Stopped in my local B&M to see 'bout metals
Weiss
Posts: 9,941 ✭✭✭✭✭
I'm in central Illinois, fwiw.
He had 2 100-oz Engelhards that he didn't want to sell. When I pressed him, he said he'd go $1500 each.
He said he's sold every piece of 90%, every piece of gold, and every piece of platinum that has walked in the door in the last 30 days within hours of taking it. Mostly because nobody is selling. Nobody has brought him any scrap gold (jewelry) for 2 weeks.
He's been my coin dealer for almost 30 years now. Said he's never seen a market like this before.
The other coin dealer in town has stacks of everything (gold, silver rounds, 90%) but his sell prices are so insane (15x face for crap 90% if he's in a good mood) that I don't even walk in the door.
He had 2 100-oz Engelhards that he didn't want to sell. When I pressed him, he said he'd go $1500 each.
He said he's sold every piece of 90%, every piece of gold, and every piece of platinum that has walked in the door in the last 30 days within hours of taking it. Mostly because nobody is selling. Nobody has brought him any scrap gold (jewelry) for 2 weeks.
He's been my coin dealer for almost 30 years now. Said he's never seen a market like this before.
The other coin dealer in town has stacks of everything (gold, silver rounds, 90%) but his sell prices are so insane (15x face for crap 90% if he's in a good mood) that I don't even walk in the door.
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
--Severian the Lame
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Comments
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
Everytime something is a "must have" it usually is a "must sell".
Maybe this time will be different. Then again, everytime we hear, "this time its different", it is usally the same.
Knowledge is the enemy of fear
$1500 is not unreasonable.
TD
He is a PCGS dealer, and this was my first time into his store.
Reference: Coin Links
the days of using the local BM for metal purchases is so 1980s and
a ridiculous way to go. I think the reason they have never seen a market
like this before is because they are no longer part of the core market. Ebay cough ebay. Online dealers who buy and sell. Selling
directly to other buyers. Craigslists. Stores popping up to buy gold/silver.
etc.. etc... No longer are they the core middleman for a town/city.
It seems to me coin stores want all the gravy and the bone and refuse
to become a true bullion dealer like the big boys online are.
1363 for a JM bar on apmex right this minute. throw in 20 bucks for
shipping.
if you want bullion... goto a true bullion dealer. not a con er coin store.
no offense to coin stores who actually have reasonable buy/sell
spreads. most do not and always have people willing to overpay
and i do not blame them for milking it for as much as they can get
from the uneducated unwashed masses.
and phooey on this nonsense of engelhard somehow being more liquid
and recognizable then JM or others. More 1980s leftover get off my
lawn talk.
but that is just my opinion.
roadrunner
<< <i>why in the world people would buy engelhard 100 oz bars at 1500 is beyond me. Even 1450 is stupid in the last week.
the days of using the local BM for metal purchases is so 1980s and
a ridiculous way to go. I think the reason they have never seen a market
like this before is because they are no longer part of the core market. Ebay cough ebay. Online dealers who buy and sell. Selling
directly to other buyers. Craigslists. Stores popping up to buy gold/silver.
etc.. etc... No longer are they the core middleman for a town/city.
It seems to me coin stores want all the gravy and the bone and refuse
to become a true bullion dealer like the big boys online are.
1363 for a JM bar on apmex right this minute. throw in 20 bucks for
shipping.
if you want bullion... goto a true bullion dealer. not a con er coin store.
no offense to coin stores who actually have reasonable buy/sell
spreads. most do not and always have people willing to overpay
and i do not blame them for milking it for as much as they can get
from the uneducated unwashed masses.
and phooey on this nonsense of engelhard somehow being more liquid
and recognizable then JM or others. More 1980s leftover get off my
lawn talk.
but that is just my opinion. >>
You are not altogether wrong that the price that the price of $2.50 over for Engles is ridiculous. BUT people want to pay it so why stop them. We carry whatever hundreds there are out there. Typically we have large quantities of OPM bars and a few Engles and JMs (which jump off shelves so to speak). When people come in asking to buy silver we offer them the range of products, from $2.50 over for a single Engle to $1.50 for a small quantity of OPM/Silvertowne/Name Brand bars. Almost invariably the people CHOOSE to pay the $2.50. If people ask our opinion we tell them it is a waste of money and to go with the OPM bars. If people choose not to listen, we cannot be held responsible.
<< <i>
<< <i>why in the world people would buy engelhard 100 oz bars at 1500 is beyond me. Even 1450 is stupid in the last week.
the days of using the local BM for metal purchases is so 1980s and
a ridiculous way to go. I think the reason they have never seen a market
like this before is because they are no longer part of the core market. Ebay cough ebay. Online dealers who buy and sell. Selling
directly to other buyers. Craigslists. Stores popping up to buy gold/silver.
etc.. etc... No longer are they the core middleman for a town/city.
It seems to me coin stores want all the gravy and the bone and refuse
to become a true bullion dealer like the big boys online are.
1363 for a JM bar on apmex right this minute. throw in 20 bucks for
shipping.
if you want bullion... goto a true bullion dealer. not a con er coin store.
no offense to coin stores who actually have reasonable buy/sell
spreads. most do not and always have people willing to overpay
and i do not blame them for milking it for as much as they can get
from the uneducated unwashed masses.
and phooey on this nonsense of engelhard somehow being more liquid
and recognizable then JM or others. More 1980s leftover get off my
lawn talk.
but that is just my opinion. >>
You are not altogether wrong that the price that the price of $2.50 over for Engles is ridiculous. BUT people want to pay it so why stop them. We carry whatever hundreds there are out there. Typically we have large quantities of OPM bars and a few Engles and JMs (which jump off shelves so to speak). When people come in asking to buy silver we offer them the range of products, from $2.50 over for a single Engle to $1.50 for a small quantity of OPM/Silvertowne/Name Brand bars. Almost invariably the people CHOOSE to pay the $2.50. If people ask our opinion we tell them it is a waste of money and to go with the OPM bars. If people choose not to listen, we cannot be held responsible. >>
oh, i am not blaming anyone for making a buck! do not get me wrong.
More power to you and dealers who can do this.
I just think the main people buying silver right now are the same ones
who played around in the 80s and go about it with a mentality that
was suitable for the 80s is all.
That is my point. By choosing the highest premium silver. check.
By visiting coin stores as their main places to buy/sell silver/gold. check.
etc....
JM bars at APMEX are $1.19 over spot which puts them at $14.00 at the moment. So at $1500, we're not talking a huge discrepency.
As far as one brand being worth more than another, it's not unlike First Strike coins. I could care less about the FS designation, but the reality is, the FS coins to bring just a few dollars more - like it or not - justifiable or not.