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Youtube video of a guy who claims....

gecko109gecko109 Posts: 8,231 ✭
in Precious Metals
that ASE's and generic bars/rounds sell for, and have always sold for the same premium over spot. He also claims to have been in the bullion business for 10 years. I cannot remember a time in the past 10 years where generic bars/rounds have sold for the same premium as ASE's, can you?

is this guy on crack?

Comments

  • rgCoinGuyrgCoinGuy Posts: 7,478 ✭
    Yes - and apparently he shares it with his customers.
    imageQuid pro quo. Yes or no?
  • WeissWeiss Posts: 9,941 ✭✭✭✭✭
    We're sorry, this video is no longer available.

    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • gecko109gecko109 Posts: 8,231 ✭


    << <i>We're sorry, this video is no longer available. >>



    Try again....link works for me.
  • Coll3ctorColl3ctor Posts: 3,333 ✭✭✭
    That guy is a major image
  • carscars Posts: 1,904
    Wonder how many lines he did before the Video *Sniff*

    He is located in ohio, Maybe I'll pay his shop a visit.
    Its all relative
  • gecko109gecko109 Posts: 8,231 ✭
    The loser removed my comments from the video. I guess I made him look like a moron who has no bleeping idea what he is talking about.image
  • carscars Posts: 1,904
    I missed it, What was your comment?
    Its all relative
  • gecko109gecko109 Posts: 8,231 ✭
    I had 3 of them, we went back and forth. Told him that just cuz HE sells both at same price in HIS shop doesnt matter since the rest of the country does it the other way. Then I told him to look at APMEX and tell me why ASE's are spot+$3.49, but generic bars/rounds are just spot +$1.49. He said that was something new, but historically that ASEs and bars have sold for the same premium. Then I basically told him he had no idea what he was talking about. He then deleted my comments and blocked me from posting!image
  • WeissWeiss Posts: 9,941 ✭✭✭✭✭
    OK, I'm watching it now.

    He's simply wrong and he's going to a lot of trouble to make it understood that he's wrong. Or rather he's running a business model that doesn't make sense: He's trying to sell generics for the same premium he charges for Eagles. One wonders why he no longer sells on the internet since he was doing $300,000 a year in sales.

    "Currently right now you're going to pay about the same for a one ounce round of silver as you would for an American silver eagle--at least in my shop currently"

    Naturally any idiot dumb enough to buy from him will choose eagles. But that doesn't mean they sell for the same premium. Paging Mr. Gresham.

    Eagles always sell for a significant premium over generics. Always. I've never seen it otherwise since their introduction. It doesn't even make sense that they would sell for the same amount. That's why they're called "generic". Compare Libby's green peas to generic green peas. The generics cost less.


    APMEX
    08 silver eagles: Spot + $5
    06 silver eagles: Spot + $5.99
    05 silver eagles: Spot + $5.99
    04 silver eagles: Spot + $5.99
    (in bulk, of course)

    Brand new APMEX rounds: Spot + $1.99

    TULVING:
    Tulving buy eagles: Spot + $3.25
    Tulving buy generics: Spot + .25

    Though I'm sure Bill Pelish's annual bullion sales totals are considerable, I suspect that Apmex and Tulving combined might approach even his lofty sales.
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • CladiatorCladiator Posts: 18,038 ✭✭✭✭✭


    << <i>One wonders why he no longer sells on the internet since he was doing $300,000 a year in sales. >>

    That comment struck me as odd and sent up a flag in my mind. Sounds to me like dude is just ripping people off for the generic stuff.
  • renman95renman95 Posts: 7,037 ✭✭✭✭✭
    What shop?!
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