- Random year silver eagles were selling for $6.89 over spot
- Generic silver 1oz rounds were selling for $5.75 over spot
- 1oz Gold Eagles were selling for $275 over spot
- Buy-back price for silver eagles was $1.50 over spot
- Buy-back price for gold eagles was $50 over spot
- The store was busier than the local Starbucks, and everyone was buying. One customer purchased approximately 5,000 ounces of silver composed of several monster boxes and 3 $1,000 face bags of 90% 'junk' silver. The fiat dumper received a proper dual guard escort to his vehicle. Perhaps due to this large purchase, inventory appeared fairly limited, with approximately 300- 400 oz of random year silver eagles in stock.
We'd like to open the thread up for SD readers to share their intel on your local coin dealer's supply and premiums.
55 comments:
$7 over spot for eagles? Wow. Thats $4.50 over APMEX and The Doc's price.
SE $38.11
90% $24.82
Here is AZ you can still buy Silver Eagles for $3.50 over spot. Generic rounds $1.50 over.
***Oops, just double checked an my local store moved to $2 over for generic rounds. Hmmm, maybe there is more upward pressure going on....
PhilAZ
www.SilverGoldBull.com lots of products in stock and $1.25 over on rounds and 10oz bars
$38.68 per silver eagle around 10am on 03/09/2012 from a coin shop in Upland, CA. Got 6 of them. As far as I'm concerned any ounce I can get under $40.00 is good.
3:07 SilverGoldBull is hardly a local coin shop and their prices are outrageous compared to the Doc's SD Bullion prices. The Doc is selling 1oz rounds for 88 cents over spot!
My local coin dealers such a negative and miserable man I refuse to do business anymore with him. His eagles would be a bargain for him if they were six dollars over spot.
T
vancouver canada as of mar 10 at 1:30 pm
Silver maples @ $3.02 over spot
silver maple buy back @ $.80 over spot
gold maples @ $15.00 over spot
gold maple buy back $26.00 UNDER spot
http://www.vbce.ca/index.cfm?fuseaction=fx_services.Gold&Silver
Crazy canuck
In the Republic of Panama Silver Eagles are 10 to 15% over spot depending on how the dealers feel when you talk to them. Gold maples are 8 to 10% over spot. Horribly high prices that make me nervous about buying.
Cheapskate
Here is reality in the real world of not Hickville. The following number comes from a place where real guns kill people and a real city with real children getting caught up in crossfire. Nevertheless, (773) 586-4296 is the number for Chicago Coin where you can get silver rounds for 80c over spot or 100 ounce silver bars for even less. As far as gold; no gold coin is more than 50 dollars over spot, so I'm not sure where you people live, perhaps these dealers pray on the ignorant, but all I encourage in this forum is facts. Make a call, check out the real world for yourself unless you are too scared to. They are closed today and Sunday, re open on Monday.
Crusso- we live in a hicktown of roughly 1 million people. We agree with you that the local dealer's prices are outlandish...but it's the largest shop in the area.
So you would also agree that the premium is more related to transportation cost, economies of scale, and operational costs than anything to do with a paper short position or a stress in physical market? This is much like the roughly 13% premiums on Ebay, 9% goes to Ebay and 3% to Paypal, thus leaving the dealer with only 1% premium, thus suggesting no REAL premium? Can we agree on this?
In Buffalo NY we have a an authorized dealer of ASE purchased direct from the mint. They are $3.50 over spot for 1-19 or $3.00 over spot for 20 or more. Downside is that for anything less that $1000 you have to pay sales tax (9%) and for purchases over $1000 you can have to fill out a form to be exempted. Such is life in the Peoples Republic of New York. Lately I've preferred going to the smaller coin dealers and buying junk (has been between 23 to 26 times face value lately) that comes to slightly under spot.
But Crusso, after you're done paying taxes, it'll probably be more per oz net than Hicksville. IL state finances are worse than Greece and the folks there will see their tax rate jack up faster than Argentinean hyperinflation.
Get what loot you can from the store before they implement a "PM" surcharge.
8 oz
I keyed in on "busier then the local starbucks". Interesting.
