I asked a bullion dealer at FUN if he had cash .......
Lakesammman
Posts: 17,646 ✭✭✭✭✭
He replied. "I have more cash than the banks do!" 
He was paying 98% and flipping it for 99%. He looked busy and indeed had lots of cash.
"My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose, Cardinal.
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Sounds like an honest dealer. Refreshing to hear this.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
At the show, I encountered dealers paying as low as 37x face when the spot price supported 55x face!!! Most were in the mid-low 40x face range. I sold a little at 47x face which was about 85% of what it was worth. Ugh. I should have kept shopping around but at least I didn't fall for the ********* of selling it at 67% of value.
Not really looking for much these days but if I were, it might be a toner.
Dealers like those buying that far below market are what kill this hobby one seller at a time.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
I guess I should be content I found someone at FUN that paid 50x face and they paid cash for all of it. If I wanted only 41x face I could have sold to my LCS, which I felt to be a lowball offer. To get anymore silver out of me, the next target level is 65x face. That may not be far fetched given today's market.
USAF (Ret.) 1985 - 2005. E-4B Aircraft Maint. Crew Chief and Contracting Officer.
✓ Everyman Mint State Carson City Morgan Dollars (1878 – 1893)
✓ Morgan Dollar GSA Hoard (1878 – 1891)
✓ Everyman Mint State Lincoln Cents (1909 – 1958)
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To get anymore silver out of me, the next target level is 65x face. That may not be far fetched given today's market.
Of course, no one is paying it, but melt is 66.7 X at this moment.
Not yet and that's why I phrased my statement as I did.
USAF (Ret.) 1985 - 2005. E-4B Aircraft Maint. Crew Chief and Contracting Officer.
✓ Everyman Mint State Carson City Morgan Dollars (1878 – 1893)
✓ Morgan Dollar GSA Hoard (1878 – 1891)
✓ Everyman Mint State Lincoln Cents (1909 – 1958)
✓ Matte Proof Toned Lincoln Cents (1909 – 1916)
Who was the dealer?
BTW, this was for gold, not silver.
I didn't write down his name - sorry.
"Dealers like those buying that far below market are what kill this hobby one seller at a time."
I get offers of less than 50% of melt nearly every day on stuff in my eBay store, the latest was a $20 offer on a coin with a melt value of $55+. I'm sure they're not all dealers.
There was one wholesaler there that had briefcases of cash and buying frantically. There was no real way for them to account for any of it. It must have been going out as just as fast as it was coming in. Silver eagles were wiped instantly. 100oz was slow moving. 90% newer mint commems were the dogs. No one wanted that material.
The big boys are buying 90% from dealers at spot - $6.50
One of which is in Texas!
That's seems pretty fair. Melt right now is $67.50x so that is less than 10% off. Paying 61x gets me thinking for sure.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
It’s unrealistic to expect a dealer to pay 100% of spot for 90%, why would anyone think that?? If melt is $66 than $55-60 is fair.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
I do not think anyone thought that. Some dealers were offering as low as 67% of melt.
Not really looking for much these days but if I were, it might be a toner.
This bullion dealer supposedly had $250k in cash on him. He was extremely busy with lots of people waiting. I have no idea how he was able to keep track of his transactions.