Local coin shop refuses to buy my silver . Rethinking my purchase decisions
ฝัง
- เผยแพร่เมื่อ 22 ม.ค. 2023
- This Is a story from my last visit to my coin shop and will probably be my very last i use this coin shop
Please dont base your stacking decision on this video alone this is a very unique situation and all coin shops have various reasons to not purchase items you bring in
I am not a financial advisor and thins should not be used as financial advice please consult with a financial professional before making any serious investment decisions .
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#silver#gold#stacking#investing#crypto#vintage silver#poured silver#silver art #saving #CRUSH IT!
I've never been in a coin shop that wasn't trying to take advantage of me. I am always talked down to, like I know nothing and the owners act like you are a nuisance. Even at coin shows this attitude is easily observed.Lot of bad apples in this hobby.
I second this. They will try to burn you every time. If your selling gold DO NOT accept anything less than spot.
They’re like pawn shops❤
Ever see pawn stars?? They ever fair??? Guns guitars motorcycles etc.. all attracts the scummiest of scum.
That's why I got total out of the hobby, and just collect Indian arrowheads that you always get the value back and more!
Quit honestly there aren’t many hobbies that people aren’t trying screw other people .
well said! the only exception is the coin shop in Branson MO. He is great, he has good and fair prices and knows his stuff.
Sounds like he didn't have the money to buy them and didn't want to admit it.
He's got plenty of metal though. It's only useful to him if he can get another fool to buy it though. The only reason to buy this stuff is because it's shiney and nostalgic I have one coin.
It's none of customers business how much money he has set aside to add to his inventory.
Ps. It's literally not the customer's business.
@@deker0954 I had one from the US Mint, I sent it back in 2 days, bought more MRE's.
@@SoulDelSol It is when they had a deal set up LOL.
Executive summary for those in a hurry. ONE local coin shop didn't want Nadirs. Another shop did. Major online brokers deal in them too. NOTHING wrong with Nadir bars. No need to "rethink purchase".
The dealers just want desperate sellers with little knowledge they can exploit
Exploit? Yeah and don't forget the buyers.
All of you can play this game untill a real collapse. Then apparently all of you will run to the dealer and try to get I don't know what exactly for your metal. Or your neighbor who does not own any and will be thrilled to take metal for his few cans of soup.
Absolutely
@@deker0954 When a real collapse occurs, no one will accept that linen dollar in your hand, because it will have no value.
If you need to barter, something with a long established weight and purity will come in very handy.
"But you can't eat an ounce of gold!!!" people have screamed. No, and you're not supposed to. But if you don't have anything the farmer wants, and he has food you NEED, he just might take your metal, because he knows what it is.
There's a reason metal became a store of value and a medium of exchange. It's much more convenient than carrying around your ten chickens all day that you're willing to trade for a gallon of gas.
@@timber72RIGHT!!! In a crisis your not going to be able to sell the metals and if they are willing to pay what are they going to pay you with? The collapsed dollar?
Biggest concern is that he does not test his metals and you have trusted him.
That is an issue here too. Only 2 of the like 10 dealers in town have a sigma tester. There others "don't believe in them" or think they don't need them... to me, that like a mechanic telling me he doesn't believe in using tools to repair a car. LCS are a crazy place!
@@Silverholic Interesting analogy, I will expand on that if you will oblige. Imagine a mechanic/technician unwilling to use a diagnostic computer and preferred to simply gaze upon the ECM/body control module of an automobile..... Not much would happen.
@@Silverholic that is code for. "I don't want to pay for one" lol
@@Silverholic Avoid the “””dealers””” without it. Simple as that, there are some crazy accurate fakes these days that pass everything old-school tests besides a sigma
JM Bullion lists Assayer Nadir as one of the most respected in The World 🌎 😮
OMG you bought 50K of products from him and he would not buy these pristine items. Unbelievable.
FOR REAL!!
Unreal
Maybe, he’s high on cocaine, maybe it’s dementia, he’s wacky.
Don't buy fake silver!!! Lol
@@fernandojvalencia8151 it’s so easy to test
Selling is a lot harder than buying when you are interacting with a metals dealer. ALWAYS. Keep that in mind if you are stacking metals...do not put yourself in a spot where you need to sell quickly for cash. It can take time to get close to spot for your metals.
