I Tried to Sell GOLD Eagles to Coin Shops... INSANE Offers!
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- Опубліковано 28 чер 2024
- I called Local Coin Shops to see if they would buy my 1oz Gold Eagles and 1oz Gold Bars... and of course to see what they would offer!
Can we get spot price for the Gold Eagles? What about for the Gold Bars? Be sure to listen and find out!
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I Tried to Sell GOLD Coins and Bars to Coin Shops... Crazy Offers!
• I Tried to Sell GOLD E...
#goldcoins #goldbars #goldprice #gold - Навчання та стиль
I'll offer you spot! 😄
Roflmfao
@2is1gold - Congrats on 100k! I love both of you guys’ channels! 🙌🏾
lol
I’ll offer you spot +$10 and an In N Out burger!
This is why I always buy metals as insurance. The day I actually cash in my chips they’ll be so far above what I paid I won’t care.
This is my biggest problem with precious metals. It all feels sketchy, back-alley pawn shop, where everyone gets a cut but you. IMO, if this were to become legitimate, you could go into any bank, or maybe certain government offices, and buy and sell US minted gold/silver coins and bars for whatever the market price was that day. To keep it simple, only weight would be validated/tracked, not the condition of the coin-for that, if that’s important to you, go to a coin shop.
agreed. now i just want to dump all the silver I was duped into buying
When you buy, you have to pay a premium, when you sell, you still lose your premium. Craps. Whatever you do, you are screwed. At least, there's one store offering spot. That one, I would be a permanent customer of it it's close to me.
I would also use the one that gave spot. I would also like to know who they were that were giving spot.
When I sold my stash of 100 oz Engelhard in plastic years ago, I was so disappointed in what the shops were offering that I put the word out to guys I knew interested in stocks/metals. Sold them for over spot, but less than what you would pay for them at a shop. Win/win, but the buyer was someone I knew/trusted and he knew/trusted me.
I think a lot of what goes into what they are willing to pay is how confident they are that they will move it quickly. I'd bet the shop that offered you over spot moves a LOT of gold fairly quickly. I wheel and deal in "stuff", If I stumble across something I'm sure I can move fast I'll pay a little more for it and accept making a little less on it, but on things that I'm sure will take some time to move I'll pay a bit less and hope to make a little more in the long term.
in a way, I can see why they offer so low.
There is no promise gold will stay at these levels, and being a brick and motor store, they have overhead expenses to pay for.
But, yes, it pays to shop around.
Lol. It will only go higher. $3K next year.
@@miketheyunggod2534 There's no promise that will happen. It's a gamble for them.
These price shop shows are so interesting.. Great format! It would be interesting to compare the mom and pop shops regionally to the larger online dealers like JM and SD for example.
These "Offers" are for Idiots, why? Because they are Quoted in Dollars.. And? Dollar does not Exists.. For Hard Money in Gold they Give you? Promise to pay "dollars" (which does not exists).. Good luck.
Be that as is may, those promise to notes are currently used to exchange for goods and services in the world.
@@skybiz4520 Wtf are you talking about.. Some people have to sell their metal to pay for emergencies or maybe just their bills. No need to be an asshole about it
My LCS offered $15 over spot for half ounce gold eagles, but with my negotiating prowess, I was able to get him down to spot.
/s
😂
Great insight. I find it helpful to know the spread other local shops are working on.
You should ask what they charge above spot when you buy
Bc of profit I have to make a profit to keep the lights on. Which is understandable, but it's always a lose lose for the buyer unless the metals go parabolic
I asked my coin shop what the spread was, and he looked at me like I was speaking chinese. Aren't you a market maker? How do you not know what spread is?
