Author Topic: Accidentally purchased an extra 2016  (Read 1839 times)

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Offline Human

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Accidentally purchased an extra 2016
« on: July 16, 2017, 01:47:08 AM »
I'm not the most flush with cash in the world, so it was slightly disheartening when I looked at my collection of gold only to notice I purchased a second 2016 gold 1/10 OZ panda. Does anyone have some advice for me on when and where to sell it?

I don't really trust eBay to sell gold, and I have a feeling if I wait I could get more then I put into it. ( Paid 159 USD )

Online KeepOnTrying!

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Re: Accidentally purchased an extra 2016
« Reply #1 on: July 16, 2017, 05:45:05 AM »
You can't sell it here.
KeepOnTrying and Never Give Up!
That lion is also after you!

Offline Human

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Re: Accidentally purchased an extra 2016
« Reply #2 on: July 16, 2017, 06:40:05 AM »
That is truly Fantastic, however that also wasn't my question.

Offline Mirkkanen

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Re: Accidentally purchased an extra 2016
« Reply #3 on: July 16, 2017, 01:17:46 PM »
That is truly Fantastic, however that also wasn't my question.

LOL, maybe Craigslist? A local coin shop will surely not give you anywhere near $160. Do you belong to any other forums?

Offline Human

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Re: Accidentally purchased an extra 2016
« Reply #4 on: July 16, 2017, 04:33:39 PM »
LOL, maybe Craigslist? A local coin shop will surely not give you anywhere near $160. Do you belong to any other forums?

Well I guess I have no choice but with eBay, but if I wait do you think it would rise in price? For example I thought the 2015 was over 200 now. I guess it's as good a place as ever, I just would rather make a few bucks since they are numismatic coins.

Offline Human

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Re: Accidentally purchased an extra 2016
« Reply #5 on: July 16, 2017, 05:53:00 PM »
LOL, maybe Craigslist? A local coin shop will surely not give you anywhere near $160. Do you belong to any other forums?

No other forums, so I guess the only question is when to sell. I'm not desperate for money, won't the stocks disappear soon enough? Then I can at least make money instead of lose money.

Offline pandamonium

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Re: Accidentally purchased an extra 2016
« Reply #6 on: July 16, 2017, 06:43:00 PM »
Keep it and be patient......price of gold/silver cannot be manipulated forever...

Offline Human

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Re: Accidentally purchased an extra 2016
« Reply #7 on: July 16, 2017, 08:29:11 PM »
I would sell it for an increased numismatic amount then repurchase gold bullion at spot price. I'm not really a big fan of panda for gold weight especially since they are giving you less gold for more.

Offline Human

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Re: Accidentally purchased an extra 2016
« Reply #8 on: July 16, 2017, 08:29:48 PM »
When do you think the stocks will go out of the 2016? They seem to be more resistant than the 2015 were.

Offline pandamonium

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Re: Accidentally purchased an extra 2016
« Reply #9 on: July 16, 2017, 09:25:26 PM »
I am a big fan of all pandas gold/silver/etc.     China is a rich country now as the corrupt US gave them our manufacturing thanks to Bush senior who wrote up the NAFTA agreement.   China makes wealth and owns the gold while the US produces debt and the derivative bomb.    That is why so many of us collect Chinese coins/medals.   
Have no idea when stocks will fall but they will.   Precious metal prices are manipulated by the use of paper gold/silver at the London Gold Price Fix.   It used to be about 100 oz of paper gold/silver for each physical oz of real gold/silver or 100 to 1 ratio.    Now articles say it is a 500 to 1 ratio.    The gold price will soon be controlled by the East, Hong Kong Gold Exhange and possibly the Shanghai Gold Exchange.   The East will base price on physical gold not paper as the West has for years.   It is obvious.   Suggested reading...
Goldseek or silverseek
Financial sense online by Jim Puplava
Dollarcollapse.com  ....click breaking news, precious metals....
King World News
Dave Hodges Common Sense Show
Steve Quayle
Watch FOX news on TV
Many other online sites including past links/comments on this forum all say the same thing.    Go back and read them.   Who cares if a bullion troy oz of gold is 31.1 grams while Chinese gold is 30 grams?    Keep ALL of your gold/silver minted in China.   You have some reading to do to get on board w/ the rest of this forum.....

