I took a couple $ in 90% to a local shop only to see a sign on the counter that says they are "buying ONLY gold and .999. No Collections!"
I think the silver market is a crock when a supposed PM trader will not buy silver money.
Einstein’s view of God was non-traditional and pantheistic, focusing on the harmony, order, and intelligibility of the cosmos rather than a personal deity. His quotes reveal a profound respect for the universe’s mysteries, a belief in rational laws, and a moral philosophy grounded in compassion and understanding, bridging science and spirituality.
“My religion consists of a humble admiration of the illimitable superior spirit who reveals himself in the slight details we are able to perceive with our frail and feeble mind.”
My local shop yesterday also said no purchases of more than 20 ounces of .999 silver after seeing the freefall, and said they said might be a 2-month wait to get paid what they had shipped recently.
I decided to sell some to Kitco. Price is down $10 per ounce from my deal with them this morning. They are offering around $80 for eagles and leafs at the moment, less shipping and ins. of course.
The current market price plunge should be a good reminder to everyone, especially the whiners, as to why buyers build in some cushion. Looks like it time to hold for right now and wait until whatever is happening sorts itself out. I don't know about anyone else but I'll be ready for when my "price" gets reached.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
@mr1931S said:
I took a couple $ in 90% to a local shop only to see a sign on the counter that says they are "buying ONLY gold and .999. No Collections!"
I think the silver market is a crock when a supposed PM trader will not buy silver money.
Find a different shop...
My local shop bought $7,000 in assorted coins and bullion from one person yesterday.
Not the best deal offered but both parties were good with the transaction.
10% haircut this morning and the dealer is still ok.
We run a small part-time shop. Only open Wed-Fri 4-8 and Saturday 9-4. Last evening we didn't have a single person come in to sell coins/silver and it shocked us. We also sell sports cards and Pokemon so we had some dude that looked like he was homeless selling some sports cards and some younger guy that always reeks of weed come in to try to sell Pokemon. Man, that smell takes forever to get out of there even after spraying 3-4 times!
Anyhow, looking forward to what might walk thru the door tonight. Haven't decided what position we are going to take with .999 yet but I am always buying 90% and happy to buy any coin collection that comes in!
Sold 4 rolls of quarters for 500 a roll yesterday and the shop owner even said I was giving him a great deal and I just happened to look now and I almost feel bad. He told me they had already bought over 1000 ounces before I walked in......wow. I sold two sets of the 2010 hockey pucks in the past 2 months so glad I sold those too. Lucky....
I went in to the local store yesterday so surprise surprise I finally picked the right day to sell this time! I sold a stack of 90% halves and dimes for $54 per dollar. I was thinking it was a bit low but I walked out happy. The profit covered my property taxes for the next six months. There were 10 other people in the store and it really wasn't busy. The person who helped me said it was really crazy there in the morning with the big drop that had happened overnight and mentioned that Singapore was shut down. I noted that there was a women next to me and she had a dozen gold coins in flips spread out on the counter. I heard them say they'd give her $25,000 for them. My $60 worth of silver was just a drop in the bucket that day. I didn't expect such a steep drop today but then again maybe I did. I see it at $85 at the moment and my reality is, a month ago I would have been ecstatic about that price.
Stopped by two LCS today and they were packed. Both were out of gold and had a few hundred ounces of silver (both started the day with thousands). One shop bought 1 gold eagle - that is it. One shop had a sign on the door that they were 3 weeks out paying for purchases - that was shortened as their cash flow improved dramatically.
I sold two large bullion transactions(to a major comp) tue and thurs am, I keep it moving because I knew a correction was imminent, just went longer than I anticipated. Thursday afternoon, I had bought about 45-50 oz at 10% back of spot. Today, after the plunge I did have a few intrested buyers at current correction price, which I honored and lost on, but its cost of doing business in volitle market. I had bought a few more oz from a few folks coming in on the way down this am, but was able to quickly flip it due to intrested buyers at lower price. First few was a wash because of cont dropping, the last made a couple bucks.
One guy that had come in mid week wanting to sell 1k oz of scuffy generic didnt like my offer of 10 back, came back this morning said he thought about it, and decided to let it go, I informed him did he realize price had fell, he played the dumb card, of course he knew .Told him, Not intrested at this time check elsewhere.
Had some calls wanting to buy a few oz(not much) during the rest of the day, but was out at that point, and no additional sellers.
