Boy they sure are ripping them off here in Rockwall
poorguy
Posts: 4,317 ✭
While packing up stuff, my wife came across some 90% silver (about $200 spot worth) and I decided to bring it down to a Gold & Silver shop here in Rockwall. They offered me 60% back of spot. Keep in mind that all this shop does is buy gold and silver. Didn't really need the money so I left. I then called the pawn shop here in town and they offered me 70% back of spot. Geez. I truly feel sorry for the folks that walked in with alot of silver and actually sold it at those offers.
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Comments
-Paul
Sell your silver on the BST. I've found that it works best.
<< <i>Do you mean 60% back of spot, or 60% of spot? Also, I assume you mean melt, not spot.
-Paul >>
No, 60% back of spot. For example. A morgan has 90% silver. Silver spot price was $28.03 when I brought them in. So, roughly $25 worth of silver based on the spot price. They offered me $10 per morgan so that's right about 60% back of spot. Am I right or is my math screwed up?
at $27.85 per ounce silver × .0321507466 × 26.73 × .90) = $21.5405951225 silver melt
Are they selling silver? Might not hurt to go back and ask. I have had the opportunity to pick up some nice AU coins for melt prices.
your math wasn't called into question but your wording
we just couldn't believe they offered so far back of spot!
it was so bad we thought YOU messed up LOL
sounds like they are having a hay-day
.
<< <i>
<< <i>Do you mean 60% back of spot, or 60% of spot? Also, I assume you mean melt, not spot.
-Paul >>
No, 60% back of spot. For example. A morgan has 90% silver. Silver spot price was $28.03 when I brought them in. So, roughly $25 worth of silver based on the spot price. They offered me $10 per morgan so that's right about 60% back of spot. Am I right or is my math screwed up? >>
You're right that a Morgan is 90% silver, but it doesn't weigh 1 oz. It weighs a little less than 27 grams. It has a bit over 3/4 of an ounce of silver in it (.7734, IIRC).
Their buy price was still pretty low, though!
<< <i>See coinflation.com
at $27.85 per ounce silver × .0321507466 × 26.73 × .90) = $21.5405951225 silver melt >>
Durf. Thanks. I knew my math wasnt spot on. But heck, offering $10 per morgan is still less than 50% of melt. I did ask what they were selling them for and they wanted $30 per silver dollar. They only had two or three common dates all cleaned.
.77 X silver market spot price.
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<< <i>
<< <i>Do you mean 60% back of spot, or 60% of spot? Also, I assume you mean melt, not spot.
-Paul >>
No, 60% back of spot. For example. A morgan has 90% silver. Silver spot price was $28.03 when I brought them in. So, roughly $25 worth of silver based on the spot price. They offered me $10 per morgan so that's right about 60% back of spot. Am I right or is my math screwed up? >>
Sounds like 40% of true value
<< <i>Put it on the BST, price it right, and it will sell likity-split! >>
i'm less than impressed with results for a diverse selection of items at diverse pricing on the BST
too emotional
.