I don't use the local dealers. Most are "smucks". Craigs list has had one guy in my area who has posted twice in the last three months. He is space shuttle high.
Someday we will be talking about local dealers looking to buy....then it gets really interesting.
Hope I didn't overstep on this thread.
nb
C33
WTF does real guns killing real people have to do with anything related to silver?
it's unfortunate that chicago is such a backwards, fearful shithole, but I fail to see the corelation between ignorant gun violence and the price of silver.
Typical big city usa.
Premiums at any bullion dealer are no different but not limited to the same metrics that govern ANY business. The purpose of being in business is to make money!!
Think about it!
Transportation costs
price fixing by manufactures or cartels
product shortages
fuel prices
dealers greed and or accounting efficiencies.
blah blah blah
It's a giant puzzle, but some pieces stick out more than others. it's our job as individual investors to try and fit each and every piece until such time that the whole picture becomes clear.
that being said, Unless you can track every transaction from the mining to the final sale, one can never be sure, but when a piece of the puzzle fits snuggly to the next, it's surely the one that gets the attention.
You don't have to have some special skill to recognize that the big players ( and small )in the silver futures market do whatever they have to in order to make more money. whether this happens as often as we stackers suspect it does will for the time being remain a mystery.
Crazy Canuck
My favourite coin store (in Canada), sells junk silver at spot, and silver bullion/coins tend to be around spot+$2-3. Gold coins and bullion are usually spot+5% for 1oz, but it's possible to get sovereigns and other state-issued coins right at spot, or (very) slightly over.
Any gold or silver that is less than .999 pure is liable to 13% tax, but both local shops I deal with will accept cash payment, no tax.
Wow this is crazy. In PA ASEs go for $3 over and a 100oz bar is 70 cents over. Random 1oz rounds are 1.50 over. No tax.
There are no taxes on PMs Chicago Coin so that is a mute point.
+1 to the poster that correctly observed Chicago is a shit hole.
Those are so f@$king INSANE prices! $275 over spot for a 1oz gold Eagle? $5.75 over for rounds and nearly $7 over for ASE's? Damn, I feel like I am positively robbing the two local shops I frequent after seeing those prices!
Doc, is this where you used to buy prior to getting your own thing going? If not, can you post current prices for the local shop you used to buy from?
There are at least two dozen PM dealers in my city. I've visited about half of them. Most are price gougers or have shitty condescending attitudes. The two best and cheapest just happen to be very close to my home.
I live in the SW burbs of Chicagoland. I saw it for about 3 over spot. I thought that was a bargain. Maybe I should check out Crusso's link.
-Rahul
Hickville to Crusso, Hickville to Crusso, Do you read me. Your breaking up, Please retransmit. Do you require an airstrike. Or mabey just a valium
about the size of an apple.
My local guy is all over the place depending on his mood...
ASE $5 to $8 over spot
Maples $4 to $5 over
Generic $3 to $4 over
Morgans from spot to $10 over
I use him when only picking up a few ounces and I'm in the area for other reasons... He throws me some good deals on things when he gets them in... It's still cheaper to buy from him if I'm not buyin alot... No tax or shipping... But if I'm getting alot then I buy online...
Danno
Rahul- Don't forget to bring the Kevlar
Local coin dealer does not really want to sell coins. He wants to buy gold and silver. ASE $5 over spot. Any gold coin is $89.00 over spot.
Western PA
Ordinary Joe
Two observations
1. Physical prices are beginning to
separate from paper prices.
2. There are several types of buyers
Those uninformed except to the fact that
silver is a good thing to buy.
Informed--checking a few values before
jumping in.
Hyper informed---checking many places before
selecting a seller with a small mark up.
SD Bullion is a seller to the third type
I am as cheap as it gets and 10-25 cents an
ounce savings adds up over a while
These posts seem to add up to the start of
buyer 'frenzy'
Hickville or not, you are well advised to be armed if you are transporting PM to buy or sell. Coin shops are a target. Take someone with you as backup, so that you have an extra set of eyes on the street.