@jdimmick said:
I sold two large bullion transactions(to a major comp) tue and thurs am, I keep it moving because I knew a correction was imminent, just went longer than I anticipated. Thursday afternoon, I had bought about 45-50 oz at 10% back of spot. Today, after the plunge I did have a few intrested buyers at current correction price, which I honored and lost on, but its cost of doing business in volitle market. I had bought a few more oz from a few folks coming in on the way down this am, but was able to quickly flip it due to intrested buyers at lower price. First few was a wash because of cont dropping, the last made a couple bucks.
One guy that had come in mid week wanting to sell 1k oz of scuffy generic didnt like my offer of 10 back, came back this morning said he thought about it, and decided to let it go, I informed him did he realize price had fell, he played the dumb card, of course he knew .Told him, Not intrested at this time check elsewhere.
Had some calls wanting to buy a few oz(not much) during the rest of the day, but was out at that point, and no additional sellers.
@jdimmick said:
I sold two large bullion transactions(to a major comp) tue and thurs am, I keep it moving because I knew a correction was imminent, just went longer than I anticipated. Thursday afternoon, I had bought about 45-50 oz at 10% back of spot. Today, after the plunge I did have a few intrested buyers at current correction price, which I honored and lost on, but its cost of doing business in volitle market. I had bought a few more oz from a few folks coming in on the way down this am, but was able to quickly flip it due to intrested buyers at lower price. First few was a wash because of cont dropping, the last made a couple bucks.
One guy that had come in mid week wanting to sell 1k oz of scuffy generic didnt like my offer of 10 back, came back this morning said he thought about it, and decided to let it go, I informed him did he realize price had fell, he played the dumb card, of course he knew .Told him, Not intrested at this time check elsewhere.
Had some calls wanting to buy a few oz(not much) during the rest of the day, but was out at that point, and no additional sellers.
you too small to hedge?
It's very hard to hedge unless you have a large fairly constant inventory.
All comments reflect the opinion of the author, even when irrefutably accurate.
@mr1931S said:
I took a couple $ in 90% to a local shop only to see a sign on the counter that says they are "buying ONLY gold and .999. No Collections!"
I think the silver market is a crock when a supposed PM trader will not buy silver money.
Find a different shop...
My local shop bought $7,000 in assorted coins and bullion from one person yesterday.
Not the best deal offered but both parties were good with the transaction.
10% haircut this morning and the dealer is still ok.
I went to the shop (which has had ONLY silver bullion coins and bars for sale the last few years) out of curiosity more than anything else. People in line to sell is what I saw first. Then I saw the sign and walked out.
I asked them at the shop a couple years ago when are they going to sell collector coins. "When the silver market settles down," is what I was told. That was when silver was under $30/oz.
Einstein’s view of God was non-traditional and pantheistic, focusing on the harmony, order, and intelligibility of the cosmos rather than a personal deity. His quotes reveal a profound respect for the universe’s mysteries, a belief in rational laws, and a moral philosophy grounded in compassion and understanding, bridging science and spirituality.
“My religion consists of a humble admiration of the illimitable superior spirit who reveals himself in the slight details we are able to perceive with our frail and feeble mind.”
@jdimmick said:
I sold two large bullion transactions(to a major comp) tue and thurs am, I keep it moving because I knew a correction was imminent, just went longer than I anticipated. Thursday afternoon, I had bought about 45-50 oz at 10% back of spot. Today, after the plunge I did have a few intrested buyers at current correction price, which I honored and lost on, but its cost of doing business in volitle market. I had bought a few more oz from a few folks coming in on the way down this am, but was able to quickly flip it due to intrested buyers at lower price. First few was a wash because of cont dropping, the last made a couple bucks.
One guy that had come in mid week wanting to sell 1k oz of scuffy generic didnt like my offer of 10 back, came back this morning said he thought about it, and decided to let it go, I informed him did he realize price had fell, he played the dumb card, of course he knew .Told him, Not intrested at this time check elsewhere.
Had some calls wanting to buy a few oz(not much) during the rest of the day, but was out at that point, and no additional sellers.
Love your observations jdimmick as I think you provide "real world" commentary. I find you to be very transparent and honest. 10 thumbs up!!
Love LCS. We all do. Once upon a time they were the lifeblood of PM sales. Those days are gone. More and more LCS percentage of bullion sales are on an irretrievable dive. What is going on at the LCS is not the number one or even two barometer of the market anymore. It's sad but truth.
One seasoned shop said on Friday they were going to come in for basic day to day work, and were shocked when the prices dropped but they maintained their sell numbers and did huge business. The newer shop guys that I deal with said they'll have to wait for the price to go back up.
