First Gold Mine
August 29, 2016
I wanted to start off my first post by taking it back almost 7 years ago today and explaining the story of my first auction. It was quite literally a gold mine.
Has your eyes already drifted to the side? Not to worry, mine did too when I first got a look at this. Funny story though; there were seven of us at this lot that could bid on it. Only two of us expressed any interest, everyone saw these guys at the back of the locker but thought it was a) either pennies or b) coin collection. Based on the potential that it was a coin collection the other person thought there might be some value, but wasn’t willing to take it to a $1,000 on a hunch. I however recognized the shimmer, I knew they at least had to be gold plated. To my pleasant surprise, it was almost an ounce of gold coins, at the time floating around $14,000 / oz. Not a bad return on $1,000! Needless to say it was a fantastic first find and got be hooked for life.
Unfortunately I have yet to get that kind of return (especially in absolute) on any other storage locker since. I did once pay $39 and got almost $500 worth from sales, but while that’s a great percentage, it doesn’t sound quite as nice as a $13,000 profit!