Home› Precious Metals

Tips needed to purchase bullion at or below melt

zeebobzeebob Posts: 2,825 ✭
in Precious Metals
I just took some gold down to local B&M and sold it. Results indicate that I "way over paid" for the gold when I purchased it.

Item......................................Paid............Sold For
1Krand MS66 PCGS...............$1000............$985........(bought from family as a favor last February - loss okay)
$50 MS70 Buffalo 1oz NGC....$1000............$1040......(bought last February)
$50 MS70 Buffalo 1oz NGC....$1000............$1040......(bought last February)
$20 Liberty AU58 PCGS.........$1050............$1090......(bought last November)
$20 Saint AU58 PCGS...........$1000............$1090......(bought last December)

And of course I just sold that counterfeit 1912 $10 piece and made some money on it.

I think I've caught the PM bug.

Any tips on how or where to purchase gold at or below "spot" would be appreciated.

Any tips on where to sell items like the ones I just dumped at lunch time for a better price? Should a fella just be talking to someplace like Monex or Ampex? Where is a good place to get a fair shake on this stuff?


Comments

  • SilverEagles92SilverEagles92 Posts: 6,787 ✭
    Gold below spot seems to be easy to find around here lately. On the BST as well as the precious metals selling thread there's at least a few ads for gold very near or below spot.

    I think you got a fair price for the Buffaloes, but I think you might've gotten screwed on the Double Eagles. APMEX is selling AU or better raw $20 Saints for $1400+ right now. You could have gotten $1300 or $1400 easily off the BST or eBay.
    image
    To support LordM's European Trip, click here!
  • Weather11amWeather11am Posts: 2,042 ✭✭✭
    You can use Bing Cash Back, Ebay Bucks, and Big Crumbs to get good deals on bullion on eBay.
  • OPAOPA Posts: 17,120 ✭✭✭✭✭
    Apmex is buying 1 oz K rands for $1008.....Raw
    1 oz Buffalo's for...$1069 ..Raw
    $20 Saints...........$1169 .. Raw
    why would you sell your stuff to a BM dealer?

    You got taken...
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • rgCoinGuyrgCoinGuy Posts: 7,478 ✭
    Ebay for sales, first five listings max final value fee is 20.00 each month. I just sold buffalos for over 1200 dollars each the last two months (and not 70s).
    imageQuid pro quo. Yes or no?
  • MoneyCollectorMoneyCollector Posts: 451 ✭✭✭
    If you just want to buy bullion coins or bars, go to Apmex.com and look around at the various products. Some have a buy/sell price and you can get a feel for premiums. For gold, you probably can't do better premium-wise than the 1oz. GAE

    MJPM.com shows a buy/sell price too. If I'm buying on the BST or eBay, I try to buy close to his buy price or at a minimum I try to "split the baby" with the seller - we're both better off than if we each dealt with a dealer.

    If you can find a better way to buy, please pass it on to me!

    Randy
    My eBay Items for Sale
  • zeebobzeebob Posts: 2,825 ✭


    << <i>Apmex is buying 1 oz K rands for $1008.....Raw
    1 oz Buffalo's for...$1069 ..Raw
    $20 Saints...........$1169 .. Raw
    why would you sell your stuff to a BM dealer? >>



    Cus I ain't too bright apparently. Sounds like next time I could just call Apmex. Thank you for the tip!



    << <i>You got taken... >>



    Yea, it sounds like it doesn't it. Live and learn I guess. It gets a little worse. $80 of the transaction was in the form of a 1C 1943-S MS67 NGC. I liked the coin (but $80 seemed pretty high). So instead of paying me the full amount for the gold and then letting me buy the CENT, the guy wrote up the paperwork so that it reflected a lower price paid for the gold and I don't have a receipt for my records (to show cost basis) for the CENT. sigh... I guess that's the last time I visit that particular B&M.