Good point. I think that everyone who is stacking should try selling some just to see how that goes. Usually disappointing.
The TH-cam channel Financially Aware covers this topic. This guy tries to sell his American gold and silver in different places around Germany and in New York. It was shocking how often he was turned away and told that they didn't want his products. The average person needs to stay away from this crap and just go buy food and gear. You will never make back what you dump into this stuff and you'll lose your shirt if you sell in a hurry. It's like trying to flip a house.
all these people saying silver is becoming rare and more in-demand have never tried selling it. Your local town probably only a couple people are even willing to buy it from you at all. Then maybe 1-3 shops will offer you way less than whatever you paid for it. Any depression or collapse scenario you're prepping for, these big metal bars won't be worth shit to people.
I started trading my silver for ammunition in 2012. Got tired of the hassle with selling silver. I have never had a problem offloading ammunition. Never had to sell it for spot price either. 😅
If SHTF, the person with the guns and ammo can have as much silver and gold as he wants 😝
Pew Pew Pew
Outstanding.
We do the same here getting trade for it ,or what you paid for it if you paid anything Atall .But we ain’t running low but I reckon there will be a time .Where here in uk sticks and stones will def be in short supply .peace take care and have a great day .
@@DustinNulfwhat's he going to do with it? Sell to a bombed out coin shop or the dead collector in his home town?
I wonder if he’s just short on money and embarrassed to say so.
I wonder that too.
I bet didn’t want pay spot for 10 oz
I sold 200 oz on Monday, coin dealer didn't really wanna but bought it, although I traded for 1oz Gold Buffalo also. He mentioned trading again, doesn't wanna dish cash for silver right now
Or just whip out the phone with photo copy of receipt of where you got the bars from. I always bring my phone whenever I go to the store to ask or show proof of something. If the manager or staff turns me away, they're either ignorant, busy, or hiding something
Youd just say I'm not looking to buy thanks for the offer
This kind of story makes me appreciate my LCS (within walking distance) a hell of a lot more. He's fair, has good prices on both ends, knowledgeable, has a very well-used tester out on the counter, and supportive of his regulars.
It's pretty easy to get slightly more premium private mint silver at the generic price, and he's always over spot if you have to part with any.
That tester is just for show. He knows you'll believe a gadget can replace a chemical test. And in the end it does not matter what the assay is because you'll sell and he'll buy if there is a customer for it already. Quick turn around and more money from the trinket buyers as soon as possible. The cash goes right in the bank. You know the system he gets you to believe is going to fall apart.
We We
I've bought silver from coin shops, pawn shops, coin shows, Creig's list, and even off the tailgate of someone's pickup truck. So, I'm going to tell you now, there is no shortage of people wanting to buy your physical silver, or if they have it, someone ready to sell to you. I appreciate your "disclaimer" at the beginning because you're right. I definitely understand your frustration, my friend. Thanks for sharing. Keep stacking
Thanks silver joker it’s a honor to have you come by . This video blew up and is making its rounds and I’m sure you can only imagine the response .
I was frustrated with the guy because I knew him I thought pretty well . So if in a pinch it’s not always a guarantee someone will buy your silver . I have many many avenues to off my silver but that day I had no time to wait and it didn’t work in my favor. So it’s better to know your end game for ant least some of your silver . Take care thanks
Problem I've run into lately is all the fakes showing up. Even coins now.
He was worried about finding them on Google when he should've just been testing them. If they checked out as real then everything else doesn't really matter. That's what is most important.
Even if it tests positive for silver it can always be filled with something else.
The company does matter. He should have went to JD Bullion
@@potheadzassociation6338 Yeah I can see your point when I look at from in his shoes. If someone was trying to sell me thousands of $ worth of silver I would be very wary of buying anything that I was not very familiar with.
@@dillionparrish7206 last thing; I do agree with you at the end of the day just be happy you have silver and gold. As long as it’s 100% authentic it will sell because someone will buy it.
This is so true. I got completely frustrated a couple weeks back when I went to a shop to sell some generic 1oz rounds and 25 dollars face in halves. This dude told me he would only pay 2 dollars under spot for the rounds and 16 dollars face for the half dollars. I didn’t argue with him. I shook my head and just walked out.
