Sincona Gold Auction is a new platform where buyers can invest in modern as well as historic gold bullion coins without paying a buyer’s fee. The first sale would be held on 15th May.
The pricing of gold would be fixed just before the auction. Bidding may begin at 100 percent of the precious metal “spot” price. 5 percent premium was generally added to the metal value at other auctions. Premiums could range from 15 percent to 60 percent depending on the rarity of coins. Some of the coins to be offered were earlier sold for higher premiums.
Bidding increments will depend on starting price and not the precious metal value. The catalogue offers the complete schedule of the increments. The auction is targeted for investors who buy many ounces together. For example, a group of 10 1986 Chinese Panda 1-ounce gold coins is offered with an opening bid of 104 percent of the “melt” value.
Image Courtesy: Sincora Ag