    On the other hand, I guess the guy has to pay rent and salary. And he was just a hop and a skip at lunch time. So I guess I'm not going to lose any sleep over it. But next time, I'll be selling in a different venue than this particular B&M.

    image

  • CladiatorCladiator Posts: 18,041 ✭✭✭✭✭


    << <i>For gold, you probably can't do better premium-wise than the 1oz. GAE >>

    Apmex routinely has 1oz Maples and Krugerrands for significantly smaller premiums than AGEs.
  • CaptHenwayCaptHenway Posts: 32,129 ✭✭✭✭✭
    I've got some 5, 10 and 20 gram bars in cards from various Turkish refiners I will sell for melt for cash or check. They are 0.995 fine, and the melt value would be based on that fineness.
    Just come on by.
    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    I thought ms70 buffalos sell for a higher premium? Definitely you got taken by the B&M on the Lib and Saints.

    I have no idea why some people still don't sell to members here first and make more money............
    Successful Buying and Selling transactions with:

    Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
  • zeebobzeebob Posts: 2,825 ✭


    << <i>I thought ms70 buffalos sell for a higher premium? Definitely you got taken by the B&M on the Lib and Saints.

    I have no idea why some people still don't sell to members here first and make more money............ >>



    An excellent point. I guess the trick is to know which members to contact. I know a couple now.
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    hit up craigslist as sometimes there are people on your local CL possibly needing money and selling bullion at spot or slightly below. Check flea markets and yard sales as well too. You may not get any for a while but after a while of constantly looking you will hit it. I've been looking around to no avail for a while until I found a source that has 90% way way below what its worth.
    Successful Buying and Selling transactions with:

    Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
  • MrOrganicMrOrganic Posts: 1,366
    Going to a B&M shop is = to going to cash4Gold


    .....and what was the reason you didnt use the BST?
    Singapore & Hong Kong March/April
    Hong kong/Long Beach JUNE Table #838
    MACAU
    emgworldwide@gmail.com
    Cell: 512.808.3197
    EMERGING MARKET GROUP
    PCGS, NGC, CCE & NCS, CGC, PSA, Auth. Dealer
  • CaptHenwayCaptHenway Posts: 32,129 ✭✭✭✭✭


    << <i>I thought ms70 buffalos sell for a higher premium? Definitely you got taken by the B&M on the Lib and Saints.

    I have no idea why some people still don't sell to members here first and make more money............ >>




    Let's see......everybody here wants to buy super cheap...........
    Hmmmmmmmmmm
    image
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    I don't see anyone here offering sellers on bst 5-8x for 90% or 1-2 dollars below spot for 999 silver or 50 under spot for gold buffalos, eagles, etc.

    I think people on the bst all pay fair prices and you know darn well that this man or girl could have gotten more than 1k for his saint and buffalos for that matter.

    I guess he wasn't thinking and thought that his local B&M would pay well. Now he knows!
    Successful Buying and Selling transactions with:

    Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
  • zeebobzeebob Posts: 2,825 ✭


    << <i>I guess he wasn't thinking and thought that his local B&M would pay well. Now he knows! >>



    Indeed I do. Next time I won't be selling bullion to Excelsior Coin, but will take it someplace that will pay a little better. Live and learn.

    Although I have to think that the B&M paid a somewhat fair price (as B&M's go). Like I mentioned above, they have overhead (rent, utilities, salaries, insurance, benefits). So I don't begrudge them a couple of hundred bucks on a $5200 check. Besides, they have always been nice to me in the past. And I have purchased a number of nice coins and books from them (nothing super expensive, but nice nonetheless). And they helped me as I was getting into the hobby a few years ago. So at the end of the day, I'm happy enough with the transaction. But as I said, next time, I'll go a different route.

    I have received several nice PM's from members offering to buy bullion at better prices. And then both Ampex and Monex have come up as options.

    I'm reluctant to list on Ebay (fees and risk of getting ripped off) (plus the management at Ebay seem like jerks).

    I'm less reluctant to list on BST, but I really don't have a good impression of BST as a place to sell. I'm probably doing something wrong with my listings (too high of prices or bad photos or something), but I just haven't had a lot of luck on BST.

