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OK, so my 8 yr old son gets $50 from his grandma with instructions to buy anything he wants. What d

cohodkcohodk Posts: 19,132 ✭✭✭✭✭
in Precious Metals
He wanted to buy silver!!! Havent I taught him anything??!! LOL

Actually it was great to see him want to save his money. Dealer quoted him $32 for ASEs. Took awhile to explain the "premium concept". He thought paying premiums was in his words "stupid". So he bought a 20gm bar at spot and 2 rounds for $27 each. Yeah, Dad coughed up a few extra bucks.

I did have a nice talk with the dealer (who is quite large, busineeswise, not physically). Anyway, heard the same lines about silver not being available. We finally agreed that there was lots of silver out there, but not a prices that brought buyer and seller together.

His brother bought games for his iPod.
Excuses are tools of the ignorant

Knowledge is the enemy of fear

Comments

  • guitarwesguitarwes Posts: 9,266 ✭✭✭
    #raisinghimright
    @ Elite CNC Routing & Woodworks on Facebook. Check out my work.
    Too many positive BST transactions with too many members to list.
  • nibannynibanny Posts: 2,761 ✭
    image

    Little stackers growing!!
    The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009
  • mrpaseomrpaseo Posts: 4,753 ✭✭✭
    Awesome, my summer goal is to make a stacker out of my little one image

    Thanks for sharing
  • jmski52jmski52 Posts: 22,858 ✭✭✭✭✭
    He thought paying premiums was in his words "stupid".

    A chip off the old block!image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭
    Great, good to see little ones getting
    into the market !!! image
    Timbuk3
  • BanemorthBanemorth Posts: 986 ✭✭✭
    Should have taught him the concept of shopping around image
    Justin From Jersey

    Successful Transactions With: JoeLewis, Mkman123, Harry779, Grote15, gdavis70, Kryptonitecomics
  • JulioJulio Posts: 2,501 ✭
    image
    image
  • OPAOPA Posts: 17,121 ✭✭✭✭✭


    << <i>He wanted to buy silver!!! Havent I taught him anything??!! LOL

    Actually it was great to see him want to save his money. Dealer quoted him $32 for ASEs. Took awhile to explain the "premium concept". He thought paying premiums was in his words "stupid". So he bought a 20gm bar at spot and 2 rounds for $27 each. Yeah, Dad coughed up a few extra bucks.

    I did have a nice talk with the dealer (who is quite large, busineeswise, not physically). Anyway, heard the same lines about silver not being available. We finally agreed that there was lots of silver out there, but not a prices that brought buyer and seller together.

    His brother bought games for his iPod. >>



    His brother was the smart one. Can't do anything with those shiny metal rounds image
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • cohodkcohodk Posts: 19,132 ✭✭✭✭✭
    His brother was the smart one. Can't do anything with those shiny metal rounds

    Yeah. We'll see what happens on the next road trip when one is playing with his iPod and the other is poking at him looking to start a fight.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • DrBusterDrBuster Posts: 5,379 ✭✭✭✭✭
    A fiver minimum should have been spent on candy....todays youth...pffft Willy Wonka is dead
  • mariner67mariner67 Posts: 2,746 ✭✭✭
    Cohodk
    I got a real chuckle here, thanks.
    Don't feel alone regarding the kids and their behaviors.
    Same at our house!
    Best.
    Successful trades/buys/sells with gdavis70, adriana, wondercoin, Weiss, nibanny, IrishMike, commoncents05, pf70collector, kyleknap, barefootjuan, coindeuce, WhiteTornado, Nefprollc, ajw, JamesM, PCcoins, slinc, coindudeonebay,beernuts, and many more
  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭


    << <i>He thought paying premiums was in his words "stupid".

    A chip off the old block!image >>



    Did the kid really expect to get them for cost?image
    theknowitalltroll;
  • mrpaseomrpaseo Posts: 4,753 ✭✭✭


    << <i>His brother was the smart one. Can't do anything with those shiny metal rounds

    Yeah. We'll see what happens on the next road trip when one is playing with his iPod and the other is poking at him looking to start a fight. >>




    Or better yet, we'll see what happens in two years when one is playing with his old iPod and the other is playing with his new iPad image
  • cohodkcohodk Posts: 19,132 ✭✭✭✭✭


    << <i>

    << <i>He thought paying premiums was in his words "stupid".

    A chip off the old block!image >>



    Did the kid really expect to get them for cost?image >>



    The dealer told me he was paying $1 over spot. Dealer still would have money.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>He thought paying premiums was in his words "stupid".

    A chip off the old block!image >>



    Did the kid really expect to get them for cost?image >>



    The dealer told me he was paying $1 over spot. Dealer still would have money. >>



    I guess he could have cut him a little break over 2 coins. He did learn something about market forces tho.
    theknowitalltroll;
  • cohodkcohodk Posts: 19,132 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>

    << <i>He thought paying premiums was in his words "stupid".

