Dealing Bullion

Discussion in 'Bullion Investing' started by Bman33, Jul 6, 2019.

  1. Bman33

    Bman33 Well-Known Member

    So I am getting my first dealer table at a coin show next weekend. I am hoping to sling some gold and silver. I plan to undercut the online dealers by just a few bucks. Any advice or comments?
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  3. SilverMike

    SilverMike Well-Known Member

    Show their prices versus your
    prices so shoppers know they are getting a better deal with you.
    R_rabbit and Bman33 like this.
  4. Bman33

    Bman33 Well-Known Member

    Not a bad idea. I will also have other dealers there that I have to compete with. I guess I can just figure a fair price and run with that. I don’t want to be negotiating all day unless it’s a huge purchase.
  5. Collecting Nut

    Collecting Nut Borderline Hoarder

    Best best wishes for a good show.
    R_rabbit and Bman33 like this.
  6. R_rabbit

    R_rabbit Well-Known Member

    Imho, best wishes!
    One could always better your chances on more sales if they purchase more than one for a better price!
    10% off for 2
    15% off for 3 ....ect.
    Yet ,make a limit on percentage.
  7. myownprivy

    myownprivy Well-Known Member

    In my experience online dealers are already priced well local shops and dealers at shows. So, I'm not sure you need to undercut online dealers. You need to worry about undercutting the people at the show. People buying in person would love to be able to pay online prices.
    Seattlite86 and Bman33 like this.
  8. Bman33

    Bman33 Well-Known Member

    Good point. I haven’t seen show prices in months. I’ll figure it out one way or another.
  9. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Silver is a planned purchase. Gold for me anyway tends to be more on impulse. Make sure your gold offerings are situated best under whatever light source you are using. That way impulsive guys like me can’t help seeing the glittering gold under the glass calling out to them.
    Seattlite86 likes this.
  10. juris klavins

    juris klavins Well-Known Member

    People love free silver - have a supply of one gram silver rounds and bars on display - put up a sign 'Free silver bullion with each purchase' - when someone buys an ounce or more, throw in a free gram (you can buy them in bulk for under a dollar each) - this would be a novel sales booster and cheap advertising if placed in a 3x2 plastic zip lock coin envelope imprinted with your dealer info (or just apply a small sticker) - if anyone wants to buy the grams, you can sell them at a nice profit - $2 or $5 for 3 = $60 or $50/ oz. - wishing you much success at the show ;)

    Last edited: Jul 7, 2019
  11. Bman33

    Bman33 Well-Known Member

    I have 41 really junky silver dimes (Barber and Mercs). I could give them out for a purchase.
  12. medoraman

    medoraman Supporter! Supporter

    Hmm, seems kind of backwards to me. Not saying it is not true for you, but gold, being priced almost 100 times higher than silver, seems to be more likely to be the planned purchase versus something so much cheaper.

    Myself, I buy silver all of the time on a whim, a lot of it just for the kids. Gold, (lately platinum), is more of the planned purchases.
  13. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    You are right. I will plan out purchases of silver. Then standing in the dealers place my eyes will focus on the gold gleaming under the glass. I’m worse than a kid walking by the candy counter!
    Seattlite86 likes this.
  14. Bman33

    Bman33 Well-Known Member

    Well, tomorrow is my big day. It will be an adventure. I’ll be splitting a table with a friend. He’s a veteran dealer so he’ll keep me out of trouble. Any more advice would be cool!
    Seattlite86 likes this.
  15. Seattlite86

    Seattlite86 Outspoken Member

    Beware of people flashing lots of cash and asking to make substantial purchases. There are groups of people out there palming coins and distracting.

    Also, make sure you have a method of tracking what spaces should be empty, vs what shouldn’t. Use Lincoln cents or something.

    Limit the number of people and coins/bars you have out at a time. Make sure your buddy taps in when you have a lot of customers.

    And, do NOT stop for gas or food on the way home. If you do, your collection goes with. Some dealers have been followed and robbed at gas stations, restaurants and even in their hotel rooms once they left the collection alone.

    Be prepared to buy. Most dealers I personally know buy more than they sell...

    Lastly, know what all the other dealers are buying and selling for.
  16. medoraman

    medoraman Supporter! Supporter

    From what I have heard from dealers, this is some pretty solid gold advice OP.
    slackaction1, Bman33 and Seattlite86 like this.
  17. myownprivy

    myownprivy Well-Known Member

    Yes, beware of Bands of Gypsys. Palming is their preferred method. They don't need Machine Guns. But Who Knows.

    Bman33 and Seattlite86 like this.
  18. Seattlite86

    Seattlite86 Outspoken Member

    More advice as I’m thinking about what’s I would do:

    Do a test layout at home before you go. If time permits, make an inventory organized based on the layout. Leave space to do regular inventory checks and/or write how much you sold it for. This will help you track your sales and do inventories at the show.

    Rehearse your inventory process. Have someone remove a few items from your layout, once it’s set up, and see if you can identify it right away.

    Any time you have down time, you should be confirming inventory, calculating what you can afford to buy/sell in your next deal. Know what your bare minimum price for sales will be and haggle down towards it slowly as needed.

    Make a poster advertising your intent and attract attention.

    Cash on hand will be important to provide change, or to make purchases. Make sure you have a method to quick count it and pull money from it.

    Use a fanny pack (if you have one) or something like a backpack. Keep it locked with a small lock (if you have one, you should). If you use a backpack, wrap the carrying strap around your leg and leave it on the ground, or wear it on your back. You’ll feel someone trying to steal your Fanny pack or backpack. You won’t feel someone swiping your metal cash box while you help a customer.

    Have a security plan for theft (see what/if the show hasn’t anything in place). Know the doorman and have his number on speed dial.

    If you’re not going to display everything at once, have a secure storage plan for those items.
  19. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    When I retire and open my coin shack in the mountains... You have a job!
    Garlicus and Seattlite86 like this.
  20. Seattlite86

    Seattlite86 Outspoken Member

    If I don’t retire from my job, I will very likely need it! Haha, I’d love to work in coins when I’m retired. My wife says hard no, though, because I hate selling, and she knows my store would just be a front for me to buy more coins.
  21. medoraman

    medoraman Supporter! Supporter

    Lol, yeah, that is my problem. My wife knows full well being a "coin dealer" for me to lead to much more money going out than ever coming in. :)
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