sold a 10 oz bar of silver today and received $2 under spot, at a bullion dealer on the gold coast. Thoughts? i have sold there in the past and remember they were paying spot prices. Is this normal, i would think below spot isnt really acceptable.
we left ourselves a bit short of cash over the weekend. I've sold there once in the past and dont remember being screwed on the price like that.
Is that -$2 spot for the total value of the 10ozt's. Or -$2 per ounce spot. If the latter, then you got taken & you should've sold it here & got + $2 per ozt spot.
$2 per oz below spot in AU$ so it was $26.60 roughly when the price was well into the 28's AU$ today. I received $266.60 for a 10 oz bar
Was actually the wife that i sent in to sell it, since i hadnt had any problems in the past and only had good dealings with them didnt think it would be an issue. Ill give them a ring in the morning and see whats going on. First i've heard of silver being bought back below spot.
That's ordinary. And that's speaking as a dealer. Would hate to think that it was because they figured they could get away with lowballing a customer who didn't know otherwise.
The main LCS in my area sells secondary market "generic" silver for $1.50/oz over spot and buys it for $0.75/oz under spot - house policy - no exceptions, no variances, no nothing. Buying at $2/oz under spot as a "buy price" sounds to me like a beating, even by the standards of my local hard-nosed guy. Gotta say about my guy, though -- he's got the inventory, he's been there forever, he knows what he's doing+does it well, he's got a 100% solid reputation and he's up front about his policies. His policies aren't based on charity or compassion for "the little man" but I've never heard a story about him screwing anybody. I'm sorry to say it, but I have to wonder if buying at $2 under spot is one of those nasty "because I can" moves. I wonder what your guy's policies or standard practices are, or if he has any policies or standards beyond wringing every last buck out of every last deal and every last customer. I'd also second a couple thoughts stated above -- keep a little more usable cash on hand and get a couple credit cards. If I was looking at having to cash in some silver to make it through a weekend, I'd spend the weekend at home and scrape through on whatever food was already in the house rather than go cashing in any of my stash.
credit cards are great tools for people who can manage their finances, they are a source of destruction for those who cannot
DanielM---You're absolutely right, but... Whether we like it or not, we all (well--almost all) someday grow out of being credit card self-destructionists and into having the ability to use them as the tool they're intended to be. When it comes to managing finances, I used to be a "cannot" but many years ago grew into being a "can." The transition process was a total drag and I hated it, but it's one of those "gotta do" things in life. I still love being irresponsible and I revel in it, but I just don't do it with credit cards any more. It's funny for me to be blowing wind like this, because last night I just bought my first 5oz Engelhard bar (pricey little bugger!) with a credit card. On Wednesday (payday) I'm moving the $ out of a bank and onto the card to cover it. No more carrying CC balances for this scarred old bird...
I been ripped of as a novice seller much more than that....way more....silly me. Just put it down to experience and say nothing to the wife so she does not feel bad.
