I have gone to a coin shop for awhile when I have needed to sell precious metals. It does not bother me that much that they only pay spot price for US eagles, even though Apmex and others will often pay $30-$40 over. What does bother me is that they always quote a spot gold price different than Kitco's spot price, usually $5 or so under. Are there other "spot" prices than the one that Kitco quotes, and if not why would a reputable buyer do this?
I know one coin dealer will use the openeing day and use that as his spot price for the day so even if it goes up after he opens or down its a set price. He generally buys his gold eagles for 10 percent under and sells 10 percent over
That raises the question of what is fair and ethical. I called this outfit today that is still offering 1/10 oz. eagles at around $197 each, 10 max. http://www.usmoneyreserve.com/gold_coins_at_cost.php Phone from the Scientific American ad is 800-455-8461. "Vault number" is SA2 15758. Educated buyers and sellers will not usually be ripped off.
I use Kitco for charts and graphs, but not for spot pricing. If there is a holiday for example they will not show updated info. If you want to follow the price in real time I would suggest www.thebulliondesk.com. This could explain the difference in some cases, but if not I would steer clear of that coin dealer. P.S. gold over $1800 as we speak.
Are you sure they're quoting a spot price different from kitco, or is that their buy price? Also, with the fluctuations, you guys could just be looking at the spot price 5, 10 minutes apart from each other.
10% under/over seems steep to me, is that the going rate? So if you bought an age today and sold it back tommorrow, you are out $360? I thought my dealer buys at $10 over, sells $80 over.
That's outrageous. How do we encourage the customers to look around for better buys and sells, to avoid the shysters, and feel comfortable about buying bullion? You can always go on the web and post some competitive websites on pricing, from bullion to certified coins. I have no respect whatsoever for dealers that are ripping people off or are dishonest. No other business can operate for very long with shady or dishonest business practices. Let your state attorney general know. And btw, I called up US money reserve. The 10 1/10 oz. eagles at discount is only good once, and they will try to pull a switcheroo on you, so you buy 5 tenth oz.s and one $10 PR69 Eagle instead for the $2000 approx.. They will say that those have a much higher investment potential than the raw bullion. If so I have a number of those beauties for a lot less than $1000 each for the 1/4 oz..
