Barrysloate: There are several coin shops in Bergen County, NJ (Oradell Coin is 1) that will pay full spot for gold. There is a substantial "middle" between the spot price and the ask retail price. Plenty of room for them to make money. I'd say the middle is about 5% - or currently over $60.
Numismatic/bullion: As David said it is often difficult to recoup the premium paid for a numismatic coin as opposed to a bullion coin. Not always. There is also the idea that in buying a numismatic coin as a relative layperson that you can be had by unscrupulous sellers, and they are out there. Not a lot different than the baseball card market in that respect - see our current travails.
Peter: Although I know zilch about Titanium, on many of the precious metals that are sold the nation state mint coins can often demand a premium over bars and other forms. I have never purchased other than minted coins of different countries, but know of folks who have had to have their bars, etc. assayed before sale to satisfy the buyer that they have not been tampered with. Kind of a potential hindrance to a quick transaction. I suppose that coins could be hit too, buy my reading of the market is that is much less likely.
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