Went to a local B&M today, said he isnt interested in buying silver!

AnkurJ

Took about 30 ounces of silver bars/rounds. Some 1oz, some 2oz, and a 10oz bar. He said he had no use for any of them and made no offer. I was rather surprised!

I then showed him some collector coins, and he said he pays 40% of sheet Bid! I asked if he had any for sale at 20% back of bid, and he said no, I sell them on ebay.

I packed up quick and left.

Ohhhh boy.....

Thus far the best offer I have locally is about $44.25 an ounce for generic bars/rounds.

jdillane

$44 and change doesn't seem too bad...

RedHerring

APMEX will likely pay $46/oz and with 30ozs, you meet their minimum and can afford to ship it with money to spare.

OldEastside

Was he busy?, was he overstocked?, maybe this Easter weekend has him on edge
I would'nt blame him on the bullion, but is that 40% of greysheet?, ah c'mon wait
till monday or tuesday and try again, who knows....

Steve

piecesofme

Thus far the best offer I have locally is about $44.25 an ounce for generic bars/rounds

Really, I'm getting Spot all day long around here, even if it's just a few oz's.
Now of course they all seem to want Spot + .50 (min.) if you're buying. Greed is really a terrible thing, isn't it? I shouldnt say that though being that they're paying Spot even for small quantities.

fivecents

AnkurJ...your B&M dealer sounds like a real..........LOSER!!!!!!!!

akuracy503

Doesnt sound like he should even be in business...

Have silver buillion sales really slowed down that much?

PerryHall

<< <i>AnkurJ...your B&M dealer sounds like a real..........LOSER!!!!!!!! >>



Or, maybe he has a cash flow problem which doesn't necessarily preclude him from also being a loser.

edmundfitzgerald

<< <i>AnkurJ...your B&M dealer sounds like a real..........LOSER!!!!!!!! >>



Cash flow problem perhaps, but no menstrual flow problem. Everyone has the right to accept or decline buys and trades. No biggie.

AnkurJ

He had no silver or gold for sale when I asked.
Seemed like he was more interested in scrap gold. I was the only customer there.

I went there once last year with no success and figured I would try again. Today will be the last time.
It's the gold and silver exchange in Verona, NJ.

fivecents

<< <i>Or, maybe he has a cash flow problem which doesn't necessarily preclude him from also being a loser. >>

Cash flow cash smow......that dealer is a big fat LOSER!!!!!!!!!

You just don't offer 40% of greysheet bid and not be a LOSER!!!!!!!!!!!!

OldEastside

If thats the case, I'm gonna agree with everybody else here.
I'd stay out of the place, sounds like they might get raided.

Steve

piecesofme

You just don't offer 40% of greysheet bid and not be a LOSER!!!!!!!!!!!!

What about 25% back of GS? That's what the LOSERS are doing around here for high grade NGC/PCGS Certified CC Morgans.
Used to be 10% back was fair, and it wasn;t that long ago either.

gecko109

<< <i>He had no silver or gold for sale when I asked.
Seemed like he was more interested in scrap gold. I was the only customer there.

I went there once last year with no success and figured I would try again. Today will be the last time.
It's the gold and silver exchange in Verona, NJ. >>






Doesnt sound like much of an "exchange" to me.

BigE

Some dealers, very few but some, if they sense you really know what you are doing, seem to shy away from conducting business. They dont like to sell, perhaps fearing being cherry picked, and they dont like to buy, because they seem to feel not in complete control. When doing business with a new dealer its best to feel them out first before they figure you out. This is true of many transactions and in many situations---------BigE

BBQnBLUES

Sounds like a Pawn Shop instead of a Coin Shop.

ajman

<< <i>Some dealers, very few but some, if they sense you really know what you are doing, seem to shy away from conducting business. They dont like to sell, perhaps fearing being cherry picked, and they dont like to buy, because they seem to feel not in complete control. When doing business with a new dealer its best to feel them out first before they figure you out. This is true of many transactions and in many situations---------BigE >>

Sounds good to me.

TheTalkingWalnut

BigE is right on - whenever I state something clearly and emphatically people come out of the woodwork to argue with me. But when I play Keyser Soze and pretend that I don't know what I'm doing, the world unites to "instruct" me.

Figuring that living well is the best revenge, I don't get mad anymore. Now I just bet people. The last time I was in a B & M the owner (a friend of mine for 30+ years) started arguing with me about when Roy Orbison died. I said 88 or 89; he said mid 90s. We put up some green on the counter, he went to wikipedia, I put the money that used to be his that was now mine in my pocket, and that was that.

OldEastside

Now I just bet people. The last time I was in a B & M the owner (a friend of mine for 30+ years) started arguing with me about when Roy Orbison died. I said 88 or 89; he said mid 90s. We put up some green on the counter, he went to wikipedia, I put the money that used to be his that was now mine in my pocket, and that was that. >>



Now thats Pretty Paper

Steve

BigE

I dig Roy Orbison, I rarely go anywhere without that CD with him, dylan and the others, Traveling Wilburrys (sp) the wife calls it?------------------BigE

golden

I don't know how the guy stays in business.

Spooly

Apmex gave me $48.28 on Thurday for some silver eagles.

BigE

Spooly, good to hear from you!!!!!-------BigE

I will be going to Houston next week or so!!!!

Bochiman

Ankur,

Does the B&M do a lot of business? I can believe some of the small guys may have too much tied up if they aren't getting rid of it just as fast as they buy it.
Or, maybe, what you are bringing is "too small" for him?

Nice thing about where I am is that, while some will try to lowball you, there are a handful, or more, shops within a 75 minute drive. There are some I don't go to, after having similar experience as you, so I just go to the others. Two of them seems to have a lot of folks that buy silver and they seem to run out of ASEs and bars almost as soon as they get them.

OPA

<< <i>Took about 30 ounces of silver bars/rounds. Some 1oz, some 2oz, and a 10oz bar. He said he had no use for any of them and made no offer. I was rather surprised!

I then showed him some collector coins, and he said he pays 40% of sheet Bid! I asked if he had any for sale at 20% back of bid, and he said no, I sell them on ebay.

I packed up quick and left.

Ohhhh boy.....

Thus far the best offer I have locally is about $44.25 an ounce for generic bars/rounds. >>



Maybe he had a premonition of a Monday morning bubble burst & doesn't want to be saddled with silver Only time will tell if his nightmare turns out to be correct.

AnkurJ

<< <i>I don't know how the guy stays in business. >>



People walking in with jewelry....
That seems to be 90% of his business.

On another note, I called a well known well established store in North Jersey. They said for gerneic bars they offer 80% of current melt. For Englehard and J&M bars they offer 85% of melt. How generous of them....

Bochiman

Well, it IS Jersey.....

MoneyLA

I dont know the shop owner, obviously, but perhaps he bought plenty of silver at much cheaper prices and now just wants to unload his cheap inventory for big profits and is not interested in buying new inventory with only a small spread?

goingbroke

Maybe he wanted photos?

OPA

<< <i>Maybe he had a premonition of a Monday morning bubble burst & doesn't want to be saddled with silver Only time will tell if his nightmare turns out to be correct. >>



I need to borrow that dealers crystal ball ... You need to stop by occasionally & let us know when he's buying again.

secondrepublic

Weird.... I got melt or just back of melt for silver this morning.

OPA

<< <i>Weird.... I got melt or just back of melt for silver this morning. >>



Is that from the OP's dealer? I want to know when he starts to buy again.