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 Replies: 9 / Views: 1,524 |
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Pillar of the Community
United States
720 Posts |
Has anyone ever done this? What was your experience? I'm mostly interested in Gold American Eagles. The surcharges on these seem to be a bit over $100 a coin at reputable dealers and was wondering how successful I might be in cutting out the middle man if I offered to buy at spot + $25-$50.
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Pillar of the Community
United States
4333 Posts |
I know of several LCS in my area and they don't pay spot. I'd say if you are offering at least spot price you are in the game.
I had a friend back around 2011 that rented a small suite in a strip mall, he was undercutting all the local places by paying around 90% if I remember correctly and still making good money. He had to hold gold for 10 days and was filed with the local police in case anything had been reported stolen.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Edited by fistfulladirt
11/23/2020 3:30 pm
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Pillar of the Community
United States
7276 Posts |
Only issue I can see is that you may buy a counterfeit item. If you are willing to take that risk, than go for it.
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Pillar of the Community
United States
669 Posts |
Quote:
Only issue I can see is that you may buy a counterfeit item. If you are willing to take that risk, than go for it. That or something stolen. |
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Pillar of the Community
 Canada
5394 Posts |
Make sure to comply with all local bylaws and business licence requirements .
Also note there are numerous security issues involved .
Generally speaking not a wonderful idea . That said ....Good Luck .
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Valued Member
Canada
402 Posts |
Keep in mind too that counterfeits are much harder to spot and more numerous now than a decade ago....
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Pillar of the Community
 United States
5185 Posts |
My local bullion dealer pays spot - 2% for a Gold Eagle. I think that is reasonable. He sells the Eagles at about spot + 3%. Quote:
Has anyone ever done this? What was your experience? I'm mostly interested in Gold American Eagles. The surcharges on these seem to be a bit over $100 a coin at reputable dealers and was wondering how successful I might be in cutting out the middle man if I offered to buy at spot + $25-$50. If you want to pay spot + $25 you have to switch to Krugerrands. Edited by NumisEd
11/24/2020 11:01 am
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Pillar of the Community
United States
1590 Posts |
We buy gold at spot minus 10 percent. Silver at 17 times face. 90 percent silver is the safest bet. As there is very little counterfit out there. Morgans and Peace dollars are being conterfited more and more. Gold even more. YOu really need to have the proper equipment to test your gold. Whether using the machine or file and acid. You will deal with people who KNOW you have money to buy gold and silver. So theft is always a possibility. In Ohio we can not even buy if we suspect that the customer has stolen, or is under the influence. Good luck, don't meet them at home, go to a nice safe location, like in front of the Police department and make sure no one follows you home. These are things dealers deal with all the time. |
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Pillar of the Community
United States
4333 Posts |
Quote:
My local bullion dealer pays spot - 2% for a Gold Eagle. I think that is reasonable. He sells the Eagles at about spot + 3%. Nice, I don't think the popular national refiner even pays that. If I were to sell I'd seriously be asking you for specifics! Typical spread is usually 20% with an LCS. When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
Edited by fistfulladirt
11/24/2020 6:49 pm
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Pillar of the Community
United States
7276 Posts |
Depending on the weight: Quote:
My local bullion dealer pays spot - 2% for a Gold Eagle. I think that is reasonable. He sells the Eagles at about spot + 3%. This is close to what my LCS charges and pays. Edited by hfjacinto
11/24/2020 7:16 pm
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Replies: 9 / Views: 1,524 |
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Posted 11/23/2020 3:29 pm
