Went to the local B&M
scotty1419
Posts: 928 ✭✭✭
this afternoon to buy some 90%, hoping to take advantage of the lower prices. The owner told me they didn't have ANY 90% to sell when I was hoping to buy $200 worth.
I walked in after holding the door for 3 old ladies leaving with plastic bags and a couple with some silverware was in front of me. I dont think I've seen the shop that empty before (in terms of inventory) - saw a few junk art bars in a case in back and a bin of 90% that was just taken in that day off to the side. They explained they needed to 'process it' before it could be sold.
A few other things I noted, they had very few collector coins but a good display of slabbed unc $20 gold. The female assistant mentioned that they hadn't had much 90% to sell for the last week or so.
I tried to call another local shop on my way home but the phone was busy for 20 min straight. My two take away points were that no 90% is really available (maybe just because of the drop?) and that dealers are very busy. Anyone else have better luck?
I walked in after holding the door for 3 old ladies leaving with plastic bags and a couple with some silverware was in front of me. I dont think I've seen the shop that empty before (in terms of inventory) - saw a few junk art bars in a case in back and a bin of 90% that was just taken in that day off to the side. They explained they needed to 'process it' before it could be sold.
A few other things I noted, they had very few collector coins but a good display of slabbed unc $20 gold. The female assistant mentioned that they hadn't had much 90% to sell for the last week or so.
I tried to call another local shop on my way home but the phone was busy for 20 min straight. My two take away points were that no 90% is really available (maybe just because of the drop?) and that dealers are very busy. Anyone else have better luck?
0
Comments
Too many positive BST transactions with too many members to list.
unless someone just came in to unload theirs. and that has been getting sold off the by following day.
i watched a 100oz bar get sold to the store... only to be sold over the phone not 10min after the customer left. the phone customer was looking for 5.
they have been so busy with silver & gold transactions that coin sales were way down.
Go figure??? Prices down and suddenly you get the "We don't have anything right now" line. Go back when Silver goes back over $48 and see if he has any. Mysteriously, they will be brought out from the vault in the back to the showcase.
I brought up a thread about this awhile back. It's like clockwork. Why would they sell when they know the trend is still way upward and especially as quickly as it turns on a dime? Giv it a week or less, they'll have all you can walk out with available.
<< <i>The owner told me they didn't have ANY 90% to sell when I was hoping to buy $200 worth
Go figure??? Prices down and suddenly you get the "We don't have anything right now" line. Go back when Silver goes back over $48 and see if he has any. Mysteriously, they will be brought out from the vault in the back to the showcase.
I brought up a thread about this awhile back. It's like clockwork. Why would they sell when they know the trend is still way upward and especially as quickly as it turns on a dime? Giv it a week or less, they'll have all you can walk out with available. >>
Speaking about old threads, please go back and re-read the 47 or so threads about how sometimes a drop in the spot price of a metal causes:
A. A sharp increase in demand for a product, so that it sells out, and
B. A sudden decrease in supply of that product, as sellers hald back selling until the price goes back up.
Dealer bashing without cause (and sometimes there is cause) is in bad taste.
<< <i>
<< <i>The owner told me they didn't have ANY 90% to sell when I was hoping to buy $200 worth
Go figure??? Prices down and suddenly you get the "We don't have anything right now" line. Go back when Silver goes back over $48 and see if he has any. Mysteriously, they will be brought out from the vault in the back to the showcase.
I brought up a thread about this awhile back. It's like clockwork. Why would they sell when they know the trend is still way upward and especially as quickly as it turns on a dime? Giv it a week or less, they'll have all you can walk out with available. >>
Speaking about old threads, please go back and re-read the 47 or so threads about how sometimes a drop in the spot price of a metal causes:
A. A sharp increase in demand for a product, so that it sells out, and
B. A sudden decrease in supply of that product, as sellers hald back selling until the price goes back up.
Dealer bashing without cause (and sometimes there is cause) is in bad taste. >>
Don't forget C. The dealer chooses to sit on his stock of silver in anticipation of the price of silver going back up again.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
And even though I'm not a professional dealer, I'm also glad that nobody hit me up to buy when it was at 49.82 or whatever. Fortunately I got a good night's sleep that night and missed all of the excitement.
