Dealer I buy from has their prices set at about $1.75/oz under when they buy it and $2.70/oz over when they sell it. I dont pay any shipping, fees or taxes...so I dont think it is too bad. If I can get it cheaper, I would be happy to learn about it!
Correction...they buy at $.75/oz under. This is in Canadian dollars as well. (Is there no 'edit' feature for posts?)
as a percentage that is a rip off, if it was $50/oz then it would be deemed ok. There are vendors on this site that pay spot, Oz Bullion is one from memory. Ainslie pay under spot but not sure what the % is
Be interested to find out who was the dealer - list on the forum next time.. there are a few gold coast members.
Gold Bullion Australia Reply - i wont use their words exactly but basically this is normal practice for them, they did say something about the amount i sold (1 x 10 oz bar) but they always charge a spread for a buy back. $2 is rediculous in my opinion. I've told them i wont be using them again. Hadnt even occured to me to try this forum theres probably a few people locally (non dealer) that would have bought it from me.
Seems pretty normal for dealer buy-back to me...??? Perth Mint is only paying about $264 for a 10oz on buy-back today. That is why you sell here!
My local dealer tells me $2 under spot is their normal (well known dealer, chosen to avoid postage cost premium) ??
On that point, I am fresh to the herd, having bought my first couple of tubes. If $2 under spot is "bad" at my local, apart from here, who will be buying nearer spot when/if "retail" trading dies? The dealer is selling about $5 over spot, but this seems pretty consistent from the websites Ive seen. I've noticed a few Sydney siders here.I want to deal locally to avoid freight hassles. Recommendations? Apart from the forum banner I cant see the sponsors list...
It is really a case of knowing all the dealers in your area and what they buy/sell for and going to the best in each case. Also depends on your location and how many dealers you have access to and how much competition there is. In Melbourne if you were selling a 10oz pure bar you could get: - spot - 95% of spot - 90% of spot - 80% of spot ... depending on which dealer / coin shop you went to ... ... not to mention the dealers that adjust their prices based on how much they think they can get away with I mean the price of a can of coke is not the same in every shop - why would you expect bullion to be different ?
Sort of agree...can of coke is a good example. However the OP says... Person had sold at Shop and received spot previously. Fair to ask why it didnt happen again. However seller should have either done the deal himself, or he should have rang and made arrangements with Shop telling them "My Mrs will be in...." and agree on price. Seller chould have also told Mrs (after checking current spot) "you should/will get $xxx for this, and if they offer less ring me or tell them no" sort of things.
Goldbullionaustralia.com.au which are based on the Gold Coast buy back well under spot. As the only real bullion dealer on gc, this is who it would be. I have enquired about buy back there previously and $2 an oz under spot is about right. Nice staff in store, I guess they are just following direction from the head honcho...
+1 A family member of mine bought a second hand car on a credit card and 4 years later cant work out why they are still paying it off.........../facepalm
Not sure there's an issue here. If you don't like the price offered you go elsewhere. It doesn't sound like this dealer is a 'cash for gold' type of operator.