@@LarsLarsen77 Some dealers really don't want you to know what their spread is, because in some cases, it's large enough that there's no way to justify it. They'll try, but it's BS. A local dealer here about a year ago was selling silver eagles for $40, which was spot plus $15. Fair enough considering my wholesaler was selling them for spot +12 at that time. It was his buy prices he was offering his customers that was shameful. He would only pay spot to buy silver eagles from his customers. I actually sat in his store long enough to hear his sales pitch to a buying customer, and to a selling customer. He told the buying customer that the physical market was crazy and he can barely keep them in stock. He told the selling customer that the market is inflated and the price could plummet before he could sell them. Both not technically lies, but definitely not telling the whole truth. So just for flipping a tube of 20 silver eagles, which requires virtually zero effort, he was "earning" $300.
Love your content ✨️
I'm waiting for a dip but it cool to know shops are buying even a little under spot.
Some time ago I had some fractional gold eagles. I did what you just did and called around to every shop in my area. Every shop would not give me a price. I sure them if it's not the condition or the item that I'm asking a price for I do not expect the price you quote on the phone. I only expect the price you quote on the phone if you find that I have exactly told you the truth of my coins. No matter what I said they would not give me a price. So I went to the really large metropolitan city that was about an hour away from me and started calling there. I had to do a lot of calling there also. The first shop that actually gave me a price said they would give me spot. I told them we'll we're an hour away but will be there as quickly as I can. I went in and they did exactly what they said they would do and we're very nice about it and so when I wanted to sell some more later on you know where I went! I would never sell bullion without calling around and seeing who sounds the best and who I think would be someone I trust!
Considering the premium most likely paid for the Gold Eagle to begin with you probably would have been better off having paid originally for a bar or foreign gold coin.
My dealer lists his buyback prices on his website. AGEs: $30 back of spot. Gold Buffalos: $10 back of spot. Everything else: 97.5% of spot.
Thank you for doing this!!! Love your channel!
As always thanks Seeker for the great info .
Great video. Great information. And as always, Thank you for taking the time. 👍
A category of stacking that never comes up in precious metals buying , is selling ! This is first pod cast that I come Accross is if you need cash for an emergency is to liquidate ASAP AND ASH IN FOR WHATEVER emergency at hand ! I learned a lot in this segment of this casting ! Good job ! Hope to see more such as higher end purchases , such as car or even a home or property !
Thanks for these videos, good info for regular stackers out there.
I enjoy your calls to coin shops. You are like an investigative journalist for stackers...very unique and appreciated info.
Nobody does this for bitcoin because everyone pays spot for bitcoin. LOL
Informative!
Cool video! And good idea to see what your LCS is going to give you when you go to sell. That way you know what to buy to get the most back if and when you sell and if you need or want to sell fast and not wait for selling on ebay or something
Great show, love it
I love these videos when you make these calls !!! 😁
I like this videos, new to stacking n just getting down the lingo
Thank you very much that’s great Love your channel
That's wild. At least spot or no thanks.
Because the price is so inflated right now, they have to consider more risk of it coming down right after, and staying down. As a result, the offers are going to be weak. In contrast, when it's low for the year; for example, last time it was under 2000 including the premium, then you'll get much better offers, but it would be stupid to sell then anyway, unless absolutely necessary.
It all depends on what margins of wholesale and resale stuff the shop has, and local competition. Places that lack close competitors are going to be more likely to have the rip-off numbers.
@@litigioussociety4249 I would argue it all has to do with volume and supply/demand fundamentals of the specific shop. A shop that statistically matches sellers and buyers within a shorter period of time (high inventory turnover) is more likely to offer more. Less risk when they can easily match incoming new inventory with potential buyer/clients. Those with low inventory turnover carry higher market volatility risk, therefor they "hedge" with the Bid.
Than dont sell to a shop during peek volatility. Private is always the way, but if you wanna liquidate LCS are always the best.
I love the video, its so interesting to see how each coin store pays for the gold eagle and gold bars. Makes you think its almost better to buy whats cheaper. But it all depends on how the markets are, since price is high on gold, they probably dont sell as much as before. Very intresting. Thank you for the video!
So I think another variable is how far the drive is for these shops. I only have three shops where I am and one is super sketch to deal with when buying but idk about selling.
Another great video of advice
Thanks again!