We are all facing difficult conditions and erratic price movements in these markets. The drop from record high prices has been swift to say the least. Our goal is to return to “normal” operating circumstances and soon as possible. Monday will be the first step in continuing to provide the fastest payments and processing in the industry. Below we’ve outlined the adjustments taking place:
∙ RETURN OF ADVANCES (FOR NOW)
Advances to customers will resume starting Monday at a rate of 50%. We hope to keep this in place and perhaps even increase the advance rate. For right now, modified advances are back!
∙ BUYING LIMITED AMOUNTS OF SILVER BULLION
We will resume buying a limited amount of 10oz, Kilo, and 100 oz LBMA Approved Silver Bullion Brands Only. Nothing smaller. Examples of LBMA brands include Asahi, RCM, Heraeus, etc A full list of LBMA approved silver brands follows: www.lbma.org.uk/good-delivery/silver-current-list#-
∙ TURNAROUND TIMES- FASTER!
Gold and silver processing and electronic payments will be 3-5 business days after receipt for all orders (a nice improvement!)
∙ DAILY BUYING LIMITS- STILL IN PLACE WITH HIGHER LIMITS
We started this last week because of the turmoil with other companies that stopped taking metal and paying customers. Rather than get overrun with material, we will continue to have daily buying limits in place for the foreseeable future. Those limits will be raised this week. As with last week, if we hit out buying limit, we will post on our website and initial phone message. All incoming calls will remain open normal business hours for people that would like to purchase metal and administrative requests.
We hope these positive changes can make all our jobs easier.
Sincerely,
Thomas Dzielski, CPA
Director of Wholesale Ops
RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
anybody here use Vermillion Enterprises? They appear to have very reasonable buy/sell spreads. I've been watching Brian's morning updates on Youtube the last couple of weeks
BST references: jdimmick;Gerard;wondercoin;claychaser;agentjim007;CCC2010;guitarwes;TAMU15;Zubie;mariner67;segoja;Smittys;kaz;CARDSANDCOINS;FadeToBlack; jrt103;tizofthe;bronze6827;mkman;Scootersdad;AllCoinsRule;coindeuce;dmarks;piecesofme; and many more
@pragmaticgoat said:
anybody here use Vermillion Enterprises? They appear to have very reasonable buy/sell spreads. I've been watching Brian's morning updates on Youtube the last couple of weeks
They are very transparent. Give video pricing buy and sell updates all the time on youtube, as you mentioned. Top notch professional shop.
@pragmaticgoat said:
anybody here use Vermillion Enterprises? They appear to have very reasonable buy/sell spreads. I've been watching Brian's morning updates on Youtube the last couple of weeks
Small time shop, he appears to be in it more for the youtube views then he is actually dealing metal. Probably makes more $$$ off the youtube channel than he does buying/selling. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Dumped another green box today @ spot +$2. Nice fresh rolls (after the tarn-x anyway). Be sure to let the pokemon card kid know I showed up without an appointment and still walked out paid in full (cash). RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
@blitzdude said:
Dumped another green box today @ spot +$2. Nice fresh rolls (after the tarn-x anyway). Be sure to let the pokemon card kid know I showed up without an appointment and still walked out paid in full (cash). RGDS!
@pragmaticgoat said:
anybody here use Vermillion Enterprises? They appear to have very reasonable buy/sell spreads. I've been watching Brian's morning updates on Youtube the last couple of weeks
Small time shop, he appears to be in it more for the youtube views then he is actually dealing metal. Probably makes more $$$ off the youtube channel than he does buying/selling. RGDS!
Last two days we bought a fair amount of 90% and .999 silver bullion. Because price was down, was able to resell most of the .999 in store this go around instead of having to ship it out. 90% nobody locally buying at all.(shiping it) Ill dump it fri or sun am. We adjusted our buying price down a bit, if they want top price on bullion, I tell em where to take it , its about an hour or so away and appt based. Most people appreciate the jesture, but just sell it to us anyway. Today wed, bought a fair amount of US gold, but man it sold fast. I have never had so many buyers wanting gold at 4.9k, was an easy sell. World gold. not so much, most times have to ship it, we lowered our buying price 1 full percentage on it this week after drop because where we sell too, has done the same.
Had one guy today bring us in several 4 pc gold sets, stopped along the way at another gold buying place, didnt sell them the gold because they were 2 % points less, but sold them the platinum sets instead. I asked him why, he said didnt know you guys bought platinum, I said yeah, actually I can get above spot for platinum eagles , so would have been about 500 bucks more min. idiot!
anyway, lots of scrap gold still coming in, my guy(company) that buys that is out of town, so its piling up, hope price holds till he gets back sun. One thing about him, I can wake his butt up at 2 am if I had to and meet him at the store if need befor monday action.
