Just called my few lcs to see there buy price for 1/4 oz gold eagles and to my surprise the highest was 10 under spot price.. is this the average?? Just seems low compared to the huge premium over spot they all sell them at.. for generic gold maybe but thought for american gold eagles would be higher
I deal with a few individuals and one LCS. They have bought Au from me at 15 over spot, I only buy at 20 over spot or sometimes just spot. It all depends if they need some stock for their other customers. I have an excellent relationship with this LCS, we work together.
How much do I get 3% under if I sell or 3% over if I buy. What would the ave Joe get walking in 7-10% back to sell and 12% over to buy
And this is why for the average Joe I say metal speculation is a game that is hard to beat the house on. Way too many people buy at too high of premiums, and sell at too stepp a discount.
I just checked my lcs and they are buying 2012 1/4 oz. AGE at $435. They are buying 1/4 oz. Krugerrands at $431. Spot is at $1,732.
It is a big problem for anyone purchasing a fraction of an ounce or a couple of ounces. Gold and platinum are definitely for the big boys (and girls).
Most are bullion value only. For most modern coins, the premium for proof versus BU is lost the day you buy it, for things like these and commemoratives.
Ended up selling it at a nice premium on my local craiglsist.. I have found that selling gold fractional is generally easy as long as your not in a rush.. it will sit on craigslist a bit but someone will bite.. its if your in a rush to sell and walk into a pawn store, coin shop, or gold buyer you get the "shaft."
Glad to hear it. One thing to remember, though, is dealers are NOT collectors. They are expected to make offers on everything that comes through the door, and also need to eat. I never begrudge them their offers, but make sure I compare them to others just to make sure its fair.
I looked at the 11/6 POG Close and estimated -2.37% on the dealer's quote. I don't see that as a gouge, personally. Wonder if the guys here getting quoted Spot have existing relationships, and therefore BETTER DEALS, from the LCS that values repeat customers. That's a factor to consider. I'm glad you got a higher premium selling on CL though.