Recently I had to sell some gold (less than 1/2 oz) to pay for a car repair. I got under spot but still more than what I paid for it originally. At least I had it and it did it's job by preserving my wealth and protecting me from inflation.
You should always have cash on hand for emergencies, so you don't have to sell any of your stack. Gold is for long term insurance to preserve wealth, hedge against inflation and the eventual demise of the dollar. You don't want risk having to sell when the price is down when an emergency comes up.
Dealers love buying when prices drop, and will happily sell you for 100$ over spot if gold rises 100 in a day. But how dare you ask to purchase on a 1% dip! 😂
I went to my LCS today with the intention of buying 3 silver eagles. The shop owner asked me if I was sure because they're $36, and generic rounds are only $31. He seemed genuinely concerned that I'd pay too much. I relented and ended up blowing my budget slightly (😂), and walked out with 4 buffaloes instead. This isn't the first time he's suggested lower-premium silver instead of maples or eagles. I love that guy (not in that way.)
That's awesome! Went to my LCS Tuesday and took advantage of the dip and purchased 1/4 oz gold and 2 of each Kangaroos, Kookaburra, Krugerrand, Maples, Britannia's. Happy with my purchase. Keep on stackin'!
Dealers have their reasons to refuse to purchase, but some of them are just in over their heads and don't have a cash reserve with so many stackers selling. People are broke, or close to it. Welcome to The Recession ( yes, I used the "R" word ), because when the dollar stores start closing, it's a Recession. No amount of massaging data will change that. Excellent video.
What resesion? I see my local shops full ofpeople buying gold and silver. Everytime i go in there and see a few things i like and dont buy something its quickly gone. I see stores full of people buying.
8-12% pr year is not growth, it is closer to the actual inflation levels. Remember this: Gold doesn't increase in price, it is the currency that Gold is traded in that lose its value.
@@martinlord8837 : Of course ... and then Gold has this role as a "safe harbor" when people are running from the stock market. But generally speaking ... even if the gold price has gone as much up as it has ... most of it is actually inflation. That says a lot about the money we are using every day.
They are in the business to make money. You have the option of not dealing with them if you don’t like their prices. FWIW: I’m not a coin dealer nor do I own a business. It’s basic Economics 101.
Very annoying that coin shops get spooked. Many channels have done videos about "Your exit strategy " and it turns out that coin shops will pull the doors closed on you in your time of need. Think carefully people, how are you going to exit.
I just assumed that I would always be able to cash in precious metals at my local coin store whenever I needed to. Then covid hit and all the stores shut down.
Recently responded to poster, either on YT or Yahoo who claimed coin shops are legally required to buy gold or silver if a person wants to sell. I responded with a few questions marks, a “What?” and a please provide the source of your claim. As expected, no reply. My guess is the seller had some metal to sell when it was high, a dealer wouldn’t buy and he/she got mad.
I sold 5 ounces of palladium eagles to APMEX when the price was heading toward $3000 an ounce. I made just under $5000 for my sale, and the dealer got burned due to the price falling hard the following week.
Some people don't understand what keeping its value means. When you sell a gold coin to your LCS and you get under the spot let's say $2400 it's no big deal because you only paid $1600 a few years ago you are happy as hell because you made money. Another example is when you and your wife go on a cruise, and it only costs two coins to do it. Everyone I talk to wishes they bought more silver or gold not less. Just buy the darn stuff it's never been worth zero like stocks.. life is good yea....
Making money is not really what gold does. It maintains the purchasing power of your savings, vs dollars that don't. It allows the holder to re-deploy the original purchasing power at a later date of your choosing to spend without losing your original purchasing power. Now if there is a monetary or currency reset, it will preserve your savings, like an insurance policy.
If you bought at 400$ or less 2400 is ok to let the guy on the corner make a few bucks .aahh maybe banks w 🥱 eagles maybe.. lcs is weak spot need coins that are sellable anywhere without complicated coins
gold has been undervalued for quite sometime, and with world wide currency dropping by the day due to the printing press going on i think we will see 3k gold in 2025
I'm hoping you're correct, as I've only got two more years to stack before I retire and will probably stop buying metals at that point and start stacking in reverse.🫎🫎🫎
@@joeygee11 Right on! I'm buying a gold sovereign later this month, the biggest gold coin I can afford at this time. I never regret buying gold, it's been very good for me.
They are going to print more $$. If the price drops a little, so what. In 2 years from now and hyper inflation getting closer, faster and faster. Ya, golds going up.
