What the Dealers offering for your coins?

Its very importaint to know what the buy and sell prices for your local dealer. Just interested to know what the dealers have been giving for gold and silver relative to spot.

I just cashed out some metal and surprisingly received 50 over for a gold 2008 buff, but got 50 cents less spot for my silver. Most places have been only offering spot or 15 less for other coins. Does the buffalo retain its value better than the other coins. If they do I have no idea as to why. The 2008 Buffalo is a regular bullion coin. Comments and experiences are welcomed!

 

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Forgot to add that my silver was bullion was composed of bars and rounds, not gov't issued coins.

 

your dealer might have buyers for the buff, and they might be happy to get one for a c note over spot, 50 cents less spot is pretty good for silver considerring it is the weekend.

 

At the last big show this fall I got 30 cents over spot for 10 oz silver bars but was offered about $40 per ounce under for gold. I kept the gold which has since went up. Also the same dealer was asking $3 per ounce over spot for 10oz silver bars (nice spread )
My guess is they expected gold to drop therefore not willing to pay up over the weekend.

Lack

 

My local dealer is paying $1 over spot for ASEs. Rounds and bars always sell for a discount, which is why folks aren't getting the deal they think they are getting when they buy them.

 

It fluctuates a lot in the volatile market.
If a dealer needs what you have or has a buyer lined up they'll pay more.

We're moving Silver Eagles pretty well at work right now so we will pay as much as a dollar over spot. If they weren't moving well we'd be at spot.

Rounds are not moving as well so we're often at a dollar UNDER spot. 50 cents under really is a good price.

On gold the U.S. stuff is about spot. Other is %5 back of spot.

As I said it does fluctuate a lot. There was a time in the past year when silver was much lower. Problem was finding the physical product. We had more than any other dealer in the area. Of course we paying up to $4 over spot to get it and charging $6 over spot. Customers were not happy I can assure you but the bottom line was we actually had it.

Can't say I've ever seen it that crazy before. Scary thing is those that DID buy it at that price can now sell and it make a profit and many have.

It's a risky business and can get real interesting at times.

 

I'll bet it gets a lot crazier than most people imagine. I recall the spike in prices back in 1979-80. People I worked with were cashing in bank CDs early and buying bullion. It was insane! I think there is a better than even chance that it's coing to happen again.hya:

 

I have one dealer that sells for a a dollar to 2 dollars over spot on ase's and sells old rounds and bars at spot. I know of another dealer that sells much higher,but also buys for higher,which some days I know I could turn a small profit buying from one and selling to the other 45 minutes later,but I don't need to sell any yet,but when I do want to I'll get on the phone and call every dealer within decent driving distance for quotes,and visit the highest bidder.

 

Calling around is a good strategy, not only for selling, but for buying as well. If you call a dealer, they are much more likely to offer you a better deal over the phone then if you just dropped in. Likewise, dealers trade with each other. It is possible that they might think you are a dealer and offer you a better deal then they offer the general public.

 

Great Advice. Do that anyway, but never really thought of the details as you just explained. Actually my local dealer has refrained from saying prices over the phone and simply tells me if I wanna know I must "stop on by, im busy over here..bla bla bla" Almost seems he's paranoid saying figures on the phone, or maybe for the reason you just described. I don't blame him too much...in this post 9-11 world you just know EVERYTHING is traceable!

 

The reason he's reluctant, is because he thinks you are another dealer. The dealer in a neighborhood all know each other after a spell. When the phone rings, they have caller I.D. and look and see, "Darn it, Henry is calling again." Sometimes they will answer anyways...."Yes, Henry, what can I do for you, you shiester."

Some dealers have gotten to where they will use an anonymous phone without traceable I.D.

This always works as an excuse if you can't get a quote over the phone...."But, I live 20 miles away and gas isn't cheap. If I'm going to drive all the way out there, I want to know you have what I'm looking for, for the price I'm looking for. If you can't quote me a price, I'll just have to go elsewhere."

 

I would actually say this to the dealer on the phone if they still won't tell you the prices then you know for a fact they have thought about it in that split second and they don't care and you should respond that you most likely have been turned off as a customer as you feel your you shouldn't have to spend 40 miles of gas to just get a quote.

 

Most retail businesses spend a fortune on advertising what they sell and what it costs. Restaurants post their menu in the window hoping to attract people. Hotels, airlines and car dealers beg for email addresses so they can send information on their latest bargains. Every business in the nation sets up websites. I get coupons in the mail every week. Then a potential customer calls up a coin shop for a price quote and can't get one. The shop owner has a chance for direct, free contact with a potential customer and won't talk because he's paranoid. Amazing!! Just amazing!

