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Any concerns about bullion dealer solvency?

MGLICKERMGLICKER Posts: 7,995 ✭✭✭
in Precious Metals
Occasionally lower prices expose problems, especially for those not properly hedged.

Comments

  • derrybderryb Posts: 36,835 ✭✭✭✭✭
    Absolutely, always a concern with such a price drop. I would deal on-line only with reputable dealers and I would call and confirm immediate shipment upon receipt of payment. Wire payment expedites a transaction. For dependable dealers (price aside) I would put APMEX at the top of the list. For now, my "go to" remains dbscoins.

    Natural forces of supply and demand are the best regulators on earth.

  • cohodkcohodk Posts: 19,155 ✭✭✭✭✭


    << <i>Yes. Even in better times you have all sorts of crazy shenanigans. I have to believe that there will be firms dropping off in the coming years. >>




    It won't take years. Another large dealer will most likely fold by Valentines Day.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • mikliamiklia Posts: 1,295 ✭✭✭


    << <i>

    << <i>Yes. Even in better times you have all sorts of crazy shenanigans. I have to believe that there will be firms dropping off in the coming years. >>




    It won't take years. Another large dealer will most likely fold by Valentines Day. >>



    might actually be worth paying the 3% for CC for orders in the near term then. not the worst insurance policy should a co go belly up and fail to deliver...
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,296 ✭✭✭✭✭
    No. I concern myself with coin dealing and leave the bullion to the big boys. Not that I haven't dealt hundreds of thousands of dollars in "it", but "it" is not "the way".

    The truth is that life is in the fast lane. The U.S. Mint is running out of Eagles. They may have to start selling turkeys.
  • SilverBaronSilverBaron Posts: 767 ✭
    It won't take years. Another large dealer will most likely fold by Valentines Day.


    Cohodk ...... is so right. I believe that at least 2 (more) BIG online guys are going to fail soon. [inside info]

    I will not name them 1) in case I am wrong ... and 2) I do not need their lawyers on me.

    On this same note .... I believe that a lot of smaller dealers, especially B&Ms are going to fold over the coming year.

    My best advice........ ONLY buy from someone that you can drive to ... and only buy what they

    have IN HAND. Make several trips if you have to. Pay the extra bucks for the IN HAND peace of mind.

    Paying the extra .60c sure beats being a "creditor" on a bankruptcy list.


    Keep on Stack'n!!
    Silver Baron
    ********************
    Silver is the mortar that binds the bricks of loyalty.
  • PerryHallPerryHall Posts: 46,152 ✭✭✭✭✭
    Didn't Hannes Tulving go bankrupt after a PM drop? Anyone know if any buyers got hurt by non-delivery of their PM's after he cashed their check?image

    History does have a tendency to repeat itself.

    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

  • mikliamiklia Posts: 1,295 ✭✭✭


    << <i>It won't take years. Another large dealer will most likely fold by Valentines Day.


    Cohodk ...... is so right. I believe that at least 2 (more) BIG online guys are going to fail soon. [inside info]

    I will not name them 1) in case I am wrong ... and 2) I do not need their lawyers on me.

    On this same note .... I believe that a lot of smaller dealers, especially B&Ms are going to fold over the coming year.

    My best advice........ ONLY buy from someone that you can drive to ... and only buy what they

    have IN HAND. Make several trips if you have to. Pay the extra bucks for the IN HAND peace of mind.

    Paying the extra .60c sure beats being a "creditor" on a bankruptcy list.


    Keep on Stack'n!! >>



    good advice, but unrealistic for many. Using a visa/mc provides the same protection against non-delivery.
  • BAJJERFANBAJJERFAN Posts: 31,083 ✭✭✭✭✭


    << <i>

    << <i>It won't take years. Another large dealer will most likely fold by Valentines Day.


    Cohodk ...... is so right. I believe that at least 2 (more) BIG online guys are going to fail soon. [inside info]

    I will not name them 1) in case I am wrong ... and 2) I do not need their lawyers on me.

    On this same note .... I believe that a lot of smaller dealers, especially B&Ms are going to fold over the coming year.

    My best advice........ ONLY buy from someone that you can drive to ... and only buy what they

    have IN HAND. Make several trips if you have to. Pay the extra bucks for the IN HAND peace of mind.

    Paying the extra .60c sure beats being a "creditor" on a bankruptcy list.


    Keep on Stack'n!! >>



    good advice, but unrealistic for many. Using a visa/mc provides the same protection against non-delivery. >>



    Even they can't take money from someone who doesn't have it unless you think they are going to make good on the deal. There is always a chance for a large deal that there could be a clawback.
    theknowitalltroll;
  • pragmaticgoatpragmaticgoat Posts: 855 ✭✭✭


    << <i>Didn't Hannes Tulving go bankrupt after a PM drop? Anyone know if any buyers got hurt by non-delivery of their PM's after he cashed their check?image

    History does have a tendency to repeat itself. >>




    Great thread and after almost getting caught in the Tulving collapse I agree with SilverBarons advice.


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  • s4nys4ny Posts: 1,569 ✭✭✭
    When the tide goes out you can see who is swimming without a suit.
  • PerryHallPerryHall Posts: 46,152 ✭✭✭✭✭


    << <i>When the tide goes out you can see who is swimming without a suit. >>



    Good one. image

    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

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,296 ✭✭✭✭✭
    I'd tell you what the refiner guy told me yesterday, but nobody would buy it. We do better debating it here. image
  • MGLICKERMGLICKER Posts: 7,995 ✭✭✭
    Not bullion dealers per se, but I am amazed that consignors will hand over huge collections to an auction venue and sit back 5 or 6 months until the goods are sold and paid for. I would be staggering that type of stuff.
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