Shhhh...dealers are the enemy. They are all crooks. LOL.
Most dealers I know are buying them at $25 back or so and, if they are lucky, getting $50 or so over. Only business in the world where it is considered criminal to lay out $1250 to make $75!
For generic gold, dealers do give out very fair buy prices. My business lays out tens of thousands (payroll company) to make dollars, so allow me to take out my fiddle for you.
I would bet your gross margins are much higher than 6%
For some clients who use HR closer to 2%-3%. For payroll only clients - change your 6 to a 1 then put a decimal place in front.
You are too kind for believing I wouldn't put money at risk for anything less than 6%
After careful consideration and thoughtful pondering lasting well into the A.M. I think the dealer route is optimal considering time and risk.
You are too kind for believing I wouldn't put money at risk for anything less than 6%
After careful consideration and thoughtful pondering lasting well into the A.M. I think the dealer route is optimal considering time and risk.
I misunderstood your company. You're not doing payroll services, your distributing payroll. Of course, banking suffers from margin problems but it is an inexact parallel given that there is no retail product.
I misunderstood your company. You're not doing payroll services, your distributing payroll. Of course, banking suffers from margin problems but it is an inexact parallel given that there is no retail product.
No, we are a PEO/payroll company. When we send out ACH files to fund other company payrolls, it is our money. That is the only way the banking system allows ACH transmissions. The difference between our companies is that you have a physical, collateralized product which protects your investment. We do not.
If you have a payroll client that has a $100,000 payroll and they go bankrupt and they are dishonest, you will eat the $100K, including the paltry fee. We are in court now to collect 54K from a client that decided not to pay us.
If only I had gold coins as my collateral and those wonderful margins.
If gold goes up their value and demand will rise. Rarcoa is bidding MS64 cac Saints around $1375 so that is a premium if you can get it. I didn't see any bids on cac 63s.
@logger7 said:
If gold goes up their value and demand will rise. Rarcoa is bidding MS64 cac Saints around $1375 so that is a premium if you can get it. I didn't see any bids on cac 63s.
That is sort of apples to Volkswagens, isn't it? 64 CAC against 63 no-CAC?
@coinpalice said:
I wouldn't send 3 dollars in cash to a stranger
That's why the BST suggestion is somewhat flawed. The only way to make it price competitive with a dealer wholesale (unless you have no dealer in town) is to avoid the 3% PayPal fee which means some form of cash payment.
@coinpalice said:
I wouldn't send 3 dollars in cash to a stranger
Aww, have at least a little bit of trust. Don't commit what you cant afford to lose, but most folk are cool.
I recently did a gifting to a nice board member here, and solicited contributions from others. Everybody came through as promised with payments, quickly and completely. And these were all from folks I only know from their monikers here.
If you are going to go the BST route, perhaps both parties can ask a respected board member to act as a intermediate facilitator.
Keep it simple and safe (physically and financially). Call up APMEX, Provident, GoldenEagle Bullion, plus one or two more. Ask them their cash price for however many you want to sell in one shot. Just remember institutional attention is paid if over $10K. Send it registered. They will get it and cut you a check that you deposit (or even direct deposit it). Reliable and safe.
You might nominally eke out a few dollars on BST, but as above, not a lot of us will send cash/check/ACH to a basic stranger even for one coin without references. And, if you use paypal, then the fees will cut your margin and you risk chargebacks.
Ebay is worse with using paypal because then you have all the paypal fees (and risk of chargeback) plus ebay fees (and risk of false claims). And, if you don't have a longstanding account people won't want to buy from you there either.
If you are selling a bulk lot I would NOT do that on Craigslist, too shady.
If you are going to a coin show they can be sold there for cash or used as trade if you are converting to some other coin.
So, a great balance between risk/reward is either APMEX/some big bullion or dealer vs. an in person transaction at a coin show.
Comments
I'm surprised at the number of people willing to wire transfer $13000 to a person they don't know on the BST...
For some clients who use HR closer to 2%-3%. For payroll only clients - change your 6 to a 1 then put a decimal place in front.
You are too kind for believing I wouldn't put money at risk for anything less than 6%
After careful consideration and thoughtful pondering lasting well into the A.M. I think the dealer route is optimal considering time and risk.
I misunderstood your company. You're not doing payroll services, your distributing payroll. Of course, banking suffers from margin problems but it is an inexact parallel given that there is no retail product.
If he's selling as one lot, that may be a problem. But, that's entirely an individual choice for the buyer.
No, we are a PEO/payroll company. When we send out ACH files to fund other company payrolls, it is our money. That is the only way the banking system allows ACH transmissions. The difference between our companies is that you have a physical, collateralized product which protects your investment. We do not.
If you have a payroll client that has a $100,000 payroll and they go bankrupt and they are dishonest, you will eat the $100K, including the paltry fee. We are in court now to collect 54K from a client that decided not to pay us.
If only I had gold coins as my collateral and those wonderful margins.
I wouldn't send $1300 in cash to a stranger either.
I wouldn't send 3 dollars in cash to a stranger
If gold goes up their value and demand will rise. Rarcoa is bidding MS64 cac Saints around $1375 so that is a premium if you can get it. I didn't see any bids on cac 63s.
That is sort of apples to Volkswagens, isn't it? 64 CAC against 63 no-CAC?
That's why the BST suggestion is somewhat flawed. The only way to make it price competitive with a dealer wholesale (unless you have no dealer in town) is to avoid the 3% PayPal fee which means some form of cash payment.
Aww, have at least a little bit of trust. Don't commit what you cant afford to lose, but most folk are cool.
I recently did a gifting to a nice board member here, and solicited contributions from others. Everybody came through as promised with payments, quickly and completely. And these were all from folks I only know from their monikers here.
If you are going to go the BST route, perhaps both parties can ask a respected board member to act as a intermediate facilitator.
Keep it simple and safe (physically and financially). Call up APMEX, Provident, GoldenEagle Bullion, plus one or two more. Ask them their cash price for however many you want to sell in one shot. Just remember institutional attention is paid if over $10K. Send it registered. They will get it and cut you a check that you deposit (or even direct deposit it). Reliable and safe.
You might nominally eke out a few dollars on BST, but as above, not a lot of us will send cash/check/ACH to a basic stranger even for one coin without references. And, if you use paypal, then the fees will cut your margin and you risk chargebacks.
Ebay is worse with using paypal because then you have all the paypal fees (and risk of chargeback) plus ebay fees (and risk of false claims). And, if you don't have a longstanding account people won't want to buy from you there either.
If you are selling a bulk lot I would NOT do that on Craigslist, too shady.
If you are going to a coin show they can be sold there for cash or used as trade if you are converting to some other coin.
So, a great balance between risk/reward is either APMEX/some big bullion or dealer vs. an in person transaction at a coin show.
How about furtively roaming parking lots at night sayin, "Pssssst,,,, wanna buy some gold?"
Now that I found out the coins are worth so little relative to the gold price it's pointless to move them.
In fact given that the premiums are so low I'm a motivated buyer of 63/64 lots if I run into the right deal.
Thanks to everyone who posted as I learned quite a bit about the current market.