Rules For Locking In Bullion
segoja
Posts: 6,141 ✭✭✭✭
What is appropriate?
If a client says he is locked in, then waits 24 hours and decides to pass..is that appropriate???
To be clear, when I say I'll buy, I buy no matter the market...and I've done this with many many board members.
As a buyer, if you lock in, you can't back out.
Try that with your stock broker and see what he says. My guess is he would fire you as a client.
Sorry for the rant, it just burns me up when board members lock in then take a pass. It happens too frequently, and we as dealers get a bad rap. How about the customers??? this is not the United Way.
If a client says he is locked in, then waits 24 hours and decides to pass..is that appropriate???
To be clear, when I say I'll buy, I buy no matter the market...and I've done this with many many board members.
As a buyer, if you lock in, you can't back out.
Try that with your stock broker and see what he says. My guess is he would fire you as a client.
Sorry for the rant, it just burns me up when board members lock in then take a pass. It happens too frequently, and we as dealers get a bad rap. How about the customers??? this is not the United Way.
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Comments
Fortunately I haven't had that happen, but who's to say it wont. Overall, I've had very positive experiences selling & buying here. But I understand where you're coming from and I agree with the basic ground rules you've suggested. If you say you're going to buy, then it's that price...and pay in a timely manner too. Does the seller not run the risk of, in effect, losing money if the buyer commits to buying, but takes 2 weeks to pay when the price of bullion is rising?
Anyway, just wanted to say that I whole heartedly agree.
I guess some people think they can play that way.
I understand stuff happens, but come on....within a few hours. I don't buy it.
Before you lock in, please know that locked in means it's a done deal.
I should also add that I've bought and sold probably $100,000 on the boards just this year alone. I pay fast and commit. Many many good deals, just a few poor ones, and always on bullion.
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
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Some people put no value on their word and then they wonder why their 'name' has no value.
"Inspiration exists, but it has to find you working" Pablo Picasso
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
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We all realize that playing the bullion game is chancey with buying at melt (+/-) if you don't have an established secondary market with a built-in profit.
What I would suggest when dealing with a new 'customer' is:
Confirm he is ready to buy. Read-Money in the Bank.
Ask for a 'Personal' payment via PayPal. No charge to either of you if you both have an account tie to your bank account. Or if no bank account is linked, the BUYER can pay the PP fee's.
Mark deal as 'Pending', but continue to accept name of others wanting to buy.
If payment is not received within the next few hours (ideally the member would open another tab, make payment & finish the deal in a matter of minutes), deal is off. PM the next member who wanted the deal.
Existing customers that have always paid on their commitment can continue to send other types of payment you accept.JMHO & suggestions
The same when selling, I have never had a customer come back and say "Oh, the price went up, here's more money." On the contrary, I will always get people that come back after a price has gone down and want a refund.
I committed, and mailed a check for a 1oz Gold Bar. Before the check even arrived, my fiancae' car blew its engine, and we were car shopping.
I told him what happened, but the price of gold had risen since I mailed the check, and he offered to sell it to the next person who inquired about it. I informed him I was still willing to take the bar, as I agreed, but would only have to resell it immediately. This has happened one time, in the 8-10 transactions Ive committed to as a buyer. Even though I was still in a bad situation, I offered to keep my end of the deal.
BTW.. do a search of my previous posts to find out who I dont trust!
<< <i>That sux. Out the board member or at least shoot me a PM. >>
I'd rather not do business with him either. Feel free to pm me as well.
I've worked with James several times on large transactions and he has been honest, upfront and very fair with bullion prices.
Even upping his payments when bullion rose higher over the course of a day or two.
Sorry about your hassle.
Click on this link to see my ebay listings.
No outing of names, sorry.
It was only about a $600 deal. Not the amount, but more the principle.
Anyhow, sounds like the rules are laid out for all to see.
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
<< <i>Buyer has called and apologized. Takes a big person to do that.
No outing of names, sorry.
It was only about a $600 deal. Not the amount, but more the principle.
Anyhow, sounds like the rules are laid out for all to see. >>
Why rant if your not going to call a spade a spade
<< <i>
<< <i>Buyer has called and apologized. Takes a big person to do that.
No outing of names, sorry.
It was only about a $600 deal. Not the amount, but more the principle.
Anyhow, sounds like the rules are laid out for all to see. >>
Why rant if your not going to call a spade a spade
Heck, the subject was aired out and discussed.
That's where the 'Forum' part comes in.
If the party who prompted the rant has apologized we can hope he's learned something.
edit to say sorry for the bump, I forgot this post was on the BST.
"Inspiration exists, but it has to find you working" Pablo Picasso