Buying from LCS

Discussion in 'Silver' started by pastmaster2011, Feb 9, 2019.

  1. pastmaster2011

    pastmaster2011 New Member

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    I went to my LCS this morning as opposed to buying online. I understand that LCS have a little higher over spot than you would find online. My LCS shop had spot at $15.85 and wanted a firm $4.00 over spot for a silver eagle at $19.85. I did not even attempt to see if he would come down on his price as that was my first time ever in his shop. I see so many people talking how they will not pay over $2.50 over spot for a silver eagle. I am finding it really difficult to get anywhere close to $2.50 over, So my question is should I have bought the silver eagles from him at $4.00 over just to start to build a relationship with him or is it best to always find the lowest cost possible and buy from the lowest ?
     
  2. jultorsk

    jultorsk Active Member Silver Stacker

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    I suppose it cuts both ways. ASE's are such common in USA that there's little point paying high premiums. However, if you haven't built a relationship with your LCS it's unlikely you'll be the first on his list if he gets in some rarer goodies that you have been looking for ages to buy. Those rarely get advertised, they rather change hands through back channels.
    E.g., BOLD which I have found to be a decent online seller has qty 20 ASE 2019 for $18.50/ea and free shipping. But if you're looking to get qty 5 or less it's a really marginal difference at $19.25/ea compared to your LCS and you'd have to pay shipping on top.
     
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  3. dragafem

    dragafem Well-Known Member Silver Stacker

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    start to build a relationship but somehow let him know you are not a fool so he can take you for a ride every time you walk in. have some good conversation with him and get a some vibes how he is...
     
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  4. ZaidaBoBaida

    ZaidaBoBaida Member

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    My LCS holds out any silver koalas that come in for me. :)
     
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  5. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Your LCS gives provenance on all your purchases which is important. Buying in ones and twos does not hurt. If looking for economy, save and buy in tubes of 20.
     
  6. SlyGuy

    SlyGuy Active Member

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    Some LCSs get it, some don't... I have checked dozens in my area and only buy from a couple LCS and a couple pawn shops. Maybe ask him if there is volume discount. Pawn shops tend to do that if you will buy the whole batch of a coin type.

    That LCS asking $4 over spot price buys new eagles for basically the same price the bullion sites do. Yes, he has more overhead, but he also doesn't have to ship the coins or keep a high level website up to date on pricing and/or pay ebay fees.

    If there is not volume discount or lower premiums for trade-in coins at his shop, I'd just wish him well and buy online as you keep looking for other LCS or good coin shows near you.
     
  7. pastmaster2011

    pastmaster2011 New Member

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    Thanks for all the replies all were very helpful, I will check back with my LCS to see if they offer a discount for buying say 20 eagles as opposed to just 3 or 4 at a time. Although my reason for stacking is to pass it all onto my kids and grandchildren I still want to get the very best price I can every time I buy.
     
  8. FLYBOY

    FLYBOY New Member

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    What state do you live in? I am in MD and if close can help out! I can normally get ASE'S for $.75-$2 over spot and even on the rare occasions cheaper...Most LCS will charge a high price esp if they are new and come from the mint(they have to make a cut to keep the doors open)....they will tend to offer them a little lower if bought from a walk-in as they buy them just below spot or right at spot from them. So, they can lower their price point a little but still likely to pay at lest $2.5 over spot! If I can help please let me know!
     

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