| Author |
 Replies: 8 / Views: 1,212 |
|
|
Pillar of the Community
United States
1590 Posts |
I just got back from my rounds of silver/coin shopping and noticed something really strange. All my contacts, but two, were actually raising their retail coin prices. Last Week Morgans and Peace dollars were averaging around $25 each. This week it's an even $30 each. At each stop I asked what was going on, as their prices were predicated on spot. They all told the same tale. I was told that a "Wholesale buyer was offering $29.50 each for any quantity of Morgans and Peace dollars. Hmmmmmm I thought I knew who they were talking about and later today I ran into him. So I asked him if it were true as I had a number of Morgans I bought last week at $25 dollars and would love to make a quick flip. After he stopped laughing.......he turned me down. He said he couldn't find anyone to sell at his buy price; which was $23. Well, at lunch he told me what was really happening. All these people had bought silver at the current high's. And all were afraid of taking a bath and were panicking. So their way around this is to raise the price to $30 and then when the price tanks on the spot market they can still sell at last weeks price of about $25 each. He also told me that whenever the price drops suddenly people flock to these places and buy. Without really even knowing the spot price. All they know is that silver is "cheap" and they are counting on the retailer to lower their prices. I guess it works for awhile till people read and figure out they were not given spot prices! |
|
|
|
Valued Member
Canada
78 Posts |
About 6 places to buy silver in city I live in and actually is not that much inventory of silver in stock at most shops. Just mostly maples, koalas, and eagles and junk canadian and us silver. Very few 1, 5, 10 ounce bars...except for Sunshine. Don't see many people selling there hoard here.
|
|
Pillar of the Community
Canada
1502 Posts |
Spot shmot, I'm tired of the "free" market driving the roller-coaster movement of silver. I thought this post was going to be about sellers rallying together to finger the spot price and just sell at what they feel is reasonable. That would be the day.
|
|
Pillar of the Community
United States
3789 Posts |
Free markets are GREAT! They work! I love em! One just needs to know the rules before getting involved :D
and of course, the retail public always gets screwed. That's why futures, metal based ETFs and or a reputable online metals dealer is the only way to go.
|
|
Valued Member
United States
318 Posts |
I bought a handful of Morgans the week before last at $25 ea and I still feel like I got a good deal. If I can buy under what APMEX buys for, I'm in. |
|
Pillar of the Community
United States
2764 Posts |
It's amazing (to me) that you guys are able to buy silver dollars at $25-$26/ea. I still haven't found many retailer in my area (Orange County of California) that have large quantities of silver dollar and/or selling at such price. May be I didn't do something right? May be because I don't buy in large quantities?
|
|
Bedrock of the Community
13014 Posts |
My guess is they live in areas with a lower cost of living.
|
|
Valued Member
United States
239 Posts |
Ya that is amazing to me.. I am in NJ and I paid $32 a peace for some morgans + Peace dollars the other day. They seem like BU but still.. Everywhere around here seems to have a pretty high premium for silver dollars. |
|
Pillar of the Community
United States
2764 Posts |
@basebal21: Yeah, the cost of living in OC is pretty high. Our premium gas is around $4.50/gallon.
I have yet to find some true coin store. Most are "We Buy Gold" store, some are combination of Coin & Gems store. May be I have to flip up the yellow book.
The good thing is there is a monthly coin show (about 15-20 dealers) in the area; but you usually don't find great deals/value at the show. *sigh* :(
|
| |
Replies: 8 / Views: 1,212 |
|
Posted 02/19/2013 7:31 pm
