I Tried to Sell $1000s in Gold to Coin Shops... Hear What They Said!
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- čas přidán 7. 07. 2024
- Today I called back the EXACT Same 6 Coin Shops that I called in April to sell them my Gold Eagles! I wanted to know if they would offer me Less or MORE than they did in that video!
If you haven't see it yet, here is the original video where I called these shops!
▶ • I Tried to Sell GOLD E...
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I Tried to Sell MORE Gold Eagles to the SAME Coin Shops... HUGE Offers?
• I Tried to Sell $1000s...
#goldcoins #gold #coinshop - Jak na to + styl
I feel bad for anyone who sells eagles for less than spot. That's why these videos are a great service, because you might save someone from making a big mistake.
-$30 does not matter much if you paid $1300 in 2018.
@@buyystocksthis is true, but you should always strive to maximize the value of your Gold, and other bullion.
Have they ever said , Hey is that you Silver Seeker ? 😂
Lol, I've wondered that too
They probably get the same questions by from multiple people everyday, along with how much are my bicentennial quarters worth. 😂
Why start stacking if you’re never gonna make a profit? The more I learn the more dissolutioned I become with stacking. Dealers cry about thin margins, but not even getting spot on your investment is sickening
You have to be patient. When I started stacking gold spot was 1475.00 with premiums of 30 to 35.00. Spot now is over 2300. That took about 5 years but, the gains have made it possible to liquidate occasionally and still maintain my original investment. I live solely on my orginal investments now. The slow move up has made it possible to survive comfortably with no other income except from liquidation of a few coins each year. Buy for your future and understand you will benefit from the investment
In the early 1980’s I started stacking silver and gold. I bought 100oz of gold at $350oz (approx). And that’s just one purchase. I still have every coin and bar I’ve ever purchased in a vault. I’m not an investor. I’m a hoarder that keeps hard assets as part of my portfolio. Investing in metals will pay eventually, but if you’re looking for large quick returns, metals are not the market.
Over decades you will make a return. But, that return will be much less than investments in real estate or equities would have made you. That is the game right now. PM's are just slightly better than cash. If you stack, do it as insurance for economic collapse, not to make a return. If you want a short term return to live off, then buy real estate or equities.
Too many shills in this community have been selling the get rich quick story for precious metals. If you look at silver's 147 year history since it was demonetized in 1873, there were only 2-3 times when the price returned to it's intrinsic value. IF you are lucky, in your lifetime you will see this happen one more time. That price right now would be multiples higher.
It's just a nice savings account
It’s a long term play. If you don’t understand this, don’t invest
I just took over a shop in El Paso Tx, ( Gold & Silver Exchange). It was great information to give me an idea on how to be more competitive when buying gold eagles and buffalo's. The comments are great as well to see what people are looking for when looking for a place to sell their goods. Great information!! Sam G
Glad Silver Seeker does the deep dive for us to ponder!
BRAVO and thank you SO MUCH Silver Seeker, as you are the ONLY YT channel that provides us with a heads-up on what we can expect, when the time comes to SELL our stacked gold and silver to local shops. Bottom line = call and ask in advance!
Depends on the inventory they have on hand i assume. If low they'll pay, if well stocked they can not buy or pay less. adjusting as needed
So I stocked up on all 2023 2 Troy OZ Yale of Beaufort of the Tutor's Beasts Series, having seen previous editions soar above $100/coin, regardless of intrinsic value. Scored them between $49-52/coin in March and April 2023. I was elated to see they've risen in collector value too $79.99-$95.55. Called up a bullion dealers just looking for a ball park of what they'd buy them for, because I'd be okay letting them go in bulk for $70-$75/coin to have funds to buy more silver than I started out with. They offered $60.30/coin with Silver at $31.40 or there abouts. Less than current spot. I got needing to make a profit, but holy crap. Charging as little as $81.90/coin in bulk, $85+/coin for less than 10, buy buying only for $60? To quote Cartman, screw you guys. I'm going home. Na na. Me. Home.
That was interesting. I can say that things have gotten slightly better in my area. What's being offered is now above spot as compared to a few months ago when it was at spot. Thanks, Seeker!
My LCS in Tuscaloosa, AL is paying spot for gold eagles, spot -1% on generic gold (buffalos) and with silver he’s paying spot+$2.25 for eagles/sovereigns and spot+$1.00 on buffalos. I’ve known him for 15+ years so I usually get better prices but this is about what I’m seeing him do for everyone else. Maybe a hair lower on silver eagles than for me but not by much.
I bought some quarter ounce Gold Eagles back when Gold was $1,300.⁰⁰ an oz.... I would gladly sell to any of those places. Preferably Spot or over, but profit is profit at this point.
I am starting to recognize those voices. I remember how they all sound a little funny. 😂
Staged
@@theaverageguy3884 “Staged”😂
Thank your for sharing. Great video.