I live in a small safe little town and we all carry concealed when dealing with high value items like family or physical metals.
Be safe when you are dealing
I'm in the midwest & just yesterday my local coin dealer tried to sell me junk silver for $4.50 over spot. I thought that was out of line for junk but after seeing some of these prices maybe not so much. He claims they buy at those prices. I want to build a good buyer/seller relationship with hometown dealer but it's tough when there's better deals out their. Only good thing I can see from your local dealer is you buy, your out the door, done deal. Versus buying online to get the better deal, but then you have the paper trail... Is what it is, guess that's why I'm packin' too.
Hickville? Is that near Hooterville?
Jed Clampett
"WTF does real guns killing real people have to do with anything related to silver?"
Maybe that's how most valuables change hands in the Chicago area? X-p
Ed_B
ILUVPMS...Please enough already. You are interfering with the good nature of this blog.
Local dealer here charged $1.30 over spot for junk silver quarters 90%. $7.50 each.
They used to go for slightly over spot.
My weekend experience:
Friday:
2012 ASE: $38
2011 ASE: $37
90%: $24.20 (under spot, with lots of selection)
Saturday:
2012 Maple "Moose": $37.33
Coin shops will vary. My guess is that if there are tons of people visiting wishing to buy then you can get away with higher prices/premiums.
My local is the Perth mint - 2 1/2 hrs drive away. It only trades bullion bars and coins on week days.
I've been buying off ebay, paypal guarantee has saved me 3 times now. Including postage up to 15% over spot.
Until recently there's been no alternative, no such thing as a local silver trader here in South West Western Australia.
I started buying from these guys - http://www.bullionbourse.com/
I look at the sterling and 999 fine silver coins and bars I have and think about what I'd trade them for - an ounce is about AU$32, a box of beer about AU$45. I wouldn't trade any of my ounces for a box of beer. A big round bale of hay between AU$60 and AU$80 depending on quality, I wouldn't swap one let alone 2 ounces for a bale of hay.
I'm stackin, and I reckon someone, takin into account how hard it is for me to get, someone would have to offer me over $100 of $'s or goods or services to pry an ounce loose from my stack because it's just not in the spirit of stackin.
Sayin that, I don't really give a rats arse about $2 over or $6 over, I'll start worrying about price when it hits $100, till then I'll continue to buy about AU$500 of silver a month and keep stackin.
Cal
Hahahahah I beat all of you. After explaining to my high school students how gold and silver are going much higher. I found that many of them offer to sell it to me at spot and I buy it for right on spot or slightly below it. I think I have purchased 15 ounces a year for the last 7 or 8 years. hahahahahah. I have one kid who sold me about 10 ounces and I paid him cash and he got his parents permission to sell it to me and then the price doubled and he went out and bought 20 ounce at the coin shop. We kinda laugh at what he did. I paid him fair and square. I am just going to keep on buying from them. I used to buy my lunch at school but now I do lunch duty so I get a free government paid for lunch instead of getting paid extra (how nice of me to do that). The money I spent on my lunch I spend on silver from the kids each week. : ))))
3-10-03 @ local coin shop.
Bought two rolls of "Constitutional Silver" dimes, $247.00
$123.50 each with spot @ $34.27.
Essentially spot price -$1.
Last week traded 100 oz bar for $137.70 face value, 99.5 ounces of "Constitutional Silver" in quarters and dimes. Goodbye transactional deadweight!
He said there are customers he calls whenever he buys 100oz bars, and they run in and buy 'em.
The coin shop operates on spot price bullion, aside from their numismatic. Cash talks as well.
Very few coin shops in this state and luckily this one is 12 miles distant. This state has the oldest avg age and my county is oldest avg age in state. These ancient baby boomers do not look to the future or reference the past as they are far to afraid to see inevitability and irresponsibility. They are fiat, stock, house, and pharmaceutically fixated. Thus minimal interest in SILVER. Best to those who do not fit these parameters.
Silverdrew, coming to you LIVE! from midcoast Maine.
Keep stacking.
Just returned from a local numismatic coin show in Central FL.
More of the numi dealers have silver & gold for sale than they usually did over the years.
