The price is bearable, but when dealing with that amount of money, I'd get concerned about couple of things: 1) The time taken to get the invoice to you 2) His willingness to not follow a strict law used to track criminals and tax cheats (hinting that he is shonky and does this regularly)
If the seller took two weeks to send an invoice and the date of the invoice shows he took two weeks then there is no contract. He gave you an estimate which you accepted as an estimate. He then told you you would be invoiced immediately - that infers a price was fixed by the seller and he has taken your promise on goodwill. He delays fixing the price for a week or two. Meanwhile the price has changed in the sellers favour. He has broken the "contract" by not invoicing you as verbally agreed. As PM volatiliy is high, deals have to be struck on both sides at the same time. You feel screwed so tell him to take a hike or agree the latest price otherwise walk away. He cannot be reputable otherwise. If however the invoice was dated at the time you made a deal but the paperwork took two weeks then you will have to complete the deal I guess. All depends on the date shown on the invoice. Good luck sorting this out.
That's the problem when people try to sell things they don't own and then expect you to pay the original price. Not that that would happen here...
Had the SPOT tanked in the meantime, that dealer would have been 'reputable' and invoiced you for the original amount. but than again, there is a shortage and there are waiting times. Offer to the dealer to pay what he is asking but in 2 weeks time.
Hi Lisawesa, There are a lot of issues here. Most of them were touched on above. The dealer did not keep his word, he left you confused, and (even worse) he became angry at you. On your side, you probably should have contacted him at some point rather than assume nothing was going to happen. Nevertheless - he now has 10kg of silver for you to collect! That's great! My advice would be to purchase the silver, retain the relationship, learn from the experience - then mosey on over to the silver stacker 'waiting room' and jawbone with as a we sit around and watch the scoreboard! Yes, the spot price has moved against you - and that REALLY rankles (as we all know) but it's not a lot. Next time simply agree to a fixed price - or something like that where you both agree and things are more clear. Verbal agreements are unenforceable. Yes, you "might have waited two weeks" but really, we all buy with the expectation that silver will rise and you didn't KNOW it would drop or you WOULD have waited! It doesn't sound like you have been ripped off. $1204 is a reasonable price per kilo. The dealer might have experienced the same thing as you. He placed an order and saw the price fall too! We all feel that, but using 'hindsight' NOW (of a price fall) which you DIDN'T have back then (when you placed the order) is only going to upset you. It's called buyers remorse. I bought tens of thousands worth of silver about a week ago or so, when the price was almost $36 - even though I fully expected a $3 pullback (and wrote about it here). Why did I do that? Because supplies are running out and the dip will only last for a moment - the REAL RISK is that price will soon explode upwards. I might have waited two weeks for a 'better' price and saved a dollar per ounce perhaps - or I might have woken up to $80 silver and missed the boat. THAT'S THE REAL RISK. Hope this helps - not intending to be critical. We are all learning!
I have the opposite problem with a newbie seller. I agreed to buy back a decent quantity of bullion last week. Certainly no dealer will give her a better deal as I am paying spot plus a premium. Been chasing her for over a week to stand for delivery without any luck. I think she's having seller's remorse!
Hmm I need to put my two bob's worth in as well. I have been buying a lot from Ossie and Ash at Bullionmoney and I have been treated like royalty (no I'm not spending $100k at a time). Ossie texts me back when I text him at ungodly hours when I get all exited about having some extra money to spend and gives me a quote on silver the next day even if it's not in stock. I just give him some cash and i know that he'll honour the deal even if spot goes nuts (as I would honour the deal even if it declined). He also has a pretty good supply of perth mint bars if anyone is in the market for them. My last order is being delivered up on monday of which I have added things to the order which he's more than happy to just lug up with him (so no extra postage cost). Very weird for no invoice for two weeks.. IF you had of spent the money, then it's tough shit for the dealer . HOWEVER if you honestly have the money, I would definitely HONOUR the deal. The silver market is pretty small. I'd suggest you look after him and build the relationship. It's not always about the money. If I could take a million bucks or a guaranteed honest relationship with someone that shares an equal trust with me, I'd take the relationship. Especially for a couple of hundred buck. NOT WORTH IT, imho. Hope all worked out for you. PPSS
Just have to say that Steve has been a straight shooter to many many people here. Whomever you are please honour your side of the agreement !
If I thought I still would have recieved the invoice had the price of silver increased then I would pay it. If i felt he was sitting on the invoice to see where prices went, then not a chance in hell he'd see a cent of mine!
Hey all thanks for your advice and feedback. I decided to go ahead with the deal. I noticed that the invoice was dated from when we had the discussion and decided that it was probably an honest oversight and that i'd rather not burn any bridges. Lis
When you get all that shiny in your hands, the thoughts of the invoice will just disappear with a BIG smile...... Rockin