Oh, i did have one guy wanting to buy my 90% today at considerable amount less than we pay, I said no thanks. And I am not strong currently at all on it. he was wanting it at like 40X
Yeah, shop I sold the monster to yesterday was only paying 51x on junk. Probably will down in the mid 40x's by today. lol. Sucks because I still have about $700FV. Oh well, there's always next decade. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
My hunch is that $80 for silver and $5,000 for gold are the current “shake out” points. Prices will go up and down but hover close to those prices for a bit of time.
Eventually the “manipulators” will start the next free ride up - - - then we start again, lather/rinse/repeat.
Enjoy the ride and pick your price.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
The post earlier about 40x face being laughed at, we were paying 44 to 45 the past few days, today cannot find a single place buying to make even a small profit. Starting tomorrow, putting the hammer down on buying.
dumping in am, and start fresh for next week
@Maywood said:
My hunch is that $80 for silver and $5,000 for gold are the current “shake out” points. Prices will go up and down but hover close to those prices for a bit of time.
Eventually the “manipulators” will start the next free ride up - - - then we start again, lather/rinse/repeat.
Enjoy the ride and pick your price.
Since we're at 67, I think there's more shaking outb to happen
All comments reflect the opinion of the author, even when irrefutably accurate.
So today is Feb. 11th with Gold at $5,052 and Silver at $83 currently.
Maybe my use of the term “shake out” was wrong but I still believe $5k and $80 are where prices will stay for a while. A little up and a little down, but always not far or for long.
Manipulation is the keyword.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
Stopped in to the local shop last Friday and had some 40% halves. They said they weren't buying any 90% or 40% currently. Said he had no where to wholesale it. I said what would it take for him to take the 40%, he said you won't like it, $8 a dollar. I passed, as I didn't really need to sell it. He said if it was him he'd just wait and it will be back to normal soon.
@Maywood said:
Eventually the “manipulators” will start the next free ride up - - - then we start again, lather/rinse/repeat.
Do you think the "manipulators" have so much power that they would take off 10-20 years from making money by manipulating high or low prices and instead have the PM's trade in a narrow band ?
Only the Chinese -- because it's a totalatarian regime -- can really influence prices if they so choose. Ditto Russia and a few other authoratarian regimes.
When CB's sold gold from 1980-2000 it was "manipulation" to the downside....and when they voluntarily restricted sales it was "manipulation" to the upside.
I was talking with a few dealers about when places start taking back alloyed silver, etc, when they do start taking and paying realtively quickly, there is going to be an onslaught of so many folks(dealers) selling, it will overwhelm they system again in a couple weeks , and most likely go back on pause.
@jdimmick said:
I was talking with a few dealers about when places start taking back alloyed silver, etc, when they do start taking and paying realtively quickly, there is going to be an onslaught of so many folks(dealers) selling, it will overwhelm they system again in a couple weeks , and most likely go back on pause.
I can see that happening, But I can see the refiners slashing buy prices to slow the flow before they get overwhelmed. Supply=Demand and the refiners can control both sides.
@GoldFinger, I don’t believe you are stupid or ignorant so you must be naive. The big “manipulators” who are the largest financial institutions and investors make money when the price goes up and when the price goes down.
And they certainly don’t “take off 10-20 years from making money” because they are the ones in charge and ahead of what’s happening.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
Hit one of my regular shops today: Wouldn't even quote me a buy price on fresh tubes of ASE's, said "I wouldn't like his offer price" and left it at that. Then proceeded to tell me he was sitting on 3 green boxes that just came through the doors. No interest in platinum either, said everything he has been buying is straight to the melt, no local Pt buyers at all. Said he was reluctantly buying 90% and would pay 50x. Had a severely damaged 1/10 Gold Maple (see the US coins Coinstar finds thread), was paid spot for it. Nobody else in the shop while I was there. Did say still more sellers than buyers but traffic has significantly slowed down for both. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
@blitzdude said:
Hit one of my regular shops today: Wouldn't even quote me a buy price on fresh tubes of ASE's, said "I wouldn't like his offer price" and left it at that. Then proceeded to tell me he was sitting on 3 green boxes that just came through the doors. No interest in platinum either, said everything he has been buying is straight to the melt, no local Pt buyers at all. Said he was reluctantly buying 90% and would pay 50x. Had a severely damaged 1/10 Gold Maple (see the US coins Coinstar finds thread), was paid spot for it. Nobody else in the shop while I was there. Did say still more sellers than buyers but traffic has significantly slowed down for both. RGDS!
