A good start to Saturday

Discussion in 'Bullion Investing' started by Sallent, Sep 24, 2022.

  1. Sallent

    Sallent Live long and prosper

    I bought all of these from a third party today, one of my former legal clients who needed quick cash. We met at my friend's pawn shop so he could weigh the gold, check the dimensions, and run it through his hand held XRF gun. The silver I didn't want but he insisted, so I bought it too. It appears to be in it's original mint package, so rather than toss it into a junk silver pile to be scrapped I'll think I'll hang in to it for now.

    Paid melt value for it all.

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    Last edited: Sep 24, 2022
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  3. capthank

    capthank Well-Known Member

  4. rte

    rte Well-Known Member

    I'd say you did ok.
    Be courious what your friend who owned the shop would have paid, if PM's go back down another 10% we know who to point the finger at.
  5. Sallent

    Sallent Live long and prosper

    Personally I think it would have been unethical for me to offer to pay less than melt value when I'm keeping this for my personal collection and not reselling it, so yes, I think I did fine, and I'm thrilled.

    I did not ask my friend what he would have paid, but safe to say it would have been less because he's running a business and has to resell it. You've got me curious now, I think I'll ask him next time I see him.
    Last edited: Sep 24, 2022
    capthank likes this.
  6. rte

    rte Well-Known Member

    curious, let us know the results.
    You did say one of your former legal clients who needed quick cash, so you knew the seller on some personal level.
    If you didn't know this person from Adam and approach the transaction like a dealer, make the money when you buy it right and again if you sell it right.
    capthank likes this.
  7. hotwheelsearl

    hotwheelsearl Well-Known Member

    When would someone ever pay less than melt FOR PM?
  8. Sallent

    Sallent Live long and prosper

    Some dealers will try to quote you a slight discount when they buy gold bars, generic rounds, etc. The discount is not great, maybe $50-$75 below melt per ounce from what I've heard, but yeah, that's a thing. But you have to understand, things like that are slow movers. Gold generic rounds and bars are great to purchase for very low premium, but they also resell for very little, if any, premium...and probably resell slower than something more popular like an Eagle or a Krugerrand, etc. So it would make no sense for a dealer to pay melt on that.
    -jeffB likes this.
  9. -jeffB

    -jeffB Greshams LEO Supporter

    When they can't sell it for much more than melt, and need to make a profit to stay in business?
  10. rte

    rte Well-Known Member

    When your the buyer.
    -jeffB likes this.
  11. Clawcoins

    Clawcoins Damaging Coins Daily

    Nice. I've nearly bought the Austrian Philharmonic myself because I like the design.
  12. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Great start indeed :)
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