Stopped in local B&M today

cars

I went to the Library today in the next town over and passed the local Coin Shop. Decided to stop in to see if any silver was about. Guy says he has Nothing, Sells as soon as it comes in. I do have some ASE's for $22 and some War nicks he says. Asked what he paid for gold & 90% for the heck of it. $750/oz Gold 6.5x for 90%. That's the most ridiculous thing I've ever heard. Are these standard buy prices for B&M's? I've only been in 2 and I've never sold to them so Not familiar with their practices. Can't believe he offers $170 off spot for gold. No wonder he didn't have any to sell. I would think at least spot -10%. I was like Wow, He replied, Well I would only make $100 when I sold it. The numbers didn't add up, I just scoffed and walked out. Don't believe I'll be back there. The guy also sells on eBay and will sell your items for you on eBay for a mere 40-50% of sale price.

asheland

That does sound a bit low...

SilverEagles92

There are a few B&M's around here, and I've sold silver to all of them.

One guy pays straight melt value. Whatever the spot price is, he pays melt. He sells on very tight margins.
Another guy pays 90% of melt (on .999 fine silver) - I prefer not to deal with him.
The third guy pays a little less than melt. I was trading him halves-for-halves (working on a Franklin set) and he traded 1 half for 1 of my halves, plus a 90% dime. So, he made about $1.

Bobk

I had reported in another that at a local B&M last saturday that I found some 90% at 10X. The owner said his buy was at 8X. I also picked up a tube of ASE's for $330.

SilverBaron

That B&M is WAYYyyyyyy off the mark.

guitarwes

My local B&M shop buys gold at 90% of spot and buys 90% silver at adjusted levels, now it's around 8-9X face.

Norseman88

My local B&M payed me 10.1 times face for $980 face of rosy's when Silver was $12.30 so yes that guiy is royally SCREWING people!!!

mkman123

what a rip off store! You should discourage anyone in your area from doing business with him! Cars, you should set up a store yourself!

coynclecter

Most of those places barely exist on regular customers. They actually live for the occasional RIP that walks in. The widow who "doesnt know what she has" type thing.

Since he doesnt know if you actually know the market price he is hoping you are just in deep need of cash and will take any offer.
This guy just figures he can make more on the once a week RIP than the daily buy/sell.

gecko109

<< <i>My local B&M shop buys gold at 90% of spot and buys 90% silver at adjusted levels, now it's around 8-9X face. >>




Taking in gold at 90% of spot is very, very low. I saw an actual transaction at my local show this past Sunday of a guy who wanted to sell some gold bullion to a dealer. The dealer said he was a buyer at 98%. Thats a fair shake. 95% would be my cutoff between honest/scumbag dealers.

57loaded

he was fishing, maybe?

streeter

If I had to sell bullion,

I'd look for a shop that openly posts it's BUY/SELL prices on a board. Quite a few shops in SoCal do this and a seller/buyer knows where they stand. Bullion is gravy to a true coin shop, so why not treat a customer right?