Sucker trade?
piecesofme
Posts: 6,669 ✭✭✭
While visiting 4 local B&M's yesterday & today, there were 3 seperate offers made to the B&M owners that I (and they) thought were a bit of a sucker trade...and I've noticed some offering it here to.
100 oz silver bar for 3 1 oz Gold eagles. Sure the pure Spot values are very close, but 100 oz Silver bars typically carry no premium, they are a slave to whatever Spot is. 1 oz AGE's on the other hand can carry a pretty decent premium. Not to mention that more can be made by selling 3 things (possibly to 3 different people for more each time, possibly) than selling 1 big hunk of a bar where all your $ is tied up in 1 thing.
Why would anyone in their right mind give up their 3 1 oz AGE's for a 100 oz. silver bar? Me thinks it's a sucker trade. You?
100 oz silver bar for 3 1 oz Gold eagles. Sure the pure Spot values are very close, but 100 oz Silver bars typically carry no premium, they are a slave to whatever Spot is. 1 oz AGE's on the other hand can carry a pretty decent premium. Not to mention that more can be made by selling 3 things (possibly to 3 different people for more each time, possibly) than selling 1 big hunk of a bar where all your $ is tied up in 1 thing.
Why would anyone in their right mind give up their 3 1 oz AGE's for a 100 oz. silver bar? Me thinks it's a sucker trade. You?
To forgive is to free a prisoner, and to discover that prisoner was you.
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personally, I just don't like the idea of having $X tied up in 1 thing when I can have it in 3 things that would be easier to sell when the time came.
<< <i>100 oz silver bars are a hard sell - at least near me. I traded mine in for 10 oz bars last year. I would want to be on the gold side of that trade
personally, I just don't like the idea of having $X tied up in 1 thing when I can have it in 3 things that would be easier to sell when the time came. >>
Ok, but how far do you take that philosophy? Would it then be better to have 6 half oz eagles instead of 3 of the 1oz? How about 30 tenths instead? Who wants to be tied up in 3 things when you could have 30 of them?
See my point?
<< <i><< 100 oz silver bars are a hard sell - at least near me. I traded mine in for 10 oz bars last year. I would want to be on the gold side of that trade
personally, I just don't like the idea of having $X tied up in 1 thing when I can have it in 3 things that would be easier to sell when the time came. >>
Ok, but how far do you take that philosophy? Would it then be better to have 6 half oz eagles instead of 3 of the 1oz? How about 30 tenths instead? Who wants to be tied up in 3 things when you could have 30 of them?
See my point?
>>
It is a dollar figure for me 2-500 is my sweet spot. 1/10 and 1/4 oz gold and 10 oz silver fit it perfectly. Easily converted to cash on the spot.
<< <i>
<< <i><< 100 oz silver bars are a hard sell - at least near me. I traded mine in for 10 oz bars last year. I would want to be on the gold side of that trade
personally, I just don't like the idea of having $X tied up in 1 thing when I can have it in 3 things that would be easier to sell when the time came. >>
Ok, but how far do you take that philosophy? Would it then be better to have 6 half oz eagles instead of 3 of the 1oz? How about 30 tenths instead? Who wants to be tied up in 3 things when you could have 30 of them?
See my point?
>>
It is a dollar figure for me 2-500 is my sweet spot. 1/10 and 1/4 oz gold and 10 oz silver fit it perfectly. Easily converted to cash on the spot. >>
I agree with that. Im heavily invested in 1/4oz gold eagles and 5oz silver bars. I refuse to own anything larger than that $500 value you pointed out. I may begin swapping my 1/4s for 1/10ths soon.
The B&M owners probably just don't take it because there's really no advantage to them. If anything there's a small liability since there's a higher chance there's something funny about the 100oz bar rather than the 1oz AGEs, plus the 100oz bar will be a bit harder to sell.
If someone were looking to trade from gold into silver the 3-4% lost premium seems reasonable. Dealers don't work for zero. And the trade on the return
trip would be back in your favor. At $100-$150/oz silver I think the loss of 3-4% would seem negligible. At that point everyone with AGE's will have wished
they traded them for 100 oz Ag bars. This won't be a sucker trade come July-August. The timing of this trade is the key factor, not so much the commission or
portability/bulk.
roadrunner
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
The more the better Phil. The more you have of something that you know you can sell quick in a pinch far outweighs 1 big thing sittin over in the corner that no one really has any interest in because it ties up too much funds, the better. all jmho.
Having 3 age's gives more opportunites (for me as a seller) than 1 big arse bar.
The more you have of something that you know you can sell quick in a pinch
That's why many fiscally responsible people have emergency funds set up, so you don't need to sell anything "in a pinch" and become a slave to whatever the market / buying public is feeling at any given time.
And believe it or not, there are people who actually "collect" as opposed to "flip". Life is not squeezing every dime out of every transaction, at least not in my book.
Then why don't you take that 100oz silver bar to a shop and sell it then buy the 3 oz gold?
It's pretty obvious, at least to me, that Rich is referring to my thread on the BST and PM forum, so I don't have a problem addressing it here.
One minor point is that his question is not the same as the trade I offered. Nowhere did I specifically call out 3 1 oz AGEs, that was the sucker trade he made to his local dealers. I realize there are different premiums for Ag 1 oz bars, 1 oz AGEs, 1 oz Maples, and various sizes of Ag bars and rounds.