Many LCS owners say spot price isn’t the real price of silver, they’ll laugh and explain premiums all day long…until you show up to sell your silver…then spot price matters.🥱 I’m in Canada and my local guy pays a little over spot, but let’s face it, if you’re not buying silver as an insurance policy or wealth preservation, and trying to “make money” with it, then you better classify it as a “long term hold” .
Yup many many times have I bought $4-5 dollars over and had the lcs tell me its hard to get and demand is really up then come to sell its a dollar underspot and it’s no longer hard to get
@@anglo-israel1630 I didn’t need to sell that’s why I walked out. I had bought most of that bullion back in 2018 and was gonna take some profits.
I understand they have to pay the rent but making 8 dollars profit on a walk in customer for each coin is a little ridiculous.
I laughed at a guy who told me “I can’t pay spot”. I said their not for sale at spot. Deal was not made lol
So how does the shop make money?
Still boggles my mind that they did this to you. I have sold literally dozens of those Nadir bars over the counter to larger stores in one transaction without any issues whatsoever. They didn't even question them! That LCS owner is so out of touch with reality!
He’s just a weird individual I guess that’s ok I got another way tomorrow but I my wait because price dropped today
@@savagestacker yeah, just play it by ear! I have a feeling he might have just not liked the fact that they were Nadir bars that are from Turkey. Probably just trying to go all-American with his bullion too. Either that or just completely uneducated, lol.
@@savagestacker no post it today lol now! Now! Now! 🤣🤣🤣🤣
I like the looks of those nadir bars. I was thinking of buying
Also got thinking. I come from a tactical/professional security background. You were mentioning the hate for metals in your car while traveling. You should look into the Vaultek safes for the future. I own one whenever traveling for my valuables and pistols and it has an amazing cable system that you attach to secured bolted down areas in car like under seat. Just food for thought!
We test EVERYTHING in our little shop I. Myrtle Beach, both as we buy it and as it goes back out for sale. We love our Sigma, and test customer items for free. And we buy any type of silver, no matter who minted it. Sounds like you need to start being a regular at the second shop!
The fact that he doesn’t know what the LBMA is tells me everything I need to know.
Yep
I left my LCS finally & am now going to a different shop. My original shop seemed to always have plenty of metals to sell when prices were high but somehow was always out of inventory when prices were low. He kept a small amount of metals visible under his glass counter but always had to go in back to get "inventory." If you suspect your LCS owner is not honest then LEAVE and find another. New shop has lots of metals visible etc
I get the same feeling when I go to LCS so now I just buy from APMEX. I am stacking. Whenever the time arises to sell since Silver is silver I will search for a metal recycling business and their are some out there.
In many states coin dealers are required to offer for sale any metal they have in inventory. They're not allowed to keep from sale in order to wait for spot to go up
@@mikeb5372 ha ha
@@mikeb5372 What, how can that be a law? So they force the business to potential loose money? I have to question this as it makes no sense.
@@jodomarj9063 One other thing.. they can put whatever premium they want in order to not lose in the transaction. It's a simple way of going around such a law. You might notice that local coin shops often don't lower their price when the spot price drops
Most people don't even use LCS anymore and just buy online. That guy was blessed to have you as a long time customer. He clearly lacks social and business skills. Unfortunately that is like 50% of all coin shops.
it's funny how when you buy silver the dealers go on and on about how there's a high premium for one reason or another but when you sell all of a sudden that premium disappears and they want to lowball you with a way below spot offer
That is how dealers make money. They wouldn't be in business if they bought at cost and sold at cost. That doesn't make any sense. If you want full value for anything you sell direct yourself, never to a third party (dealer) who is looking to flip it.
It's a business, and they have to make money or they wouldn't last very long.
