Precious Metals

I found this in my drafts folder from several months ago. I thought I’d already published it. My apologies.

I’ve slowly started to acquire gold and silver bullion after exiting the market a couple years back right in the middle of a downturn. Like a dumbass. Trump had the economy cooking, and I naively believed it would continue, further depressing metal cost. Anyway. It seems to be the most liquid method of wealth preservation available, and I see no way out of the inflationary situation we currently find ourselves in, and no votes will ever truly matter anymore, so…

A few months ago, I responded to an advertisement in my American Legion magazine. Nationwide Coin and Bullion offered a once-per-household deal of a one ounce gold American Eagle coin at what they claimed was wholesale cost (metal spot price, no premium). Whether true wholesale cost or not, it was a good deal since current premiums on those start at $100 and add another three to four percent to the total if one uses a credit card. Call it just short of $200 above spot for a single coin paid by credit card.

Having received my coin in good condition and as advertised, I was happy. Today I decided that I could perhaps afford another. I usually deal with APMEX or a local dealer/refiner, but decided to call Nationwide and see what they could do for me. They’ve been calling, sending regular advertisements, and selling my name and address to other idiots like the PCS guys I wrote about a while back. I decided to see if they deserved to have me as a regular customer. It turns out that they are precisely like the aforementioned idiots.

First of all, they only sell American coins, “because of the Chinese counterfeit problem” according to the asshole who answered the phone. Yeah, there are lots of counterfeits of Chinese origin out there, but even the good ones aren’t that difficult to identify if you have a good tester. Which any company that can afford to advertise in a national veteran’s publication should have. But whatever. I like Eagles, I’m just not exclusive to them.

Their price is $300 above spot. Any quantity, any payment method, spot plus three hundred bucks. No discount for cash payment or for bulk purchases. But shipping is included. (They say free, but nothing is free. TANSTAAFL. It’s included.) Right now a single Eagle from APMEX paid via credit card is $195 above spot, including shipping. Pay by check or wire and that $195 becomes $115. If one has the means to buy 100 or more, it’s $99.95 above spot, with intermediate discounts at 10+ and 20+ coins. But the point remains. I can pay APMEX $115 or NCB $300.

I called my local guy. Spot plus $90, and add $60 more if I insist on paying via PayPal (he doesn’t do credit cards directly). He didn’t have any on hand, but no problem getting as many as I would want. I didn’t make a purchase anywhere, but I figure I’ll stick with my local guy. He also refines and has been in the business for over twenty years. Pretty sure I can trust him not to sell me anything but the real deal.

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