Go Figure This One Out. - Coin Community Forum

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Author	Replies: 2 / Views: 1,034
mariospaghetti Valued Member United States 421 Posts	Posted 12/15/2011 12:14 pm Ok so I figured I would stop into my local coin/gold silver buy store today. I was looking for a new piece of used jewelery for my wife to be. Sadly they didn't have what I was looking for. So I ask them for the price on the You pick Morgans, seeing how the last time I was in 2 weeks ago they were selling them at $32+ or so and with the drop in the metals I was hoping for a better price. She tells me that they are now going for $35.00 each because the owner get in with them at a higher price. She said they won't sell them for less even though spot had dropped. I then asked about the silver rounds and they were only asking $33+ for them. I told them I would pass for now and if I was to spend the $35+ I would go with the better graded ones they had in au-bu and NOT the junk ones. Anyone else seeing this trend? I did see someone the other day in the PM/ buillion section had posted they wre going to buy a $100 bag of au-bu and the price of them jumped up $200.00 the day he wanted to buy. Report this Post to the Staff

barryg Pillar of the Community United States 5850 Posts	Posted 12/15/2011 12:22 pm Yep, that was me who posted about the $100 bag of AU Morgans. I think you will find this to be the case with anybody who buys and sells coins, since it's unrealistic to expect them to lose money. I was only surprised to see this happen over at APMEX because they advertise themselves as a precious metal "exchange" which implies that their prices are, in fact, tied to spot prices. Coin dealers, like any business, have to make a profit to stay in business. As long as they are up front about the process, I don't see anything wrong about it. At some point, dealers will have to lower their prices if they want to sell anything, but if they wait a few days the prices may go back up anyway. It kind of sucks when PM prices drop sharply and there's now way to buy at the lower prices, but you just have to hope that prices stay low long enough for the dealer to buy new stock at the lower prices and therefore be able to resell for less as well. Expanded Digital U.S. Type Set Album \| Dansco 8100 (Lincon Cents) Album \| Digital Proof Type Set \| Digital U.S. Currency Type Set \| Foreign Bullion Coins Report this Post to the Staff
biggfredd Rest in Peace United States 9104 Posts	Posted 12/15/2011 2:28 pm Put yourself in this position. Silver drops a couple bucks an ounce. Suddenly, you've got three times as many people wanting to buy, and nobody wanting to sell. Are you going to lower your price, or raise it? Regardless of the spot or futures price (both for paper silver), a dealer has to work in the real world. Report this Post to the Staff
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