farcical gold pricing

[Walktothewater]

The Irish central bank is selling their “Gold Antarctic Explorers Coin” for €395 that has a face value of €100 and, based on todays spot price, has a street value of €280.

 

I’m not making this up, here it is,

 

http://www.centralbank.ie/frame_main.asp?p...;nv=ncn_nav.asp

 

[wren]

It says it's a proof coin which would be a lot over spot.

€100 Gold Antarctic Explorers Coin

 

This is the first €100 Gold proof coin to be issued by the Central Bank and Financial Services Authority of Ireland.

Numismatic. If you want close to spot get krugerrands. Even though some people say they are ugly, I think that they're just less pretty.

[Walktothewater]

It says it's a proof coin which would be a lot over spot.

 

Numismatic. If you want close to spot get krugerrands. Even though some people say they are ugly, I think that they're just less pretty.

 

Asking €395 for something worth €280 and then, as if thats not enough, putting a label on it saying its worth €100.. thats brightened up my day no end ))))

[Steve Netwriter]

Hey it's better than buying US$ :lol:

 

[id5]

Asking €395 for something worth €280 and then, as if thats not enough, putting a label on it saying its worth €100.. thats brightened up my day no end ))))

 

Gold coins are easy to replicate when you use exactly the same material and nearly impossible to spot. Conversely they are easy to spot when the forger uses a lesser quality material, say 9ct gold instead of 22ct. The coin is legal tender in Ireland so if the government was to put €280 as the face value and the coins gold value fell in price to say €150 then the forgers would be out in force making coins for a bit more than €150 and buying €280 worth of gold to make more coins.