I think gold has more upside than silver. Silver is used in industry, and the powers that be will keep the price down. Central banks are hoarding gold,so what do you think will happen?
Private stackers of gold and silver are such an incredibly small percentage of the market that we couldn’t move the market even if we all cooperated and tried.
The LBMA admitted that the silver squeeze almost broke them. Remember that the squeeze had people that were buying contracts from the COMEX & the LBMA...... THAT'S what moved the needle. Any transactions at an LCS or online distributor would take far longer for the trickle down effect to be noticed. (This isn't to say that the public couldn't singlehandedly decimate the above ground supply in a matter of days, this crippling the recycling aspect and influencing the markets)
I feel sympathy for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped me a lot Sir Brian! Imagine I invested $50,000 and received $190,500 after 14 days
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Good video gentlemen; I appreciate the honesty. Just a shame some of the other comments posters don’t understand how a LCS works. And if someone is prepared to come on and publicly talk honestly about their business and livelihood are they really going to rip anyone off? I think not.
I have changed how I think about metals in the last year. Now I no longer care where the spot price is. My goal is to have as much real money as I can. I have very little faith in fiat currency. If the paper market brings values down, I don't care. I have peace of mind in knowing that I have real money.
In Argentina’s current hyperinflation Bullion shops are Not buying Gold as they are not able to sell gold there. The sheeple are limited as to how much money they can take out of their accounts each day and this is used for food and necessary items. Try eating gold. Also the bitcoin exchanges are few and far between. Silver does fare a little better.
So let’s just say you were selling lemonade at lemonade stand and there’s a possible tsunami coming in on top of you. You don’t know what’s going to happen if it’s going to hit you or not, are you gonna stay there and serve your customer because somebody might be a little bit thirsty - NO. Come on let’s be fair people.
That would mean permanent limit to artificial creation of money. No government wants common people to be financially stable. If people are financially stable, why will they be slave to the system?
Dude id been talking about a pullback on my channel and people called me out. "I'm crazy, or misinformed " i predicted TSE to crash, then NYSE to crash, followed by metals correction. Dude it just started the chain reaction last tuseday. Silver seeker i love your channel and am glad you have solid advice. The pullback is coming.
Markets are closed Friday after 2 also! Wholesalers are open 24/7 most of the time. Most customers understand when you explain to them your risk vs your potential reward. Yes, The volitility of the silver squeeze was the only time ive seen trading halted!
People complain about the price of gold it's to high to buy I always bought gold no matter what price it was at not talking about ounces buy what you can afford
Lots of detail missing in that refusal-to-buy story. If they seller wanted to sell 10oz, I can understand refusing because of the risk and/or lack of available cash, but if it was one or two oz, then not buying it is not really acceptable. Did the seller have 10oz and demand "all or nothing"? Did the seller or dealer suggest agreeing a price until the market re-opened? It's difficult to know whether this was an unfortunate situation or something shady.
Are you suggesting 10 ounces from one person would cost any different than 1 ounce from 10 people? Are you going to decide to only buy from certain people in that case? Or are you going to offer a ridiculously low price and offend your customers?
@@Gorbetron3000 I don't know what the situation was. That's why I was asking. Given your option that 10 customers wanted to sell, I would suggest buying until you can't risk any more cash. After all, it's the business you decided to get into. Are you suggesting that coin shops should only sell when the price is high and only buy when it's low?
@@TheSpuggiehawk I’m suggesting a business does what’s best for the business. If you don’t like it, start your own or go somewhere else. Theres no obligation by either party. All business’ are in business for profit.
@@Gorbetron3000 Again, I don't know the full details of this failed transaction, but if it was as it was portrayed, then you're right. that customer should avoid that coin shop in future and go elsewhere. The problem is that customers that get treated like that tell other customers. It isn't good for profitability.
I’m really trying to understand- the coin shops seem to be a scam. They sell at spot or higher then they buy lower than spot. How am I wrong and should gold really just be hedge for future disasters?
dealers need to sell at a premium over spot price to make a profit to stay in business. All businesses operate on profit margin and any market with dealers (like cars), you will get less when you sell to them and pay more when you buy from them. This arrangement works because dealers are always willing to buy and sell. If dealers decide to not buy when prices are high or not sell when prices are low, they are breaking the customers trust and destroying their own value to the customer.
@@JohnT83z the only other option is adjusting premiums, which enough people complain about as it is. Obviously, the primary comment doesn’t even understand premiums.
