Hi all, Please help out a floundering fellow silver stacker. I just joined Spotmex as I received their email today saying they are open for business. Great I thought - competition is never bad. But . . . I'm a bit confused over exactly what they are and/or how they operate! I dutifully filled out their required profile form and went to work exploring their site. First thing I notice is that all prices appear in $USD. WTF? These guys are in Cotton Tree QLD!! Secondly, and here's where I feel embarrased at not knowing the lay of the land, how does this site actually differ from say, Ainslie Bullion or ABC Bullion or any other 'straight' PM selling site? The site itself seems very confusing and non-user friendly. They advertise all these great things like "premium free" sales but I am flat out just trying to understand what I see on their site. Ferchrissakes, even their 1966 50c coins are shown in $USD! Who buys these things outside of Australia?? Truly, I've bought bullion from many a site before and had no problems. Can some loving SS soul here please just let me in on the secrtet of exactly how I do that on the Spotmex site. I don't mind admitting I am flumoxed here. What is this site supposed to have as its main strength and how do I leverage that? Cheers. P50
Good to see you back online P 50................ I have(as has many others) signed up. New site with a few wrinkles. Let the dust settle. Get a feel for the the site. Time will tell. Refridgator.
I think the concept is great in theory, but surely its going to be hugely over-run by buyers and not sellers. I don't know many people who will want to sell @ spot
it's a concept, you can set a % above spot as a default and there is the marketplace offer system for premium items. But yeah i agree, it suggests there will be an abundance of metal at spot when in reality it's more just a platform for people low balling and high balling each other. It's certainly better to sell at spot than to sell to a bullion dealer's spread but to be brutally honest, atm there is no significant advantage to just posting stuff for sale here on the trade forums. time will tell.
i'm with you on that one at this stage.....renovator... but as everyone is saying.....let the dust settle......give it some time -it will find its niche.....
I was under the impression John was just going to use the site to unload his stack at spot... Dammit!
Thanks everybody for taking the time to shed some light on this for me. It makes more sense to me now. Methinks that the regular dealers may still be my best bet for now. I sent off a similar query to Spotmex and to their credit they replied nice and promptly (after hours too!) - they're reply is below:- Thank you for signing up. The spot prices shown on the site are the USD spot market rate (i.e. in the header etc). However, when you purchase an item at spot price from an Australian seller (you can set your buyer profile to only show Australian sellers), the order is placed in Australian dollars. The marketPlace, for coins and numismatics, does require you to list in USD to create a common playing field, but as you place your BUY or SELL price, the equivalent AUD price is displayed to you to help you price your MarketDepth items accurately. Are you mainly interested in buying/selling bullion or coins? Let me know if I can help you further. Kind Regards, Steven
Can anyone explain why Spotmex has totally diverged in the spot price on gold and silver. They still have gold at $AUD 1,611.52 and silver at $AUD 30.81. Is the site not operational, or is it just not playing along with the paper beat down in price. http://www.spotmex.com
I think spotmex is spot +X% so you can buy @ spot + X% and buyer sets what X% is... so you can always buy @ spot i.e. BTFD... but the premium gets set by the market... a good indication of disconnect exists
I'd say the Spotmex site is broken, or at least their spot price feed - current spot prices on ... Silverstackers - gold US$1460.02, silver US24.00 Spotmex - gold US$1694.51, silver US$32.39
