Buying and selling PMs for delivery
Weg
Posts: 544
Starting back in the early 1990s I bought PMs for delivery from Monex; this was long before ever hearing about places such as APMEX.
Back then when I bought, we'd get on a recorded line and confirm the amount and price I'm buying. When the time came to sell the process was pretty much the same; we'd get on the recorded line and confirm the amount and price I'm selling.
Now comes a change I don't care for. The buy process is the same but the sell has changed. Instead of locking in their buy price when I call them to sell, the price is set when they say they received the PMs. I'm still holding PMs bought from them along with some from APMEX. I have yet to sell anything back to AMPEX and had not thought about this detail untill now. APMEX buy prices seemed straight forward, but now I wonder when the price is actually set in the transaction.
Now do all the large dealers set their buy price when they receive, or does this differ between dealers?
Back then when I bought, we'd get on a recorded line and confirm the amount and price I'm buying. When the time came to sell the process was pretty much the same; we'd get on the recorded line and confirm the amount and price I'm selling.
Now comes a change I don't care for. The buy process is the same but the sell has changed. Instead of locking in their buy price when I call them to sell, the price is set when they say they received the PMs. I'm still holding PMs bought from them along with some from APMEX. I have yet to sell anything back to AMPEX and had not thought about this detail untill now. APMEX buy prices seemed straight forward, but now I wonder when the price is actually set in the transaction.
Now do all the large dealers set their buy price when they receive, or does this differ between dealers?
Remember, I'm pullen for ya; we're all in this together.---Red Green---
0
Comments
No........ Shop around.
Most places set the price when you call.... Buy or Sell..... This is "Confirming".
You are expected to send payment or ship PM's within 1 biz day of confirming a deal.
Sometimes between folks who know each other & do a lot of biz there is C.O.C.
With C.O.C. .... the seller ships same day and the buyer sends a check the same day.
Most of us do not qualify for this service.
My advice is to NOT deal with any company that will not confirm a deal on the spot....
no matter how big.
********************
Silver is the mortar that binds the bricks of loyalty.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
That's how I've always done it with everybody that I've ever bought from or sold to - including Nunemakers, FJ Vollmer, Dallas Gold & Silver Exchange, and Tulving.
Every time I've considered doing business with Monex, something just never seemed exactly right. Early on, I think my objection with them is that you had to buy into their program somehow before they would even do a transaction, and it did involve additional cost. Lately, didn't I just read that they are under investigation by the State of California?
I knew it would happen.
We do not lock in "they sell to us" prices with strangers until we receive the goods because there are too many people in the world who would lock in a price and only ship the next day if the price stayed steady or went down. If it went up enough they would renege and not ship.
If you do not believe that this happens, I have a bridge I would like to sell you......
TD
Unfortunatly that does make sense, and could very well be the reason Monex changed. Chalk another one up to greed. It's hard for me to understand how a person that has the funds to buy 50 or 100 AGEs would renege because gold went up $10. He just sold his name for 500 or 1000 bucks. Sad.