Do dealers have ANY clue?
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ledzep87
Posts: 1,108 ✭✭✭
Last week when platinum was around $1325 an ounce, I bought a proof platinum for melt from a dealer; since then, the price for platinum has been falling. I called the same dealer this afternoon when it closed at $1276 and the guy wanted melt + a 20% markup for another coin with the exact same characteristics as the one I bought last week. It doesn't make any sense to me why they would do something like this? Does this ever happen to you?
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It makes no difference if you walk in flashing wads of cash. Bullion transactions are almost exclusively cash only deals.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i> have to wonder, if you walk in with cash where the price would be. >>
I did walk in with cash!!
<< <i>If you don't like that dealer's terms then don't conduct business with them. There will certainly be another dealer who can offer you a better deal on bullion.
It makes no difference if you walk in flashing wads of cash. Bullion transactions are almost exclusively cash only deals. >>
I'm kinda surprised he'd sell a proof at melt... they usually got for 15-20% over melt... on the other hand, did you consider that maybe he bought it for 15% back of that price, and felt it unethical to sell for more than that? And so then, even when Platinum dropped, that he was still selling it for his reasonable mark-up based on what he paid for it with that price still being within market acceptable price ranges?
42/92
Yeah, I think that dealers do, in fact, have a clue.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
No matter what, I am STILL happy about getting the platinum coin from last week at melt!!!
<< <i>Last week when platinum was around $1325 an ounce, I bought a proof platinum for melt from a dealer; since then, the price for platinum has been falling. I called the same dealer this afternoon when it closed at $1276 and the guy wanted melt + a 20% markup for another coin with the exact same characteristics as the one I bought last week. It doesn't make any sense to me why they would do something like this? Does this ever happen to you? >>
Some dates of Proof Platinum eagles have a date premium. What was the date of the first coin, and what was the date of the second coin?
TD
<< <i>Some dates of Proof Platinum eagles have a date premium. What was the date of the first coin, and what was the date of the second coin? >>
The one I bought was a 1998; I liked it so much that I was going to get another 1998 proof. Sorry about the possible confusion.
You probably dont see the things he sees. There are a number of possibilities could explain the markup. I bet if you think hard, you'll think of a few.
David
<< <i>The dealer could be dazed and confused. Hey hey what can I do? Your time is gonna come - over the hills and far away you can find a good dealer. >>
I don't think that what this dealer did qualifies him as a less-than-good dealer. Like LincolnCentMan said, "You probably dont see the things he sees". Selling a volatile commodity like PM's, you have to look both at acquisition AND replacement costs when you set a sell price. Your premiums are set accordingly, and reset often, especially if you don't have a high volume.
I hope that my first post wasn't overly harsh.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1