Who's Buying These Coins?I just watched a commercial for gold coins. It's been around for quite some time and it plays every once in a while.
It's the one for a gold plated buffalo proof coin. It is privately minted so it has no actual value as a monetary unit. They throw around a bunch of numbers during the commercial. I think this is an attempt to confuse people into thinking the coin is worth something. But here's the value of it.
It's plated in 14 mg 24k gold. Today, the price of gold is about $1,573 an ounce. 14 mg off this price is worth about 77 cents.
The coin is selling for $10 ( + s/h). But the gold is the only value of the coin.
So whoever is buying this coin is paying $10 for 77 cents worth of gold. So who are the people buying this thing?