<< <i>FWIW, I agree with Pieces. I'm suddenly in a lot less hurry to sell what I've got. Having tasted 35x or so, I'm not in a hurry to sell at a lot less.
And even though I'm not a professional dealer, I'm also glad that nobody hit me up to buy when it was at 49.82 or whatever. Fortunately I got a good night's sleep that night and missed all of the excitement. >>
Actually, that means you disagree with Pieces. He seems to believe that when metals tank you should go down to your local B&M and sell your metal at the lower price so that he can buy it at the lower price.
<< <i>
<< <i>
<< <i>The owner told me they didn't have ANY 90% to sell when I was hoping to buy $200 worth
Go figure??? Prices down and suddenly you get the "We don't have anything right now" line. Go back when Silver goes back over $48 and see if he has any. Mysteriously, they will be brought out from the vault in the back to the showcase.
I brought up a thread about this awhile back. It's like clockwork. Why would they sell when they know the trend is still way upward and especially as quickly as it turns on a dime? Giv it a week or less, they'll have all you can walk out with available. >>
Speaking about old threads, please go back and re-read the 47 or so threads about how sometimes a drop in the spot price of a metal causes:
A. A sharp increase in demand for a product, so that it sells out, and
B. A sudden decrease in supply of that product, as sellers hald back selling until the price goes back up.
Dealer bashing without cause (and sometimes there is cause) is in bad taste. >>
Don't forget C. The dealer chooses to sit on his stock of silver in anticipation of the price of silver going back up again. >>
aka "The Grassy Knoll Theory of Coin Dealing."
I left with $8 worth of coin supplies.
The store was selling ASEs for $50.50 and Silver Maples for $50.25, even though spot was $46.13 at the time. The store guy said ASEs are getting harder and harder to find and they are selling at a high premium. The store was out of 100 oz. silver bars, 10 oz. Engelhard and 10 oz. J&M silver. I am not used to paying $5 over spot for ASEs so I ended up with 5 generic .999 10 oz. silver bars and a 1 oz. Pamp gold bar. I paid $474 for each silver bar and $1528 for the Pamp bar. Up to now, I had only purchased silver in the form of Engelhard 100 oz and 10 oz. bars, J&M 10 oz. bars and ASEs. I hope that I am not sorry for puchasing these generic silver bars, but that was all that was really available.
Hank.
One woman was buying 6 AGEs. A few others were waiting around for service.
I asked what he'd pay for 100oz silver bars (didn't have them with me.) He asked what brand. I said Pan American Silver. He acted like he hadn't heard of it, and said probably around $2.00 under spot per ounce. No thanks.
<< <i>I went to a B&M today to get some flips for the 5oz ATBs (which he didn't have and didn't think existed.) Hadn't been to this shop before.
One woman was buying 6 AGEs. A few others were waiting around for service.
I asked what he'd pay for 100oz silver bars (didn't have them with me.) He asked what brand. I said Pan American Silver. He acted like he hadn't heard of it, and said probably around $2.00 under spot per ounce. No thanks. >>
I don't believe that I have ever heard of Pan American Silver. Where are they located?
<< <i>I went to my local Maryland B&M yesterday and it was packed. One Indian family was purchasing $11k of 2/3 gold and 1/3 silver. Another guy was purchasing about $4k of gold and another was purchasing a $4k mixture of gold and silver. One guy was selling about 1100 ASEs and a bunch of other silver coinage. The Indian guy had to fill out some IRS form, the rest of us just had to provide our driver's license and the info was written on the store copy of the receipt. There were a lot of other people in the store buying and selling as well.
The store was selling ASEs for $50.50 and Silver Maples for $50.25, even though spot was $46.13 at the time. The store guy said ASEs are getting harder and harder to find and they are selling at a high premium. The store was out of 100 oz. silver bars, 10 oz. Engelhard and 10 oz. J&M silver. I am not used to paying $5 over spot for ASEs so I ended up with 5 generic .999 10 oz. silver bars and a 1 oz. Pamp gold bar. I paid $474 for each silver bar and $1528 for the Pamp bar. Up to now, I had only purchased silver in the form of Engelhard 100 oz and 10 oz. bars, J&M 10 oz. bars and ASEs. I hope that I am not sorry for puchasing these generic silver bars, but that was all that was really available.