I've noticed this in the last two months or so.
ASE's for $780 a tube @ $38 ea.
There was plenty available from at least eight or so dealers....as well as Canadians, Chinese, bullion bars & rds.
Junk Mercury's were $124 a roll...that's spot cost I think for 3.617 oz's/roll.
I had to go to three different dealers to get three rolls of these.
There was a lot of junk 25 and 50's though.
In a completely unscientific and judgemental observation......
Folks there are still going through the wheat penny and stamp piles like it's 1985.
People seem to be oblivious or aren't concerned with many of the issues we talk about here.
I don't know what to make of that.
In the meantime - the lull before the storm ? - I'll keep stacking.
12k population city SW WA - generic $1.50 over spot. The owner is established and trustworthy.
ANON 11:15. We are not in this to see who beats who. Listen, I have a friend that sells to me for below spot prices. I continually tell him to hang on to his silver if at all possible. He needs fiat for serious current financial problems. Yes! Get it at the best price you can but don't be greedy and help your neighbor because you may need his help rather than his anger.
2 OZ.
In Montreal, when silver was 33$/oz, there's a coin shop that sell 1 oz silver bar made by Johnson Matthey for 35$ and 1 oz silver maple leaf for 36$.
I stopped in a shop while in Baltimore and they were 10% over spot on any silver products, $8 over on silver eagles. I think more shops will be adopting the % premium model.
2 oz. is right. This isn't a competition and if it was like the anonymous poster seemed to imply I could make fun of you for owning less than a hundred ounces after investing for 7 or 8 years.
T
@March 11, 2012 11:15 AM
Um... ya. I hope your school has no rules about doing business with your students. Also, just in case that you have that parents' permission in written and signed form.
Sounds like you have a slightly better case of being one of those gold buying pawnshop.
JJ83
I pay $2 over spot for 1 oz rounds in NE Oregon. Shop regularly runs out.
You guys in the usa are lucky here in the UK theres a sales tax of 20% on silver as its considered an industrial metal as well as a premium on top. This makes it uber expensive to invest in this market or to even import it from abroad as customs have this locked down
ANON in the UK. What a bummer to have to pay an additional 20%. Currently, my local coin shop asks $3.50 over spot for ASE's, Maples, Libertads, etc. If you're a regular, he'll knock off $0.75 - $1.00 depending on his buy rate. It's better for me to get it there rather than mail order due to shipping since I normally get a few ounces a week. I'm saving a little dry powder to make a nice purchase from the DOC soon.
Good luck,
2 OZ.
All the same rules apply. Shop around. Find the best deal. Crunch the numbers. Opsec always rides shotgun. Secure it properly once you acquire. Keep stacking. Remember always. Loose lips sink ships.
Right on Ao47.
2OZ.
Shop at two rural area shops here in Texas, and they say there are very few buyers(count them on one hand) for sure for each shop...most people that come in are selling their pass me down stashes of coins, silverware, and jewelry for cash to pay bills. Prices on Bullion are Silver eagles $3.25-$3.75 over spot. Generic Bullion rounds $2.00-$2.50 over spot, junk silver .75 cents to a buck over spot. Dealers are having some trouble getting in the old junk silver from their refiners or suppliers.
@Anonymous from UK suffering from 20% sales tax: You may try to buy from Germany, e.g. from www.kronwitter-muenzen.de or www.philaberlin.de. They have only 7% sales tax for silver. Shipments inside EU should not get stuck in customs.
Inventory is tight. The big money from the oil boom in Western ND keeps buying large amounts of gold & silver.
my last purchase of silver on Jan.19th.i got 10 Silver eagles various dates.. packaged in Littleton Coin company Showpacks.. i also picked another 10 various date other silver eagles. 1 dated 1986 in bu condition $660.. no tax.last week i bought 2 - 1/4 oz gold american eagles at $450. a piece..most of the time my local coin dealer is close our a bit lower then what i see on most of the websites i visit..you can't relly go inside and shop you gotta know what your looking for at the window but he's been there for over 30 yrs. But no delivery charges...
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