Name the shop lolz
I will call and check up on your stories. Otherwise, it DIDN'T HAPPEN
No quote on fresh ASE tubes. hahahahaha and that's a regular of yours? hahahahahahaha
@Maywood said: @GoldFinger, I don’t believe you are stupid or ignorant so you must be naive. The big “manipulators” who are the >largest financial institutions and investors make money when the price goes up and when the price goes down.
I've covered bank stocks for almost 35 years. Where are they manipulating the price ?
still busy most days buying just about everything. I am 10% back on generic .999. (no buyers currently at all in store) they only want eagles, those we are back 5. Sell ase at spot, generic at minus 2, but 99% of it gets shipped as I stated above.
No 90% buyers in store, the few we get want a super discount, I just ship it, we are back a good bit on it also, places we ship too are -minus 12 to minus 14. 40% even worse. Foreign gold no buyers period, anything 1 oz or larger no buyers. I dont even buy larger gold, I just send them to PCE.
I have had several folks call, check on buying price, they either tell me no way or hang up the phone, only to see them at my door selling within the hour, because A) other places arent buying at all, or B way way back .
very few collector coins coming thru, unless from an estate, this is what I like, not bullion I hate it with a passion. I just as well buy bulk wheats, at least they sell.
Saw a big add : hotel buyers coming back in two weeks from a long hiatus, that ought to be intresting! Early on, they'd suck the business out of the area for a while, now folks have waken up a little, and sometimes it has increased business for us in recent times getting 2nd opinions.
^Reality for ole diamond hands but YouTube will convince him different. Lolz you can't make it up. Thanks for posting reality and I guess thanks to ole diamond hands for being the bagholder. Don't worry puppy dog, 2060 is right around the corner. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
@blitzdude said:
^Reality for ole diamond hands but YouTube will convince him different. Lolz you can't make it up. Thanks for posting reality and I guess thanks to ole diamond hands for being the bagholder. Don't worry puppy dog, 2060 is right around the corner. RGDS!
jdimmick seems to be struggling but I don't know, maybe he isn't. It sounds like at least he has an outlet for his intake. Which would fly in the face of your smelters don't want it "blitz". I do hope he is successful as he seems as straight up and honest as they get. His reality doesn't mean that is the case across the board though, son. I would assume you would know that, but given your remedial content history, perhaps you don't. Have you taken pottery up yet as I suggested?
Comments
I took a couple $ in 90% to a local shop only to see a sign on the counter that says they are "buying ONLY gold and .999. No Collections!"
I think the silver market is a crock when a supposed PM trader will not buy silver money.
Einstein’s view of God was non-traditional and pantheistic, focusing on the harmony, order, and intelligibility of the cosmos rather than a personal deity. His quotes reveal a profound respect for the universe’s mysteries, a belief in rational laws, and a moral philosophy grounded in compassion and understanding, bridging science and spirituality.
“My religion consists of a humble admiration of the illimitable superior spirit who reveals himself in the slight details we are able to perceive with our frail and feeble mind.”
Albert Einstein (14 March 1879--18 April 1955)
My local shop yesterday also said no purchases of more than 20 ounces of .999 silver after seeing the freefall, and said they said might be a 2-month wait to get paid what they had shipped recently.
I decided to sell some to Kitco. Price is down $10 per ounce from my deal with them this morning. They are offering around $80 for eagles and leafs at the moment, less shipping and ins. of course.
My US Mint Commemorative Medal Set
ok
how has the intense selling changed today?
The current market price plunge should be a good reminder to everyone, especially the whiners, as to why buyers build in some cushion. Looks like it time to hold for right now and wait until whatever is happening sorts itself out. I don't know about anyone else but I'll be ready for when my "price" gets reached.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
Find a different shop...
My local shop bought $7,000 in assorted coins and bullion from one person yesterday.
Not the best deal offered but both parties were good with the transaction.
10% haircut this morning and the dealer is still ok.
Any boots on the ground reports as to the buying and/or selling at local shops?
How many bullion dealer websites went offline at some point today, especially those with live pricing?
JM Bullion did
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
We run a small part-time shop. Only open Wed-Fri 4-8 and Saturday 9-4. Last evening we didn't have a single person come in to sell coins/silver and it shocked us. We also sell sports cards and Pokemon so we had some dude that looked like he was homeless selling some sports cards and some younger guy that always reeks of weed come in to try to sell Pokemon. Man, that smell takes forever to get out of there even after spraying 3-4 times!
Anyhow, looking forward to what might walk thru the door tonight. Haven't decided what position we are going to take with .999 yet but I am always buying 90% and happy to buy any coin collection that comes in!
