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Grabbed 2 oz today at yesterday's price and story!!
jdimmick
Posts: 9,602 ✭✭✭✭✭
I stopped in at a competitors shop yesterday. I picked up a 2 1/2 Indian, and saw that he had 2 1 oz K-rands in the case. I asked him how much he wanted and he said 770.00. I almost bought them becuase I am out , but passed, thinking with out a fed rate cut, the price would stay about the same not much to make on them at that price, especially k-rands. This afternoon, I just happen to be enroute back from out of town and was not following the markets when I just happen to pull up gold quote's on my b berry and noticed it had jumped significantly. I said darn, should have grabbed them two oz yesterday, but oh well. So, I just happen to cruise by that shop and they were still there. I casually mentioned , yeah, i should have picked up those k's yesterday. But after no comment, I thought maybe he isnt aware. So I said whats the price on those again, he 770.00. I said Ill take them and left.
Ps: This is actually quite unusual becuase even though he does not have computer acces in the shop, he usually has a caller give him quotes over the phone a few times a day, but apparently he was asleep at the wheel today. And even though its only a few buck made, it felt good !!
Jim d
Ps: This is actually quite unusual becuase even though he does not have computer acces in the shop, he usually has a caller give him quotes over the phone a few times a day, but apparently he was asleep at the wheel today. And even though its only a few buck made, it felt good !!
Jim d
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<< <i>Hmmm. Don't know as I could do that. jws >>
Why not? The dealer probably paid far less than $770 for them.
Worry is the interest you pay on a debt you may not owe.
The OP did nothing wrong. I just hope that if I was in the same situation I would ask the seller if he was aware of the spike. Conversely I would hope that if I was in the sellers place I would honor the price I quoted and then raise my next quote. This is real easy for me to say, not sure if I could or would actually live up to my expectations. Heck I'm a Picses.
This same dealer 3 years ago(before I had my shop) bought 25k (wholesale price) worth of coins from a lady who's husband died some 5 years earlier for 5k. She had complete sets of Buffalo, WLH, Barber dimes, quarters and halves, Lincolns, Liberty 5c SLQ's and Mercury dimes. All of these sets were F to XF with several AU's. He basically bought all the sets for the good bid set price price listed in the cdn. I was standing in the shop when she came in and the coins were nice!! To this day I wish I would have said something to get her to hold off, but didnt because I was in his shop. This was the largest intentional raping I have ever witnessed in the business.
When she walked out, I offered him 15 k on the spot, and he smiled and said no, I am going to make a killing on this!!!!!
jim
<< <i>Just a side note if you think he should have been advised on the rise in price:
This same dealer 3 years ago(before I had my shop) bought 25k (wholesale price) worth of coins from a lady who's husband died some 5 years earlier for 5k. She had complete sets of Buffalo, WLH, Barber dimes, quarters and halves, Lincolns, Liberty 5c SLQ's and Mercury dimes. All of these sets were F to XF with several AU's. He basically bought all the sets for the good bid set price price listed in the cdn. I was standing in the shop when she came in and the coins were nice!! To this day I wish I would have said something to get her to hold off, but didnt because I was in his shop. This was the largest intentional raping I have ever witnessed in the business.
When she walked out, I offered him 15 k on the spot, and he smiled and said no, I am going to make a killing on this!!!!!
jim >>
ah the B&M dealer that I find to be the norm. one out of five in my
area that i actually trust.
your call
I will go up as needed the next time around, though.
That dealer got what he deserved, anybody in metals today that doesn't have a computer and a Kitco bar in their system tray is obviously out of his element.
Karma has a way of always working things out. The wheels may grind slow, but they grind exceedingly fine.
Sounds like a dealer I wouldn't even bother with after that rip. However, if he doesn't have up to date quotes, I might make it a point to visit him on a regular basis.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
<< <i>but apparently he was asleep at the wheel today. And even though its only a few buck made, it felt good !!
Jim d >>
Knowledge is power.
My icon IS my coin. It is a gem 1949 FBL Franklin.
Good guys always get a deal every once in a while. You have always treated me very fair.
Karma goes in circles....