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OMG-The GREED of some businesses in the Metals arena is disgusting

piecesofmepiecesofme Posts: 6,669 ✭✭✭
in Precious Metals
I would rather they (A***X) not even replied to my inquiry about what they are paying for old pour 5 oz Engelhards. They have them listed for $450/bar on their site. Take a wild guess what they're willing to pay...$140/bar. I completely understand everyone needs to grab a buck or two, but a 320% mark up???
It never ceases to amaze me the gall some businesses have.
The only good thing I'm taking from this is that it is proving to me more & more that silver is just silver as some have said here many times. Sure it's nice owning some less common silver, but when it comes times to sell, one has to realize there's such a small market for them. If I am able to, I am geting out of all my "collectible" stuff and re-uping with merry christmas rounds.
To forgive is to free a prisoner, and to discover that prisoner was you.

Comments

  • PokermandudePokermandude Posts: 2,713 ✭✭✭
    A pretty ridiculous mark up for metals, but not so bad for "collectibles". Just confirms my lesson learned years ago that if you don't want to take a big bath on purchases, you need to find your own retail buyer rather than take the easier "sell to a dealer" road.

    At current metal prices, I think selling the higher premium stuff and replacing it with low premium generic metal is a good play. I am considering doing the same with a few pieces. Once summer is over, I think I'll list a few collector bullion pieces on ebay at 99c with no reserve. Including my 5 oz gold Engelhard poured bar which should fetch a very nice price. Then flip the profits into generic gold or silver.
    http://stores.ebay.ca/Mattscoin - Canadian coins, World Coins, Silver, Gold, Coin lots, Modern Mint Products & Collections
  • PerryHallPerryHall Posts: 46,140 ✭✭✭✭✭


    << <i>I would rather they (A***X) not even replied to my inquiry about what they are paying for old pour 5 oz Engelhards. They have them listed for $450/bar on their site. Take a wild guess what they're willing to pay...$140/bar. I completely understand everyone needs to grab a buck or two, but a 320% mark up???
    It never ceases to amaze me the gall some businesses have.
    The only good thing I'm taking from this is that it is proving to me more & more that silver is just silver as some have said here many times. Sure it's nice owning some less common silver, but when it comes times to sell, one has to realize there's such a small market for them. If I am able to, I am geting out of all my "collectible" stuff and re-uping with merry christmas rounds. >>



    That's $8 per ounce over melt which is a lot more than most coin dealers will pay. You can try eBay but that's a crap shoot with all of the eBay and PayPal fees.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭
    I still like a mix of the two, and I try to be careful about how much of the premium bullion that I keep as a speculation. The benefit of "collectable bullion" is that it can rise faster than generic bullion when there is a market for it, and also that it has a floor under the price even if the premium went 100% away. The downside of course, is that the premium can go away if the market for it collapses.

    I have no particular comment on A***x. It's free market capitalism at work, which is always something that I support. I can ask $500 for a 1/10th oz AGE if I want to, but that doesn't mean anyone will buy it (unless it's a really, really, really good one).image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • nibannynibanny Posts: 2,761 ✭
    I have learned myself that "collectible" items are just meant to be collected!
    I had (and still have a few) pieces that paid well over what I can get now.
    Some have been sold at a loss while I am very happy to keep some in my personal collection.

    From now on, I will be purchasing just the right ones. The investment/flipping side of my collection will be made by common bullion Govt. coins (not even bars or rounds).

    JMHO
    The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009
  • guitarwesguitarwes Posts: 9,266 ✭✭✭
    You ought to know better Pieces. They'z in bizness to make $$$, and that comes at the expense of unknowledgable people sometimes.

    Just think, when they have some in stock some poor soul must have been overjoyed thinking they were killin' it by getting $8 over spot.
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  • NumbersUsacomNumbersUsacom Posts: 1,457 ✭
    yup
    NumbersUsa, FairUs, Alipac, CapsWeb, and TeamAmericaPac
  • derrybderryb Posts: 36,825 ✭✭✭✭✭
    did you help drive up the premiums when you were buying?

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    image So you asking $333 for same 5oz silver is acceptable?

    POM eBay store
    Avid collector of GSA's.
  • NumbersUsacomNumbersUsacom Posts: 1,457 ✭
    333.00,...... he was planning on asking 550.00 for his but Apx has under cut him, so he will be forced to offer his closer to 333.00

    Someone will buy that one at 333.00 and put it on the bay for 500.00 anyway.
    NumbersUsa, FairUs, Alipac, CapsWeb, and TeamAmericaPac
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Do a search on completed listings gsa, these bars are going regularly for $350+ in auction format. If people aren't smart enough to buy them outright at $333, it's their loss, not mine. I could care less if they sell or dont, and one thing I am not going to do (yet anyway) is let them run starting at .99. I've never had luck with that.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • bronco2078bronco2078 Posts: 10,227 ✭✭✭✭✭


    Can we sticky this thread?image
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    lol, you guys must not know how to work completed listings. Only one has gone for less than $330 in quite some time other than one I (it figures) offered recently. BUT the buyer backed out of it claiming not being able to pay for a month. We agreed to cancel the transaction.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    $40+ a ounce over spot is steep to me all I'm saying. I find it abit hypocritical you b~itching about anyone else's asking price!image
    Avid collector of GSA's.
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    $40+ a ounce over spot is steep to me all I'm saying. I find it abit hypocritical you b~itching about anyone else's asking price!