Sold 4 rolls of quarters for 500 a roll yesterday and the shop owner even said I was giving him a great deal and I just happened to look now and I almost feel bad. He told me they had already bought over 1000 ounces before I walked in......wow. I sold two sets of the 2010 hockey pucks in the past 2 months so glad I sold those too. Lucky....
I used to be famous now I just collect coins.
Link to My Registry Set.
https://pcgs.com/setregistry/quarters/washington-quarters-specialty-sets/washington-quarters-complete-variety-set-circulation-strikes-1932-1964/publishedset/78469
Varieties Are The Spice Of LIFE and Thanks to Those who teach us what to search For.
I went in to the local store yesterday so surprise surprise I finally picked the right day to sell this time! I sold a stack of 90% halves and dimes for $54 per dollar. I was thinking it was a bit low but I walked out happy. The profit covered my property taxes for the next six months. There were 10 other people in the store and it really wasn't busy. The person who helped me said it was really crazy there in the morning with the big drop that had happened overnight and mentioned that Singapore was shut down. I noted that there was a women next to me and she had a dozen gold coins in flips spread out on the counter. I heard them say they'd give her $25,000 for them. My $60 worth of silver was just a drop in the bucket that day. I didn't expect such a steep drop today but then again maybe I did. I see it at $85 at the moment and my reality is, a month ago I would have been ecstatic about that price.
Jim
Stopped by two LCS today and they were packed. Both were out of gold and had a few hundred ounces of silver (both started the day with thousands). One shop bought 1 gold eagle - that is it. One shop had a sign on the door that they were 3 weeks out paying for purchases - that was shortened as their cash flow improved dramatically.
I sold two large bullion transactions(to a major comp) tue and thurs am, I keep it moving because I knew a correction was imminent, just went longer than I anticipated. Thursday afternoon, I had bought about 45-50 oz at 10% back of spot. Today, after the plunge I did have a few intrested buyers at current correction price, which I honored and lost on, but its cost of doing business in volitle market. I had bought a few more oz from a few folks coming in on the way down this am, but was able to quickly flip it due to intrested buyers at lower price. First few was a wash because of cont dropping, the last made a couple bucks.
One guy that had come in mid week wanting to sell 1k oz of scuffy generic didnt like my offer of 10 back, came back this morning said he thought about it, and decided to let it go, I informed him did he realize price had fell, he played the dumb card, of course he knew .Told him, Not intrested at this time check elsewhere.
Had some calls wanting to buy a few oz(not much) during the rest of the day, but was out at that point, and no additional sellers.
you too small to hedge?
Yes, way too small
It's very hard to hedge unless you have a large fairly constant inventory.
All comments reflect the opinion of the author, even when irrefutably accurate.
I went to the shop (which has had ONLY silver bullion coins and bars for sale the last few years) out of curiosity more than anything else. People in line to sell is what I saw first. Then I saw the sign and walked out.
I asked them at the shop a couple years ago when are they going to sell collector coins. "When the silver market settles down," is what I was told. That was when silver was under $30/oz.
Einstein’s view of God was non-traditional and pantheistic, focusing on the harmony, order, and intelligibility of the cosmos rather than a personal deity. His quotes reveal a profound respect for the universe’s mysteries, a belief in rational laws, and a moral philosophy grounded in compassion and understanding, bridging science and spirituality.
“My religion consists of a humble admiration of the illimitable superior spirit who reveals himself in the slight details we are able to perceive with our frail and feeble mind.”
Albert Einstein (14 March 1879--18 April 1955)
Love your observations jdimmick as I think you provide "real world" commentary. I find you to be very transparent and honest. 10 thumbs up!!
Knowledge is the enemy of fear
Love LCS. We all do. Once upon a time they were the lifeblood of PM sales. Those days are gone. More and more LCS percentage of bullion sales are on an irretrievable dive. What is going on at the LCS is not the number one or even two barometer of the market anymore. It's sad but truth.
COPPER is gutter !
One seasoned shop said on Friday they were going to come in for basic day to day work, and were shocked when the prices dropped but they maintained their sell numbers and did huge business. The newer shop guys that I deal with said they'll have to wait for the price to go back up.
Jack Hunt:
Tues Feb 3rd, 9:20AM
TRADING RESUMES TODAY UNTIL SPENDING LIMIT MET
To Our Trading Partners,
We are all facing difficult conditions and erratic price movements in these markets. The drop from record high prices has been swift to say the least. Our goal is to return to “normal” operating circumstances and soon as possible. Monday will be the first step in continuing to provide the fastest payments and processing in the industry. Below we’ve outlined the adjustments taking place:
∙ RETURN OF ADVANCES (FOR NOW)
Advances to customers will resume starting Monday at a rate of 50%. We hope to keep this in place and perhaps even increase the advance rate. For right now, modified advances are back!
