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Wholesale Direct Metals, Inc., quotes on American Eagle Gold Proof coins validation.
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10/13/2010 5:05 AM (PST)

How can I check a quoted value, provided by Wholesale Direct Metals, Inc., on American Eagle Proof Gold Coins for myself? Has anyone done this checking with Wholesale Direct Metals, Inc?

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10/13/2010 11:55 AM (PST)

Bonnie, Is there a particular reason why you want to purchase American Proof Gold Eagle's. If you are just wanting to hedge against inflation; you want to purchase US Mint Gold Eagles; the premiums and spreads on a proof coin can be as much as 50% to 60% higher than if you invest in 1 ounce bullion bars or US mint Eagles. Try checking your prices at the Bullion Vault. Be sure and ask whatever company you are dealing with what they will be charging you for both the premium and the spread. GOTO the Professional Numismatics Guild [PNG] website and read what information you can find there. Here is a general website of various Numismatic associations that you can also check with. http://www.limunltd.com/numismatica/internet-resources/www-hobby.html Cheers, Francine

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10/14/2010 10:14 AM (PST)

Bonnie,

You can click the links above for the BBB Report and TrustLink Reviews for Wholesale Direct Metals, they have a clean BBB record and good Reviews.

I'm going to include the below information in response to both of your posts, since they are related:

One can ascertain the value of Gold Eagle coins or other gold coins sold by the U S Mint by inquiring with a local stamp and coin shop. Coins produced by the mint usually sell at the spot price of gold plus a premium of about 5 percent. Right now, gold is selling for around 1,350 per ounce and most of the coins contain one ounce of gold. Older gold coins will sell at a much higher premium which reflects the rarity of the coin etc.

Gold coins aren’t the best way to invest in precious metals. A much more direct approach and one that gives the investor the most options if they want to liquidate is to invest in exchange traded funds that track the price of gold etc. There are also mutual funds that do this kind of thing. Investments like this are pegged to the spot price of gold and the buyer isn’t paying a premium.

The companies that advertise gold investments usually sell gold coins and the coins are marked up quite a bit. In essence, people are paying the retail price of the coins and when they sell them, they’ll sell at the wholesale price. In other words, to make money, the price of gold will have to rise significantly.

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10/18/2010 10:13 AM (PST)

dts:
Since I invested in the Gold American Eagle Proofs, they have said that the value of these has gone down significantly, even though the cost of gold has gone up, and not to worry because this should be considered a long-term investment. BUT, I have lost approximtely $35,000.00 in that since April!!! Something to me doesn't sound right. I have tried to check with the Certified Coin Exchange but cannot get an answer, not being a member. Do you know what options I have? Should I voice a complaint at the Better Business Bureau?
Sincerely,
Bonnie.

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10/20/2010 11:12 AM (PST)

Bonnie,

I'm sorry to hear about your apparent loss, this kind of hearkens back to the general advice I gave in my initial response above. It's normal to see a big difference between the retail and wholesale prices of the coins, but I don't know how significant the figure you're giving is relative to the quantity you purchased. If you feel mislead or are unable to communicate with the company about your concerns, filing a BBB complaint is an option.

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