Buffalo PR-70/2006-W+some thoughts on gold & family secrets
Posted: Wed Apr 20, 2011 10:08 pmRegarding the Silver for Gold Post......
I thought about this earlier today and went out and sold some silver, and bought a coin.... not just any coin... a PCGS PR70 DCAM 2006 W American Buffalo..... I have been admiring it for hours. It cost me $15 morgans and $36 face. For those of you math folks, I think that comes out to be around 37 ounces or for those who can't do the arithmetic, some-where-close-to $1650. I could not help myself. IT IS the most beautiful coin, I have ever bought. I hate how much I bought it for, being as insanely cheap as I am, but I am confident that the purchase was exceptional. I consoled myself by knowing the asking price on APMEX is $1818.00 (Cash before shipping).
My family has distain for gold. It started in 1980, when my father, seeing hyper-inflation imminent, spent a sizable chunk of his savings on this yellow store for wealth. Since they purchased them at a staggering (now meager) $800 oz, and had to hold them for years as female jewelry or dust collectors,they made it a point to remind me throughout my childhood about the great CON- that gold is money. They held the gold until several months back, when they purchased 100 acres of land, and as part of the cash payment, paid for the land with proceeds from the sale of the coins. They certainly didn't make any money on it, and were glad to get it off their hands. Good Riddance......
I digress....
The difference between my parents and I go deeper than just my fascination with gold: I am inherently cheap, whereas they all like to squander money (not that they are bad off, and they seem to have no problems making the money to squander), I study economics- my family, watch politics all day long , and I'd rather drink water, whereas, they prefer a high-fructose infused carbonated slurp. When I started collecting silver, they ignored me, thinking it a passing whim. At a family gathering, I spoke to my grandmother, (whom I have always revered as a quick, shrewd and intelligent woman, clad in multi-carat diamonds, minks and a thick Texan accent) who let me in on a story of my now deceased uncle.
My uncle (really, a cousin to my father) was a self made millionaire by the time he was 40. In those days, being a millionaire really meant something. He made his fortune from an all-hours auto part store in Beaumont, Texas. In his 40's, around 1975, he began a fascination for silver. He bought, traded and hoarded the devil's metal... He made a deal with my other uncle, who was a local bank President, where he would give the tellers "rewards" for finding and stashing silver at the teller lines. He was amassing silver by the killos.
When the Hunt Brothers finally made their big run in Texas, and silver was reaching for the stars, he decided to move his pile out of his house and to a vault. By all family accounts, this stash filled a small bed pickup, with coins, flatware and (my Grandmother's clear favorite of his hoard) a set of silver blue birds, that could be hung on strings throughout a house.
He locked the silver in a bank-hosted vault in Houston, Texas, and within several months, died , rather suddenly, of a heart attack. There is allot of dispute and distortions on what happened to the contents of the vault. Some say it was willed out, but no one knows to who... others say the Bank managers took it, yet other stories suggest it is still there. I am sure that people in my family have sought out the paperwork, and tried to locate the whereabouts of my uncle's treasure. I am now 32 years old, and with silver prices where they are, I am temped to pick up the trail.... but, if not, it will be a fun story to tell my grand kids, when the next cyclical silver market comes around.
I thought about this earlier today and went out and sold some silver, and bought a coin.... not just any coin... a PCGS PR70 DCAM 2006 W American Buffalo..... I have been admiring it for hours. It cost me $15 morgans and $36 face. For those of you math folks, I think that comes out to be around 37 ounces or for those who can't do the arithmetic, some-where-close-to $1650. I could not help myself. IT IS the most beautiful coin, I have ever bought. I hate how much I bought it for, being as insanely cheap as I am, but I am confident that the purchase was exceptional. I consoled myself by knowing the asking price on APMEX is $1818.00 (Cash before shipping).
My family has distain for gold. It started in 1980, when my father, seeing hyper-inflation imminent, spent a sizable chunk of his savings on this yellow store for wealth. Since they purchased them at a staggering (now meager) $800 oz, and had to hold them for years as female jewelry or dust collectors,they made it a point to remind me throughout my childhood about the great CON- that gold is money. They held the gold until several months back, when they purchased 100 acres of land, and as part of the cash payment, paid for the land with proceeds from the sale of the coins. They certainly didn't make any money on it, and were glad to get it off their hands. Good Riddance......
I digress....
The difference between my parents and I go deeper than just my fascination with gold: I am inherently cheap, whereas they all like to squander money (not that they are bad off, and they seem to have no problems making the money to squander), I study economics- my family, watch politics all day long , and I'd rather drink water, whereas, they prefer a high-fructose infused carbonated slurp. When I started collecting silver, they ignored me, thinking it a passing whim. At a family gathering, I spoke to my grandmother, (whom I have always revered as a quick, shrewd and intelligent woman, clad in multi-carat diamonds, minks and a thick Texan accent) who let me in on a story of my now deceased uncle.
My uncle (really, a cousin to my father) was a self made millionaire by the time he was 40. In those days, being a millionaire really meant something. He made his fortune from an all-hours auto part store in Beaumont, Texas. In his 40's, around 1975, he began a fascination for silver. He bought, traded and hoarded the devil's metal... He made a deal with my other uncle, who was a local bank President, where he would give the tellers "rewards" for finding and stashing silver at the teller lines. He was amassing silver by the killos.
When the Hunt Brothers finally made their big run in Texas, and silver was reaching for the stars, he decided to move his pile out of his house and to a vault. By all family accounts, this stash filled a small bed pickup, with coins, flatware and (my Grandmother's clear favorite of his hoard) a set of silver blue birds, that could be hung on strings throughout a house.
He locked the silver in a bank-hosted vault in Houston, Texas, and within several months, died , rather suddenly, of a heart attack. There is allot of dispute and distortions on what happened to the contents of the vault. Some say it was willed out, but no one knows to who... others say the Bank managers took it, yet other stories suggest it is still there. I am sure that people in my family have sought out the paperwork, and tried to locate the whereabouts of my uncle's treasure. I am now 32 years old, and with silver prices where they are, I am temped to pick up the trail.... but, if not, it will be a fun story to tell my grand kids, when the next cyclical silver market comes around.