$17.00 !!! Remember when silver dollars used to fall right out of the slot machines? Remember when one penny would get you a stick of gum at the arcade?
Silver Rhino brought up a good point about protection but on a weekend the only way to protect yourself would be sell it wholesale so no protection is needed. The real question to ask is does Harry or really most smaller dealer ever really protect themselves. the only way I know to protect yourself is to sell a contract short on the comex or ice exchange and you would no better than I but I know very few that ever protect themselves in that way. Some dealers are afraid to buy when it is high, others are afraid to buy when it has gone down a lot, that makes them sound more like investors than dealers.
Super cool very educational, Josh I would love to meet you at the Tulsa coin show next year, I saved a spot on my Red Book that I would love to have you sign, (if it’s ok with you)great video guys!!!
Another good video Mr. Seeker. .....We have different buy prices on the weekend to protect our interests since the market is closed. The "talking head" comment cracked me up!
Yeah I bought a few oz of platinum when it was about 8:50 an ounce and on Monday it started shooting right back up My dealer Waited until Monday to order it And so he ended up making far less than he could have if he had just put the order in on Friday When the price was down... he is a good guy And he kept his of the bargain
About buying gold over a certain price - bullion dealers, at least the good ones, hedge their purchases and sales against the global markets, they make their money on the spreads, not on the rise or fall of spot prices. But this is a big concern when trying to transact when the global markets are down, like over a weekend, then you have significant risk to the dealer if the price gaps down when markets open on Monday. A lot of dealers will refuse to transact in large quantities over the weekend. But come back in on Monday morning and the deal will be made. Glad Josh covered that topic immediately.
There's a lot of channels that hype up metals. I say metals will do what they do and nothing can change that. For the people who say they know what is going to happen I say it's their opinion it doesn't make it a fact.
The only thing that has limited my buying is running out of cash. I think we absorbed all the gold Harry didn't buy that weekend because we were slammed with sellers. I still bought, and at competitive rates but a few customers were asked to hold my check for a couple of days because of the lag between buying and getting paid for what we bought. We did/do the best we can but still were able to lock in our customers at the desired price.
As a fairly new person to the hobby I feel sooooo much more comfortable buying ASEs over silver rounds. When it comes time to sell, I feel that I will have less problems and who know what is in those silver rounds anyway. I also love collecting slabbed Morgans at MS65 or above. (MS71 would be nice.😂)
this is the big issue when gold hits record highs....the lab rats of society that have invested in gold and wish to sell it , have a difficult time to even get spot prices, when gold is at $2500.....in my area...2 local places offered my brother in law, $2000 for a 1 oz gold kruggerand last week.
That’s funny, because it’s the opposite in my area. Backdated type one eagles are highly sought after at my LCS. Meanwhile, there’s tubes of 24 just sitting around.
I love "made for collector" proof gold and silver coins, but all of mine have been purchased on the after market at prices equivalent to those of generic bullion coins, definitely less than ASE's, AGE's and gold Buffaloes.
If you want every last penny, put in the work and risk (like the coin dealers do) and sell it privately. If you want an easy transaction, then there is a cost to it (a few percent under spot at times). Some stackers really need to grow up when it comes to this reality. LCS's are not running a charity and are taking on some big risk at times. If you are smart, you will wait until the next mania (think when silver eagles went bananas a few years ago) and sell some into strength and get the best of both worlds.
All markets are going to start to collapse as the world economies enter the depression. When that happens the precious metals get pulled down because margin calls hit. So waiting would most likely be advisable.
Reason why LCS won’t buy gold at close spot it’s the fact that gold doesn’t usually climbs , and when it does it comes back down right away . Silver it’s another story , and the way I see it , I will be long gone before silver hits $50 an ounce , I am planing on dying in about 35 years from now 😭😭
Historic Au & Ag Foreign Sovereign coins (European) are relatively inexpensive, have some beautiful designs, have history behind it, but typically can't be found in quantity in the USA.
Making money is not really what gold does. It maintains the purchasing power of your savings vs dollars, where it can be re-deployed with original purchasing power at a time of your choosing in the future. Now if there is a monetary reset, then it will preserve your savings, like an insurance policy.
I only buy 1/4th oz gold coins, anything larger and government won’t let you sell..as above the cash limit. Government will restrict cash limits in the future is my estimate.
Gold and silver aren't stocks. Their price isn't as subjective and their uses as metals are only increasing, not decreasing. The price isn't going to correct in a "dark Clouds" way. When it rallies, it will correct hard, but we're not there.
