Home› Precious Metals

Nothing to see here, please move along

piecesofmepiecesofme Posts: 6,669 ✭✭✭
in Precious Metals
thanks for the clarification everyone...we have worked it out. I can forgive someone when they admit what appears to be an honest mistake.
To forgive is to free a prisoner, and to discover that prisoner was you.

Comments

  • PerryHallPerryHall Posts: 46,111 ✭✭✭✭✭
    offer made + dealer acceptance = done deal

    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

  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    offer made + dealer acceptance = done deal

    I'll give it a few more hours, but this is bs to this point imo...given the known history of this person.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • derrybderryb Posts: 36,792 ✭✭✭✭✭


    << <i>Does saying "I'll offer X amount" constitue a deal? >>


    no, it's an offer. and when you say "OK" the game is not over - you have put the ball back in his court, hopefully with a clear deadline.



    << <i>offer made + dealer acceptance = done deal >>


    disagree.

    offer made + dealer acceptance = pending deal.

    What if dealer accepts BST offer five days after it is made? Buyer will probably move on and make another purchase.

    reasonable amount of time is subjective to each party. I consider no BST deal sealed until there is a commitment to send payment; until then seller should hold item for whatever time he/she has given buyer to confirm payment being sent. A lot of BST confusion and misunderstanding can be avoided with clear terms in the initial BST post, timely response to BST PMs and clear communication between the two parties.

    Seller is responsible for sealing each deal, not the forum membership via opinion on what constitutes "reasonable amount of time."

    Disclosure: I am not a party in this deal.



    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • WingsruleWingsrule Posts: 3,010 ✭✭✭✭
    When someone pm's you and says I will offer you $X amount and you reply within a reasonable time saying that you accept that offer, and at least 6 hours after that go by, does that constitute a sealed deal?

    Tough to say on a specific number of hours, especially when you consider time zones, time of day, etc. But unless one of you put conditions on it, I would agree that there was a meeting of the minds.

    offer made + dealer acceptance = done deal

    Call it semantics, but I agree with this. Technically, you could argue that a deal isn't 'done' until the buyer pays and receives his item, i.e., both parties have completed their part of the transaction.

    Whenver I make an offer, I try to speciify the amount of time that offer is valid. That time may fluctuate based on the type of item (bullion vs non-bullion), past history with the seller, etc.
  • jmski52jmski52 Posts: 22,822 ✭✭✭✭✭
    I guess that in that situation, my next email would be something like:

    Offer good until "............". Time is of the essence. Please confirm.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • BarndogBarndog Posts: 20,490 ✭✭✭✭✭


    << <i>I guess that in that situation, my next email would be something like:

    Offer good until "............". Time is of the essence. Please confirm. >>



    this is a good idea. Something like "good until NY market opens" might help

    I should learn to do this when making/accepting offers. Been burned in the past by "gamers" too image
    JR Newsletter Online Edition
  • erickso1erickso1 Posts: 1,705 ✭✭✭
    I've always felt my making an offer locks me into the deal for a reasonable amount of time. Process is the same in my day to day job of fixed income trading. Typically these orders/offers stand until either cancelled by the offer maker, turned down by the offer receiver, the reasonable amount of time window has passed or the market has moved. Since we trade on a daily basis w/ these folks we have to keep it cordial and flexible.

    Question is as others have posed, what is reasonable time.
  • jmski52jmski52 Posts: 22,822 ✭✭✭✭✭
    That's the crux of the matter. When money is involved, what is "reasonable" and at what point has the market "moved"? The best you can do is to communicate and to set some limits.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • FistFullOfDollarsFistFullOfDollars Posts: 359 ✭✭✭
    When you are in business a deal is done when there is a monetary transaction.





    I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    Unfortunately, it's not a "deal" on the BST unless you have two "men of their word". You can't count on a deal with a schyster until you have cash in hand.

    Fortunately, the people I've dealt with here have all been great.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • TheBigBTheBigB Posts: 942 ✭


    << <i>That's the crux of the matter. When money is involved, what is "reasonable" and at what point has the market "moved"? The best you can do is to communicate and to set some limits. >>



    I agree, but with bullion items that time period should be in the range of hours as markets are unpredictable. If the other party cannot abide, they will be put on my No Fly List.
  • nibannynibanny Posts: 2,761 ✭
    For what concerns the way I do business, when I send an offer it means "deal done" to me if it is accepted. (no matter where the spot goes after my offer)
    I think a fair time to reply is 6-12 hrs (a seller shouldn't post items on the BST if he is going on vacation) but I would wait a little longer to send a reminder.

    I have had just a couple of potential buyers who never got back to me.
    No issues at all with all the sellers I have dealt with. Deals were done in minutes most of the time.
    The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    the buyer has admitted an error of getting me confused with another seller he was dealing with and wants to make good on his original offer. I can respect that, so we are moving on. Sorry for the trouble
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • streeterstreeter Posts: 4,312 ✭✭✭✭✭


    << <i>When you are in business a deal is done when there is a monetary transaction. >>




    This.



    offer/acceptance/time frame/remuneration.

    All a seller can do is be fair, firm and friendly.(and perform)

    All a buyer can do is PERFORM as per the agreement.

    A buyer can easily make a seller perform. Not as easy to make a buyer perform.

    No deposits, just down payment or option to purchase.

    Freshman business101
    Have a nice day
  • TheBigBTheBigB Posts: 942 ✭
    I think that sometimes when we have an urge to open a thread up, it is better to take a deep breath and maybe walk around the block.
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    I think that sometimes when we have an urge to open a thread up, it is better to take a deep breath and maybe walk around the block.

    great advice, but sometimes my Russian/Irish blood wont let that happen image

    All is well, sorry for the trouble everyone...we worked it out.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • 57loaded57loaded Posts: 4,967 ✭✭✭
    deja vu all over again?
  • StorkStork Posts: 5,205 ✭✭✭✭✭
    Well, I missed the original posts, and it sounds like this was a simple error...

    I just add that I am rarely in the same time zone as whomever I am dealing with, so I usually add something about "and it's bedtime in my time zone, I'll check your answer in the morning" or something to that effect. Example--at the moment I'm having a nice glass of local Spanish wine @ 7 pm (and the sun is having a glorious sunset over the sea) while I'm guessing some of you are finishing your morning coffee. I try to make offers with a time comment to keep things clear.

    This might be helpful for those doing BST stuff (my last transaction with a boardmember happened via ebay so it was not an issue).


  • derrybderryb Posts: 36,792 ✭✭✭✭✭


    << <i>I think that sometimes when we have an urge to open a thread up, it is better to take a deep breath and maybe walk around the block. >>


    Sometimes threads are opened to motivate someone else.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

Sign In or Register to comment.