I am fully aware of W.Davis prices. Good on him, and I wish him the best of luck. As far as staying in business, however, I am sure he would be struggling, if he weren't also a jeweler. Goldbuyers are not jewelers, they trade as precious metal recyclers, and in the australian market, W.Davis prices are unsustainable unless you have a value added service. In fact, I have even seen jewelers close down, or stop buying gold as a result of paying those prices. Notwithstanding all this, I do believe that W. davis does not advertise that he buys scrap sterling silver, and I do believe that I was commenting on the silver
He was buying bullion well before Everyman and his dog started ,about 30 years If it wasn't profitable he wouldn't be buying it .
kinda like asking someone else to pay for your mistakes. I cant think of any other industry where ppl would happily pay more than an items value. cant say i agree. community decides the liquidity, and according to the title of this thread it seems that the buyers and sellers that make up the community are at odds
You honestly expect to be able to buy 1oz coins at spot? The value of a 1oz coin is more than just the spot value of the metal within. W Davis & Son are not a jeweller - they are bullion traders and scrap buyers. That's about it. Their office is across the road from mine.
Spot price is the price for 1000oz slabs you get from London, not Perth Mint shiny 10oz bars. There are fabrication costs, transport costs and labor costs involved in creating the 10oz bar. These costs are the 'premium' paid on top of spot when people buy/sell these 10oz bars and is reflected even in the secondary market.
not disagreeing with that, but your comparing bullion with sterling scrap??? go ask captain kookaburra how much it costs for his silver shot and then melting into bars, $45/ kg thats without refining costs and i understand there was no profit involved in that. once you have a business, calculate a cost/ profit ratio, and you will close down. at much higher than 35c/gram for sterling. thats all i was saying
it would be a nice world if spot was paid by everyone but unfortunately there are costs invloved for example postage, storage etc
Come on - we're all above 18 (I assume). We all have a right to ask riduclous amounts for our products and offer stupid amounts to buy other peoples. As a seller I have the right to refuse the offer and as I buyer I have the right to not buy your product if I think it is too expensive. Lowballers drive me nuts but I wouldn't want to say you cant offer whatever you want. Sometimes what I think is a riduclous price someone else thinks bargain and vice versa. I know I have been reluctant to make an offer that I felt was lowball only to find out the product was sold for less that I was going to offer. Mind you - I wouldn't offer below spot for anything other than "scrap". malachii PS - As far as premium goes - people on here these days are too focused on spot and can't/wont understand premium. That's fine but don't be offended when people refuse to sell their lunar coins for spot. It's the equivalent of refusing to pay any more than chuck steak price for prime cuts - I mean it all comes from the same cow right?
Staring at a coin right now. Paid 300 for it, lucky I can sell it for 200. Who is going to tell me the value?? Someone who wants to buy it? Or someone who wants to sit back and tell me what they think it should be worth?? At the end of the day, it only has around $20 worth of silver in it, so we are not talking bullion value, which is what i thought this thread was about. However, lets forget that. The coin is actually supposed to be worth $400. Liquidity anyone???
You do realise that the manufacturing of an item has a cost as well don't you. It's not just the cost of materials.
I know CK very well He educated me right from the very beginning ,and I'm very well aware of refining costs ,I was there when he was organising the deal All I can say is You don't know the bullion business very well ,there are 5-6 other gold buyers in town ALL of them will pay spot for silver & 92.5% for sterling . I can walk into to any of them & get current spot price ,cash in hand than & there . Why would I put up a post here selling anything at spot prices Having to wait for somebody to decide they want it Than wait a day or two until the funds clear & go to the post office
I have 1 of these ,$66 worth of silver Selling for $4500 - $6000 http://www.ebay.com.au/itm/19064505...X:IT&_trksid=p3984.m1423.l2649#ht_1339wt_1076
OK - got it - you did a bad deal so obviously the system is broke. I'm staring at a car. Is it only worth it's scrap metal, plastic etc value or is it worth more than that? Does the badge on the front make any difference? Is the cupboard in my kitchen only worth the cost of the scrap wood? Come on - just because something contains a product - doesn't mean it is only worth the price of that product. malachii
I'll buy all your vehicles of you & anybody else's vehicles at scrap value $150 a tonne & you have to bring it to me :lol: Ferrari ,Bentley all the same as your Hyundai I only pay in Bananas :lol:
I work for a gold trader myself, and not one of the new ones, he has been in business for over 30 years. So I do know what I am talking about when I say that you will go out of business when you pay close to spot for sterling silver. Also, we have bought out 2 jewelers in the last year that went down, as a result of paying spot prices for gold. been watching this, also noted that the 6000 one is getting the lowball offers that he is not accepting, also that the one at auction, is obviously having its price set by the buyers. and also that spannermonky has no idea what its worth, as he was initially happy to trade it for around 1kg of silver.
just putting it out there, wouldn't it be rather easy to avoid lowball offers by qualifying prices in a sale thread with statements like "prices non-negotiable" or "open to negotiations - no offers under spot"? there would be some newer people about that may not understand what a lowball offer is. I think the other thing that is being forgotten here is that quite often there are negotiations - a potential buyer may offer something lower than they intend to pay, looking for a counter offer that falls within the range they are willing to pay. If a potential buyer sends an offer of their highest price right off the bat, they will likely be buimped up and no deal made. In the past I have PM'd offers well below the listed price, for a price i considered fair and just asked the seller to let me know if they have trouble shifting as I would be interested at a lower price. Another way to avoid it is to auction with a starting bid value listed or even bid on ebay. don't kill the free market - just politely decline an offer you see as unfair - many of us wouldnt pay anywhere near what some items are listed for.