But they made money on the premiums they initially charged you
This is kinda why I have been keeping some of the shipping paperwork that came with the silver that I've bought over the years. Just kind of as proof of where it's from, what the price was, etc. Just so if I have to sell it in the future, I have somewhat of a reference point. I've never walked into an actual coin shop, though. Just bought things online. (Part of this is because I'm an introvert who doesn't like interacting with humans, lol)
Paper promises will not make me buy. Just get good quality sovereign bullion coins like vienna phils, canadian maple leafs, australian roos and yes even chinese pandas. People might say "I would not buy a panda because its from China" but China is more honest than many countries even if you don't like what they are saying. Same with Russia. Also, while there was an initial attempt to discredit pandas when they were first introduced back in the 1980s, I think the chinese government does not like their credibility being debased today when they are moving into superpower status and so I would not want to be counterfeiting pandas. Regardless, if you buy from a reputable dealer your odds of getting screwed are much lower. ALSO, many big metals dealers have a "buy here sell here" policy which means anything you buy from them they keep a record of and so if you sell it back to them later they do not screw you over like the LCS. Their prices for selling and buying back are clearly posted. Yes, you are subject to income tax like this but it is the certain way to stay on the right side of things.
I KEEP ALL PAPERWORK, DATE, TIME, PRODUCT, PRICE. ITS PLACED IN BAG.
Amazing story, well told, and I can feel your frustration. Some people are impervious to logical debate. I give those folks a wide berth...once I realize their world view. I'm glad you found a good buyer. Start going there first!
The coin shop owner is insane.
He aint right.( the dealer).
Or it's not caffeine he's on.
Many LCS operators are "loners" and that's why they slipped into the profession to begin with. They had problems with people there entire life and therefore gravitate to looking at coins all day. The coins don't argue back....
@@TEXAS-SMITH sometimes them LCS owners are weird, very weird.
Usually they fall into three categories: the introvert weirdo coin store owner who’s shop stinks like dirty underwear and creeps you out the whole time you are there, or the fast talking con man huckster who is nothing more than a slimy scum bag who’s only interest is selling stuff WAY over spot but not buying anything back, or finally the lcs owner who is very knowledgeable and spends a good deal of time talking to customers and does a lot of selling and buying all the time.
The first two guys mentioned aren’t really true lcs dealers because they really don’t care to buy back metals just sell. Avoid those dudes like the plague as their premiums are almost always the highest. The easiest way to test this is to bring a single 10 ounce silver bar into a new shop and just tell them you want to sell it. You should get a good idea if it’s a good place or a lousy shop within 10-15 minutes. Selling coins is easy but the real test is how they react to a buy back request. You will sniff out the freaks in just a few minutes.
Really? Dude does it every single day. Do you think he might be more aware of the market than you? Just saying
These are the stories that make me question whether I really want to start this. The idea that I’m going to put in 50k into this and never get all my money back. Or pass it onto my kids when I’m gone and now they have to deal with coin shop owners like this.
You’ll never have problems selling eagles, maple leafs, philharmonic or krugerands (sp).
I totally feel that. I bought to use in trading when the dollar crashes. I have no plans to try and make a profit. I'm hedging my dollar.
@@Lucid_Waking Yea, I feel if you can retain 95% of the money you’ve put in, gold/silver will have more or less done it’s job. The scenario is hedging against inflation, not necessarily making 8% back annually like the stock market. It’s a doomsday insurance tool.
You’ll never have an issue selling Eagles, or Maples. Pay the premium for them and coin shops will snap them up when you need some cash.
@@nickschaps4022if you need cash then keep the cash.
It blows my mind that people can stay in business and be that ignorant to their products I'm sorry you had to go through that now I'm glad you find someone who would listen and take care of you keep the faith keep having fun
Even scrap yards do this worse. I brought in maybe 100lbs of wrecked out high quality Stainless Steel with some copper to this junk yard I had been using for a long time. My work throws out a crazy amount of this stainless wire when its too short or we wreck some out but i save it up. I leave and see on the receipt that the dude paid me aluminum for the stainless. The price difference wasn't much but it was like 5 cents a lb less. I figured it was an innocent mistake and ill let him know next time i go. I go back again a month later with about another 100lbs of stainless and tell the guy what happened last time. Now this wire is like a specialty item in my line of work. Its always a high quality stainless steel because it is out in the weather and is used to secure stuff. He tries to tell me that IM wrong and that it isnt stainless steel and that hes not gonna pay me stainless for it. That was the last time i went there.
@@jhtsurvival I'm surprised that you didn't clear that up with a magnet.
