2 weeks ago i contacted a seller regarding 1kg blocks of silver. i was looking at buying 12 kilos. he gave me a broad estimate and I verbally agreed to a sale and he said he'd invoice me straight away. when i didn't hear back i assumed the deal was no longer happening. (i would have called to chase it up but i'm overseas and just figured id leave it) 2 weeks later I got sent an invoice requesting immediate payment. i was a little miffed at this since he'd waited so long to invoice me and in that time the price had dropped (i might as well have waited 2 weeks!) it is a reputable seller however, and the benefit of buying through this person is that it is essentially an anonymous sale (no austrac) so im just looking for an outsiders opinion. do you think this is still a good price (1,204 au per kilo), and would you still purchase it?
It's an $82 premium per kilo - what was the premium at the time the deal was struck? It's $36 more per kilo than the Perth Mint before shipping. How much of a premium are you willing to pay for anonymity (and is it truly an anonymous purchase). 2 weeks is an eternity in precious metals.
well he'll have my licence etc but said it would not be passed onto austrac..is that is anonymous or is that quite normal? and that is the price from when we spoke 2 weeks ago when we 'made the deal' and it is $26 premium per kilo on his current price.
Ask him to explain the reason for being this late with the invoice. If the kg bars were cheaper when you ordered them and now are more expensive, use that to get a discount on the current price - as ur order was from 2 wks ago. You can also try to get 1kg bars here - start a new thread with offers from potential sellers.
he said the invoice mustve went astray but seemed quite angry when i asked if the quote could be repriced. so presumably this is true. ie. might have got lost in cyberspace. if i were to put the silver blocks on the forum for sale today would i be able to get this price for it?
That's exactly the same as buying from any other dealer. Reports are only passed to AUSTRAC in the event of a "suspicious" transaction, or if payment of $10,000 or more is made by cash (literally cash as in banknotes, not bank transfer etc). By law dealers (i.e. businesses, not private traders) are required to perform customer identification procedures on purchases of $5,000 or more with any payment method, but this does not necessarily mean a suspicious transaction report or threshold transaction report is submitted. You're not better off from a privacy perspective than if you went through the Perth Mint.
so most of you wouldn't go ahead with the transaction? How much does perth mint charge for postage and handling?
Lisa, as a newbie I think it is more important that you get a position in silver, get some skin into the game Now that the price has dropped back a bit you may feel like you're getting screwed, - Ignore it, We have all been there. Look at it this way, If you were buying a car or TV and you paid more than the going price, sure, you were screwed, and you stayed screwed as your Car or TV depreciates in value. Silver has a magical property, over time it will "unscrew" you. When you get your silver and look at current spot value you may well think "Christ that dealer really screwed me.". Just put it away in your Hidie Hole and forget it for a few weeks, In a months time pull it out, and look what you paid for it and compare it with current spot price. Bloody good chance you will smile and think to yourself - "Jeez I screwed that dealer big Time." Been there myself, many years ago I bought a big amount of silver at $16 oz, straight after I bought it priced dropped about $3 or $4 an ounce. At time I felt like I had been right Royaly Reamed, But when I look at it now - No Pain whatsoever, Hell if thats getting screwed I will put my hand up to get screwed like that again
You agreed to buy it, he said he would invoice you. Seems like a contract to me. I can remember my first purchase - a 1kg bar - and I was very nervous, then when the invoice came through the price was different and I wanted to pay the price that it was then then rather than what it was when I placed my order. I was told that's not how it works. The purchase price is the price at the time of the order, not the time of the payment as that was when they place their orders. The only difference here is you went a lot larger on your first order than me, so I reckon you need to pay the bill. But look on the bright side, you can afford to buy 12 kgs of silver and you will shortly be holding 12 kgs of silver. That puts you ahead of the pack by about . . . let me see . . . 12 kgs of silver. And that's not something you need worry about.
Been there too. I treated it as a learning exercise. Think of it like paying $10,000 to attending an MBA school. I made a loss on my first purchase too but hey we all have to start somewhere. But, boy I would love to talk in terms of buying 12 kilo bars. I'm only a small fry taking in terms of buying 12 oz
You can easily justify backing out, its not reasonable for it to take 2 weeks to be invoiced. But if you do back out I wouldnt be planning on dealing with that person/company again in the future, so it may be a case of keeping your doors open and bridges intact
If it was me I would pay the invoice and go through with the sale since I had agreed to the price. It's only happened to me once, and was a little painful at the time, but you win some, you lose some and I figured it was more important for me to honour the agreement than save a few bucks.
2 weeks is a long time for a" reputable seller " ive dealt with a lot of different companies & none have taken any longer than 12 hours to send an email with the amount to be paid & bank details etc they generally want it paid within 24 hours i woud tell him you already bought some.. Its his fault for leaving it 2 weeks & find a new supplier theres more than 1 supplier & deal with someone thats prompt & friendly. I would have told him to be a bit more reliable the price can change dramatically in 2 weeks .imo thats not how you run a business especially 1 as volatile as PMs. Thats my 2 cents .....
Find the difference in price and than ask for a 20% discount to the difference in price. When the seller declines - buy elsewhere - if you can. If not, than buy and be happy.
From what you said here, I wouldn't buy anything from him. You are the customer, for him to get angry at his own mistake means he's dishonest imo. Ask the other dealers/sponsors on here what they would have done in his situation. They probably wouldn't have been angry, but very apologetic. Again, this is just my opinion, but I wouldn't deal with him. Find someone who is pleasurable to do business with and responds in a timely manner.
+1 IMHO if the delay of the invoice was such an issue maybe you should have brought it to his attention earlier. Cant have it both ways. I'm sure if spot increased and made it a good deal you'd expect the dealer to honour it
Screw him if it takes that long to invoice you. Its your choice and his fault for taking so long. Ive placed orders then the price rose rapidly and been told sorry we dont have any in stock.They do what suits them so you suit yourself hey.
yeah thats happened to me aswell twice now once they said they had none so i tried a different supplier then the new supplier sent generic bars when i ordered PM bars was a bit dirty because i ring first to confirm they have the stock before i order.its a bit of a minefield
I bought my siver as an unallocated amount through the Perth mint 444 ozs. You set up an account with them and then ring their metal desk they offer a price at that moment which you can accept or reject. On buy my silver it dropped from $22.50 AUD to $17.25, damn I thought that's no good! In 10 months though I have gained over 50%. A big factor I did not consider was the exchange rate. On silver a cent change means 35c change per ounce on gold $14.50! If anyone here can figure out how to drive the exchange rate down to 80c I will give you $5000. I foolishly bought at about that rate. I have read silver is in short supply that could explain the 2 weeks. I read that some dealers were rationing it to 3 kgs per customer.