∙ BUYING LIMITED AMOUNTS OF SILVER BULLION
We will resume buying a limited amount of 10oz, Kilo, and 100 oz LBMA Approved Silver Bullion Brands Only. Nothing smaller. Examples of LBMA brands include Asahi, RCM, Heraeus, etc A full list of LBMA approved silver brands follows: www.lbma.org.uk/good-delivery/silver-current-list#-
∙ TURNAROUND TIMES- FASTER!
Gold and silver processing and electronic payments will be 3-5 business days after receipt for all orders (a nice improvement!)
∙ DAILY BUYING LIMITS- STILL IN PLACE WITH HIGHER LIMITS
We started this last week because of the turmoil with other companies that stopped taking metal and paying customers. Rather than get overrun with material, we will continue to have daily buying limits in place for the foreseeable future. Those limits will be raised this week. As with last week, if we hit out buying limit, we will post on our website and initial phone message. All incoming calls will remain open normal business hours for people that would like to purchase metal and administrative requests.
We hope these positive changes can make all our jobs easier.
Sincerely,
Thomas Dzielski, CPA
Director of Wholesale Ops
RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
anybody here use Vermillion Enterprises? They appear to have very reasonable buy/sell spreads. I've been watching Brian's morning updates on Youtube the last couple of weeks
jdimmick;Gerard;wondercoin;claychaser;agentjim007;CCC2010;guitarwes;TAMU15;Zubie;mariner67;segoja;Smittys;kaz;CARDSANDCOINS;FadeToBlack;
jrt103;tizofthe;bronze6827;mkman;Scootersdad;AllCoinsRule;coindeuce;dmarks;piecesofme; and many more
They are very transparent. Give video pricing buy and sell updates all the time on youtube, as you mentioned. Top notch professional shop.
COPPER is gutter !
Small time shop, he appears to be in it more for the youtube views then he is actually dealing metal. Probably makes more $$$ off the youtube channel than he does buying/selling. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Dumped another green box today @ spot +$2. Nice fresh rolls (after the tarn-x anyway). Be sure to let the pokemon card kid know I showed up without an appointment and still walked out paid in full (cash). RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Sure you did.
COPPER is gutter !
COPPER is gutter !
explain the picture
Last two days we bought a fair amount of 90% and .999 silver bullion. Because price was down, was able to resell most of the .999 in store this go around instead of having to ship it out. 90% nobody locally buying at all.(shiping it) Ill dump it fri or sun am. We adjusted our buying price down a bit, if they want top price on bullion, I tell em where to take it , its about an hour or so away and appt based. Most people appreciate the jesture, but just sell it to us anyway. Today wed, bought a fair amount of US gold, but man it sold fast. I have never had so many buyers wanting gold at 4.9k, was an easy sell. World gold. not so much, most times have to ship it, we lowered our buying price 1 full percentage on it this week after drop because where we sell too, has done the same.
Had one guy today bring us in several 4 pc gold sets, stopped along the way at another gold buying place, didnt sell them the gold because they were 2 % points less, but sold them the platinum sets instead. I asked him why, he said didnt know you guys bought platinum, I said yeah, actually I can get above spot for platinum eagles , so would have been about 500 bucks more min. idiot!
anyway, lots of scrap gold still coming in, my guy(company) that buys that is out of town, so its piling up, hope price holds till he gets back sun. One thing about him, I can wake his butt up at 2 am if I had to and meet him at the store if need befor monday action.
Oh, i did have one guy wanting to buy my 90% today at considerable amount less than we pay, I said no thanks. And I am not strong currently at all on it. he was wanting it at like 40X
Sorry, That is a tool bag.
COPPER is gutter !
40x lol
There's no place to go with it. You can probably buy all you want at 50x. Local shop offered me all he had at 50x today and I passed.
All comments reflect the opinion of the author, even when irrefutably accurate.
Yeah, shop I sold the monster to yesterday was only paying 51x on junk. Probably will down in the mid 40x's by today. lol. Sucks because I still have about $700FV. Oh well, there's always next decade. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
My hunch is that $80 for silver and $5,000 for gold are the current “shake out” points. Prices will go up and down but hover close to those prices for a bit of time.
Eventually the “manipulators” will start the next free ride up - - - then we start again, lather/rinse/repeat.
Enjoy the ride and pick your price.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
The post earlier about 40x face being laughed at, we were paying 44 to 45 the past few days, today cannot find a single place buying to make even a small profit. Starting tomorrow, putting the hammer down on buying.
dumping in am, and start fresh for next week
Since we're at 67, I think there's more shaking outb to happen
All comments reflect the opinion of the author, even when irrefutably accurate.
So today is Feb. 11th with Gold at $5,052 and Silver at $83 currently.
Maybe my use of the term “shake out” was wrong but I still believe $5k and $80 are where prices will stay for a while. A little up and a little down, but always not far or for long.
Manipulation is the keyword.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
Stopped in to the local shop last Friday and had some 40% halves. They said they weren't buying any 90% or 40% currently. Said he had no where to wholesale it. I said what would it take for him to take the 40%, he said you won't like it, $8 a dollar. I passed, as I didn't really need to sell it. He said if it was him he'd just wait and it will be back to normal soon.
Jim
Do you think the "manipulators" have so much power that they would take off 10-20 years from making money by manipulating high or low prices and instead have the PM's trade in a narrow band ?
Only the Chinese -- because it's a totalatarian regime -- can really influence prices if they so choose. Ditto Russia and a few other authoratarian regimes.
When CB's sold gold from 1980-2000 it was "manipulation" to the downside....and when they voluntarily restricted sales it was "manipulation" to the upside.
I was talking with a few dealers about when places start taking back alloyed silver, etc, when they do start taking and paying realtively quickly, there is going to be an onslaught of so many folks(dealers) selling, it will overwhelm they system again in a couple weeks , and most likely go back on pause.
I can see that happening, But I can see the refiners slashing buy prices to slow the flow before they get overwhelmed.
Supply=Demand and the refiners can control both sides.
@GoldFinger, I don’t believe you are stupid or ignorant so you must be naive. The big “manipulators” who are the largest financial institutions and investors make money when the price goes up and when the price goes down.
And they certainly don’t “take off 10-20 years from making money” because they are the ones in charge and ahead of what’s happening.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
Hit one of my regular shops today: Wouldn't even quote me a buy price on fresh tubes of ASE's, said "I wouldn't like his offer price" and left it at that. Then proceeded to tell me he was sitting on 3 green boxes that just came through the doors. No interest in platinum either, said everything he has been buying is straight to the melt, no local Pt buyers at all. Said he was reluctantly buying 90% and would pay 50x. Had a severely damaged 1/10 Gold Maple (see the US coins Coinstar finds thread), was paid spot for it. Nobody else in the shop while I was there. Did say still more sellers than buyers but traffic has significantly slowed down for both. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Name the shop lolz
I will call and check up on your stories. Otherwise, it DIDN'T HAPPEN
No quote on fresh ASE tubes. hahahahaha and that's a regular of yours? hahahahahahaha
COPPER is gutter !
A few refiners in the U.S. do not control global supply or demand.
I've covered bank stocks for almost 35 years. Where are they manipulating the price ?
Last week,
still busy most days buying just about everything. I am 10% back on generic .999. (no buyers currently at all in store) they only want eagles, those we are back 5. Sell ase at spot, generic at minus 2, but 99% of it gets shipped as I stated above.
No 90% buyers in store, the few we get want a super discount, I just ship it, we are back a good bit on it also, places we ship too are -minus 12 to minus 14. 40% even worse. Foreign gold no buyers period, anything 1 oz or larger no buyers. I dont even buy larger gold, I just send them to PCE.
I have had several folks call, check on buying price, they either tell me no way or hang up the phone, only to see them at my door selling within the hour, because A) other places arent buying at all, or B way way back .
very few collector coins coming thru, unless from an estate, this is what I like, not bullion I hate it with a passion. I just as well buy bulk wheats, at least they sell.
Saw a big add : hotel buyers coming back in two weeks from a long hiatus, that ought to be intresting! Early on, they'd suck the business out of the area for a while, now folks have waken up a little, and sometimes it has increased business for us in recent times getting 2nd opinions.
^Reality for ole diamond hands but YouTube will convince him different. Lolz you can't make it up. Thanks for posting reality and I guess thanks to ole diamond hands for being the bagholder. Don't worry puppy dog, 2060 is right around the corner. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
jdimmick seems to be struggling but I don't know, maybe he isn't. It sounds like at least he has an outlet for his intake. Which would fly in the face of your smelters don't want it "blitz". I do hope he is successful as he seems as straight up and honest as they get. His reality doesn't mean that is the case across the board though, son. I would assume you would know that, but given your remedial content history, perhaps you don't. Have you taken pottery up yet as I suggested?
COPPER is gutter !
