Gold is over $1700 an ounce, but LCSes forbidden to do business

Coin shops are nonessential businesses. Gold is over $1700 an ounce. Now would be a great time to sell. But you can't. Many states have shelter in place restrictions forbidding nonessential businesses from being open.
Selling online is not necessarily an option due to staffing issues and slow turn around times they are all experiencing.

What would you do?

 

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Where are you getting your gold price from? I have it as 1664.80 ask.

 

Also one of the arguments for having gold ETFs instead of physical

 

Who wants to sell? No one I know.

 

That's the problem. Bullion buyers never want to sell. Many people could make a nice $500-$700 profit per ounce of gold right now, but they won't bite. They'll sit on it. Then maybe in 9 months gold will be back to $1500 after Covid19 is several months past an afterthought. Then maybe 12 months after that gold will sit around $1400 as the economy begins to recover.

The economy will all be back to normal and Covid19 will be defeated. It's only a matter of time. 6-9 months for covid? 1-3 years for the economy? Rough estimates, yes. But what is not a rough estimate but actually a solid, educated statement is that everything will be fine soon enough.

 

$1,707 close today.....I think LCS's can do online sales or use Ebay and websites.

 

A great time to sell????? Are you serious??? What if it's $1800 next month?

 

You are buying gold and hoping to sell for when it hits $3,000 an anounce, not $1,800.

 

I hope what you say about Covid19 being defeated and an after thought is true_But what about the new trillions of dollars floating around chasing fewer goods? That is the upside for gold

 

That is quite a crystal ball you have there.

 

Even if I wanted to sell some gold (which I definitely do not) my bank has shuttered except for window service. No access to safety deposit boxes.

 

^This. Covid 19 isn't causing gold to go up, quantitative easing and the fed's monetary policy is. Just like it did in 2008. IMO it will take a year or two for us to see a new high with gold after this is over, due to the stimulus package being treated like qe by investors.

 

I think this entire situation will change the way we look at holding PMs. Many people stockpile or hold physical, but as op stated, you can't sell it. In addition, you cannot access SDB. While I do not advocate completely for pm ETFs, I am sure they will be more popular post covid-19.

 

Of course, you can make an appointment to access your safe deposit box and access your gold. Then you could sell it for about spot to an online dealer (JM Bullion is paying over spot for Gold Eagles and Maples).

But what a hassle!

 

And something to keep in mind if you're thinking about silver:

JM Bullion, $100 FV 90% silver coin:

e-check/wire: $1,565.13
card/PayPal: $1,630.34

Buyback price: $1,065.35

One other funny: they list a sale price if you're paying with BTC/Eth cryptocurrencies, and it's between the e-check and CC prices -- but it's denominated in dollars. Still not really there as a "unit of account", apparently.

 

Not a mathematician, but that’s almost a 50% markup.

 

Gold isn't going up, the dollar is going down.

 

Howdy folks,

Regarding coin stores being 'essential' or not, it depends upon what all they do in addition to coins and bullion. Here in Lansing, we have Liberty Coin and they do foreign exchange in addition to buying gold and collectibles.

How a state gov't can say that it's not essential to sell stuff to raise cash. I'd lump pawn shops into this sort of 'essential' category. But hey, WTF do I know.

take care,

rono

 

Along with groceries, rent, your salary/pension/SS benefits, and nearly everything else.

As always, if you want to think that the price of everything but gold is rising and falling in unison on a daily basis, along with your income, that's fine. It just doesn't seem especially useful.

 

We've seen some back-and-forth on this locally. Are they junk stores (non-essential), or financial services (essential)?

The last pawn shop I visited, weeks ago, had someone stationed at the door, limiting visitors to two or three in the store at a time. He said all they were doing was pawns, no floor sales. Not sure how long they'd be able to stay in business on that basis...