To my greek readers

235 views

Published on

The issue of gold and silver coins to the public by the Greek Central Bank is a rip-off: read and appreciate!

Published in: Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
235
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

To my greek readers

  1. 1. http://marketsandbeyond.blogspot.com/ http://www.pcgwm.com/ To my Greek readers: The sale of gold and silver coins by the Central Bank is a rip-offOn April 30 the Greek Ministry of Finance issued a press release announcing the sale ofgold and silver collector coins. It is a rip-off, so keep clear!The calculation is as follows:1. Gold coins17 g / coin @ 1,615 $/oz (1 troy oz= 31.1g) = 702.58 EUR / coin (1.2565 USD / 1 EUR)Selling price: EUR 2,100 i.e. 3 X the value of gold!!!2. Silver coins24 g / coin @ 29 $/oz (1 troy oz= 31.1g) = 17.81 EUR / coin (1.2565 USD / 1 EUR)Selling price: EUR 90 i.e. 5 X the value of silver!!!!!Please also note that the title of precious metal is on the low end at 916/1000 of gold and925/1000 of silver.You are better buying alternative coins quoted on the market or gold bars. For example,for EUR 2,100 you could buy a 1 oz Canadian Mapple Leaf with 999.9 / 1000 purity andget 14.1 g more gold, a better purity and still have EUR 700 to go shopping! (and Iincluded a fat 5% broker commission).This deal is much worse than the issue of gold and silver coins by the French Mint in April2011…et do not tell me that that the “collector” value makes the difference!Source:Ministry of Finance: Press releasehttp://www.minfin.gr/content-api/f/binaryChannel/minfin/datastore/f5/a3/e8/f5a3e8c5477c1dfd193356144901e5120f657bec/application/pdf/ANNOUNCEMENT+75+YEARS+BoG.pdfMarkets & Beyond: The French mint issues a limited series of gold and silver coins: a rip-off!http://marketsandbeyond.blogspot.com/2011/04/french-mint-issues-limited-series-of.html 1

×