Informative video! Thank you.
2400.00 invested for a measly 100.00 if your lucky profit...all the risk you take is not worth it in my opinion
You’re buying to save your wealth not to make a profit on it but you keep your money in a savings account. I’ll keep my money in gold and we’ll see who has more in 20 years.
@@1dilligaf I'm talking about the dealers
Yeah I agree.
@@1dilligaf the person with the ETFs will win in the end
Excellent report 👍👍👍👍👍👍
Always enjoy these
My LCS has not changed how it buys or sells 1 oz gold eagles for the 6 years i have been using them. Sell for $99 over spot, buy for $25 over spot. Co springs, Colorado. Great shop.
I tried selling 100 OZ Engalhard bars. Best offer was 10% below spot. Definitely a seller's market. Why would anyone sell if the metal is positive! If it is not worth them holding, why would it be worth you holding! There is a BIG difference between INVESTING and SPECULATING. Be sure you know this before you end up with a lot of dead metal!
I just traded Silver Eagles for Platinum Eagles at my go to local coin shop - they wanted 35 Silver Eagles for 1 Platinum Eagle - I traded for 5 Platinum Eagles. Reason I have my fair share of Silver and Gold but not Platinum. Platinum in my opinion is now tied with Silver as the most undervalued asset on the planet.
You traded eagles at 28$ an oz to platinum price bro. $1000 spot platinum / 35 = $28 Spot silver
Good job on the Platinum brother not very many people talk about it on here. I like to keep some myself if the premium is low enough.
@@amr8457 thanks - I have 21 total now and I’ll get a few more if the price drops - no more trading just pay fiat if I get more
@@TheMostSlyFoxNo
@@abrahams.lincoln6749 ????
Hi Seeker, thanks for the vlog! It is always great to see if there are any trends in the market. Do you think these are real trends or just determined by what is going on at that shop for that day? In other words, someone came in with a large stockpile of gold and they just want to reduce their inventory.
These shop owners made an absolute killing with premiums but they’re too greedy to offer their customers SPOT??? wow. I’m someone who always supports local business whenever I can but that may change now. GREEDY SHOP OWNERS SHAME ON YOU!!
Such useful information 👌 👍 👏 thank you
Good show! 1oz bar comparison to 1 oz eagles and/or buffalos would be interesting. Shops paying 50 over for buffalos here.
Good idea!
thanks for the info
Good to know! Thanks SS
Spot is 2,362.90 this morning, refinery buyback price on gold eagles is +1% = $23.62. In this market with more seller than buyers and loads of inventory it doesn't make sense to fork out $2362.90 to make $23.62 so shop #6 is the smartest of them all you called if you want to stay in business and pay the bills in this volatile market. On the other hand, if I was needing inventory I would gladly pay spot because it would save me money, just saying!!! Thanks for the video Seeker! Life is good.....God Bless
@bigdaddyhoffman1911 not the customers fault it's so expensive that the price is out of reach for most Americans. Why bother losing 14% of your purchase as soon as you transact for a fractional gold piece when there are plenty of other income producing assets you could invest in.
What predominantly back of spot offers suggest to me is the shopkeepers want to be able to sell on the wholesale market or to a refinery if no one buys the material within a certain amount of time. Which is smart.
Agree 100%
refinery... for what? a .9999% pure gold like a maple isnt going to get any more refined. reseller is more like it
@@renaissanceman5847 Don’t kid yourself, refiners don’t sort, it’s getting melted in a crucible along with silver jewelry and everything else silver that came in the door to be processed.
Informative video. Question: couldn’t part of their pricing be based on what they have in their inventory and general market demand?
interesting , Thank You
Also ask what they’re selling for as well. A shop might offer $20 less than spot and sell at spot
I think the low paying shops don't have as much demand for gold. They know they're going to have to sit on their investment for a while. But at the same time, if they're thinking long term, they're going to make out good either way. Weaker dollar means stronger gold and that's what Trump wants.
My LCS Is paying 6% back of spot! Shop around buying or selling!!
Proves you're still losing paying that extra premium. Better off buying the cheapest gold like a Krugerrand or Britannia.
I like to buy coins that people in my country want. I heard there is not a big market for britannias here. Shops let them sit in their cases for months without selling them. They could sell a gold eagle on any given day.
Picked up three and a quarter Oz last week end
If I were to ever sell some of my stack (which I don’t), I think spot price is fair. Dealers have to make something, otherwise they wouldn’t be in business. However not all shops are fair. The old “we gotta keep the lights on” line of BS, doesn’t justify some shops I’ve seen that literally rob customers. Shop around first!
I forgot to ask what my lcs was paying but I do notice their inventory is constantly getting cleaned out and replenished. I go in twice a month usually and they never have the same gold in the case. I don't think buying has slowed down there. There prices are always good tho.
