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Why coin dealers drink---Part CCCCXXVIII
CaptHenway
Posts: 32,695 ✭✭✭✭✭
Inevitable whenever there is a sudden jump in metals:
"1st call of the day: I have 10 rolls of silver eagles locked in with you at (cheap price) and want to know if I can pick them up today?
Me( after checking) Are you sure you have them locked in? I can find no
record.
Caller: Well, maybe not locked in, but I did talk with you about buying
silver last week...."
"1st call of the day: I have 10 rolls of silver eagles locked in with you at (cheap price) and want to know if I can pick them up today?
Me( after checking) Are you sure you have them locked in? I can find no
record.
Caller: Well, maybe not locked in, but I did talk with you about buying
silver last week...."
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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The bullion dealers have a stronger stomach than me.
Steve
"but yesterday you said....) Haaaa
LM-ANA3242-CSNS308-MSNS226-ICTA
<< <i>Well Gee Captain, I drove past your store last week when it was 15 something, does that meen I can pick em up for that price
Steve >>
Ain't my store no mo' I am retired to Colorado!
a gas station that's a few pennies cheaper than another), will say, "I ought to
fill my tank up, and fill up a few drums to store in my garage."
After hearing this a few times, I told him, "You seem very commodity
driven in terms of investing strategy. You should buy gold and silver and hold
onto it, dollar-cost-averaging your investment."
He would have nothing of it.
<< <i>(And yet the drums of gasoline in the garage seems like a good investment?) >>
Only if your house is greatly over-insured.
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
<< <i>(And yet the drums of gasoline in the garage seems like a good investment?) >>
You know the old saying - You can never have too big of a bomb stored at your house
<< <i>
<< <i>(And yet the drums of gasoline in the garage seems like a good investment?) >>
Only if your house is greatly over-insured.
And your coins are at a secure off-site location.
Join the fight against Minnesota's unjust coin dealer tax law.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
RIP Mom- 1932-2012
<< <i>Just had a similar thing happen with a couple of one ounce gold coins... quoted a price Tuesday and wants me to honor it today with spot up another $30 plus.
No problemo - just tell the customer that you saved them at Tuesday's price, plus a $30 per coin storage fee if they're paid for today.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
<< <i>
<< <i>Just had a similar thing happen with a couple of one ounce gold coins... quoted a price Tuesday and wants me to honor it today with spot up another $30 plus.
No problemo - just tell the customer that you saved them at Tuesday's price, plus a $30 per coin storage fee if they're paid for today.
Or, just say that you sold them all but you just got in a new supply but you had to pay more to get them.
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
<< <i>For these people, a statement at time of discussion is necessary - "The price now is $XXXX.xx, subject to change by the time you get here." Cheers, RickO >>
Good point. Dealers shouldn't quote a specific price without stating that it's subject to change depending on market conditions. This is obvious to the bullion stackers here but it may not be obvious to many in the general public.
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
I don't blame them
BUT!
How about trying to buy at a show and the price has dropped.
Dealer, but I bought it at $X
Collector: Yeah, but today the price is less.
Dealer: But, I can't take a loss
Collector: But I can?
The above conversation has been repeated more than once
It does appear that the losses are only supposed to be one sided
BHNC #203
<< <i>so, that is why they drink.
I don't blame them
BUT!
How about trying to buy at a show and the price has dropped.
Dealer, but I bought it at $X
Collector: Yeah, but today the price is less.
Dealer: But, I can't take a loss
Collector: But I can?
The above conversation has been repeated more than once
It does appear that the losses are only supposed to be one sided >>
Is this why coin collectors drink?
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
Now obviously we had some regulars who would come in and get a price and say "OK I'll take it" and then go to the bank next door and get some cash and that was a done deal.
<< <i>so, that is why they drink.
I don't blame them
BUT!
How about trying to buy at a show and the price has dropped.
Dealer, but I bought it at $X
Collector: Yeah, but today the price is less.
Dealer: But, I can't take a loss
Collector: But I can?
The above conversation has been repeated more than once
It does appear that the losses are only supposed to be one sided >>
"Collector" can't take a loss or make a profit unless he/she actually sells the item- so the little scenario above is invalid. You don't lose or make money by the act of purchasing something.
Tell me... if the seller (be it a dealer OR collector) who either needs or desires to make a profit on something they own can't make any money selling something at a certain price, then why should he be obligated to sell it cheaper just because the market dropped?
If the answer is "to get my business"...why does he need or want the business of someone who won't allow him to make a profit?
If the answer is "because I can buy it cheaper elsewhere"...
a) how does that change the fact that this seller still needs to get $x to make a profit... and
b) why don't you simply buy it from the cheaper source rather than insisting that this seller bend to your wishes?
Now I've certainly lost money on items I've sold...all dealers have at one time or another...but I've never sold at a loss to simply get a sale from someone who thought they had it coming.
RIP Mom- 1932-2012
<< <i>When I was at the store and anybody asked for a price on a precious metals item and then asked how long that price was good for, I would say "Until you walk out the door."
Now obviously we had some regulars who would come in and get a price and say "OK I'll take it" and then go to the bank next door and get some cash and that was a done deal. >>
Always good to extend some trust to the regular customers.
<< <i>
<< <i>When I was at the store and anybody asked for a price on a precious metals item and then asked how long that price was good for, I would say "Until you walk out the door."
Now obviously we had some regulars who would come in and get a price and say "OK I'll take it" and then go to the bank next door and get some cash and that was a done deal. >>
Always good to extend some trust to the regular customers. >>
.........or, to a new customer who leaves a deposit to hold the coin or bullion while he gets the money to pay the balance due.
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
<< <i>
<< <i>
<< <i>When I was at the store and anybody asked for a price on a precious metals item and then asked how long that price was good for, I would say "Until you walk out the door."
Now obviously we had some regulars who would come in and get a price and say "OK I'll take it" and then go to the bank next door and get some cash and that was a done deal. >>
Always good to extend some trust to the regular customers. >>
.........or, to a new customer who leaves a deposit to hold the coin or bullion while he gets the money to pay the balance due. >>
That is a given. A deposit makes it a done deal.