Home› Precious Metals

Local B&M buy prices for 14K and 90%, these sound low to you?

seanqseanq Posts: 8,651 ✭✭✭✭✭
in Precious Metals
I volunteered to cash in a small pile of 14K gold jewelry and about $10 face in 90% US coins for a neighbor and good friend who knows I collect. Called a local dealer for their current buy prices and was quoted $18.05 per $1 face on the 90% and $30.95/dwt on the 14K gold. I don't do this every day but from hanging around the USCF I thought the current fair market prices were about 10% higher than that. Do I need to find another place to take my neighbor's PMs?


Sean Reynolds
Incomplete planchets wanted, especially Lincoln Cents & type coins.

"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor

Comments

  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    Low on the 90% I'm not up on 14K.
    Avid collector of GSA's.
  • sumrtymsumrtym Posts: 394 ✭✭✭
    I don't know, for a dealer, the 90% price sounds about right to me. You can always get more selling to an individual.
  • tydyetydye Posts: 3,894 ✭✭✭
    Low on the 90%. Local guys near me are all over 20X face.

    Not up on the 14k
  • cohodkcohodk Posts: 19,103 ✭✭✭✭✭
    Sounds like fair prices from a B&M.

    Probably can get a little more by selling to an individual.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • TomBTomB Posts: 21,202 ✭✭✭✭✭
    I think the silver buy price is fair enough for a B&M considering melt value on the coins at current spot of $28.73/oz is 20.8x. Therefore, the 18.05x is 87% of melt. The pennyweight price is only about 75% of bullion for the gold, but 14k always gets discounted. The face value of the silver is small enough that if you had to include shipping you would likely lose any gains you get on a higher sales price, but I don't know if you could make it up on the gold.
    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • scotty1419scotty1419 Posts: 928 ✭✭✭
    Dealers all by me are offering 20x face currently - maybe more.
  • seanqseanq Posts: 8,651 ✭✭✭✭✭
    Wow, just called another guy I used to buy from for years and he quoted me $16 for the 90%. I didn't even bother to ask about the gold.

    My friend is looking for some Christmas money and would probably be quite happy with the first quote. My goal in offering to help her was to keep her away from a Cash-4-Gold type operation when she might only get 30-50% of spot. I was assuming (probably naively) that for PMs I could get close to 90% of spot, so factoring in the ease and speed of the transaction I suppose 75%-87% is reasonable.


    Sean Reynolds
    Incomplete planchets wanted, especially Lincoln Cents & type coins.

    "Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
  • seanqseanq Posts: 8,651 ✭✭✭✭✭
    Good grief... just called another smaller shop, one I've only been to a few times, and was quoted $12.60 for the 90%. called one last shop and they give me almost the exact same quote as the first guy ($18/$1 and $31.10/dwt respectively). I guess I know where I'm going (and for the future, where I'm never going).


    Sean Reynolds
    Incomplete planchets wanted, especially Lincoln Cents & type coins.

    "Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    Your first offer may not be good now! Gold & silver dropping fast!image
    Avid collector of GSA's.
Sign In or Register to comment.