APMEX silver pricing

In the past I have seen postings about the cost of purchasing from APMEX. I've always mentioned that if you don't like their pricing, just look elsewhere! I may have to start looking at that now as I'm a little concerned about their pricing lately.

As of this posting, silver is at $37.77 per ounce.

Their premium is $8.21 if I pay by credit card. About $1.50 cheaper if I pay by check or wire.

This goes against my logic, wouldn't credit card purchasers get more of a discount because we are helping to "move" inventory? Check/wires take a little more time which means that cost of storing that inventory is longer, so shouldn't the premium be higher?
I would have thought that credit card users would get the discount no?

That's like me going to a car dealership, offering 100% cash to outright buy a car. I am helping to move that inventory immediately, thus, removing it from storage and they can now replace that with another car and make another sale. Imagine if I had to pay MORE for the car because I'm paying in cash??

Doesn't make sense to me?

 

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Where's the mystery? CC companies take a flat fee plus a hefty percentage off the top of every transaction, and there's the risk of charge reversals. I don't know what the overhead is on check or wire transfers, but I'm guessing it must be smaller.

If the CC companies didn't collude to prohibit it, every merchant would impose a surcharge on credit-card payments, passing their own costs through. Instead, the merchants have to fold that cost into their pricing, in effect making those who pay with cash and check subsidize customers who use cards. (This may actually be a naive view, as handling cash and checks also entails overhead.)

APMEX and others couch their policy as "cash discount" instead of "surcharge"; I'm not sure how they manage to get it past the CC companies.

 

Oh that's right, good point! I had forgotten about the CC fees! I beleive Discovercard has the highest which is why if you go to a lot of mom and pop shops, they don't carry discover. You have no idea how many times I whip out my Discover card and they are eyeing that card and as soon as they see it's Discover they say, nope! Sorry we don't take that here.

I've complained to Discover about it but oh well....unfortunately for me, it's the longest card I own so I can't cancel it or it will affect my credit score....

 

Cheapest way to purchase with Apmex is to simply send them a check.

 

Yeah I just have no patience for waiting, unless I overnight the check, but then will have to wait for it to clear so it's quite a lengthy process to me. I guess this is the premium you pay if you go buy credit card.

Perhaps with silver dropping they will at least begin to drop their own premium a bit. I remember it used to be $2?? not so long ago. I could be wrong.

I like using who I know but I may have to start investigating other reputable online places.....

 

While I like APMEX and their variety, I usually do business with Gaineville Coins as their prices are less and their shipping is much less(especially with the discount code).

As had already been stated, that is why APMEX or anyone for that matter is higher, cc fees.

 

Good company--I told a friend it was the way to go if he were buying--he has a $20K credit limit and may have been tempted as he saw the bullion price go from under $40 to nearly $50 to buy large quantities--I guess he is happy he did not buy in that range more than a small quantity which he actually sold at a profit back to them.

I bought and sold large quantities to them last year and they were a lot faster then in both operations. They have gotten a lot slower especially buying. Two weeks from delivery confirmation of arrival to getting a check from them is too long. It's a lot easier to go to a coin show and do the deal there. A major dealer at the Parsippany show on Sunday was buying 90% silver at 32.50. I just hope he wasn't left holding the bag...I wonder how many other bullion dealers are now feeling like suckers?

 

That sounds like a reputable company I've heard of them before. I'm sure I researched them in the past, I'll have to do it again. I don't mind being loyal, but when premiums start to get a bit too high for my taste I have to vote with my wallet....

I purchased some coins recently from APMEX and they came pretty fast. It took about 10 days total.

Are you saying your friend has a $20K credit limit with APMEX or his credit card company? I recall that APMEX has a $5K credit card limit per month, I'm not sure if that has changed. It's the one thing that kinda irks me. Which they would bring that cap a little higher, at least $7,500, but I understand their concerns......

Maybe at least for repeat customers that they know they can trust they can raise the limit, perhaps I'll contact them to see if that's something they would consider.....