Hank. >>
From another thread re shortage of silver eagles:
linky
And the reasons given weren't even questionable reasons, imo.
I was on the road for a couple days, and I saw the $5.00 drop on Monday. I kinda expected a further drop today. The fact that it didn't break down further is a pretty strong sign.
I knew it would happen.
http://bullion.nwtmint.com/silver_panam.php
<< <i>CaptHenway
http://bullion.nwtmint.com/silver_panam.php >>
Thank you. I recognize the hammer symbol now, though it is a new brand, and the dealer might not know it. Also, I see from the site you gave that they are just introducing their 100 ounce bar.
TD
Owner said silver was crazy hot and he didn't have any gov bullion in quantity at all of the white stuff. Had a couple graded proof ASE's and that was it. Asked about any oddball size bars, nope. JM/Engles/Pamp, nope. So we got to talking and I let him know that I would be interested in bullion4bullion for some gold AGE somethings. Zero fractional AGEs, none, nada.
Went over to his gold case and looked at some eagles and indians and fractionals, nothing too interesting in the price range I was looking at with my trade amount and the money in my pocket. While I was doing that he pulled some stuff out of the safe and put a little pile together for me.
If I could have made it in there this weekend or even monday I wouldn't have had to whip out 4 rolls of prezbucks to make this deal, but whatever. I was in the buffalos at $17/oz, so that and a hundred (which I wouldn't have had to pony up if I got there before Tues basically) got me this:
The sovereign is 1911 with the dragon slayer. Constitutional commerative if you can't make it out (pic sucks I know). And I got to add to my world gold itty bitty size collection that I started last year. Africa, Australia, North America, Europe, just missing something Asian and South American.
I know I said I wouldn't trade silver for gold until it hit 20:1, but whatever, I was there, was planning on getting something, and this was an interesting trade for me that I left happy about.
To add: the pile of barbers would need another one to match the physical size of the stack of walkers.
Capt. H,
Where did I ever say it was wrong of them to do so? It's their choice to do so. All I did is point out that denying that fact , or otherwise defending it is either ignorant or deceptive. It happens and I know it does because I have dealers telling me they flat out do it.
I never judged them for doing so. Like I said, they have a business to run and can do what the hell they want to. Now does that effect me doing future business with them? Yes. I go to the ones that DON'T hide product when prices are down. When prices are up, I sell to the ones that claim to not have any product eventhough they've told me in the past that they do.
I do what works for me, that's all. Now are you going to judge me because I tell you what works for me? Oh, you already did without knowing all the facts. Sorry
<< <i>I went to my shop yesterday, North Metro Gold & Coin in Lawrenceville GA. Was planning on seeing if I could convert a roll of those buffalo design 1oz silver rounds into a roll of ASE or Maples or a bar or something fun in the 90% realm in halfs. Said he was paying cash at spot - $1.50 for this generic stuff. Meh, but he's the only guy that isn't an annoying drive away from me. Said he'd do a bit better on a trade and we could work. Fine by me as I'm not one to squable over $20 when the next closest dude is at least 2-3 gallons of gas away each way.
To add: the pile of barbers would need another one to match the physical size of the stack of walkers. >>
DrBuster, quit taking the good stuff!
<< <i>
<< <i>I went to my shop yesterday, North Metro Gold & Coin in Lawrenceville GA. Was planning on seeing if I could convert a roll of those buffalo design 1oz silver rounds into a roll of ASE or Maples or a bar or something fun in the 90% realm in halfs. Said he was paying cash at spot - $1.50 for this generic stuff. Meh, but he's the only guy that isn't an annoying drive away from me. Said he'd do a bit better on a trade and we could work. Fine by me as I'm not one to squable over $20 when the next closest dude is at least 2-3 gallons of gas away each way.
To add: the pile of barbers would need another one to match the physical size of the stack of walkers. >>
DrBuster, quit taking the good stuff!
Don is a nice guy. He has plenty of stuff still, my little deal hardly put a dent in anything, maybe his slick barber roll as I took about 1/2 of what he had that I saw.