SMALL B&M purchase today leads me to believe that this will be my last time at this location.

mrpaseo

I went back to the B&M today to see if he had any more 2012 Year of the Dragon bars that I picked up last week. He did not, however I did pick up 2ea 1/2 oz Buffalo rounds. I'm sad to say that I probably will not be going back to this guy due to the way he conducts business. It seems like he has no time for the little guy and only wants to deal with large purchases. He rushed me out of the store (Albeit it was right at closing time) and he would not allow me to look through his random bullion box (He said he did not have on but he let me look at it last week). Finally, he charged me $30.65 for an ounce of Silver of which I feel is excessive. (SPOT is $25.95), that's a mark up of $4.70. He tells me that he charges SPOT +3% and then another 9.5% on that for taxes. I'm willing to eat the cost going into it but if you do the math, he over charged me for what he told me it would cost. Of course I did not see this until I was at home and doing the math.

$25.95 (SPOT)
3% $.7785

Total: $26.7285
9.5% tax: $2.54

Grand total of: $29.27

He charged me: $30.65 which means he over charged me $1.38

He also did not give me a receipt this time, last week he did.

Keep stakin, just don't do it at this place,
Ray

bronco2078

Not getting a receipt is fine but it means you don't pay sales tax. That's the way that works. Skip the paper and skip the vig. It sounds like he pocketed the tax to me.

CaptHenway

Well, over on my old dealer-to-dealer network they were talking about the activity in the shops today, and several people reported heavy buying by the public on the dip, but almost nobody selling anything to the shops on the dip.

Therefore, it is quite possible that his random bullion box had been bought dry before you showed up just before closing. Exactly how close to the closing time was it? That is generally not a good time to start long, random searches.

Also, does he use that formula (Spot + 3% + 9.5%) for all silver bullion products, or just the one ounce bars and rounds? As a rule the dealer markup increases as the size of the product decreases, and these were half ouncers, not ounces.

FreddieH

Here in california, if the sale is under $1500 they add tax
over no sales tax.

When prices go down, premiums dont, B/M's cant eat deep losses each time bullion goes on a slide.

nibanny

As our Capt said, half ouncers demand a bigger premium, that may be the reason of the final price he charged.
Tenth ouncers are selling online for $3.3, I bought a handful to give away when I sell something.

tneig

A semi local place did that phony tax addition at the register on a 1oz test buy, and I just don't go back. Don't go back!

Yep, its a bit hard sometimes for a small dealer to sell for a bottomed spot price. I notice apmex is still keeping a bit of extra premium.

taxmad

Without a receipt it sounds like the taxpayers just helped the bm make up some of his loses due to the price drop (and I left the ampersand out on purpose)

PerryHall

When a B&M coin dealer collects sales tax on a small cash transaction where he doesn't give you a receipt, do you ever wonder if the state or city ever sees the sales tax money he collects?

ricko

I would wager the tax goes into the profit box.... Cheers, RickO

johnny9434

<< <i>I would wager the tax goes into the profit box.... Cheers, RickO >>

ill go along with that. call the dept of revenue and see if the seller is turning in all receipts (hint, hint)