how much can u get for gold from a lcs

Discussion in 'Bullion Investing' started by trdtaco, Nov 7, 2012.

  1. trdtaco

    trdtaco Member

    Just called my few lcs to see there buy price for 1/4 oz gold eagles and to my surprise the highest was 10 under spot price.. is this the average?? Just seems low compared to the huge premium over spot they all sell them at.. for generic gold maybe but thought for american gold eagles would be higher
  2. Avatar

    Guest User Guest

    to hide this ad.
  3. Bedford

    Bedford Lackey For Coin Junkies

    Seems low to me too.
  4. lonegunlawyer

    lonegunlawyer Numismatist Esq.

    That is low. You should be able to get spot.
  5. Elapid

    Elapid Member

    I deal with a few individuals and one LCS. They have bought Au from me at 15 over spot, I only buy at 20 over spot or sometimes just spot. It all depends if they need some stock for their other customers. I have an excellent relationship with this LCS, we work together.
  6. KoinJester

    KoinJester Well-Known Member

    How much do I get 3% under if I sell or 3% over if I buy.

    What would the ave Joe get walking in 7-10% back to sell and 12% over to buy
  7. akajcw95

    akajcw95 Member

    That's pretty low. You should be able to get spot forsure on that coin!
  8. medoraman

    medoraman Supporter! Supporter

    And this is why for the average Joe I say metal speculation is a game that is hard to beat the house on. Way too many people buy at too high of premiums, and sell at too stepp a discount. :(
  9. lonegunlawyer

    lonegunlawyer Numismatist Esq.

    I just checked my lcs and they are buying 2012 1/4 oz. AGE at $435. They are buying 1/4 oz. Krugerrands at $431. Spot is at $1,732.
  10. lonegunlawyer

    lonegunlawyer Numismatist Esq.

    It is a big problem for anyone purchasing a fraction of an ounce or a couple of ounces. Gold and platinum are definitely for the big boys (and girls).
  11. beachbum99

    beachbum99 Member

    what if it's a proof 1/4 AGE?
  12. lonegunlawyer

    lonegunlawyer Numismatist Esq.

    That I do not know if they pay a premium. Maybe to a lcs, it has bullion value only.
  13. medoraman

    medoraman Supporter! Supporter

    Most are bullion value only. For most modern coins, the premium for proof versus BU is lost the day you buy it, for things like these and commemoratives.
  14. trdtaco

    trdtaco Member

    Ended up selling it at a nice premium on my local craiglsist..

    I have found that selling gold fractional is generally easy as long as your not in a rush.. it will sit on craigslist a bit but someone will bite.. its if your in a rush to sell and walk into a pawn store, coin shop, or gold buyer you get the "shaft."
  15. medoraman

    medoraman Supporter! Supporter

    Glad to hear it.

    One thing to remember, though, is dealers are NOT collectors. They are expected to make offers on everything that comes through the door, and also need to eat. I never begrudge them their offers, but make sure I compare them to others just to make sure its fair.
  16. trdtaco

    trdtaco Member

    that is true
  17. Juan Blanco

    Juan Blanco New Member

    I looked at the 11/6 POG Close and estimated -2.37% on the dealer's quote. I don't see that as a gouge, personally. Wonder if the guys here getting quoted Spot have existing relationships, and therefore BETTER DEALS, from the LCS that values repeat customers. That's a factor to consider.

    I'm glad you got a higher premium selling on CL though.
Draft saved Draft deleted

Share This Page