 

The set fees are different than negotiated rates for CC's. Discover is not the highest, actually may be the lowest. The problem with Discover is that its a different network, so some mom and pops don't want to pay extra to be able to accept discover since its not as big as the others. AMEX is most expensive, then MC and Visa, then discover. However, large firms like Walmart have lower rates that they negotiate down since they have leverage.

 

Thanks for the 411 on the CC's. I had assumed Discover was just higher. Years ago when I started my own business, we paid, I think $20-25 bucks for the privilege to accept mastercard and visa. But for Discover I think it was $75 a month they charged us. Anyways it's all moot now...

I hope APMEX isn't going to be the "goldline" of online purchasing because I'll just have to find another dealer...

 

check out their prices on Gold !

APMEX Top Pre-1933 US Gold

Pre-1933 US Gold Buy Prices are designed to give the customer a quick listing of buy and sell prices for the most popular Pre-1933 US Gold bought and sold at APMEX.

First issued in 1795, United States Gold coinage was declared by President Roosevelt in 1933 illegal for American citizens to own. Once these U.S. gold coins began arriving at the U.S. Treasury, they were melted into gold bars, decreasing the remaining supply by millions. This action caused many previously common coins to be considered very rare. Today, the surviving Pre-1933 U.S. gold coins are fixed at an extremely limited supply.
Ready to buy? Simply click on the item to make your purchase.
Ready to sell? Call our trading desk at 1-800-375-9006.
** Sell Price denotes the Lowest Price APMEX offers on this product based on any available volume discounts.
** Buy prices are indications only and for transactions of $10,000 or more. Buy prices will be less for smaller trades.
Personal Check Bank Check/Money Order Bank Wire Credit Card
Buy Price Sell Price *
$1 Liberty Head Gold Coin (Type 1 - Cleaned) $105.00 $200.00
$1 Liberty Head Gold Coin (Type 1 - Extra Fine) $150.00 $220.00
$1 Liberty Head Gold Coin (Type 1 - Almost Uncirculated) $170.00 $240.00
$1 Liberty Head Gold Coin (Type 1) MS-62 NGC or PCGS $445.00 $580.00
$1 Liberty Head Gold Coin (Type 1) MS-63 NGC or PCGS $900.00 $1,045.00
$1 Indian Head Gold Coin (Type 3 - Cleaned) $100.00 $250.00
$1 Indian Head Gold Coin (Type 3 - Extra Fine) $200.00 $270.00
$1 Indian Head Gold Coin (Type 3 - Almost Uncirculated) $220.00 $290.00
$1 Indian Head Gold Coin (Type 3) MS-62 NGC or PCGS $450.00 $595.00
$1 Indian Head Gold Coin (Type 3) MS-63 NGC or PCGS $690.00 $830.00
$1 Indian Head Gold Coin (Type 3) MS-64 NGC or PCGS $1,060.00 $1,220.00
$2.50 Liberty Gold Quarter Eagle (Cleaned) $175.00 $305.00
$2.50 Liberty Gold Quarter Eagle (Extra Fine or Better) $250.00 $330.00
$2.50 Liberty Gold Quarter Eagle (Almost Uncirculated or Better) $260.00 $340.00
$2.50 Liberty Gold Quarter Eagle MS-62 NGC or PCGS $620.00 $710.00
$2.50 Liberty Gold Quarter Eagle MS-63 NGC or PCGS $680.00 $805.00
$2.50 Indian Gold Quarter Eagle (Cleaned) $175.00 $280.00
$2.50 Indian Gold Quarter Eagle (Extra Fine or Better) $240.00 $315.00
$2.50 Indian Gold Quarter Eagle (Almost Uncirculated or Better) $245.00 $325.00