@Budget Coin Hunter aluminum and stainless are non ferrous
Thanks for sharing. That is a crazy story. I headed to the LCS tomorrow. Haven't set foot in there in 6 years. Last time I was there he acted like I was bothering him by buying silver. And that he had the best prices in town which wasn't true because I went on expensive apmex and found way cheaper silver. I made two purchases and left and never went back. Maybe I'll come away with a good story for a video
We must be going to the same LCS. If I'm not there to buy his over priced numismatic junk then he has better things to do.
Yep! Same story here as well. His premiums were higher than APMEX, my primary. I want so bad to support local biz but he was also out of his mind! McKinney, TX...BTW
some businesses out there think their sh1t don't stink. they only want to rip off as many people they can get away with.
I rarely buy from LCS because I can almost always get way better prices from SD Bullion or JM Bullion, the LCS is really only good for quick cash in my experience.
SD Bullion is always lower priced than Apmex so is JM Bullion.
I can imagine owning a coin shop and struggling not to grow jaded. Even good customers are odd cats. Extremely skeptical. Tire kickers. Mishandlers. Unreasonable demanders. The prude negotiator. The scammer. The counterfeiter. The lurker. The informant. The robber. I'm sure all that takes its toll.
They aren't jaded. They just want you to buy at a premium and sell at a discount. Profit on the front end and profit on the back end. Standard business practice.
yes, my bet is he got burnt really bad on some stuff. however it should have made him learn how to verify real silver.
Why deal with a idiot dealer? He is playing dumb to get out of the deal, he cant be that stupid and stay in business unless its actually his HOBBY Any reputible dealer has a xrf machine to verify content. Perhaps its just greed, just walk away & never come back.
@@deker0954 That's. It standard business. Standard is to profit when you sell. For example, a retailer pays a premium when they buy from a wholesaler or distributor over what it cost to produce and distribute the goods for the wholesaler, so the retailer adds a premium when they sell. In some cases, they don't even add a premium, which is called a loss leader.
As such, coin shops should pay the same to everyone as they would their distributor to get their supply for sales, if they're consistent and ethical.
I do all the above and more. The owner has no choice but to become my best friend. It’s the only way out
I just met my lcs guy the other day. He was really nice I wasn't trying to sell anything. But I bought a roll of mercs. For 120 He seemed excited that I was into coins and silver. I believe he had good prices,peace dollars at $31 a piece gotta build that relationship before I try to sell anything to him if I had to. He was showing me the stuff he was excited about. After he figured out I knew some things. Overall good experience.
I tried one of my LCS and even tho it wasnt the same it was similar . The owner was just odd , some what rude, treats you like a strangers instead of a customer and im pretty sure he just assumed i didnt know much yet i could educate him on every bar he has he labels generic . I remember when i first called it felt like he was trying to get me off the phone . Idk just weird, you cant deal with ppl like that
Some of them are just weird. We learn a lot watching TH-cam, searching the websites, and stay on top of the bullion market . Some of these shops just get stuck in there little worlds and are quite sheltered to the fluctuations of today .
If this guy don’t want to learn I’m ok with that I spend a lot of money on bullion I’ll spend my money elsewhere. Thanks J W
Same here we have a bad one in my area they are just jerks
I had several jewelry stores in WI really B S me saying they could only pay $6to$8 under spot for generic.999 silver rounds . I was out the door quickly and never returned.
Ha, I've had a similar experience. The first time I went in the shop I asked why his stuff was so much higher than spot. He played stupid like he didn't know what spot price was. Treated me like a crackhead trying to pawn some stolen merchandise. I was very offended and it took awhile before I could swallow my pride and go back.
@@jamesrevell6475 You never should have gone back....
Wow. why would it take him an HOUR to decide he didn't want to buy them? If he didn't recognize them on first glance, he should have just said he wasn't interested immediately! WTAF?! I also live in CA. Hope I never have to deal with that shop.
Time maybe wasn’t passing for him like it was for this guy…. (Perhaps the buyer was not on coffee and was on “other stuff”)
Local dealers where I'm at wouldn't touch my rounds, only my eagles. I ended up finding someone on Craigslist that was willing to take what I had. He brought his tester the first time we met, but after that we built that trust and he never brought his tester out. I'm sure the second time he bought from me, he took it home and tested it. But once you find someone, even if its not a brick and mortar store....which I would rather have....stick with them. Otherwise I would have been stuck with my silver rounds.