    Thanks again,

    Bob
  • Norseman88Norseman88 Posts: 962
    Just become a coin dealer or pawn shop owner and steal it from the public.
  • OnlyGoldIsMoneyOnlyGoldIsMoney Posts: 3,363 ✭✭✭✭✭
    Bing plus Ebay Bucks helps me buy silver at or below melt. This afternoon when silver was hovering around $17.00 I was able to pick up 30 ounces ( 6 five ounce bars) at $16.56 plus free shipping. My Ebay Bucks total for the third quarter went up $10.80 as well. Everything considered my net cost was $16.20 an ounce.
    NO END IN SIGHT LIB $2.50'S CAC ONLY
    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
  • EagleEyeEagleEye Posts: 7,677 ✭✭✭✭✭
    Gee I hope the lesson is not to "buy counterfeit gold"!

    You need to list the spot price at the time of purchase to gauge if you got taken. On buying, you may want to time your purchases, however when gold drops, availability dries up. Maybe you can make a deal with your B&M to buy any bullion coins that come in for a certain amount over spot. That way when the dealer gets some K-rands in he'll call you to pick them up. win-win. Frankly I don't know many people who do that, either dealer or buyer, but it may reduce your buy-in price a few percent.

    The way to buy gold is to slowly accumulate it at a regular pace. One oz. a month, for example. Average your buy-in price over time.

    On selling, all I can say is WHY ARE YOU SELLING!
    Rick Snow, Eagle Eye Rare Coins, Inc.Check out my new web site:
  • CaptHenwayCaptHenway Posts: 32,129 ✭✭✭✭✭


    << <i>Gee I hope the lesson is not to "buy counterfeit gold"!

    You need to list the spot price at the time of purchase to gauge if you got taken. On buying, you may want to time your purchases, however when gold drops, availability dries up. Maybe you can make a deal with your B&M to buy any bullion coins that come in for a certain amount over spot. That way when the dealer gets some K-rands in he'll call you to pick them up. win-win. Frankly I don't know many people who do that, either dealer or buyer, but it may reduce your buy-in price a few percent.

    The way to buy gold is to slowly accumulate it at a regular pace. One oz. a month, for example. Average your buy-in price over time.

    On selling, all I can say is WHY ARE YOU SELLING! >>



    We have several customers who get calls when gold and silver deals come in. No obligation, just first chance to buy our surplus positions at somewhere between our normal retail and what we could wholesale it out at.

    And, everything we sell is GENUINE!

    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • zeebobzeebob Posts: 2,825 ✭


    << <i>Gee I hope the lesson is not to "buy counterfeit gold"!

    <snip>

    On selling, all I can say is WHY ARE YOU SELLING! >>



    I did better with the counterfeit gold and Midwest Refineries than I did with the rest of the gold. Although, I did purchase the counterfeit $10 not so much as an investment (it was 1/2 oz of gold give or take) but as a reminder to myself to buy the book before the coin lest I get stuck with a counterfeit piece believing it to be genuine.

    On selling - because it seems to me gold ticks up and gold ticks down. $1K/oz seemed like an up tick. (of course today it's at $1018/oz). Also, I needed about $720 to purchase an capped bust dime (10C 1821 large date AU55 PCGS - nice toning no fancy colors, beautifully struck). So selling a couple of the gold coins seemed like a good idea.

    The dime arrived in the mail today. I'll photograph it tonight and post on the US Coin Forum.

    Rick, thank you for the post and the suggestions, I'll explore them. I hope to meet you in person at a show someday. I just love your book on IHCs!
  • notwilightnotwilight Posts: 12,864 ✭✭✭
    You bought certified gold and sold it for melt to a B&M. Here are some ideas based on my experience/opinions:

    1. If you want to buy bullion, buy bullion, not certified coins. An exception might be 69s that a dealer who was making 70s is willing to sell as bullion.

    2. If you want MS70 gold, buy PCGS. NGC grades too loosely. Any premium you pay over spot is too much. Once you own the NGC 70s your only way to recover your money is to try to convice somone else to pay an unwarranted premium. FYI. PCGS MS70 FS gold buffalos have appreciated more than gold over the past year.

    3. If you want to buy under spot, use bing cashback and look on ebay. I've bought a couple of maple leaves and a couple hundred oz of Ag that way. Right now 100 oz bars of silver are available for $1800 with $140 back is $1660. Spot is $1740.

    --Jerry
Sign In or Register to comment.