I don't know if owning a coin shop makes a person a bad businessman, or if bad businessmen are just attracted to owning coin shops.

 

I sold some Platinum half eagles yesterday. I got $40 or so under spot--no regrets after today's backwardation...

 

LOL ... maybe just socially short-changed people with poor customer service or acting skills?

Coin / Bullion dealers can be a funny bunch. I know a guy locally who sells tons of coins/bullion, but he doesn't advertise or have an open storefront. (Mainly by word of mouth and appointment only.) He mostly does dealer to dealer or large sales. He has exhibited a certain kind of "don't waste my time" policy from time to time. Now, looking from his perspective... he probably got some payments with 5 and 6 digits the same day I was only offering 4 or 3! Anyway, seemed like it just depended on what kind of mood he was in or how busy he was that day. Some people just aren't geared for public interaction.

Regardless, not a lot of sources to choose from locally, so if I needed it... I needed it. Basically, depending on circumstance... you may just have to put up with it... best not to burn bridges.

Thanks,
Michael

 

I think you are probably correct. Maybe many dealers make most of their money in the dealer to dealer side of the business, and walk-in customers aren't important in the grand scheme of things.

 

Every dealer is different and unfortunately Cloudsweeper99 is correct in many cases. If my boss is working on a 10K deal on the phone and you walk in with 20 ounces of silver guess where his mind is? He can be very rude and I'm not sticking up for him.
This is where I run a lot of interference. Just call me the "good cop". I'm the polite one that still wants to see the small deal through because it all DOES matter in the long run.
I'll interrupt him just enough to get a price and we usually end up buying it. If he gets his other deal done while you're there he'll often apologize to you. Gets interesting to say the least.

As for calling shops. Yes, they are known to "shop" one another. We generally don't play that game.
IF you call a dealer do not start with the line "What's gold/silver going for?", "What are you paying for gold/silver?"
The first question tells us nothing. Are you wanting to buy or sell? What is it - coins, jewelry? Do you even know (we get a lot of this).
Same applies to what are you paying. What do you have. If you are somewhat organized and know what it is we can give you a better idea.
Junk silver is easy. Right now we're paying 10x face and we're more than happy to tell you that. If you have a few hundred bucks in face we may even raise it.

For bullion we'll give you an "if you were here right now we'd pay x amount of dollars". Why because it changes very often. Gold recently dropped about $80 in one day. A price at 9am was no longer good at 3pm.

With jewelry it is much more secretive because so many people are buying it. We'll suggest you shop it around if you want then come to us last. If someone made you an offer higher than we're willing to pay we'll suggest you take it back to that buyer. You'd be surprised how many just sell it to us. Why? - because they're bluffing and it's hard to slide one over on my boss. He's been at it for 42 years now.

Now if it's a big coin collection with a large mix we need to see it. Period. How do we buy? We start quickly and make offers on pieces. If you accept we keep going. If not we give it a few minutes and ask what you expect. If we can't agree we're done basically.
Why is this? - because we are not in business to do free appraisals basically.

To sum it up dealers can be very rude at times. My boss excels at it on occasion.
On the other hand he can be a really great guy and he DOES want your stuff.
The more organized you are and the more concise your questions the easier it is for both sides.

With what I've just shared I would suggest any potential seller to imagine life on the "other" side of the counter. We get a lot of "silly" calls and walk ins on any given day. For those that call or walk in and are organized and knowledgable it's a bonus for sure.
Don't toss a 32-D Washington in with a 100 other junk silver quarters as a "test". You'll get an offer for junk silver. We just count it and pay. Put it to the side and you'll get more.

Dealers look for smooth transactions just as a seller wants a smooth transaction. Knowing how to go about it as a seller accomplishes this.

So I'm rambling but hopefully a few people will learn something from my ramble.

 

"best not to burn bridges."

Good advice, my grandpappy used to say not to treat people bad on your way up the ladder, you may meet them on your way down.

 

I believe in you setting the price and either the dealer takes it or you walk.

 

I took my collection of colombian half dollars to a dealer. mind you they havent been circulated or cleaned and are dent free. The dealer claimed they were cleaned and would give me $1 per coin.
For silver nickels 1942-1945 he said $.10 each and for silver quarters $1.50 each. Then for morgan silver dollars only $8 each. I laughed in his face and walked out. Havent been back to him since.