Buyers of Gold and silver should take the same disposition of dealers. Dont buy at peaks and wait till prices go down so that you’re not under the water in weeks, months and years ahead. What good for the goose is good for the gander.
Everyone seems to discount the modern graded coins. If you can get MS 70 2000's pennies, nickels, dimes, & quarters for cheap (I have seen them go for less than $10), then they will pick up over time IMHO. I picked up about six MS 70 modern quarters for $4 each at an antique mall once. Also got a couple of cheap dimes at an auction.
I see stability and gold and silver right now because of the instability in the dollar. The dollar has been massively devalued so it’s quite possible that gold and silver have not actually caught up and undervalued. But it’s probably at least pretty accurate and not way off in the other direction.
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Recently I had to sell some gold (less than 1/2 oz) to pay for a car repair. I got under spot but still more than what I paid for it originally. At least I had it and it did it's job by preserving my wealth and protecting me from inflation.
You should always have cash on hand for emergencies, so you don't have to sell any of your stack. Gold is for long term insurance to preserve wealth, hedge against inflation and the eventual demise of the dollar. You don't want risk having to sell when the price is down when an emergency comes up.
@Patrick-kt5mc Excellent Comment, like you said "it did it's job". 👍
Well put.
@@christophergreyson6953not everyone can cave cash reserves. Gold did it's job and worked as intended.
Did you ask them how much over spot they could offer you when you walked in?
Dealers love buying when prices drop, and will happily sell you for 100$ over spot if gold rises 100 in a day. But how dare you ask to purchase on a 1% dip! 😂
I do think online platforms like PMsfor sale on Reddit or Pure will phase out local coin shops
I went to my LCS today with the intention of buying 3 silver eagles. The shop owner asked me if I was sure because they're $36, and generic rounds are only $31. He seemed genuinely concerned that I'd pay too much. I relented and ended up blowing my budget slightly (😂), and walked out with 4 buffaloes instead. This isn't the first time he's suggested lower-premium silver instead of maples or eagles. I love that guy (not in that way.)
That's awesome! Went to my LCS Tuesday and took advantage of the dip and purchased 1/4 oz gold and 2 of each Kangaroos, Kookaburra, Krugerrand, Maples, Britannia's. Happy with my purchase. Keep on stackin'!
Dealers have their reasons to refuse to purchase, but some of them are just in over their heads and don't have a cash reserve with so many stackers selling. People are broke, or close to it. Welcome to The Recession ( yes, I used the "R" word ), because when the dollar stores start closing, it's a Recession. No amount of massaging data will change that. Excellent video.
What resesion? I see my local shops full ofpeople buying gold and silver. Everytime i go in there and see a few things i like and dont buy something its quickly gone. I see stores full of people buying.
@@gervas4935 LOL
8-12% pr year is not growth, it is closer to the actual inflation levels. Remember this: Gold doesn't increase in price, it is the currency that Gold is traded in that lose its value.
This is generally true but speculation can drive an asset to be priced outside of actual inflation levels.
@@martinlord8837 : Of course ... and then Gold has this role as a "safe harbor" when people are running from the stock market. But generally speaking ... even if the gold price has gone as much up as it has ... most of it is actually inflation. That says a lot about the money we are using every day.
@@makingwaves1239 it grew over 20% in 6 months very inorganic it will correct hard
Dealers can be real shady. They will over sell and under buy all the time
Yep. Bullion dealers are a shady bunch. Never met a single honest one ever!
They are in the business to make money. You have the option of not dealing with them if you don’t like their prices. FWIW: I’m not a coin dealer nor do I own a business. It’s basic Economics 101.
@@deepsleep7822The big online dealers are more reliable and competitive.
Very annoying that coin shops get spooked. Many channels have done videos about "Your exit strategy " and it turns out that coin shops will pull the doors closed on you in your time of need. Think carefully people, how are you going to exit.
@@GR19611 almost like it was always a fear based scam.
Gold and silver accumilation is the exit.😅😅
I just assumed that I would always be able to cash in precious metals at my local coin store whenever I needed to. Then covid hit and all the stores shut down.
Recently responded to poster, either on YT or Yahoo who claimed coin shops are legally required to buy gold or silver if a person wants to sell. I responded with a few questions marks, a “What?” and a please provide the source of your claim. As expected, no reply. My guess is the seller had some metal to sell when it was high, a dealer wouldn’t buy and he/she got mad.
