You know something is worth a lot when the person selling it to you charges you far more than what prices are “supposed” to be.
The US Mint has been selling out of American Eagle Silver Ounce coins and the one-tenth ounce gold proof coins. Now that they’re back and ready to sell, they’re not only limiting production, but they’re putting a crazy premium on the coins.
Silver’s current spot price is $22.48 per ounce.
Here’s the US Mint’s featured item, a 2013 American Eagle One Ounce Silver Uncirculated Coin:
Not bad! Only 117% over spot price…
But wait, if you buy the collectors’ edition:
That’s only 157% over spot price. Oh, that doesn’t include shipping and handling fees.
Well, what if you want gold?
Not bad! The One-Tenth ounce gold proof coins are only 35% over spot. Oh, wait…shipping and handling fees.
Wait, there’s more:
Turns out that the coins aren’t even pure gold. You only get 91.67% in gold, 3.0% in silver, and 5.33% of copper. At least you get a protective plastic case and a piece of paper with it…
Put a stamp on a precious metal and charge a premium by calling it a collectors item. What a way to make money! Oh wait, here’s a better idea…
Lets put some ink on a piece of paper…
