Home› Precious Metals
Options

Why coin dealers drink--Bullion Division

CaptHenwayCaptHenway Posts: 31,564 ✭✭✭✭✭
in Precious Metals
From a member on my old dealer-to-dealer network:

"Today is a:

'You're just saying gold is down 'cause you
don't wanna honor your quote on my scrap gold
from 2 weeks ago - tell you what, I'm still
gonna let you buy it at the price I told you it
melted at 2 weeks ago'

Friday"
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.

Comments

  • Options
    mrpotatoheaddmrpotatoheadd Posts: 7,576 ✭✭
    Paging Perry Hall... image
  • Options
    piecesofmepiecesofme Posts: 6,669 ✭✭✭
    This is why when giving a quote, I stress that it is only for a determined time period. I've had people get turned off by that, but it was probably just as well if you know what I mean.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • Options
    CaptHenwayCaptHenway Posts: 31,564 ✭✭✭✭✭
    Unless negotiated and agreed to otherwise, all offers expire when the person walks out the door.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • Options
    WeissWeiss Posts: 9,935 ✭✭✭✭✭
    "And I'd like to allow you the same position you took 2 weeks ago: Walk out the door without me buying your scrap"
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • Options
    PerryHallPerryHall Posts: 45,444 ✭✭✭✭✭


    << <i>Unless negotiated and agreed to otherwise, all offers expire when the person walks out the door. >>



    Agree. It's the same with buying coins. At a coin show when a dealer quotes a price for a coin it's only good until the person walks away from the table. If this person comes back to the table an hour later the dealer is under no obligation to honor that price but normally they will.

    Worry is the interest you pay on a debt you may not owe.

  • Options
    rickoricko Posts: 98,724 ✭✭✭✭✭
    Agreed, unless otherwise stipulated, leaving the site of business voids the quote. Cheers, RickO
  • Options
    secondrepublicsecondrepublic Posts: 2,619 ✭✭✭


    << <i>Unless negotiated and agreed to otherwise, all offers expire when the person walks out the door. >>



    How would it work if the price spiked significantly (either up or down) while the person was still at the shop? Sometimes it happens pretty fast...
    "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)
  • Options
    WingsruleWingsrule Posts: 2,983 ✭✭✭✭
    A my favorite B&M, as soon as I start looking, the price gets written down. That's the price that gets paid once I am done looking, regardless of the direction or magnitude.
Sign In or Register to comment.