I sold 5 ounces of palladium eagles to APMEX when the price was heading toward $3000 an ounce. I made just under $5000 for my sale, and the dealer got burned due to the price falling hard the following week.
In the UK where I live I would buy a 1/10th gold coin over a 10oz silver bar/coin every time due to having to pay 20% VAT on new silver.
That's wild. In Canada, Gold and Silver are GST exempt.
I look at precious metals as I do the stock market, and it’s an old saying, don’t spend money you can’t afford to lose. There are risks involved.
If a Dealer refuses to buy back his Gold. They are simply on their way out of business.
Some people don't understand what keeping its value means. When you sell a gold coin to your LCS and you get under the spot let's say $2400 it's no big deal because you only paid $1600 a few years ago you are happy as hell because you made money. Another example is when you and your wife go on a cruise, and it only costs two coins to do it. Everyone I talk to wishes they bought more silver or gold not less. Just buy the darn stuff it's never been worth zero like stocks.. life is good yea....
Making money is not really what gold does. It maintains the purchasing power of your savings, vs dollars that don't. It allows the holder to re-deploy the original purchasing power at a later date of your choosing to spend without losing your original purchasing power. Now if there is a monetary or currency reset, it will preserve your savings, like an insurance policy.
@@martinco712 guess all the wealth I accumulated in the stock market and used to buy gold wasn't real huh
Or crypto going to zero!
If you bought at 400$ or less 2400 is ok to let the guy on the corner make a few bucks .aahh maybe banks w 🥱 eagles maybe.. lcs is weak spot need coins that are sellable anywhere without complicated coins
the comb over crew lol awesome video guys
😂
This was the best video content you have ever had IMO, Great show sir. Informative. Way to Go!
Great video!
Can’t wait to watch the next one.
Thanks guys!
.
interesting conversation. thanks for having it
gold has been undervalued for quite sometime, and with world wide currency dropping by the day due to the printing press going on i think we will see 3k gold in 2025
Undervalued according to who?
Says who?
@@petercollingwood522 says me, peter.
Buying gold at $2,500 today is a steal because it's headed well beyond $4,000.
$5k+
I'm hoping you're correct, as I've only got two more years to stack before I retire and will probably stop buying metals at that point and start stacking in reverse.🫎🫎🫎
@@joeygee11 Right on! I'm buying a gold sovereign later this month, the biggest gold coin I can afford at this time. I never regret buying gold, it's been very good for me.
Well yea. Inflation isn't stopping anytime soon. Gold will be at any higher peice you name on a long enough timeline
Yes someday
This was a great video and love your channel. Thanx
My LCS is selling me 2024 Eagles for 32.00.
They are going to print more $$. If the price drops a little, so what. In 2 years from now and hyper inflation getting closer, faster and faster. Ya, golds going up.
Great video, Seeker and Josh! Thanks for the insights. Yeah, I'm off gold for the time being myself, too, but happy to see the highs!
I think gold has more upside than silver. Silver is used in industry, and the powers that be will keep the price down. Central banks are hoarding gold,so what do you think will happen?
Gold Is King!
It's like going off of Kelly blue book buying and selling cars .......if it was that easy the book would have checks in the back .😂
My thoughts exactly!
Private stackers of gold and silver are such an incredibly small percentage of the market that we couldn’t move the market even if we all cooperated and tried.
The 2021 silver squeeze is the proof of how much stackers can move this market lol
The LBMA admitted that the silver squeeze
almost broke them. Remember that the squeeze had people that were buying contracts from the COMEX & the LBMA...... THAT'S what moved the needle.
Any transactions at an LCS or online distributor would take far longer for the trickle down effect to be noticed. (This isn't to say that the public couldn't singlehandedly decimate the above ground supply in a matter of days, this crippling the recycling aspect and influencing the markets)
@@Evom777 why did it ultimately fail?
Thanks for honesty from the dealer
I don't say "new norm" when it comes to precious metals...I say "current norm"...it helps keep my blood pressure a bit more calm!
A good liquid calcium lowers blood pressure, too, naturally . 🙂👍
The right choice of an investment has always been a big problem for me I know picking a wrong investment will leave a big scar in the future
I feel sympathy for our country, low income people are now suffering to survive yet inflation and recession keep increasing daily, many families can't even enhance the good cost of living anymore. You've helped me a lot Sir Brian! Imagine I invested $50,000 and received $190,500 after 14 days
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
nice! once you hit a big milestone, the next comes easier. How can i reach him, if you don't mind me asking?
he's mostly on Telegrams, using the user-name
Good video gentlemen; I appreciate the honesty. Just a shame some of the other comments posters don’t understand how a LCS works. And if someone is prepared to come on and publicly talk honestly about their business and livelihood are they really going to rip anyone off? I think not.
