Overdepending on the graysheet

Discussion in 'Coin Chat' started by Dimedude2, Oct 27, 2018.

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  1. GDJMSP

    GDJMSP Numismatist Moderator

    Well I'm confused by what you originally said then. Above you're saying spot was $130 higher. But here -

    You said he offered you $300 when spot was $320. In other words he was offering you $20 less than spot - not $130 less than spot. And $20 less than spot for a common date $5 lib in 62 is a fair price.

    Full retail price for common date gold in grades up to and including MS63 is about 10% over spot. And it has been for many, many years. Now the 10% can vary, some will sell it for a little less, some a little more, but 10% is pretty close most of the time.

    If you walk into a dealer shop, or go to one at a show, or offer to sell to one over the internet, you can count their offer being about 10% less than spot. That's the dealer buy sell spread - and it has also been that way for many, many years.

    With common date gold spot price is what dictates the price when buying or selling. It'll be 10% above or 10% below. So if spot for the coin was $320, then an offer of $300 is not even 10% less than spot. And that's what makes it a fair offer - not subjectivity.
     
    GDJMSP, Nov 1, 2018
    #41 + Quote Reply
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  3. GDJMSP

    GDJMSP Numismatist Moderator

    And Larry, while I appreciate, truly, what you are doing - I believe the proverbial rope is involved :)
     
    GDJMSP, Nov 1, 2018
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  4. IBetASilverDollar

    IBetASilverDollar Well-Known Member

    edited because I gave a grumpy response probably unwarranted.

    I'll just sum up that I work with this dealer often and have a good grasp at his buying and selling practices.
     
    Last edited: Nov 1, 2018
    IBetASilverDollar, Nov 1, 2018
    #43 + Quote Reply
  5. baseball21

    baseball21 Well-Known Member

    Yes there is the fringe fake sellers, scammers ect, which is no different than what happens in person. That's not really what was being talked about though. FAR to many people just say someone is clueless or being taken advantage of just because they don't agree with a price paid or understand a market. They do the same with the huge auction houses and best coins calling the buyer a fool ect when they weren't at all and that especially applies to how many people discuss internet sales.

    Perfect example of exactly what I was getting at. Just because you don't agree with a price doesn't mean the buyer is clueless nor do you get to determine prices or what is collectable. Nor do you get to determine what or how someone should collect.

    Are there some clueless buyers absolutely, just like at shows, and auctions, and dealer shops. Like I said above though this notion that it's a mass of people with the vast majority having no clue is ignorant at best. It's the other way around as the majority know full well how to use the internet for research and price research and far more goes into the price, but to many people would rather just be demeaning about something they don't agree with or understand
     
    baseball21, Nov 1, 2018
    #44 + Quote Reply
  6. Dimedude2

    Dimedude2 Member

    Thanks for your feedback on this thread. Now I am more confused as ever!
    Just kidding.
     
    Dimedude2, Nov 1, 2018
    #45 + Quote Reply
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