Offline Human

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Re: Accidentally purchased an extra 2016
« Reply #10 on: July 16, 2017, 09:40:47 PM »
I appreciate your response, but do you believe China would care for Chinese gold more than other counties gold as long as its 24K .999+, Australian gold, German etc? I don't care where my gold comes from, just as long as I have a bunch of it in 24K form.

Offline pandamonium

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Re: Accidentally purchased an extra 2016
« Reply #11 on: July 16, 2017, 09:48:53 PM »
China is going to buy back their own gold first before other countries' fancy bullion gold and China will pay a premium.    2016 gold is high mintage but it is still Chinese.    The majority on this forum understand China is rich and we are soon going to enter into the Chinese collectible market.     Many here sell ALL bullion to buy Chinese mostly early years, varieties, etc.    Yours is paid for so keep it.    You have a lot of reading to do.    Read first then ask questions.......

Offline Human

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Re: Accidentally purchased an extra 2016
« Reply #12 on: July 16, 2017, 09:51:51 PM »
Alright well thanks for your time and understanding through your own perspective. I guess good thing is I don't own gold less than 24K, I've heard the Asian market  doesn't  really care for any gold under 999 at all. So it could have been worse for me lol

Offline pandamonium

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Re: Accidentally purchased an extra 2016
« Reply #13 on: July 16, 2017, 11:17:56 PM »
You may want to join a bullion forum.     This forum is for those that get the picture and love to collect Chinese......

Offline Human

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Re: Accidentally purchased an extra 2016
« Reply #14 on: July 16, 2017, 11:20:04 PM »
I collect Chinese gold and regular gold, there's no reason I cannot do both. I belong to multiple forums and came to this one for advice concerning a Chinese gold coin. Hence me being here.

Just because I don't sell all my non Chinese gold and start paying premium for overpriced Chinese gold doesn't mean you get to kick me out. I collect a Chinese coin annually, and would frankly rather a 50 gram nugget than some extremely overpriced fractional gold piece because they are deemed a " rarity. "

Offline Mirkkanen

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Re: Accidentally purchased an extra 2016
« Reply #15 on: July 17, 2017, 12:27:38 AM »
I think you are misunderstanding pandemonium's intent. He's not trying to kick you out or advise you to leave. He was saying that a 2016 gold panda is really a bullion coin and that if you want to sell it or be buying bullion, your best bet is on a bullion forum, which this is definitely not. The majority of items bought sold or traded here go for between 2 and 10 times the value of their gold content.

Offline poconopenn

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Re: Accidentally purchased an extra 2016
« Reply #16 on: July 17, 2017, 12:34:44 AM »
Welcome to the forum.

This is a friendly forum and we welcome to share information about Chinese coins. IMO, this is the best forum for Chinese panda coins and there are many information in the old threads will help you to gain the knowledge about investment/collecting pandas. Post-2012 Silver panda and gold pandas are considered as bullion, due to their high mintages.

Apparently somebody gives you a negative karma.  Here is +1 for you.

Offline KeyDate1/2ozPandas

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Re: Accidentally purchased an extra 2016
« Reply #17 on: July 17, 2017, 12:43:13 AM »
The the dealer bid currently is $128 and ask is $138 for 2016 1/10oz.  Ebay is probably the best place to sell the coin.  IMHO the coin has almost no potential for numismatic premium increase in the next 5 years, maybe in 10-20 years the spread may increase.  So if your plan is to reinvest the proceeds into more bullion just put it out on ebay for $5-$10 higher than market price and wait patiently for someone to buy it when they are giving away 10% ebay bucks.