After watching the video and reading all the comments all I have to say is "Lord Have Mercy"!!!
Josh is a class act. I have bought from him and was satisfied every time.
Josh should definitely come to Vegas, it’s a great show.
Establish good relationships with several coin dealers. Don't put all your golden eggs in one basket.
Thanks you guys!
Sahara Coins, the largest coin shop in Las Vegas, is only buying select gold due to over saturated markets
1 oz Buffalo is only fetching spot minus $20
I have changed how I think about metals in the last year. Now I no longer care where the spot price is. My goal is to have as much real money as I can. I have very little faith in fiat currency. If the paper market brings values down, I don't care. I have peace of mind in knowing that I have real money.
I agree with Harry.
Great Q&A session. Thanks
In Argentina’s current hyperinflation Bullion shops are Not buying Gold as they are not able to sell gold there. The sheeple are limited as to how much money they can take out of their accounts each day and this is used for food and necessary items. Try eating gold. Also the bitcoin exchanges are few and far between. Silver does fare a little better.
I think that was the Saturday when the Market closed over $2500 for the first time on Friday. Don’t blame him.
So let’s just say you were selling lemonade at lemonade stand and there’s a possible tsunami coming in on top of you. You don’t know what’s going to happen if it’s going to hit you or not, are you gonna stay there and serve your customer because somebody might be a little bit thirsty - NO. Come on let’s be fair people.
A couple of weeks ago, a dealer offered you $5 over spot for a graded gold eagle. I wonder what the dealer would sold the graded gold coin for?
@@smc4958 100$ over spot
There is enough gold to back the USD. There ALWAYS is enough gold. It's simply a matter of dividing total cash supply by total ounces of gold.
That would mean permanent limit to artificial creation of money. No government wants common people to be financially stable. If people are financially stable, why will they be slave to the system?
Dude id been talking about a pullback on my channel and people called me out. "I'm crazy, or misinformed " i predicted TSE to crash, then NYSE to crash, followed by metals correction. Dude it just started the chain reaction last tuseday. Silver seeker i love your channel and am glad you have solid advice. The pullback is coming.
Going down 20% ??? Anything can happen.... Like in 2011 when silver went down $11 in 11 minutes.
The last time I bought eagles was in 2015/2016 . I was paying 21 dollars a piece including premium .
There is dealer here on youtube that is selling Eagles at $3.50 over spot.
Markets are closed Friday after 2 also! Wholesalers are open 24/7 most of the time. Most customers understand when you explain to them your risk vs your potential reward. Yes, The volitility of the silver squeeze was the only time ive seen trading halted!
Great, informative video guys!
People complain about the price of gold it's to high to buy I always bought gold no matter what price it was at not talking about ounces buy what you can afford
They say it's too high but when it was flat they say ohh it's not going anywhere so why buy?😂
Gold and silver both followed the stock market down in 2008. Then it took off.
He sells for 2600 he can't buy at2500
To hell with him
I'm sorry.... what?!?
Why would he buy the gold at spot price? Unless he's some type of metals speculator. He needs some room for profit.
You have no clue have you ? U gonna pay the light bill ,trash pick up ,building rent ? NO!!! I THOUGHT SO
Lots of detail missing in that refusal-to-buy story. If they seller wanted to sell 10oz, I can understand refusing because of the risk and/or lack of available cash, but if it was one or two oz, then not buying it is not really acceptable. Did the seller have 10oz and demand "all or nothing"? Did the seller or dealer suggest agreeing a price until the market re-opened? It's difficult to know whether this was an unfortunate situation or something shady.
Are you suggesting 10 ounces from one person would cost any different than 1 ounce from 10 people? Are you going to decide to only buy from certain people in that case? Or are you going to offer a ridiculously low price and offend your customers?
@@Gorbetron3000 I don't know what the situation was. That's why I was asking. Given your option that 10 customers wanted to sell, I would suggest buying until you can't risk any more cash. After all, it's the business you decided to get into. Are you suggesting that coin shops should only sell when the price is high and only buy when it's low?
@@TheSpuggiehawk I’m suggesting a business does what’s best for the business. If you don’t like it, start your own or go somewhere else. Theres no obligation by either party. All business’ are in business for profit.
