Did The System Collapse?
LAST GRAPH UPDATE: 10/28/20 @ 7:20 PM EST.
Spot Price (Goldprice.org): $1,877.43
Physical Price (Ebay Lowest Buy Now Price From Dealer Selling Multiple Coins in quantities of more than 10) – APMEX – $2,022.79
Dollar Premium: $145.36
Premium Percentage (Physical/Spot): 7.74%
Second lowest price dealer selling in quantity is Liberty Coin: $2,024.14/7.81% Premium).
Since the Corona Virus Pandemic Scare started making headlines, the premium on physical gold has increased phenomenally. I used to be able to get a 1 ounce Gold Eagle for about $75.00 over spot. Now, I usually have to pay more than $200 over spot – at least until lately (see Recent Developments below).
You could have purchased a 2011 Gold Proof Eagle in Box on December 8, 2019 for $1,540.88 when the spot price was $1,459.10. This was $81.78 over spot which represented a 5.6% premium.
Times have undoubtedly changed …
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RECENT DEVELOPMENTS IN THE PHYSICAL GOLD MARKET
- Notice in early April that there were several large dips in premium. These were daily dealer specials which have not appeared since.
- The physical premium hit a high on 4/21/20 – $232.27/13.77%
- On 4/29/20 the premium price fell below $200.00 per ounce and has remained there since.
- On 4/29/20 the premium percentage fell below 12%.
- Since 5/6/20 the premium percentage has been below 11%.
- On 5/10/20 the premium percentage went below 10% and, despite a brief move back above (on the mornings of 5/12/20 & 5/13/20), it is now back below 10%.
- On the morning of 5/25/20 the premium went back above 10%.
- On the afternoon of 5/26/20 Pinehurst Coin offered a “daily deal” which brought the premium back under 10%. The “deal” continued into 5/27 when Liberty Coin undercut Pinehurst bringing the premium even lower It has now dipped below 9%.
- The premium went back above 9% on 5/31/20 but didn’t stay there long as the very next day it dipped below.
- The premium went below 8% for the first time on 6/8/20. It danced above and below 8% for the next week or so until on 6/17/20 it settled firmly below the 8% threshold.
- The premium first went below 7% on 6/24/20 and remained there until it went below 6% on 7/1/20. It remained in the low 6% area until gold and silver started rising toward the end of July. The premium is now above 8%.
- So much has happened since I last updated this section of the website. As I type on 10/6/20, the physical gold premium has remained in the high 7% to low 8% range since the middle of August 2020. Clearly, physical premiums have remained subdued since the Corona virus scare.
- As of 10/15/20 this premium has still remained in the 7-8% range.