    Really? LMAO...I'm asking what the market is bringing. But idiot people have it in their head that they will only bid on auctions if it is started at .99, even if the ending value ends up being more than what I'm asking LOL. That is what I find to be hypocritcal,,,paying MORE for something just because it was offered in an auction format. Maybe not hypocritcal, but dumb and stubborn certainly.
    Why would you pay more, or be willing to do so, just because it started at .99? I can't even relate to that kind of thinking.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    Last 4th July I was in Houston, Texass. Coin shop had at least 50- 5oz Engelhards they wanted $4 ~ that's four dollars over spot. I think that was WAY to high a premiumimage
    Avid collector of GSA's.
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Were they old pours or cast? Huge difference. A***X wants $450 for poured and $200 for the cast ones. The cast ones still go for about $165 on eBay, after fees $150 or so.
    You should've bought all 50 gsa, that was a nice opportunity for you at $4 over even if they were cast ones.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • PerryHallPerryHall Posts: 46,140 ✭✭✭✭✭


    << <i>Were they old pours or cast? Huge difference. A***X wants $450 for poured and $200 for the cast ones. The cast ones still go for about $165 on eBay, after fees $150 or so.
    You should've bought all 50 gsa, that was a nice opportunity for you at $4 over even if they were cast ones. >>



    Aren't cast bars and poured bars the same? The cheaper bars are the struck bars.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    What I call pillow bars. They was like brand new and all serial #'s right there together. I did not have that kind of cash on me. I still think it was to high a premium. Remember my mind set is silver is silver! image
    Avid collector of GSA's.
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    My terminology could be wrong PerryHall.
    This is what I called cast, you may call it struck.
    I call this cast

    I call this poured.
    I call this poured...my bars are this variety

    I find it hliarious that they've dropped their price $50/bar since I talked to them today. Maybe my conversation made them realize how out of the park they were.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    Pillow or "pressed" bars
    Avid collector of GSA's.
  • NumbersUsacomNumbersUsacom Posts: 1,457 ✭


    << <i>My terminology could be wrong PerryHall.
    This is what I called cast, you may call it struck.
    I call this cast

    I call this poured.
    I call this poured...my bars are this variety

    I find it hliarious that they've dropped their price $50/bar since I talked to them today. Maybe my conversation made them realize how out of the park they were. >>



    I believe the use of cast is one and the same as poured. The 1st example is considered struck/pressed/minted (use of dies) etc
    NumbersUsa, FairUs, Alipac, CapsWeb, and TeamAmericaPac
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    That's why I enjoy the conversation here, I'm always learning something. Thanks for the clarifcation Numbers
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Look at what those type are going for on eBay gsa. In all seriousness, I know you said you didn't have the cash, but bare this in mind if you come across them again and do have the cash on you.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • cohodkcohodk Posts: 19,143 ✭✭✭✭✭
    Its actually 221%.image
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Its actually 221%

    No, you forgot paying the original (initial) $140 they're offering.
    $140 X 325% = $455...what they were asking before I enlightend them. You can "math" it all you want, but the end (paying) result will remain the same bud.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • cohodkcohodk Posts: 19,143 ✭✭✭✭✭
    They buy it for 140 and sell for 450. So they make 310. 310 profit divided by the 140 cost equals 2.21, or 221% They make 2.21x their initial investment.

    To your point, yes they could offer more and/or yes they could ask less. But if thats the market then thats the market.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • PerryHallPerryHall Posts: 46,140 ✭✭✭✭✭


    << <i>

    << <i>My terminology could be wrong PerryHall.
    This is what I called cast, you may call it struck.
    I call this cast

    I call this poured.
    I call this poured...my bars are this variety

    I find it hliarious that they've dropped their price $50/bar since I talked to them today. Maybe my conversation made them realize how out of the park they were. >>



    I believe the use of cast is one and the same as poured. The 1st example is considered struck/pressed/minted (use of dies) etc >>



    I think the pouring of molten silver into a mold is part of the casting process---hence, poured and cast would be the same to me. The later Engelhard bars are either struck or extruded.





    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • OnlyGoldIsMoneyOnlyGoldIsMoney Posts: 3,365 ✭✭✭✭✭
    I am always ready to pay $330 for the "right" 5 oz poured Engelhard bars.

    Pillow or pressed 5 oz Engelhards I price as bullion with little collector interest.
    NO END IN SIGHT LIB $2.50'S CAC ONLY
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  • derrybderryb Posts: 36,825 ✭✭✭✭✭
    buy low, sell high: the old buyer vs. seller conflict. I'm a firm believer in letting the market set the price. Buyers and sellers are the market.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    Love the screen name image

    hard2dealwhentheytake12percent



    Coin's for sale/trade.


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    US Rare Coin Investments
    800-624-1870

  • OPAOPA Posts: 17,121 ✭✭✭✭✭


    << <i>buy low, sell high: the old buyer vs. seller conflict. I'm a firm believer in letting the market set the price. Buyers and sellers are the market. >>



    image

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
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