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What would a B & M do?

gdavis70gdavis70 Posts: 256 ✭✭✭
in Precious Metals
I am looking at a small currency deal... 7k mostly high denoms... Along with the currency the person has 90 Krugerrands they want to sell. I am curious how the market works on an order like that. Would a Brick and mortar offer sub spot? It's a big chunk of risk otherwise... but it seems wierd to offer much less.

Thoughts?
AntiqueBanknotes • National Currency

Comments

  • KISHU1KISHU1 Posts: 2,153 ✭✭✭
    Most dealers in our area (including me) are paying 95-96% of spot on most gold in small quantities up to 10 ounces
    For such a large purchase you would most likely have to go go to a large wholesaler or refiner who could handle such a large purchase. Be prepared to get a 1099 or other such tax report on such a large amount

    Good Luck

    Frank
  • derrybderryb Posts: 37,277 ✭✭✭✭✭
    95% max in a bull market, less in a bear market. You are taking a risk that the market won't drop. Seller is betting it will (or he is in desperate need of cash).

    Gold has a world price entirely unaffected by accounting games between the Treasury and the Fed. - Jim Rickards

  • CaptHenwayCaptHenway Posts: 32,489 ✭✭✭✭✭
    FWIW, we buy undamaged Krugerrands at Spot -$10, unlimited quantities.
    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.
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