Great information. Thank you. 👍
I’m only 10% into the video and I know this is gonna be one of the better ones💪
Hit 200k today. I'm really grateful for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in June
I will advise you stop trading on your own if you keep losing. And i don't trade on my own anymore, I always required help and assistance
She's my family personal Broker and also a Broker to many families here in the United states, she is a licensed Broker.
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Really makes me wanna buy gold. Seeing that I'm not at least going to get spot considering we usually pay 50 to 60 dollars over spot to actually buy it. I would rather take the smaller hit on silver.
Sell to an on line bullion dealer. You will get over spot nearly every time for AGE’s.
But what they don't tell you is you have to ship it in a very specific way and fully insured and that takes away from what you're getting. I tried and said hell no! Got a better deal on net from my lcs.
Investing in PM’s is never a get rich quick scheme. Long term holding the PM’s is the only answer. Getting out of debt has personally been my best investment
Why would a dealer give you spot price if they think the price is too high and its going down ..
I have to drive 2 hours to the nearest coin shop
My local coin shop had 90 percent under spot 🎉
Buy it with a built in profit and take a profit while there is a profit to he had.
Is there a video of you doing this with silver?
What up
My LCS pays spot for gold eagles and buffalos.
My LCS is $15 back of spot
Buy gold and silver, but like anything else. Don't bet no more than what you feel comfortable losing. I wish I had all the dollars i just pee'd away. Yes, the dollar is failing, and the pm's hold value. I understand all that.
Were you spoofing the audio on those call takers? They sounded like the same woman.
My LCS will only pay $100 back of spot. He said way too many sellers right now
Why don't you do a video showing how much they'll pay for the W-mint versions of both gold and silver bullion as well as the stabbed MS69 and MS70S?
You should try calling a gold max or any other non-coin buying company. It would make a good laugh
Why don't YOU DO THAT...?
spot in Indiana
@@ezal3634 Yeah on gold. I noticed in NW Indiana below spot for silver
Yeah in NW Indiana spot on gold and below spot on silver
👍👍
👍
I own some gold and silver. I call it doomsday 💰.
Stay away from junk gold/eagles91%
Buy buffalo’s99.99%.
No such thing as junk gold. Call it what it is.
@@drewmcclintock7034
eagles are 91%pure Google it.
Junk silver is 90%. It is what it is.
22kt. Junk gold same as kruegerands.
@@NickTrademarkConstitutional Silver 90% pure is referred to as “junk”silver /$1.40face = 1oz pure
Eagles are only 91%pure therefore
1% will not save it from being called junk gold/ you would need 1.3 eagles to equal 1oz pure buffalo .
Thanks SS for the good information on collecting and our hobby 👍
My LCS pays 10% under spot and sells for 10% over spot. Not a good deal.
I've gotten $75 over spot for a 1/2 ounce gold eagle
@@NickTrademark nice!
How much worse is it for selling gold bars?
50 back of spot is criminal .
Can you tell me the geographic area where you are located? Curious if it varies with location.
These were coin shops from different parts of the country
@@SilverSeeker Thanks
Good to know metals are a BAD INVESTMENT.
Yup, not an investment , a hedge against Inflation
@andrewmcelvein6149 when inflation was 9% would have been nice to have seen 3k+ gold
@bloodCount8895 yes, but if gold skyrocket I promise your other investments are tanking
In terms of premium paid, you are correct, it is one of the worst. However, from a diversification perspective and in a high inflation environment, it is good from a long term perspective (gold), silver is more speculative and the premium on silver I will admit is freaking outrageous.
@@andrewmcelvein6149 A hedge AGAINST inflation? Lets look at SILVER.
For the 24 month period of the years 2011 and 2012, the AVERAGE price of silver was $33.13 per ounce.
Here we are OVER A DECADE LATER and for the 24 month period of the years 2022 and 2023, the AVERAGE price of silver was $22.58 per ounce. How do you consider a NET LOSS of over THIRTY PERCENT value in a decade a good 'hedge against inflation'?
Ill buy your gold.
@IanThecrackerstacker: So will any pawn shop....but for how much? I'LL BUY YOUR HOUSE, (but for only 20% of it's market value).
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116 in Phoenix
Its not worth buying just loose money because the over spot prices don't exist even though when you buy from a bullion dealer cost 100 dollars over spot maybe more bullshit
Sell gold to buy silver. 👍
I did the opposite
Buy gold forget silver.
Gold is in abundance. Silver is not. The prices we will see in the near future will blow our minds. And I’m silver not gold.
According to some estimates, there are only about 190,000 metric tons of gold in the world, compared to about 1.6 million metric tons of silver. That means gold is about 70 times more scarce than silver on an ounce-for-ounce basis. May 4, 2023
@@bigdaddyhoffman1911
❇️ WHY sell HOLD HOLD keep em
People need the money. Has that ever crossed your mind? I’m curious. 🤦🏾♂️🤦🏾♂️