Unfortunately gold pandas issued after 2012 are essentially bullion due to super high mintages and my advice to anyone holding coins past 2011 is to SELL unless they are holding them for bullion position.  Even if you are holding for bullion position, there so many better options out there from the 2000s and 1980s that have much more potential than the new coins. 

If you are going to be a bullion collector, you should focus on low premium gold that is highly liquid, best option is 0.9999 gold buffalos, they are bid at $12 over melt and sold at $28 over melt, with small spread of $16 they are the best spread out there.  The other option is GLD etf, which has almost no spread but 0.4% annual maintenance slippage.

My strategy is the opposite of yours, I don't believe gold will rise in the future, but highly numismatic coins will do well.  The future of investments will be digital currencies, electronic markets (stocks, futures), income producing assets and rare collectibles (numismatic coins).  Everything that could have taken gold to $3000 and higher has happened, yet gold is struggling to hold $1200, I made a decision this spring to liquidate my entire bullion related inventory and invest the proceeds into high premium numismatic coins, simply because the opportunity to buy numismatic coins in the last three months has been at multi year highs, but now it has finally dried up.

Stick around you may learn something new and change your investment strategy.

Offline Human

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Re: Accidentally purchased an extra 2016
« Reply #18 on: July 17, 2017, 02:06:27 AM »
Thanks for everyone's response, the karma, and especially your great detail keydate.
To be totally honest I don't consider myself an investor when it comes to gold, I just love gold, it's one of my flaws considering the methods the human race uses and energy that goes into harvesting it.

However,
Just a few things about myself and gold in general, regardless of its origin.
I just like how it looks and feels, most importantly I look at it as more of a monetary placeholder rather than something that will grow exponentially. Kind of like a rock, you know it will be a rock tomorrow and the next day. However  If it fell to 600 USD an OZ out of the blue then sure the jokes on me, but I would just increase my purchasing of it.

I'm not against the concept of the collection of numismatic rare coins and currency. A long time ago I collected certain kinds of paper currency  and silver bullion, but I just grew tired of it.

Nothing is nicer to me than a nice poured gold bullion bar, button, or coin. I do see some older pandas pop up in eBay and apmex from time to time, with low mintages, for a relatively decent price. However I am a perfectionist, and it's just not relaxing to me to hunt for perfect coins, in fact it actually tears at me.

For example I have been collecting sebenza knives before, I'm not sure if you're familiar but they can come with different inlays, steels, " birth " dates and so on, and I am so picky it's just not relaxing anymore.

What relaxes me about gold is I don't care if there's a tiny chip in it ( well part of me does ) but it doesn't impact its metal weight, I don't have to worry over cosmetics, storage, or marks and scuffs. Another flaw of mine.

I realize I could just purchase ms 70 pandas, or have them graded etc, but I've even heard of coins developing spotting after grading and sealing, I contacted PCGS way back when I was interested in the numismatic side of things, and they did say they could not assure me of anything due to spotting. I don't remember the specifics, but it was enough to drive me crazy, I could foresee myself now just looking over my collection with a jewelry magnifier and getting annoyed over every little scuff, mark, or blemish I would believe could impact resell value.

Gold is gold to me, it can be scuffed up or have an imperfection and as long as the weight is right I'm good.

I wish I got into pandas sooner, I literally started the year they switched ( so my first coin has no identification of purity or weight on it ) and I just continued ever since. I realize they are poor investments which is why I only buy one for a " collection " ungraded, just sealed in mint packaging.

I guess your suggestion makes the most sense, plop on eBay for a reasonable price.

Edit: the only point really to my question was would it go up in value on the secondary market anytime soon, you answered that. I believe apmex values my 2015 at around 200 - 230 ? However I never looked at any actual sales of the 2015 1/10. I thought I didn't have the 2016, but it was the 2017 I actually didn't have. I just enjoy the designs of them.