Hi, i wanted to sell a gold 2006 20th anniversary set eagle(From the two piece set/ gold-silver). It's graded NGC MS-70. The dealer offered me $859.00 for it. With gold at $960.00 whats up with that price? He just did'nt want the coin? I guessed he would offer at least $960 to $1000.00. Is this typical for a dealer to quote this low?
A dealer is in business to make money. Buy low sell high. Profit isn't a dirty word...unless you are on the wrong side of it.
my dealer buys and sells 1oz eagles at +8%/-8% if you are buying it from him he does 8% over spot if you are selling too him he buys at 8% under spot. so 8% of 960 is approx. 80 dollars so 960-80=880 so your guy is probably doing 10% but like the above poster said, they are there too make a living, but some have better rates, so the best thing too do is too look around for the best payout/buyout. EDIT: you might try your luck with feebay.
His store probably has low traffic, so he probably has to allow for an inventory cost. He must adjust his quotes to how long it will take him to resell the coin. I was prepared to take a low amount for the coin, but his quote just seemed extremely low to me(not even close to melt).
Some people will pay BIG bucks for that MS-70 label. Others won't. Apparently that dealer is in the second group.
Seventy Schmeventy, but 8% on both sides is quite a spread....I'd look elsewhere. To sell that 70 number, go to Ebay, you will be far better off, after fees even.
I was always under the assumption you got at least what the gold was worth , that dealers just add on when they sell , well you know what they say about if you assume . Learn something here every day . rzage
Dealers are in a business to make money. However, I think in an NGC 70 holder he would have paid a premium. I know my boss would have. Do some digging on ebay past auctions and see what they are going for then sell it on the bay I say and I don't even like ebay all that much. clembo
I had my own ebay store for awhile, but decided to close it. Hard to compete with the poor economy & the mint keeps pumping out new products constantly. Seemed to take alot of the ebay buyers purchasing cash. I still like selling there, but it's slower than selling to your local dealer. The silver eagle companion to this gold eagle(20th anniversary two coin set-ngc MS-70 blue label) was selling in the $2500.00($1500.00 now- around 83 X melt) range at one time on Ebay. I sure feel this Gold eagle is under valued in comparison. It looks like Ebay has been paying over $200.00 what the dealer offered on this coin(will pay the fees/ plus).
Most dealers will not. They are considered bullion coins and only worth bullion, and they don't care if it's in a slab or not - or what the grade is. And 10%, that's pretty much standard.
I think a lot of that depends on how much a dealer is involved in ebay. We get stuff like this at the store and I usually end up looking it up on ebay to see what they are going for WHILE the customer is there. Boss gives them a good price if I can find it that is Of course he then sells back to them in turn so it all works out. Both myself and my one coworker look at them as nothing but bullion honestly but the boss likes that MS70 grade. Hey, his store and his money is the way I look at it. I'm sure it's different in every store out there to some extent.
Sounds like the dealer looked at the greysheet & went 10 back of bid ~ typical dealer pricing regardless of precious metal pricing.
