband  was a coin collector, at one time the number one collector in Portugal.  During the revolution a lot of people had their bank accounts frozen and their safe deposit boxes denied them.   He went to the bank and asked to get a coin out and they refused, he told them he was taking it to an exhibition and that it was a copper coin.  When they heard it wasn´t gold they let him go in and get out the most valuable coin in his collection.  It was worth more than all his gold coins so he was a very happy man.
Joia

[FoxyandSexy]

Holy Crap!! That's gonna be one interesting "coin"! Somebody has money to burn!

Amy

[Gemelli]

Pd's up $3 again today! 

[luvnjewelry]

Very educational thread Gemelli.........although writing about it must have made palladium go up another $3..........

[Gemelli]

 

[acebruin]

  good one...

[Snooper]

ROTF Ronda!!!!! 

[diamondjunkie]

I'm talking this over with DH this weekend.  Very interesting.

[Gemelli]

DJ - any results?  I'm interested to hear if you and your DH have found some leads on investing in Pd.

I am still wondering about the best way to get in the market out here - need to make some calls during business hours, or find a good financial advisor.  Palladium bullion seems to be a bit of an odd duck.  I can find plenty of places to buy, but not sure if there is anyone around that will be guaranteed to buy it back.