Good TA info 👏
Great video man and it really concludes that an assay gold bar may actually be the better option to stack gold rather than eagles from the selling back prespective.
Thank you for showing us how to do it casually and not make a big deal. Thank you very much
I was in an LCS the other day when a fellow sold an MS 70 eagle for 6% back of spot! It was all I could do to keep from saying "I'll give you spot for it", But I probably would have been escorted out!
Great content as usual SS. I’m not selling anything but always good to know what the market is.
VERY INTERESTING!!! well done show.
Nice man I love your videos
I tried to find resale prices for gold coins in Columbus, Ohio told 80% below spot to 95% at the highest calling 6 shops. I would love to find a fair shop to deal with here in central Ohio.
Great video of the reality of buy back prices.
I’ve found that larger dealers that move a lot of metal will give you at least spot or more depending on if it’s in demand.
Love the coin shop cold calls!! Except for the bleeping out shop names is so loud👂 😣
Yes, silver seeker really needs to adjust the beep sound
When you purchase/buy you are paying a premium on top, over spot. So when you sell you are usually getting back/below spot. So you are loosing money unles you purchased at a much lower price. Dollar cost avarage. Its goodnto find a few places that would buy back at spot or just over spot. Great video as always, thank you.
Good to know, thanks.
excellent information
It would be interesting to see what they pay for 1/10 oz gold eagles since there is such a high premium when you buy them. Great video SS!
I got 2360 for a 1oz eagle today in Houston Texas
Thanks!
Which shop ? Thx
Great video
It’s unfortunate. You don’t give us a list of who these shops are; Because I would stand outside all day ever and poach their “client”
Hey Silver Seeker. I do appreciate what you are doing in your videos. By showing viewers the current market price of Eagles, Bars, Generic Rounds, Junk Silver, etc, you are doing all of us a service. We can watch a ten minute video and become more informed. While I don't always agree with you 100%, I know you are a decent individual with a good heart.
If you aren't subscribed to Silver Seekers channel, please consider doing so.
Made me more comfortable about having metals thank you!
I'd love to see an interview with wholesalers.
At the end of the day, what they buy/sell to/from the shop is what drives all this.
Good to know!
Learned alot.,
The local bullion dealer was paying 1% over spot for maples and royal Canadian mint bars ( I am in Canada). Spot for US eagles and other world one ounce world gold coins. Bars are 98% of spot
Here in the Netherlands eagles an buffalo on spot some other sometimes half procent below spot.
Thanks
It's good to know how hard it's going to be to sell these metals..and how important it is to shop around
I am somewhat surprised that gold bars were that far back 😮
Don’t be surprised , this is how you stay in business. You have to make Profit
What about Buffalo? You should do a video on eagle vs buffalo
They are the same.
Coin. Dealers. Want. To. Make. All. The. Profit. !
Was buying Silver waiting for it to go up as the so called experts said, but following the market silver is just hanging in the mid 20’s for years now.
Your videos help to show that the norm of bars being a better buy has returned. I love eagles liquidity…but just too much of a premium for me. Thanks for sharing! -PiFS 🐀
The eagles runs higher premium when one buys it tho too. I’m no expert and new to it but I’d definitely enjoy some eagles as well as bars.
In some states you have to pay tax on Eagles, Krugerands and other sovereign government issued bullion coins. That adds up to over $150 extra paid for those coins on top of the premium so the buyer is almost forced to buy the bars which aren't taxed.
This is the problem with precious metals. In order for these to be profitable, they need to gain 20-30% from time of purchase to break even. With inflation, maybe even more.
No one in Massachusetts or Connecticut wiling to pay more then 95% of spot for eagles
buy GLD instead... I know what it is. Buy physical if you plan to hang on in your family for generational wealth.
Not even good ole Tom?! 😂
That's because there is less demand in socialist states.
Does it have anything to do with red/blue states
@jrs4ex is he still around haven't seen anything from him lately.
Next time call some Houston Texas coin shops. They pray pretty good and most of them are right in spot or above. Try it out. Let me know what you think. Cheers from Houston, Texas.
