Buying Gold Coins?

Discussion in 'Coin Chat' started by fretboard, Jul 30, 2020.

  1. fretboard

    fretboard Defender of Old Coinage!

    Just wondering how many of you try to negotiate a better price when buying gold coins from your LCS? If you negotiate, do you ever get gold coins below spot price? Just wondering as I'm thinking of buying. At today's prices, I'll have to negotiate at least some, or I'll leave thinking I just got a fair deal and a great deal is so much better!! :D
     
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  3. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    I always wheel and deal with my guy. I haven’t bought any gold since this craziness began. May be hard to negotiate right now. Seems we are in something of a sellers market.
     
  4. baseball21

    baseball21 Well-Known Member

    There's no one answer. Some will, some won't, how much do you spend there, how long have you gone to the shop etc. If its your first time they probably won't be to thrilled if you seem difficult and only want great deals instead of a fair price while someone that has been spending a lot there for years would likely get a better price
     
  5. Santinidollar

    Santinidollar Supporter! Supporter

    It never hurts to try on any coin. I’ve never had a dealer tell me to go soak my head, though he doesn’t always come down. Good dealers expect an attempt.
     
  6. Derek2200

    Derek2200 Well-Known Member

    An investor(facing CC lawsuit) offered me some slabbed USGTC generics / I took them at 85 pct CDN bid. He told me week later his Atty negotiated 40c on dollar settlement for him (good news) so he able get them off field.

    4 days later I flipped about half to a collector client at CDN bid plus 10 pct (wholesale special). A couple of others retailed few days later for bid plus 25 Pct (around CPG) in my online store. Have to mark them up higher cover bay costs.
     
    Last edited: Jul 30, 2020
    GoldFinger1969 likes this.
  7. fretboard

    fretboard Defender of Old Coinage!

    That's the way I feel! The guy I go to mainly, has been known to give me price breaks and he's easy to negotiate with. He doesn't always go lower but he has! The other shop that's a little further away from me is as tight as a clam and he seems to get offended! I won't waste my time on him! :D
     
  8. GoldFinger1969

    GoldFinger1969 Well-Known Member

    I have never bought below spot at my LCS. He has to make a few $$$ and he paid me a fair price when I needed to sell to him.
     
  9. fretboard

    fretboard Defender of Old Coinage!

    Yep, sounds about right! I have friends who have gotten some really great deals but I can't remember any of them buying below spot!
     
    GoldFinger1969 likes this.
  10. GoldFinger1969

    GoldFinger1969 Well-Known Member

    I'm sure if someone is a volume buyer from their LCS -- and has bought some pricey numismatics -- that the dealer might sell a few bullion coins at cost or even a few $$$ below.

    But that's because he made 4-figures on other buys and doesn't care about $50 on an AGE or Buffalo. It's good advertising and keeps a strong relationship with your best customers.
     
    Randy Abercrombie likes this.
  11. Phil's Coins

    Phil's Coins Well-Known Member

    Unless the LCS purchases it off the street so to speak, he has to order from one of the houses he is contracted with and depending on the spot at time of purchase, the broker he deals with adds a premium.
    Good luck.
     
    GoldFinger1969 likes this.
  12. medoraman

    medoraman Supporter! Supporter

    This is close to my thought. Best way to get deals is having relationships with the dealers. I have a couple of dealers who call me to move product. I bought those gold mercuries/SL quarter/WL halves at melt a year ago, along with tons of St Gaudens, $5 liberties and indians, etc. Any older or unusual kind of gold near spot he calls me, I buy, and he turns it over. Cash flow is worth a lot to dealers, and if you can prove you are a reliable partner for certain items, the dealer benefits with a small profit and cash flow, and you can get better pricing.
     
  13. Mr.Q

    Mr.Q Well-Known Member

    Be safe not sorry the precious metals market is crazy right now. Good luck
     
  14. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Not anywhere crazy compared to a few NASDAW tech stocks and stay-at-home plays.....:D
     
  15. Mr.Q

    Mr.Q Well-Known Member

    Yeah you are right GoldFinger...
     
    GoldFinger1969 likes this.
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