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 Replies: 12 / Views: 1,727 |
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Bedrock of the Community
 United States
24953 Posts |
Was looking at auctions on Hi-Bid. 10 ounce silver bars are selling for $300 - $325. This does not include the 18% buyer's premium, tax, or shipping. Spot is $25, while these people are paying $35+ per ounce.
Identical bars are available from major bullion dealers for $289 with free shipping (not sure about tax).
Make it make sense to me, please. Inordinately fascinated by bits of metal with strange markings and figures
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Pillar of the Community
United States
2214 Posts |
FOMO maybe. My dad liked to buy coins from Littleton Coin, usually higher priced, he didn't want to mess with shopping around. When dad passed the sons split the coins up.
Edited by livingwater
04/08/2023 2:01 pm
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Moderator
United States
54280 Posts |
FOMO = fear of missing out
Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Bedrock of the Community
 United States
24953 Posts |
But $500? The only thing they're missing out on is the other things they could have bought with that wasted money.  Inordinately fascinated by bits of metal with strange markings and figures
Edited by HondoB
04/08/2023 3:13 pm
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Pillar of the Community
United States
3638 Posts |
I assume when I see things like this it's due to a combination of lack of awareness on pricing and/or a bit of auction fever. Also, even though buyer's premiums are clearly described on most auction sites, I suspect some newbies may be caught unawares by those.
Member of SPMC, FCCB, ANA and ANS. My U.S. Classic Commemorative Complete Set: https://www.NGCcoin.com/registry/co...sets/278741/My U.S. Fractional Note Set: https://notes.www.collectors-societ...eSetID=34188Edited by hokiefan_82
04/08/2023 3:45 pm
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Bedrock of the Community
United States
24953 Posts |
Inordinately fascinated by bits of metal with strange markings and figures
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Valued Member
Canada
333 Posts |
Very good to know! Thank you!
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Bedrock of the Community
United States
24953 Posts |
hokiefan, speaking of newbie mistakes: last month on the same site there was a gold coin (don't remember the nationality or denomination). The auction title stated 0.85 ounce, and the bid was at ~$800. I searched the coin, and it was actually 85% purity, while weight was less than 0.2 ounce. I hope that the buyer was able to cancel their bid.
Inordinately fascinated by bits of metal with strange markings and figures
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Pillar of the Community
United States
2365 Posts |
Folks are panic buying and have expectations of the metals market going higher. My local dealer saw a huge increase in both gold and silver sales this week and has an order in that won't be delivered for 6 weeks. That's highly unusual for him. They have 4 stores in the State and 1 expected to open soon.
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Pillar of the Community
United States
3638 Posts |
Quote:
The auction title stated 0.85 ounce, and the bid was at ~$800. I searched the coin, and it was actually 85% purity, while weight was less than 0.2 ounce. A buyer should always research the coin, as you did. I've seen similar misrepresentations on a couple shady auction sites; it's seems to always be done in a way that they could claim it was just an honest mistake if called on it, but somehow the mistake always seems to work heavily in the seller's favor... |
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Pillar of the Community
United States
3638 Posts |
Quote:
Folks are panic buying and have expectations of the metals market going higher. @dsking, that's definitely happening and is pushing the margins up. Still, the frustrating thing is if people simply took 30 seconds to do a Google search for silver bullion dealers, they could find the same 10oz silver bars at several major bullion dealers for far less than they're paying at these auctions (at least for this particular example). Again, it's the buyer's responsibility to understand what they're doing, but it still shocks me a bit seeing people overpaying like this. Member of SPMC, FCCB, ANA and ANS. My U.S. Classic Commemorative Complete Set: https://www.NGCcoin.com/registry/co...sets/278741/My U.S. Fractional Note Set: https://notes.www.collectors-societ...eSetID=34188 |
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Pillar of the Community
United States
2280 Posts |
My LCS is selling 1 oz silver (non ASE) for $35 all day long, and people are happy to pay that price. You realize when you know how to think, it empowers you far beyond those who know only what to think.
-Neil deGrasse Tyson
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Pillar of the Community
United States
4333 Posts |
The same ten ounce bars I bought three weeks ago are now 25% higher in cost.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Replies: 12 / Views: 1,727 |
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Posted 04/08/2023 12:36 pm