$2.50 Indian Gold Quarter Eagle MS-62 NGC or PCGS $440.00 $525.00
$2.50 Indian Gold Quarter Eagle MS-63 NGC or PCGS $575.00 $720.00
$2.50 Indian Gold Quarter Eagle MS-64 NGC or PCGS $940.00 $1,175.00
$5 Liberty Gold Half Eagle (Cleaned) $348.45 $398.69
$5 Liberty Gold Half Eagle (XF or Better) $353.45 $423.69
$5 Liberty Gold Half Eagle (AU or Better) $358.45 $433.68
$5 Liberty Gold Half Eagle MS-62 PCGS $415.00 $515.00
$5 Liberty Gold Half Eagle MS-63 PCGS $710.00 $855.00
$5 Liberty Gold Half Eagle MS-64 PCGS $985.00 $1,190.00
$5 Indian Gold Half Eagle (Cleaned) $358.45 $418.69
$5 Indian Gold Half Eagle (Extra Fine or Better) $368.45 $453.69
$5 Indian Gold Half Eagle (Almost Uncirculated or Better) $418.45 $463.69
$5 Indian Gold Half Eagle MS-62 PCGS $880.00 $990.00
$5 Indian Gold Half Eagle MS-63 PCGS $1,515.00 $1,725.00
$5 Indian Gold Half Eagle MS-64 PCGS $2,200.00 $2,580.00
$10 Liberty Gold Eagle (Cleaned) $706.89 $777.38
$10 Liberty Gold Eagle (XF or Better) $711.89 $817.38
$10 Liberty Gold Eagle (AU or Better) $716.89 $822.38
$10 Liberty Gold Eagle MS-62 PCGS $775.00 $865.00
$10 Liberty Gold Eagle MS-63 PCGS $985.00 $1,130.00
$10 Liberty Gold Eagle MS-64 PCGS $1,650.00 $1,900.00
$10 Indian Gold Eagle (Cleaned) $716.89 $797.38
$10 Indian Gold Eagle (XF or Better) $721.89 $832.38
$10 Indian Gold Eagle (AU or Better) $726.89 $837.38
$10 Indian Gold Eagle MS-62 PCGS $906.89 $1,032.38
$10 Indian Gold Eagle MS-63 PCGS $1,070.00 $1,235.00
$10 Indian Gold Eagle MS-64 PCGS $1,720.00 $1,700.00
$20 Liberty Gold Double Eagle (Cleaned) $1,433.64 $1,534.61
$20 Liberty Gold Double Eagle (XF or Better) $1,473.64 $1,599.61
$20 Liberty Gold Double Eagle (AU or Better) $1,483.64 $1,614.61
$20 Gold Liberty Double Eagle MS-61 PCGS $1,548.64 $1,684.61
$20 Gold Liberty Double Eagle MS-62 PCGS $1,580.00 $1,730.00
$20 Gold Liberty Double Eagle MS-63 PCGS $1,855.00 $2,015.00
$20 Gold Liberty Double Eagle MS-64 PCGS $2,180.00 $2,400.00
$20 St. Gaudens Gold Double Eagle (Cleaned) $1,433.64 $1,544.61
$20 St. Gaudens Gold Double Eagle (XF or Better) $1,478.64 $1,604.61
$20 St. Gaudens Gold Double Eagle (AU or Better) $1,493.64 $1,629.61
$20 St. Gaudens Gold Double Eagle MS-62 PCGS $1,565.00 $1,715.00
$20 St. Gaudens Gold Double Eagle MS-63 PCGS $1,635.00 $1,785.00
$20 St. Gaudens Gold Double Eagle MS-64 PCGS $1,705.00 $1,860.00
$20 St. Gaudens Gold Double Eagle MS-65 PCGS $2,120.00 $2,420.00
$20 St. Gaudens Gold Double Eagle MS-66 PCGS $2,540.00 $2,860.00

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You are wrong about the car purchase too. If it was based on what costs them more you WOULD pay more for paying cash. Dealers prefer you finance, even if you don't buy anything extra the bank pays them a flat fee for sending them the contract. That's a fee they don't get if you walk in with cash. Regardless if you come in with $100 bills, go to your bank or use one of the banks the dealers provide the dealer still gets cash usually within 3 days for all purchases. It's a myth that you get a better price by paying cash. Of course, unless you are using one of the used car lots that finance in house, but then you are probably overpaying for a car that has been put back together again anyway.

