What should I expect when selling silver to a local shop?

InternetJunky · January 30, 2011 11:51PM

Will they offer me current silver prices or try to offer me $1 or $2 an ounce below current prices? Would I be better off on the BST?

carew4me · January 30, 2011 11:54PM

no,yes,yes

OPA · January 31, 2011 12:08AM

Best price for your bullion is still eBay. You'll get approx $2.50 - $3.00+ above spot. Even with the fees, that's more than what you'll generate on the BST.

taxmad · January 31, 2011 12:26AM

Generic rounds - $1 back. ASEs spot to $1 over - unless current year or they are out. Luckily I have three stores so I can call each and find out who is paying what. Also depends on quantity.

You will get hammered on a 100 oz bar...

gsa1fan · January 31, 2011 1:39AM

BST by far the best place to sell

PerryHall · January 31, 2011 1:43AM

<< BST by far the best place to sell

>>

Agree. Don't be surprised when your local B&M coin dealer gives you a low ball offer.

piecesofme · January 31, 2011 3:29AM

Best price for your bullion is still eBay. You'll get approx $2.50 - $3.00+ above spot. Even with the fees, that's more than what you'll generate on the BST

I have to say I strongly, respectfully disagree. ebay isnot the place to do any bullion. Coins...maybe, but not bullion.

taxmad · January 31, 2011 4:52AM

<< Best price for your bullion is still eBay. You'll get approx $2.50 - $3.00+ above spot. Even with the fees, that's more than what you'll generate on the BST

I have to say I strongly, respectfully disagree. ebay isnot the place to do any bullion. Coins...maybe, but not bullion. >>

I just picked up 100 2010 ASE's for $3100. The seller will be out $50 FVF, $90 PayPal & $25 to ship. Net of $29.35/oz. Spot is $28.00. If you can find a local dealer that will pay you a $1 over, then take it. It is not worth $35 (in this transaction) to go through the eBay selling experience...

DennisH · January 31, 2011 4:56AM

If I went to a local coin shop I'd expect to get screwed in comparison to what I could do on the BST. I would not deal with eBay period.

greatnortherncoin · January 31, 2011 5:50AM

sell it to cash for gold shops for half of spot

Barndog · January 31, 2011 6:40AM

with free listing at YOUR starting price going on, you can give ebay a try and it won't cost you a thing if it doesn't sell.

piecesofme · January 31, 2011 11:29AM

I just picked up 100 2010 ASE's for $3100. The seller will be out $50 FVF, $90 PayPal & $25 to ship. Net of $29.35/oz. Spot is $28.00. If you can find a local dealer that will pay you a $1 over, then take it. It is not worth $35 (in this transaction) to go through the eBay selling experience...

That's using ASE's as an example, which always carry a stupid premium. Look at this completed eBay auction...item number 260730285505.
Goes for $310 because they charged $12 for shipping, so the shipping is more than covered with maybe $5 to spare, but after 12% in fees, the seller nets $273 + the $5 they raped the winning bidder for for a total net of $278. Spot is over $28.00/oz now. The seller had to charge $12 in shipping to still not get spot. No thanks eBay for bullion.

tydye · January 31, 2011 1:45PM

Lot of competition in my area. They pay fairly. 50 cents back on average for 999 and spot for nice ASEs. Lately they have been paying more for Engelhard and JM 10 oz bars.

goingbroke · January 31, 2011 4:07PM

<< If I went to a local coin shop I'd expect to get screwed in comparison to what I could do on the BST. I would not deal with eBay period. >>

(BUT THE COIN SHOPS HAVE A OVERHEAD!) At least thats what they told me!

PerryHall · January 31, 2011 7:36PM

<< 

<< If I went to a local coin shop I'd expect to get screwed in comparison to what I could do on the BST. I would not deal with eBay period. >>

(BUT THE COIN SHOPS HAVE A OVERHEAD!) At least thats what they told me! >>

How is that your problem? Pick the venue that produces the best results for you.

OPA · February 1, 2011 1:49AM

<< Best price for your bullion is still eBay. You'll get approx $2.50 - $3.00+ above spot. Even with the fees, that's more than what you'll generate on the BST

I have to say I strongly, respectfully disagree. ebay isnot the place to do any bullion. Coins...maybe, but not bullion. >>

I would not have expected you to answer differently since you do a lot of selling on the BST. I for one, have been selling on eBay for over 10 years, and know from personal experience, that your profit margin will be greater there, not only for coins but bullion as well. Much larger audience and most bullion buyers are not as sophisticated as BST board members.

leftofdial · February 1, 2011 2:59AM

I'm just starting to learn about PM's. I see the post above about getting hammered on a 100 oz bar - is that because there is less of a market for them?

If one wanted to buy Silver with an eye on resale, would it be better to buy 1 oz bars/rnds , 10 oz bars, or 90% coins?

OPA · February 1, 2011 7:57AM

<< I'm just starting to learn about PM's. I see the post above about getting hammered on a 100 oz bar - is that because there is less of a market for them?

If one wanted to buy Silver with an eye on resale, would it be better to buy 1 oz bars/rnds , 10 oz bars, or 90% coins? >>

I prefer 1 & 10 oz bars...easier to sell & higher margins over spot. I prefer to deal with my purchases with APMEX, Scottsdale or any legit bullion dealer that is selling at a reasonable markup over spot.

What should I expect when selling silver to a local shop?

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