Team, I recently (last night) had a seller with whom I'd purchased a couple fo ASEs tell me the delay in their sending out the coins was due to the price of silver fluctuating (going up) and there would be an additional surcharge for future purchases ;-( I'm now keenly aware unscrupulous sellers trying to up the price of already listed items because silver is increasing in value so very fast. Much like gas stations that increase the price fuel even if they don't get a new shipment. Anyone else having problems or issues with precious metal transactions? Take Care Ben
Bone, I've seen it happen before, but it is usually spelled out in the terms of the auction. Actually, I've seen worse. There was a seller on eBay about a year and a half ago who auctioned off a great deal of gold, dozens and dozens of AGEs. This was when gold was around $410-$415 an ounce. Anyway, they guy was betting that gold was going to go up in value, but the price remained stagnant for a while, then it actually started to drop a little. His auctions were ending at a price lower than he paid for his AGEs, so he was losing money on every transaction. His solution? He stopped shipping to the winning bidders. He had their cash, he wouldn't refund it, and when he was contacted by the auction winners he began making lame excuses. Eventually several of the people who'd sent him money pooled their resources and found some legal help from another eBay member who was an attorney. I don't know how it all turned out, but that guy needed to be taken behind a building and whipped with a garden hose. Some of those folks were out to the tune of several thousand dollars. I felt really bad for them.
I'm having a problem right now getting delivery of an order I placed in January. I know what probably happened. The dealer sold me something he didn't have in his possession, and the price increased sharply right after I placed the order. He waited for the price to come down a bit but it continued to rise. Now he's trapped. The longer he waits, the more money he loses. I've been patient and do not want to cancel the order because I'm already substantially ahead, if I can ever get the coins. I'm not exactly sure how to force the issue to a successful conclusion yet, but I plan to.
January!!! I'd say you've been VERY patient but if I were you I'd start to be very concerned. If you have already paid for the coins then I'd say you have every right to take legal action. Good luck!
I'd be more inclined to believe these people are buying on the margins, in that they have a direct (or near direct) link with a supplier that they can purchase for a small discount in quantity, and a small trickle of profit will be made in the middle. If silver goes down, they can repurchase and send to you (pocketing the difference) and if silver goes up, they use a small store they purchased a short time ago and realize a small profit. If silver continues to go up, they end up getting caught without stores of cheaper supplies and the purchase would cost them more than their sale - so they are left with the option of holding you off with lame excuses in hopes that the price drops over the next few days and they can see a small profit again. Just a guess.
BigWick, This is not all that uncommon. I heard about a similar case back in 1998 or 9 and the U.S, Marshals got involved for mail fraud... Bone
I contacted the dealer again, and this time I was told the coins will be shipped this week. No excuses were made so maybe things will work out okay, finally. I'll know in a few days. The coin business has to be the worst run, most crooked business in the world. But I don't want to or plan to stop collecting.
Well, I actually received the coins in good shape, so everything is okay again. But this poisons my enthusiasm for buying, and I'll probably scratch another dealer off of my list, which is getting shorter all the time.