@@Gorbetron3000 Again, I don't know the full details of this failed transaction, but if it was as it was portrayed, then you're right. that customer should avoid that coin shop in future and go elsewhere. The problem is that customers that get treated like that tell other customers. It isn't good for profitability.
Hey , I saw JDOG in here. HEY JGOD. He is a great guy.
I’m really trying to understand- the coin shops seem to be a scam. They sell at spot or higher then they buy lower than spot. How am I wrong and should gold really just be hedge for future disasters?
dealers need to sell at a premium over spot price to make a profit to stay in business. All businesses operate on profit margin and any market with dealers (like cars), you will get less when you sell to them and pay more when you buy from them. This arrangement works because dealers are always willing to buy and sell. If dealers decide to not buy when prices are high or not sell when prices are low, they are breaking the customers trust and destroying their own value to the customer.
@@JohnT83z the only other option is adjusting premiums, which enough people complain about as it is. Obviously, the primary comment doesn’t even understand premiums.
ASE's less than $3.00 !!!
Remember when they were in the $17.00 range give or take 1or 2 dollars. Premium was always like $2.00 a little more or less.
$17.00 !!!
Remember when silver dollars used to fall right out of the slot machines? Remember when one penny would get you a stick of gum at the arcade?
Silver Rhino brought up a good point about protection but on a weekend the only way to protect yourself would be sell it wholesale so no protection is needed. The real question to ask is does Harry or really most smaller dealer ever really protect themselves. the only way I know to protect yourself is to sell a contract short on the comex or ice exchange and you would no better than I but I know very few that ever protect themselves in that way. Some dealers are afraid to buy when it is high, others are afraid to buy when it has gone down a lot, that makes them sound more like investors than dealers.
Super cool very educational, Josh I would love to meet you at the Tulsa coin show next year, I saved a spot on my Red Book that I would love to have you sign, (if it’s ok with you)great video guys!!!
Gold is a critical metal right now. The price swings 50 to 60 dollars during the week. I don't buy ounces only quarter and 10th ounce.
Gold is a hedge against inflation and good to have in case of future disasters.
Harry explains why he didn't offer less. He didn't want to make a customer made so instead of that he just said no thanks.
Good stuff guys !
why don t you talk about about key dates in copper penny and new dates ? Thanks Fred
Another good video Mr. Seeker. .....We have different buy prices on the weekend to protect our interests since the market is closed.
The "talking head" comment cracked me up!
Yeah I bought a few oz of platinum when it was about 8:50 an ounce and on Monday it started shooting right back up My dealer Waited until Monday to order it And so he ended up making far less than he could have if he had just put the order in on Friday When the price was down... he is a good guy And he kept his of the bargain
About buying gold over a certain price - bullion dealers, at least the good ones, hedge their purchases and sales against the global markets, they make their money on the spreads, not on the rise or fall of spot prices. But this is a big concern when trying to transact when the global markets are down, like over a weekend, then you have significant risk to the dealer if the price gaps down when markets open on Monday. A lot of dealers will refuse to transact in large quantities over the weekend. But come back in on Monday morning and the deal will be made. Glad Josh covered that topic immediately.
if a shop dont wanna buy something, they dont have to. free country.
This is why I stopped purchasing. I see a hard time coming to unload in a hurry unless centralized banking take over. Cash out needs to be simplified.
There's a lot of channels that hype up metals. I say metals will do what they do and nothing can change that. For the people who say they know what is going to happen I say it's their opinion it doesn't make it a fact.
Good show !
The only thing that has limited my buying is running out of cash. I think we absorbed all the gold Harry didn't buy that weekend because we were slammed with sellers. I still bought, and at competitive rates but a few customers were asked to hold my check for a couple of days because of the lag between buying and getting paid for what we bought. We did/do the best we can but still were able to lock in our customers at the desired price.
The fact that he wouldn’t buy at that price speaks volumes to my choice between whole ozs and fractional going on from here.
As a fairly new person to the hobby I feel sooooo much more comfortable buying ASEs over silver rounds. When it comes time to sell, I feel that I will have less problems and who know what is in those silver rounds anyway. I also love collecting slabbed Morgans at MS65 or above. (MS71 would be nice.😂)
Great information. Thank you guys. 👍
this is the big issue when gold hits record highs....the lab rats of society that have invested in gold and wish to sell it , have a difficult time to even get spot prices, when gold is at $2500.....in my area...2 local places offered my brother in law, $2000 for a 1 oz gold kruggerand last week.
