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 Replies: 22 / Views: 2,905 |
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Pillar of the Community
United States
4008 Posts |
Quote:
I know what you are saying about the price changing. My shop uses spot at the time of sale or I guess purchase. Same here, Angel. In fact, both of the places where I shop locally have laptop PCs connected to the Internet with the Kitco / markets page up continuously. Each time I make a purchase, they check the spot price of silver at the time of the sale and use that to help determine the exact selling price at that moment. I don't see how they could do otherwise, as volatile as the PM markets can be sometimes. |
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Pillar of the Community
United States
2168 Posts |
Yes they do the same and I believe with Kitco as well.
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Pillar of the Community
Canada
1502 Posts |
not just Kitco, most online dealers will update their pricing based on spot at the time of sale. Some more frequent than others.
The local dealer I frequent is open only on weekends, so he only have to pay attention to Friday's closing price.
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Pillar of the Community
United States
4008 Posts |
Quote:
The local dealer I frequent is open only on weekends, so he only have to pay attention to Friday's closing price. Interesting. How does he respond to a large change in metals prices on the international market, which could still be open when the US markets close? If he doesn't, it might be possible to trade the spread.  |
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Pillar of the Community
Canada
1502 Posts |
The premium he charges isn't high but still considerable, so the market has to Really fluctuate for the small timer like me to make a buck off the difference. Waiting until Sunday afternoon to buy don't work either because he's usually sold out by then. I frequent the place mostly because he gets rare Canadian commemorative coins that he sells by the book (so Very good deals sometimes) and he also don't charge much of a premium for the world bullion he gets in. I can get lucky sometimes with britannias or koalas for $5-6 above spot.
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Pillar of the Community
United States
4008 Posts |
Then you have a good local resource there. That's nice. Not everyone does. I have a couple of local stores that are decent but usually buy in bulk on-line because the local guys tend not to have the volume that I need. I do support the local stores to the extent that I can, though. It's good to have them around and also to be known to them as a customer. If I ever need to sell any of my silver, my 1st choice would be to the local guys. That might be a bit easier if they know me from previous purchases.  |
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Pillar of the Community
United States
2168 Posts |
I am reluctant to buy online since I find more people are involved (bank, delivery people) plus wait time. I just feel like no one really is involved with a local purchase made with cash. I have bought over the phone from the mint and I'm sure any delivery person knows that plainfield address. I just think the fewer that know the better
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Pillar of the Community
Canada
1502 Posts |
I feel bad sometimes buying and immediately turning around to sell for a profit (which is only made possible by the internet). Always exciting to visit though.
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Pillar of the Community
United States
2168 Posts |
But with the prices fairly stable how are you making much? (Aside from the 25 anniversary eagle set)
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Rest in Peace
United States
9104 Posts |
Not every transaction is a home run. If you average a steady 2% and turn your inventory weekly, you double your money in a year. Will your CDs match that?
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Pillar of the Community
United States
2168 Posts |
Just sounded like the poster was buying and selling quickly. Can't sell with a profit quickly in general.
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Pillar of the Community
Canada
1502 Posts |
Quote:
But with the prices fairly stable how are you making much? I am and am not at the same time. Commemoratives that I find at a good price can be flipped for at times 40%+ return, while the bullion coins break even or fetch slightly lower than what I paid for. All in all though, I am managing close to 10% in profit off of the items I have sold. It's a significant time commitment though, another reason I am looking into paper silver or mining stocks right now |
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Pillar of the Community
United States
2168 Posts |
Its just your statement was short and didn't explain. Yes that makes more sense now.
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Valued Member
United States
421 Posts |
Fairly dry here for me to scoop up a deal. I think I might have to venture into the city of Pittsburgh to see what I can maybe find at one of these other gold/silver buyers stores. I bet some of them are more jewelry place that get some coins in that I might be able to grab. I will check and let you know this week what I find.
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Pillar of the Community
United States
2168 Posts |
Aren't there any local shops that have been around for a while? I am luckey to have one
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Replies: 22 / Views: 2,905 |
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Posted 11/30/2011 5:45 pm
