I cannot recommend buying gold from Midas Resources

[coffeeseven]

Unless you have more money than common sense. I bought $10 gold Olympic coins from Midas 9/21/07 and was charged $528 per coin. I'm having to sell some coins to pay for high dollar car repairs and found out that even though gold is $200 higher an ounce now* , I'm taking $100 per coin hit.

The person I bought the coins from will not return my calls. I did get a call back from a spin doctor "John" or "Jim" at Midas who gave me a song and dance about why the coins are more costly from Midas. He said variously that Midas has a high mark up because they are a corporation, then he said that the mark up is 28%, some mumbo jumbo about a gold sell off and mortgage meltdown when I bought my gold, and then back to profit margin.

I made a half dozen calls to coin dealers here where I live to get the best price I could**. I sold one today for $425 and am driving to a Chicago burb tomorrow to get $443. I told Jim or John about the check I just got from my local dealer and he insulted both me and the coin dealer. I thought they were straight up folks. I will NEVER give Midas another dime. Thought you guys should know. Caviat Emptor.



* Gold closed at $738 an ounce on the date of my invoice 9/21/07 making the half ounce of gold in the coin worth $369. Midas' mark up is more like 43%.

** Every one of the 6 of the coin dealers I talked to said the coin has NO numismatic value whatsoever. Of course Midas disagrees but they're only willing to give me $425 each to buy the coins back.

[mackler]

Why did you pay so much?

[coffeeseven]

Because I did not know the coin had no numismatic value. I took their word for it. Fool me once.....

[Puke]

It seems a lot of the GCN advertisers are snake oil salesmen.

[Dave Ridley]

Numismatics are a dangerous game simply because they are so hard to understand.

Metal content is what really counts, especially in a crunch like we are probably soon to have.   The lowest possible markup over spot price is usually the way to go..

altho the liberty dollar did prove to be an exception.

[Dave Ridley]

coffee i'd hang on to any other midas coins you have....gold will probably hit 3500 by the time it peaks...maybe around 2011 if the pattern of the seventies repeats.

also bear in mind they could be put out of biz or shut down which MIGHT give the coins numismatic value they don't currently have...this is what happened with the liberty dollar.

[coffeeseven]

coffee i'd hang on to any other midas coins you have....gold will probably hit 3500 by the time it peaks...maybe around 2011 if the pattern of the seventies repeats.

also bear in mind they could be put out of biz or shut down which MIGHT give the coins numismatic value they don't currently have...this is what happened with the liberty dollar.

The mind blower is that my local guy will sell me the same coin for not much over what he paid me for my coin. I think Ted Anderson is a good man and is doing good work BUT in my measured opinion Midas is selling gold coins too far above value. Won't last long I hope. I REALLY don't want to bite the hand that feeds us all with my comments so they will be limited to this forum. Thought about calling Alex Jones live. Bad idea.

[error]

If my memory serves, that guy owns the Genesis Communications Network.

[coffeeseven]

If my memory serves, that guy owns the Genesis Communications Network.

Same GCN that Alex Jones / Jack Blood/ The Power Hour is on. He financed the live feed (literally) at the Brown's for the party AND he's put out loads of personal cash for the Ron Paul campaign too. I'm trying to step lightly.

[coffeeseven]

My salesperson called me today. He confirmed that the items he sold me had a higher mark up than say bullion. The reason he did that is because I said I was going to hold on to the gold for a long time. Now I know why every time after the sale I talked to him he warned me not to sell the gold. Had I held the gold the scene of the crime would have gone un-noticed becuase the higher gold price would have hidden the lack of a numismatic value. He also said Midas is not the highest priced dealer in the country and that my guy locally has no overhead so he can sell lower.

Moral of the story is buy locally from the small dealers. I just figured out the math. On 9/21/07 I could have bought these same coins locally for $370 a piece. Instead I bought them from Midas for $528.

Expensive education.

[ReverendRyan]

Name one GCN advertiser that actually delivers on what it promises. It pisses me off immensely to have to listen during the commercial breaks during FTL. Everything that's pushed is either pseudoscientific garbage, crackpot religion garbage, or tin foil hat garbage. So sadly, I'm not surprised.

If you want to buy bullion, it always seemed cheaper for me to buy locally. The markup may be slightly higher, but not as high as shipping costs otherwise would be.

Good luck next time. If you must buy from an online distributor, try goldfingercoin.com. Back when I actually had the money to buy metal, they treated me well.

Right now they have Kugerrands and Gold Eagles for roughly spot + 3% and silver Eagles for spot + $3.

[Puke]

I have been happy with Northwest Territorial Mint.
You have to buy a minimum amount for bullion and it takes a bit to get the stuff through the mail. But I have never had any problems.

[penguins4me]

I've made several orders of various sizes through www.apmex.com. They offer both lower-cost "bullion" in addition to what I'd consider to be the rip-off specials, "collector's items", etc.

They ship quickly once payment is in-hand, so if you don't mind showing your papieren at the USPS, they've been a good, reliable outfit to order from online.

[J’raxis 270145]

I have been happy with Northwest Territorial Mint.
You have to buy a minimum amount for bullion and it takes a bit to get the stuff through the mail. But I have never had any problems.

Did they fix their ridiculous shipping delays finally?

Few others are happy with them:—
http://nhunderground.com/forum/index.php?topic=3273.msg185740#msg185740

[Puke]

Did they fix their ridiculous shipping delays finally?

Not really.