That's bad business... my LCS offers 96 to 98% depending on the coin
If you wouldnt buy my gold i wont buy it from you either. This is the business that you are in. I would find a new shop
Good idea. He probably doesn’t like whiny customers.
Selling to a coin shop is almost like selling to a pawn broker. Don't expect the best price. And they can always say no to a trade.
But it seems better than ebay, they take 14% I hear
Just wanted to say thanks Seeker for all the knowledge you share with us it is truly helpful👍with a💥
What possible difference could be between the weekend and a weekday?
It’s literally the exact same thing
I buy my gold & silver late ,late Sunday nights check the Asian markets ......I like to roll the dice monday ,gives me a little rush 💰🎲🎲 🤞🤞
My shop charges 5 over for 24 eagles and 4 over for older eagles
That’s funny, because it’s the opposite in my area. Backdated type one eagles are highly sought after at my LCS. Meanwhile, there’s tubes of 24 just sitting around.
Fanastic Q&A.
Is there no auction tonight? I looked at your spreadsheet and it says that it should be live now. Everything ok?
And btw, great video!
I love "made for collector" proof gold and silver coins, but all of mine have been purchased on the after market at prices equivalent to those of generic bullion coins, definitely less than ASE's, AGE's and gold Buffaloes.
If you want every last penny, put in the work and risk (like the coin dealers do) and sell it privately.
If you want an easy transaction, then there is a cost to it (a few percent under spot at times).
Some stackers really need to grow up when it comes to this reality. LCS's are not running a charity and are taking on some big risk at times.
If you are smart, you will wait until the next mania (think when silver eagles went bananas a few years ago) and sell some into strength and get the best of both worlds.
Baltimore is my favorite coin show
All markets are going to start to collapse as the world economies enter the depression. When that happens the precious metals get pulled down because margin calls hit. So waiting would most likely be advisable.
Is there a downside to buying precious metals?
Yes. - BUT
(If) it costs $19 to bring a silver coin to market, that is the floor.
The markets are way to volatile most shops are buying back gold and silver if it gets higher it will become a real problem dumping it if need be
Reason why LCS won’t buy gold at close spot it’s the fact that gold doesn’t usually climbs , and when it does it comes back down right away . Silver it’s another story , and the way I see it , I will be long gone before silver hits $50 an ounce , I am planing on dying in about 35 years from now 😭😭
Historic Au & Ag Foreign Sovereign coins (European) are relatively inexpensive, have some beautiful designs, have history behind it, but typically can't be found in quantity in the USA.
Price right now is $2,498.00. Ya just never know. I am very lucky. I have made $$$ on all of my gold. Woo Hoo.
Making money is not really what gold does. It maintains the purchasing power of your savings vs dollars, where it can be re-deployed with original purchasing power at a time of your choosing in the future. Now if there is a monetary reset, then it will preserve your savings, like an insurance policy.
@@arizonan1 I agree, but I love when I make money and convert it to something else.
There is enough Gold to back the currency. The "price" of Gold would just need to be ~$50k/oz.
I only buy 1/4th oz gold coins, anything larger and government won’t let you sell..as above the cash limit. Government will restrict cash limits in the future is my estimate.
Gold and silver aren't stocks. Their price isn't as subjective and their uses as metals are only increasing, not decreasing. The price isn't going to correct in a "dark Clouds" way. When it rallies, it will correct hard, but we're not there.
Buyers of Gold and silver should take the same disposition of dealers. Dont buy at peaks and wait till prices go down so that you’re not under the water in weeks, months and years ahead.
What good for the goose is good for the gander.
Everyone seems to discount the modern graded coins. If you can get MS 70 2000's pennies, nickels, dimes, & quarters for cheap (I have seen them go for less than $10), then they will pick up over time IMHO. I picked up about six MS 70 modern quarters for $4 each at an antique mall once. Also got a couple of cheap dimes at an auction.
The currency can be backed by gold, the problem is that the price it would have to be to do it would cause alarm.
J M Bullion will buy, small coin shops limited.
I called every LCS in my area and everyone is $100 back on a one oz eagle except the shop that I always go to which was $50 back
I see stability and gold and silver right now because of the instability in the dollar. The dollar has been massively devalued so it’s quite possible that gold and silver have not actually caught up and undervalued. But it’s probably at least pretty accurate and not way off in the other direction.
Got 2465 for a kangaroo a few days ago