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Gartman's Warning: Don't Buy Gold Coins

Mark-up on coins should be 2%, not 30-40%.

Dennis Gartman on CNBC's Fast Money Monday.

"I think you've got the public piling into gold, which happens, and we have to be careful because when the public comes into something, the pros tend to think, 'Well, that's the end of the move.'  And the last time we saw gold coin sales of this consequence was actually in 2008, and gold moved from $900 an ounce, almost relentlessly, to $1,700 an ounce."

"I will counsel people to be careful when buying gold coins because the markup on gold coins can be preposterous, stupid, egregious, silly.  The last time this happened, gold took off on the upside.  It didn't top out."

UPDATE - 'Strange Gold Trading When One Guy, John Paulson, Owns 21% Of The ETF'


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Reader Comments (9)

He not warning 'don't buy gold coins' - he says it's probably the beginning of a move up!

All he's saying is be mindful of the mark-up over spot.
Dec 5, 2012 at 6:51 AM | Unregistered CommenterJimmy
Who is paying a 30% markup? this story sounds like an ad for this fellows favorite gold vendor.

At :49 seconds the anchor says 'i dont know how much these things weigh'. referring to 1 oz coins. Fake news.
Dec 5, 2012 at 6:21 PM | Unregistered Commentercitizen
Don't buy the coins-buy our fake gold-covered tungsten bars instead!
Dec 5, 2012 at 7:16 PM | Unregistered CommenterOtter
Good One Otter, there is a lot of it out thAre too. To me it makes a lot more sence to buy Food, Wiskie, and bullets. Gold is worthless on the street when the power is out and no food to be had in town. Fresh deer meat or turkey sounds real good and a shot of wiskie at bed time. Today its all "Fools Gold"........! Jus-Sayin ?
Dec 5, 2012 at 8:30 PM | Unregistered CommenterTexas Dar
10% world think of adorable style with gold while the rest 90% think of future earnings during its investment. No North East West South headlines or cover story will have any impact….Owners are quite intelligent than the casts inside the gadget…
Dec 6, 2012 at 12:09 AM | Unregistered CommenterMartin
Again, another woman with hair and it looks like she just got out of bed. What the heck? What is with these make up artists anyway? Just say no to messy hair do for God's sake. Now that is an issue worth fighting for. Think I will call my new congressman about this. I am sure that something can be done about this tradgedy, it's on a national scale, easy to see and it would seem easy to fix. Just like the national debt.
Dec 6, 2012 at 7:41 AM | Unregistered CommenterSKINFLINT
I don't know...1 year ago I wanted to buy bag of silver coins and backed out since commission was 10% and taxes are almost 9%. I am not sure if there is not special higher tax on buying these, but almost 20% markup was not a good deal for me, especially since silver already appreciated. I would say guy is right. i would say stay away from gold in general and ETFs too.
It's not that gold is not valuable, but really things more practical that are are inflating already--like TexasDar mentioned--food are much better to secure now.
We really don't know what is ahead of us, so how do you prepare for that?
Dec 10, 2012 at 1:37 PM | Unregistered Commenterdee dee
But "SkinFlint"............if she was Topless doing the news piece, you would have NO Clue what her hair looked like. I Kmow, im a Guy....!
Dec 10, 2012 at 7:36 PM | Unregistered CommenterTexas Dar
According to me, buying gold coins is a good idea, but while buying them we should check whether the company which provides it is authenticated and the gold is pure, after ensuring all this we can go ahead as the future for gold is best and it's worth buying gold at the present scenario when the gold rates are low.
Jun 4, 2013 at 9:40 AM | Unregistered CommenterAlisha

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