I watched the whole video Seeker. I still have the attention span.
You rock my friend :)
Also are these shops within your area that you are calling or alot further. Becuse if a shop is paying spot but it will cost travel gas, plane ticket the travel expenses to get there will make it pointless.
I was wondering how that works if you try to sell gold back to a dealer, thank you for the education.
I understand the desire to hold physical, but hassle and loss due to two way premiums keeps me from stacking. I prefer funds like CEF. They hold physical and the price very closely follows spot.
Good video 👍👍👍
It would be interesting to know how to sell numismatic coins, e.g. European gold years 18xx - 19xx, and get the right price.
Would you suggest stacking 1oz coins or bars based on this video? The prices seem higher for coins and lower purity so I don't understand why shops are willing to pay more for coins? Any help would be greatly appreciated sir.
You should ask about if they would offer more if you were selling the 1oz in 1/10s
I just found a shop in vegas that will pay Spot for all generic silver not sure about gold.
Doing a couple videos this weekend on my vegas coin shop experience
I live in Vegas, mind sharing the name of the shop?
This is why it's important to hang on to your stuff till it's well over the original spot you paid for it original premiums etc you know what I'm trying to say
FYI 4 pawn shops in my area would only give about 60-65% of spot. Only research, did not sell to them.
10 Dollars off spot is a great offer. There is quite some handling and checking that is involved with the transaction.
Every business is free to price their product according to their specifications. Does make you wonder what the point of a spot price is if that’s not what all shops are paying.
How far under spot would you be willing to sell at if you needed some money? Any collectable is only worth what someone will pay when you are ready to sell. And If I owned a coin bullion shop, I would want to buy from my customers for the most part. So, I know what I'm buying and who from. I have been thinking of a gold and silver IRA but these kinds of questions put me off.
Nice to see pricing
We always hit the like❤❤
I know i am not as savvy as others, but i do not understand why they will not pay you what the metal is worth when we all pay the premium up front. I have always been told that Eagles will pay out over spot. Will i get spot price if gold goes down to 1800.00?
So spot is the price I see on apmex for the day? Premium is the price the coin shop wants to charge over spot? So if i sell coins try to sell close to spot and eat the premium; probably? So never sell below spot unless desperate?
Graded. Gold. Coins. Sell. At. Great collection coin auction. !
I’ve always wondered about EBay fees and how some sellers combat those. I’ve heard if you’re a big seller 1 million plus a year then your fees might only be 3%. But if you’re small time and don’t have an Ebay store then it’s closer to 13%. All the sudden 3.5-5% back from spot sounds great compared to EBay.
The spread in buy-sell in Sweden is often always around 30%. In London, most dealers were buying at spot at a minimum and sometimes more for certain coins. Its a long drive to Hatton Garden.
I only sell to licensed bullion deals, not coin or pawn shops. They almost always offer spot, at least in this country (Australia).
Cheers
I know dollars are near worthless.
I'm not sure I'd sell or buy gold right now unless I had no stack.
I think there is a dip coming that can be taken advantage of. It's risky right now to have no stack though; because metals are flirting with reevaluation to higher norms.
How about calling some shops in north Al
What are shops paying for fractional gold? It sells for much more over melt.
No one or very few will pay spot with the current volatility. When things become more steady things will change, or not
So you think it would be the same for Gold Buffs?
Ive been trying to sell some pure gold ingots and people are offering 1500 to 1700. Ive had one offer of spot when it was 2250. I decided i am not desperate and can get more for 100oz ag if i was
II went 2 coin shops and neither had gold eagles for sale. I had to buy a kuggerrand.
So is this really a good investment? Between premium and back pricing you lose a lot. Gold / silver would have to go into the hundreds eventually to make any money.
This is the biggest challenge of investing in precious metal. Imagine having to sell your stocks and bonds to only one of the five brick and mortar stores in your hometown. Perhaps it's better to think of such things as a storage of wealth rather than a wealth creation mechanism.