Addressing your question 007, I'll answer with one of my own. Why pay premiums on both sides of the deal when it can be avoided? That, to me, is not the same as worrying about whether I can get 30.0x or 30.2x for some 90% silver, for example.
If you were offered a 100 oz silver bar OR 3 gold eagles for $4,600. which would you take ?
1st senerio i'd take the silver
2nd senerio i'd take the gold
am I having a brain bubble here ?
LM-ANA3242-CSNS308-MSNS226-ICTA
there's a sucker born every minute. With that said, I don't see a problem with the deal if both parties agree on the terms. Obviously if the deal goes through, each party wanted the other more than what they had.
Too many positive BST transactions with too many members to list.
Now where did I say that, anywhere? It always amazes me how much people read something into something that isn't there...whatever. Best of luck to you and what you are trying to do Mark.
For the record when I was at the B&M's Tues. & Wed. and witnessed those people asking to do this exact trade, everyone of the B&M owners didn't have too kind of words about the person proposing the deal when they left the store.
Anyway, I hope I haven't offended anyone, was just telling a story, gave my opinion on it and asked the Forum members here for thiers. Anyone is totally free to try and pull off any deal they feel is fair.
<< <i>It's pretty obvious, at least to me, that Rich is referring to my thread on the BST and PM forum
Now where did I say that, anywhere? It always amazes me how much people read something into something that isn't there...whatever. Best of luck to you and what you are trying to do Mark.
For the record when I was at the B&M's Tues. & Wed. and witnessed those people asking to do this exact trade, everyone of the B&M owners didn't have too kind of words about the person proposing the deal when they left the store.
Anyway, I hope I haven't offended anyone, was just telling a story, gave my opinion on it and asked the Forum members here for thiers. Anyone is totally free to try and pull off any deal they feel is fair. >>
I think by including in your original post "...and I've noticed some offering it here to" that you definately were aiming at some post on this forum. I don't recall seeing any other thread offering 100 oz of silver for 3 oz of gold. Some days you have to man up and stop being a drama queen.
"A dog breaks your heart only one time and that is when they pass on". Unknown
I gave my opinion, it's a sucker trade and I'll stick by it. If someone can pull it off, good for them. I just think it's a sucker trade whoever is doing, including myself. How's that for full disclosure?
<< <i>Then why don't you take that 100oz silver bar to a shop and sell it then buy the 3 oz gold? It's pretty obvious, at least to me, that Rich is referring to my thread on the BST and PM forum, so I don't have a problem addressing it here. One minor point is that his question is not the same as the trade I offered. Nowhere did I specifically call out 3 1 oz AGEs, that was the sucker trade he made to his local dealers. I realize there are different premiums for Ag 1 oz bars, 1 oz AGEs, 1 oz Maples, and various sizes of Ag bars and rounds. Addressing your question 007, I'll answer with one of my own. Why pay premiums on both sides of the deal when it can be avoided? That, to me, is not the same as worrying about whether I can get 30.0x or 30.2x for some 90% silver, for example. >>
I thought it to be quite an unusual coincidence to see this threat about the exact trade that was being offered on the BST forum, from someone who reads the BST forum religiously.
I have been considering the trade. I have 3 PCGS MS69 2006-W ages. What would be your offer there? --Jerry
I had posted my offer shortly before this thread. At the time, it was the only active thread on the forum with a similar offer. If I missed one, I apologize and retract my statement.
I do remember a similar thread awhile back, but that was when the GSR was near 40.
Successful Trades: Swampboy,
roadrunner
to wit: Wednesday, I put up a 100oz bar of silver sans pics. I figure hey its not a coin so pics didn't seem to be critical. piecesofme then posts a question asking if I have pics. today, I bring my cam to work and take a few shots. Crap, forgot the usb patch to upload to my cam.
Then, I see that piecesofme posts instructions on how to upload pics and also posts a separate thread bemoaning anyone who has the audacity to list a nearly $5K item without pics and deriding any "excuses". Later, he comments that he's not into 100oz bars.
piecesofme seems to be a mod wanna be and a bit of a voyeur. Maybe he just likes to look!
jdillane...you obviously dont have in hand what you're trying to sell, your thread and comments on it and this thread clearly show that. You may have it being in the sense that you may have purchased it and want to flip it before actually take receipt of it, but you don't have it now.
Know how you can prove me wrong? Post a pic of it with a newspaper from today next to it.
<< <i>If you were offered a 100 oz silver bar OR 3 gold eagles for $4,500. which would you take ?
If you were offered a 100 oz silver bar OR 3 gold eagles for $4,600. which would you take ?
1st senerio i'd take the silver
2nd senerio i'd take the gold
am I having a brain bubble here ? >>
Yes you are.
<< <i>Hey, Wingsrule, I suspect you are onto something re the author of this thread.
to wit: Wednesday, I put up a 100oz bar of silver sans pics. I figure hey its not a coin so pics didn't seem to be critical. piecesofme then posts a question asking if I have pics. today, I bring my cam to work and take a few shots. Crap, forgot the usb patch to upload to my cam.
Then, I see that piecesofme posts instructions on how to upload pics and also posts a separate thread bemoaning anyone who has the audacity to list a nearly $5K item without pics and deriding any "excuses". Later, he comments that he's not into 100oz bars.
piecesofme seems to be a mod wanna be and a bit of a voyeur. Maybe he just likes to look!
Jay, you have credibility, don't worry about it. Something like that, a picture is not, imho, a big deal.
There was no interest in it, you were just being jerked around.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment