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Tonight at our local club.....
holeinone1972
Posts: 5,368 ✭✭✭
Tonight at our local club..... there was a dealer buying up pounds of silver at $7 an ounce. I could not believe the sheep that were lining up to sell to him.
I wish I had the funds I would have setup a table and bought at $8.50 an ounce all night long.
Watch out next meeting, I will be taking some bankroll with me.
I wish I had the funds I would have setup a table and bought at $8.50 an ounce all night long.
Watch out next meeting, I will be taking some bankroll with me.
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If he was weighing the coins, it might have been using a postal scale calibrated to American ounces, not the troy ounces that you see prices quoted for. Troy ounces weigh more than the ounces used for postage and food. Even for a postal scale $7 per, is on the low side.
http://en.wikipedia.org/wiki/Troy_weight
I can't imagine that there are that many regulars at a coin club who would sell for $7 an ounce when silver closed about $12. I have to believe that something got lost in the translation.
Nothing would stop you from allowing you at your next club meeting to offer to pay more than the dealer for silver. Just be prepared to have enough cash if enough material shows up for your consideration.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
Coins also, and was counting the coins.
The bars were all marked, 1 or 10 ozs. So he was not weighing them.
I went over and asked to buy a bar, he said $14 and I would be foolish to buy when silver was so high. After that I talked to the guy who sold the bars and he got $7 an ounce for them. The folks at the meeting in our club are 90% very old. I am 35 and could be most of their grandsons.
I know no one was forcing them to sell, but it sure seems to me, he was pounding them pretty good.
I am definately taking cash and buying bars and rounds next month, Rob
FrederickCoinClub
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
<< <i>So you're telling me that a guy offered to buy silver from a room full of coin collectors for $7 an ounce when spot price for silver is nearly $14 an ounce and they did it? Something doesn't smell right and this time it's not my underpants
Now remember these are a large group of VERRRRRY old men. They do not have or use computers, and probably bought silver at $1 or $2 an once.
I wish I had the money. I cannot even tell you the amount of silver bars and rounds this guy bought at $& per once.
I was disgusted. I have only been there 2 months, so I was not about to rock the boat, but I told a few members if they have more silver I will buy at a higher rate.
Rob
Why did everyone show up with silver rounds to sell? Virtually no one brings that kind of stuff to a coin club meeting. The buyer may have promoted this in advance, in which case the sellers are at least as much in the wrong as the buyer. I don't care how old you are. The Wall Street Journal is at every library with a daily price, Barrons is at almost every library with a weekly price.
In the big scheme of things, some old people got a little less than they deserved--not a real tragedy. It doesn't sound like thousands of ounces were sold, so the dollar amounts are small. If it were me, I would let it go. However, if the gist of the story is true, I would think long and hard about joining and staying with that kind of club, especially if the buyer is an officer. If I did stay, I would watch my back.
/ Edited to add: the sellers are in a coin club for goodness sakes! At least one of the members has to be on the ball!? Don't they talk to each other! Not one of them knew the recent spot price! Something is not right about this story, no coin club membership is that stupid. Coin people tend to be tight with their money and do their homework, or at least some of them, and he/she would tell the others. If this was a hotel lobby with a big ad in the paper, I can believe it, but not a coin club. /
<< <i>So you're telling me that a guy offered to buy silver from a room full of coin collectors for $7 an ounce when spot price for silver is nearly $14 an ounce and they did it? Something doesn't smell right and this time it's not my underpants
YES, once again, I am telling you this is what happened. Around here there are very few dealers, so I hear this guy comes in 2 or 3 times a year and cleans up.
It sounds familiar to the hotel setup, but it happens at the coin club.
As far as member ship goes, it is a cemetery plot salesman's wet dream. I cannot tell you the average age has to be 80, no kidding.
Since there are so many redundant responses about something is missing, I assume you find it amazing as I did. I just sat there and watched, and wished I had a bankroll. I would be ebay king today.
Rob
I only wish I was low enough to pull something off like that.
For example, weren't people paying a Premium for U.S Mint Rolls on ebay, While they where STILL available from the Mint?!?!?! YES.
Case Closed.
<< <i>I would like to think that in that situation I'd at least inform these ususpecting folks that they are getting ripped off. Then if they still sell my concience is clear and I've hopefully escaped any bad mojo. >>
I talked to 3 or 4 of these folks after, and I told them if they had more silver, I would be happy to buy at a higher price.
They seemed unaffected about the info, they said the have been selling things for years to this guy and were comfortable with him.
My concience is real clear.
Rob
<< <i>They seemed unaffected about the info, they said the have been selling things for years to this guy and were comfortable with him >>
People amaze me sometimes.