Local PM dealers

Discussion in 'Financial Cents' started by oil pan 4, Jan 21, 2017.

  1. oil pan 4

    oil pan 4 Monkey+++

    Problem with finding a legitimate PM dealer is finding them among all the "pay day loan cash for gold jewelry" places that have popped up every where like cancer to our society.
    You try to Internet search a "gold dealer" or "sliver dealer" these illegitimate financial institutions dominate the search results. In all actually the real deal bullion dealers don't want to found too easily.
    The good bullion dealers don't want anything to do with the payday loan scene and associated undesirables who frequent those types of establishments.
    The one I found deals in cash for $2 to $3 over spot on silver which is pretty much exactly what you are looking at paying for small orders on line after you pay spot fees and shipping.
    The one I found sells everything from 1 to 100 ounce silver bars. And gold too.

    I still say any orders over 500 to $1,000 go straight to apmex or one of the big dealers.
    Brokor likes this.
  2. gundog10

    gundog10 Monkey++

    For me, after trying several gold and silver dealers in my area, I have ended up dealing mostly with a local pawn shop. They charge me .50 per once over spot for anything they get in. I have become a regular customer of theirs.
  3. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    I went into a place once locally and they tried offering me 1/5th the market value for the assayed certified gold I had and they were selling gold "items" without assayers certificate themselves...for well more than spot value. I laughed at them for their stupidity. You know what it is? Meth. There's a lot of drug addicts who steal to support their habit and these places enjoy raking in the profit. It's a sick world.
  4. duane

    duane Monkey+++

    I know one who is fairly large local dealer and he would rather deal with high value coins. He has a limited amount of silver and gold coins on hand that are close to bullion prices , but will get larger amounts in a day or two. He makes no bones about it, if he did stock them he would either has to charge a large premium or lose money on bullion coins as the market is to volatile even the short run to be any thing but a gamble for him and his overhead is such that he would prefer to act as a broker or sell on consignment high end coins.
    Last edited: Jan 21, 2017
  5. oil pan 4

    oil pan 4 Monkey+++

    Yes when I was at langley looking for potential places to off load PM one place offered like 1/3 the spot value for silver bullion because "bullion isn't nearly as valuable as coin" and $20 for my palladium ounces back when it was just getting back above $500 an ounce.
    I know bull shit when I smell it.
  6. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Buy low sell high.
    There are a lot of coin shops that will take advantage of those whom do not know what they have.
  7. oil pan 4

    oil pan 4 Monkey+++

    I was in the local PM dealer the other day and saw a 5gm pamp bar. And figured I would ask how much...
    Now traditionally I have been against buying gold smaller than 20gm because the big dealers rape you with spot fees.
    For example if you buy 30 grams of gold in 5gm bars (a troy ounce is like 31.1gm) you will typically be paying $20 to $25 per bar, that means you are typically paying $120 to $150 per ounce in spot fees, so now a $1200 worth of gold costs over $1300.
    That day apmex wanted $230 to $240 for a 5gm bar, not including shipping. The local gold and silver place wanted $205 cash for a bar of pamp in a fresh looking package.
    So if you like small gold, find a place like this.
    Hell with prices like that I may start buying 5s and 10s.
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