I visited another local B&M today.

mrpaseo

They were closed but it was clear that they were in the business of coins, rather than a shop that they keep their personal coins at and call it a store. The coin shop shared space with a jewelry store and I must say, they had an extensive collection of solid silver dishes, cups and stuff obviously from old estates (1800's) as they were well made very well and they were beautiful. I did look for a nice stein but alas they had only small goblet's.

As i said, the coin side of the house was closed, but there was a worker in the back that ran the coin side of the house so I asked to speak to him and asked him about bullion. Here is what he said:

ASE: Spot plus $2.90 (Any quantity).

i.e. Spot is $29.00 the cost for one coin would be $31.90 (Not a bad deal and something I can work with since they have a slat rate).

Now for rounds or bars (1 ozers) the cost is spot plus 3%.

i.e. Spot is $29.00 the cost for one coin would be $29.87 (I did not purchase any because they were "closed" (All the counters had blankets on them).

I asked if I purchased in quantity, say a roll at a time. He said, same amount. I asked about large bars, 10 oz or 100 oz. He said he would have to talk to his boss (The owner of the coin shop) but he believes there is a discount for the larger purchases. Thus far, I will be giving this location my business.

Opinions/Questions welcome,
Ray

bronco2078

That sounds like a good place to go to me. take a low key approach getting to know them , You should try to make some courtesy purchases everytime you go even if don't get what you went for. In other words say you go looking for ASE's and they are out , don't leave empty handed buy some 90% junk of whatever.

DorkGirl

Sounds good.

mrpaseo

<< <i>That sounds like a good place to go to me. take a low key approach getting to know them , You should try to make some courtesy purchases everytime you go even if don't get what you went for. In other words say you go looking for ASE's and they are out , don't leave empty handed buy some 90% junk of whatever. >>




Good point bronco, the 90% is also 3% over spot... Not sure what that equates to in regards to 22X face but I think it's fair. I will conduct a lot of purchases to try to earn their loyalty (I'm thinking a weekly purchase even it it's only a few odds and ends). I see a bright future with this location. That said, I will continue to seek out others and will check the pawn shops in the area.

Ray

Wingsrule

Using your 22x as the baseline, 90% would be a little under 22.7x. Sounds reasonable, especially if there is no minimum quantity to get that price.

roadrunner

Take advantage of those good prices. Reports I'm getting from other silver bloggers in other states is that silver supplies at their LCS are severely stressed.
Premiums of $7 for an ASE are not unheard of. 90% silver is also in thin supply at some locations and being bought by dealers at premiums to spot. This is only
2nd hand info but I don't doubt the sources.

mrpaseo

I forgot to add, and this is a big one... there are sales tax on any and all purchased coins (To include bullion) from what this guy told me. I'm not sure how much that is but I will keep this in mind if I am to use this dealer for my purchases.

I also asked if there was a dollar amount that negated the tax like California and Florida has, he said he did not know.

The search continues.
Ray

Timbuk3

Very nice !!!

BAJJERFAN

<< <i>I forgot to add, and this is a big one... there are sales tax on any and all purchased coins (To include bullion) from what this guy told me. I'm not sure how much that is but I will keep this in mind if I am to use this dealer for my purchases.

I also asked if there was a dollar amount that negated the tax like California and Florida has, he said he did not know.

The search continues.
Ray >>



I think in Calif. there is no sales tax on coins over $1,000 or $1500. May or may not include bullion.

bosco5041

Very good prices. There is a "Cash for Gold" place in a small city near me and it has been there for a year or two. I would have never stopped there but at the urging of my son we stopped one day just for the heck of it expecting it to be a ripoff. They had 90% silver for slightly below melt (yes thats right) and ASE for a little less than $3 over melt. This was about 2 months ago, I stopped in about 3 different times and purchased some intending to be a regular customer and bam I walked in one day and the girl had a note from the owner to raise the prices signifigantly over the going rate. She said they did not have much left and did not care if they sold it or not. I said thanks and I will check back another time. I hate it because this place was 10 miles from me and the next closest place is 60 miles.
Is it correct to presume that there is getting to be a shortage of 90% silver on the market from the threads I am reading? Is there still a lot of it at coin shows?

1970SilverArt

In addition to a coin show I went to this morning, I also visited a total of 5 local B&M's today and called 2 of them on the phone. I struck out on every one of them in that they either did not have any silver art bars at all or they did not have any silver art bars that I was interested in buying. Bummer.

The good news is that I did buy a couple of silver art bars at the coin show.