Buying PM at coin shows
MoneyCollector
Posts: 451 ✭✭✭
Question for the experts.
Knowing that bullion has a bid/ask spread when going through PM dealers, is it possible to "split the baby" so to speak at coin shows on bullion. I was thinking this may be a good place to buy since no shipping costs and maybe coin dealers who can't get any more than bid for their bullion (like us) might sell for some amount between the bid/ask numbers. Anybody know?
TIA, Randy
Knowing that bullion has a bid/ask spread when going through PM dealers, is it possible to "split the baby" so to speak at coin shows on bullion. I was thinking this may be a good place to buy since no shipping costs and maybe coin dealers who can't get any more than bid for their bullion (like us) might sell for some amount between the bid/ask numbers. Anybody know?
TIA, Randy
0
Comments
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
Once most dealers bring bullion to a show, they are usually looking for retail type premiums. I deal with a wholesaler but the problem is most of the silver that shows up is usually bought just as the market is cycling towards a peak or shortly after one. Why buy then? I had the opportunity to buy some 10/100 oz bars yesterday but felt that it was too early in this correction. Make some inquiries at your next local/regional show.
roadrunner
Often times a dealer will sell at a very favorable price to generate funds,
or so he does not have to haul it back at the end of the show.
A little secret in the coin biz is that A LOT of dealers are constantly
cash poor.... and with the cost of PM's, even in small quantities, these
dealers do not want their limited funds tied up in low profit items for long.
My advice.....
If you have a good local dealer..... support him!!
If not......... find a good dealer else where to deal with.
Go to shows prepaired to buy...... buttt do not deal with over priced or rude dealers.
If you find some one you like at a show...... get his card and keep in touch.
Keep on stack'n!!
********************
Silver is the mortar that binds the bricks of loyalty.
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
<< <i>Well, you could haggle at a coin show and maybe save a nickel or a dime...some folk are better at it than others. A far better plan is to go ahead and establish a relationship with a strong (preferrably local) coin/bullion dealer, that way, after you get in, you will have a way out; say if the wolf comes to the door. >>
Good advice for numismatic items, but holds no water at all on bullion. Bullion is so liquid that its ALWAYS the right move to get it for the smallest possible premium over spot, no matter what the source.
(x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
mariner67, and Mikes coins
<< <i>I decided to sell two ounces of gold today out of my large stash. The best price offer I could get was $200 under spot. I guess I am stuck with it. I couldnt believe dealers are able to buy gold that low under spot! >>
an offer like that from a dealer would ensure that I would never do business with that person again... ridiculous!!!! I'm sure you can find someone here on the BST to give you at least $100 under spot
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
As for the OP's question, I would walk around to all of the tables and see who is buying & selling. Many dealers will take less for new purchases if they can flip them for a profit.
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
I would love to have a local shop where I could stop in and buy $200 to $500 of silver at a time for a reasonable spread but that doesn't seem possible. Maybe the answer is a couple 1oz gold eagles at a time - I'll just save up.
Also, I hadn't thought about dealers not wanting to have low margin/high price bullion to carry around to shows. Propbably will have to find someone who bought at the show and just wants to unload for a quick profit.
Randy
(x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
mariner67, and Mikes coins
<< <i>The gold I was trying to sell were Pamps with assay cards 24K name brand stuff! The dealer told me there is not much call for gold and he allways takes a loss at sale. >>
The dealer who offered you that much below spot and justified it by saying he always sells Gold at a loss is a liar. If you run into him again offer him some Gold and when he gives you the same old song and dance tell him you'd like to buy several ounces of Gold from him below spot, I bet he'll say he currently doesn't have any.
The lies are so old they have begun cliches. Some one who likes to write needs to put together a book with Whitman covering all the dealer quotes when buying and all the dealer quotes when selling. And, everything in between. Including the throw the slab accross the table routine. I've wittnessed some real corkers as well as some real professionals. If done right it would be a great read and educational to newbies.
<< <i>I agree Norsemann,
The lies are so old they have begun cliches. Some one who likes to write needs to put together a book with Whitman covering all the dealer quotes when buying and all the dealer quotes when selling. And, everything in between. Including the throw the slab accross the table routine. I've wittnessed some real corkers as well as some real professionals. If done right it would be a great read and educational to newbies. >>
I'm lucky that most of the local dealers where I live are fairly honest but you do run into some real jerks and I've turned the tables on them but it's no use as they are who they are which is a bunch of crooks and nothing will change their pathetic behavior.
I decided to sell two ounces of gold today out of my large stash. The best price offer I could get was $200 under spot. I guess I am stuck with it. I couldnt believe dealers are able to buy gold that low under spot!
That dealer needs a steady stream on new customers. Find out where he is advertising and compete with him. Shouldn't be hard.