Hi Everyone - I am new to this forum but have been a collector/investor/speculator for about 15 years. I recently attempted to unload some things first at my only local coin shop, then on ebay. My local dealer bid me below spot by about 20% for PCGS Liberties and 15% for Silver Maples. So I restorted to eBay where a decent price was obtained, but then I paid out about 15% between ebay fees and paypal. I had another problem with eBay in that with the volatility in the gold/silver spot market a 3+ day auction can leave you to seriously misprice a coin. That leads to my open question - wouldnt an "exchange" be better than an "auction"? By exchange i mean you post your buy or sell price, and if someone likes it then you can transact. I know that there is a "buy it now" button on ebay but that function doesnt seemed to be used accept to find a buyer willing to pay over the value of the merchandise. I have seen the certified coin exchange http://www.certifiedcoinexchange.com/ but that is only for dealers, and certified coins. Typically I would like to move into or out of bullion. Any thoughts/feelings would be most appreciated. Thanks in advance
what you need to do is find another dealer to sell to. My dealer gives me spot for any silver I offer him. 20% below spot is robbery. Or you can try to sell t Apmex.com they give decent prices
From what I've seen, post ASEs or Maples on eBay at a Buy It Now price of 15% above spot, and they'll sell within minutes. Yes, market volatility makes auctions more of a gamble. But you can adjust the Buy It Now price after the auction starts, or you can just take down the listing if you get too nervous. If eBay fees or dealer overhead are too steep for you, there's always Craigslist. If you want regulation, supervision and protection, you're back to eBay, and paying a premium for the safer marketplace.
An interesting note -- I noticed that a "sell your gold/silver here" place recently opened in a nearby strip mall. I went in and asked the woman behind the counter if they ever sold coins. She said they don't have things on display, but when they get silver coins, they're usually willing to SELL them at spot. This tells me that (1) they aren't getting spot for them from the refiners, and (2) they must be paying really, really low rates to sellers. I really need to call her back and see if she's got anything to sell.
Thanks for the replies. I dont know that kitco is still in business is it? as far as craigslist in this day in age I dont know that I want to meet anyone besides a coin dealer in his store. From my research it seems that most people find ebay to work well enough, but not ideally. In the event of issues/arbitration it seems that ebay tends to favor the buyer. I hear you and agree on paying the premium for eBays "safe" marketplace - but 10% on a $1500 item is, well, high. eBay should have tighter spreads than dealers because the transaction isn't as guaranteed. I am not complaining here, i know this is the cost of playing the game. Just wondering if there is a better mousetrap.
i think these types of stores are the ones advertising to buy your "junk gold and silver!". you are right though, selling AT spot seems to be leaving quite a bit of margin.
You were on a site yesterday that buys and sells a lot of metal between its members. Some of them thought it was funny to give you a hard time and you took it personally, and that's too bad. You should go back there, click on the "marketplace tab" and take a good look at what is going on there. I would also mention that you probably shouldn't have taken it that personally and they probably shouldn't have teased you out of the gate right away.
I have gotten some smokin' deals via BIN... ??? It all depends on the seller. Yeah, most are high BINs, but you have to look to get the good BINs. They are gone in seconds if they are good prices.
I have been trying to find those BIN deals...whats your secret? I can only click refresh so many times...
I don't know any dealer who buy for cash at spot, especially right now. But, a good dealer will trade at spot, or sometimes even over, if you're a good customer. I guess it all depends on whether you want more coins or just cash.
The dealer near me is paying more than spot for PCGS graded liberties, Maple Leafs, AGEs and the like. Has been for a long time.