    A chip off the old block!image >>



    Did the kid really expect to get them for cost?image >>



    The dealer told me he was paying $1 over spot. Dealer still would have money. >>



    I guess he could have cut him a little break over 2 coins. He did learn something about market forces tho. >>



    And for a dealer that does millions and millions in internet business you'd think he could "sacrifice" $14 in profit to recruit a youngster into the dying hobby of numismatics.

    I think the dealer also learned something.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • Mar327Mar327 Posts: 2,074
    That's a great story I was happy to read. My 8 year old grandson got a nice sum for his birthday last fall, and we went to a coin show soon after - I added a little to it so he had $100. He had his numismatic list with him, bought 3 or 4 nice coins for his books for about half of it, but spent the other half on a worn Morgan, some 90% and rounded it off with a few wartime nickels. He's decided by himself to put half his money into his collections and half into silver. After every show he gets it all out, counts it, and figures out what it's worth in silver value. But we haven't been to any shows since metals dropped and I know he'd also be upset by the premiums!

    And his 6 year old brother just spend his birthday money on a Giant Skylanders for the Wii and a new DS game. Brothers just have to be different!
    Have bought and sold on BST, many references available when asked.
  • BaleyBaley Posts: 22,660 ✭✭✭✭✭
    When I was a boy, my grandpa took me and my cousins to the market, and gave us each some money to spend

    One of the kids spent all of his capital on candy, and ate it all there and then. Another bought some polished rocks for his collection, to look at and admire forever. Yet another bought a perennial plant that might grow and grow, or it might wither and die, that was the risk she was taking.

    I, of course, bought one of each. image

    Liberty: Parent of Science & Industry

  • kiyotekiyote Posts: 5,573 ✭✭✭✭✭
    I remember going to my local coin store when I was 12 and getting a one oz Prospector coin every two weeks. Good times! I think I was paying $6.50 for them.
    "I'll split the atom! I am the fifth dimension! I am the eighth wonder of the world!" -Gef the talking mongoose.
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,294 ✭✭✭✭✭
    No "guess the grade" huh ? Gotta capitalize on those sharp young eyes. Then pick the guy and make real money. image
  • cohodkcohodk Posts: 19,132 ✭✭✭✭✭


    << <i>

    His brother bought games for his iPod. >>



    His brother was the smart one. >>




    Certainly appears that way.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • jmski52jmski52 Posts: 22,858 ✭✭✭✭✭
    << His brother bought games for his iPod. >>

    His brother was the smart one. >>

    Certainly appears that way.


    The iPod will be long-forgotten in 10 years, but I'm guessing that the stash of silver will be a bit bigger than now.

    Until he starts dating.




    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • cohodkcohodk Posts: 19,132 ✭✭✭✭✭
    At this rate he will have to pick up girls with his bicycle.

    Hopefully there will be a life lesson learned that he can remember for the next series(s) of manias.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Wow....$32 for ASE's?..... way high.... Cheers, RickO
  • BaleyBaley Posts: 22,660 ✭✭✭✭✭
    probably the silver-buying son is getting some emotional/sentimental value from the items purchased. Hopefully, among those emotions are pleasant memories of the purchase experience, the joy of ownership and art appreciation, the "neatness" of shiny, chunky pieces of metal, and the hope of a profitable future sale. Equally hopefully, he does not experience buyer's remorse and regret and sadness.

    Liberty: Parent of Science & Industry

  • JulioJulio Posts: 2,501 ✭
    I'm going to assume the young man is as smart as his Pop. Trust me, he will sell at a profit. Gut told me. Take care. jws
    image
  • AcesCrackedAcesCracked Posts: 189 ✭✭
    "Should have taught him the concept of shopping around"

    Totally agree

    Nice to see younger ones getting interested but someone has to tell them there is not "That much premium" on ASE's. I tell all my nieces and nephew's to stay away from graded bullion and they will do alright. These folks buying MS 70 eagles will never recover their premium on "new stuff".

    Keep stacking

    Tom
  • OPAOPA Posts: 17,121 ✭✭✭✭✭


    << <i>Wow....$32 for ASE's?..... way high.... Cheers, RickO >>



    Old thread....that quote was made 1 year ago when silver was around $22 oz.

    Reality check...silver has dropped about 15% since, and it's unlikely that his brother is still playing with the same video game. Series I savings bond would have been a better option. image
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • cohodkcohodk Posts: 19,132 ✭✭✭✭✭
    Yeah iPod is broken. On to iPhone 5 now. Dad is the ever present contrarian with an android.

    Santa did bring him a few more ounces to "average down".

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

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