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Selling Gold Coins At LCS, Fun Video

 
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Author Previous TopicReplies: 6 / Views: 270Next Topic  
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 Posted 09/21/2022  6:48 pm Show Profile   Bookmark this topic Add TheForce to your friends list Get a Link to this Message
I came across this fun video. A guy called several coin shops to see what they would pay for 1oz AGE and GML coins. The spreads were crazy between the different shops.

While pm's are very liquid, I would be concerned about getting less than spot considering the high premiums that are paid. Thoughts?

2MW352IqxCg
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United States
4344 Posts
 Posted 09/21/2022  9:14 pm  Show Profile   Bookmark this reply Add jimbucks to your friends list Get a Link to this Reply
Well, if you need to ship and insure, that gobbles up price. No info if these are local or distant shops.
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Canada
4347 Posts
 Posted 09/22/2022  12:10 am  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
No one is going to pay full spot if they want to stay in business .
Valued Member
Canada
169 Posts
 Posted 09/22/2022  03:43 am  Show Profile   Bookmark this reply Add 2rtgah678 to your friends list Get a Link to this Reply
Some stores do, The Bullion dealer I work at pays full spot for gold silver and platinum
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 Posted 09/22/2022  08:05 am  Show Profile   Bookmark this reply Add TheForce to your friends list Get a Link to this Reply
It sounded like the video said he called random shops all over. I'm not sure gold is a good investment when it comes time to sell. Any hedge against inflation is pretty much eaten up by the premiums and the amount a shop actually pays you.
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 Posted 09/24/2022  10:09 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
I've not considered gold a decent investment or hedge against inflation, at least not for the last decade.
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United States
1260 Posts
 Posted Yesterday   08:32 am  Show Profile   Bookmark this reply Add BadDog to your friends list Get a Link to this Reply

Quote:
No one is going to pay full spot if they want to stay in business .

Maybe a LCS won't because of low volume sales, holding times, etc., but there are bullion dealers that pay over spot.

It's easy to check JM Bullion because they post their buy prices online. This morning they were paying about 4% over their indicated spot price for random date 1 ozt AGEs.

A Florida bullion/coin dealer, Vermillion Enterprises, has You Tube videos where they list their buy and sell prices every couple of days. Currently, they're buying at 5% over spot and selling at 7% over spot for random date 1 ozt AGEs. Since these are You Tube videos, that may be viewed who knows when, they don't list their spot price. You have to call them to get a $ price as the gold spot price moves around.
  Previous TopicReplies: 6 / Views: 270Next Topic  
 
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