Strange question - Pennsylvania State Treasury selling off tons of gold...

[Panasonic]

on eBay...

Is this a normal practice for for PA?

[SheilaT]

1. Link?

I wouldn't think any state government would own lots of gold, but then again there's an amazing amount of stuff I don't know.

[drm604]

2. Link, PLEASE!

[Panasonic]

3. Ok. I'll show ya.

http://www.ebay.com/itm/281009203291?ssPageName=STRK:MEBIDX:IT&_trksid=p3984.m1431.l2649

[drm604]

4. This is unclaimed property.

This item(s) was reported to The Pennsylvania Treasury Department, Bureau of Unclaimed Property in compliance with the unclaimed property law. Treasurer McCord has performed due diligence and advertising associated with this item(s).

It's only 18 items worth a few thousand in total.

[Panasonic]

5. Since going into gold a few months ago

I have seen a *LOT* of this come by on eBay

We haven't hit our luck in obtaining any of them (they are usually go for spot value)

[Curmudgeoness]

6. I could be wrong, and I often am,

but I don't think this is a good time to be investing in gold. Unless you are a Glenn Beck afficianado. It is at a high point (or close to it), isn't it? Take it from me, I bought silver back in the mid-70's and maybe one day I will recover the investment.

[Panasonic]

7. We buy to smelt.

We don't keep them for the long term investment.

And gold did hit its peak two weeks ago, and has been tumbling since then - today was the first break in a long streak in awhile where the gold picked up about an additional $15 - that just means the cents goes up and down, depending on karats.

[Curmudgeoness]

8. Good that you aren't buying for long term,

although that might work out, but if you look at the historical prices, it is still hugely expensive.

http://en.wikipedia.org/wiki/Gold_as_an_investment

[JPZenger]

9. Glen Beck was a con man for gold coins

It is one thing to buy gold, which actually was a good investment in most recent years. It is another to be conned into buying overpriced gold coins, which is what Beck and his comrades were hawking.

[Curmudgeoness]

10. Actually, buying gold about five years ago

would have been great. But Glenn Beck started to sell the gold coins when gold had already hit $2000 an ounce. This is a mistake that is often made with any investments---buying really high and hoping it goes higher.

But I have to agree that not only was the timing for buying gold less than optimal at the time Beck started sell it, but he is a con man who was taking advantage of the idiots who listen to him.