 

Yes indeed, I have forgotten about dealerships trying to finance your purchase as well. I suppose I was a tad angry at APMEX so I came up with that analogy however it wasn't a good one...

=)

 

Yes, but your analogy holds for most other instances. Cash talks. Walk into a coin show with a pocket full of hundreds and you will get the best deals. One, it proves you are serious, two there are certain, ahem, tax reasons some people like cash over tracable instruments. Not commenting further on point two.

When I was buying silver more, I would always walk into my favorite shop with cash. As such, I was sold silver for about 3.4 times face, when other customers were quoted 3.6, since the dealer told me he had transaction costs and/or bad check risk with other people, but cash is cash. After a couple of years he would sell to me with a check at the same price, but absent a long relationship, cash IS the guarantee and lowest cost transaction for dealers.

 

I envy you. I have been looking for a local coin shop around me that I can build trust and a relationship with, there just aren't any around me. The closest ones are closer to NYC and I'd rather not have to travel all the way to New York City (gas prices, tolls, parking) that right there alone kills the markup I probably would have paid to order online!!

I was thinking the other day if "cash is still king".......I suppose it is, but right now, not king in purchasing power! lol.....

 

Just checked APMEX again for 1oz AGE. Gold currently at $1474. For credit card orders it's $1606!!!

They are already $85 over spot. So that comes out to $1559. The difference is a $47 premium for credit card orders!! what??

So I went to Gainsville Coins as suggested and their credit card offer is $1576! With a $60 over spot premium and $42 credit card premium.

But!! There's a but!

Gainsville shipping is $24!!!

APMEX shipping is $10!

So drum roll please!!!

1oz of AGE from Gainsville will cost your $1576 + $24 = $1600

1oz of AGE from APMEX will cost you $1606 + $10 = $1616


Gainsville still wins.......

 

your profile says youre in the big apple? NYC? theres a decent place in long island (nassau county). uscoins.com is their website, but they also have a physical store you can go to.
keep in mind though that in NY you have to pay tax on purchases. so considering the amount youre buying it may/may not make it worth it to go there vs. buying over the net.

cheers

if youre upstate, i remember seeing quite a few dealers up there. if you go on the usmint.gov website you can search for coin/bullion dealers
http://www.usmint.gov/mint_programs/american_eagles/index.cfm?action=lookup

 

I don't make it a point to keep abreast of NY sales tax laws, but I've always been under the impression that unless the item physically leaves the state in transit, you owe sales tax on it. That's why I don't understand how some wine sellers get away with the disclaimer that orders are treated as though ownership is transferred in state. If that's the case, wouldn't they be required to charge sales tax on ALL sales regardless of point of termination?

 

wine is a completely different animal, some states dont even allow ANY wine shipments.

coins/bullion though (OP mentioned he was interested in local dealers that he can go to) in NY at least, if you go into a physical store, they charge you tax. if you buy over the net from some place like apmex (which isnt in NYC) they dont charge u tax, but they of course charge u shipping. but if you are in NY and order from uscoins.com (also in NY), then they do charge u tax.

im in NY, so if im gonna buy one gold eagle then it would be cheaper to go apmex than go to a local dealer ($25 shipping on apmex vs. $150 in sales tax in NY...assuming a $1700 sale price)

if youre buying a monster box, then tax plays a big role in your purchase in this tax-crazy state of NY. for example, amazon.com has recently started sales tax on orders even though they arent located in NY. :rollling:

just more things to consider when buying stuff i guess.

 

Most brokers don't care. They buy and sell on a percentage spread. If they are moving merchandise, they are earning. I have read many analysts predict this recent hit to be a big one, then look for $100 an ounce silver by the end of the year. I saw today's dip was preceeded by a rumor that the US govt was going to sell their gold to cover the deficit. LOL But the brokers need movement. Without fluctuations, they aren't earning.