Rounds ain't pretty. And that tester will not do a proper assay. A proper assay will leave a mark and that ain't pretty either.
This is the problem with precious metals. You buy gold or silver at full-price in hopes of protecting your wealth or as an investment. You decide to sell it only to find out that you get only a fraction of what you paid for it almost everywhere you go. Precious metals are only good if you're a professional seller or you keep them in a societal collapse.
Uh...no. I get spot plus X. I guess if you live in a rural area, you may be at there mercy. Less than spot is a joke these days.
Or if you’re Mediterranean, African or Asian … You use it as dowry, inheritance or a hedge against hyperinflation
During a "collapse" if you try to barter your gold or silver you will probably get laughed at or killed.
@@Gh0stDrag0n1 People who stack KNOW what to do and whom to do it with. Metals are not all that we stack. I assume you will simply starve to death? Come on dude, simple-minded reasoning such as yours dooms you.
@@Gh0stDrag0n1 …. Not collapse, but hyperinflation. I’d still rather have gold & silver than $
Spending a couple mins checking online to see a product you're not familiar with is fair enough but sounds like a strange experience. At least you've got another good option moving forwards 👍🏼
Seems like the least he could do was check APMEX
That LCS is a moron. I was able to find Nadir bars both on Monument Metals in 2 seconds and with a straight Google search.
That’s one of my fears, that when I move to Europe, I’ll have a difficult time finding a coin store that will take my silver. I’m trying to play it smart by buying coins that are well recognized world over.
Why would you sell your silver coins?
You might want to convert to gold before you go because silver is taxed in Europe but gold isn't. Just make sure to buy .999 gold not American Eagles to go to Europe with lol.
That’s not the problem here it’s that they probably won’t even pay you spot for your silver.
@@davidhimmelfahrt3732 I plan to use it as retirement income.
@@travismartinson1813 in France, gold coins are taxed 10% when you sell them.
The clerk was just trying to shake you down on the price. His stalling tactic provides him an opportunity to “feel you out” on how desperate you are to sell. If you are ever in the Kansas City area, I would be happy to buy them at spot.
I feel very fortunate to have a great LCS in Des Moines. He keeps it business. But I like that, he test, checks ID’s.. but he totally respects the customer. A great experience always.
I learned the same lesson about 10 years ago when I first started stacking. I was always told it's all about the weight, so I got 500 (1) ounce bars to start my stack. I should have just got a monster box. A few years later I was unemployed and needed some cash. My local coin shop would only give me about 30% under spot. I haven't purchased anymore bars since. I'm strictly buying Silver Eagle and Gold Buffalo from now on. I now have 400 (1) ounce bars that I'll probably have to take a loss on someday.
Those are beautiful bars. I'd probably have doubled my stack by now if I could still get bars. Unfortunately with the Silver Eagle premiums being so high it has cut into what I can afford. My brother is also a stacker and we have decided to go in halfs on a Sigma. None of our local pawn shops or coin shops use them. I don't trust any of the local dealers as far as I can throw them. I have plenty of reasons not to. I wont be buying from them unless I can test the metal first.
Get on groups n sell them,, a much better way to sell, saves being ripped off by some a hole in a store.
SD bullion will at least pay spot dude. I bet other online bullion shops will too. Coin shops are dinosaurs and are going to fade. Except for the coin shops that adapted to online sales.
@@jmo82592 That's good to know. I've never sold on-line because I figured after packaging, shipping cost and insurance it would be a substantial net loss. I got most of my bars from APMEX and they have a buy back program but it doesn't get the best reviews. It's worth further investigation. Thanks for the info.
What about gold eagles ? You said you buy gold buffaloes why not eagles ?
My stack is probably 85% maple leafs or Canadian mint for this reason.
I pay a huge premium, but I know when I need to sale you're probably already in disadvantage so don't make it even harder. Also, if I died and family got my stack I want it as easy as possible to sale.
I've been stacking for 20 years never had anything like that happen to me
Just recently started stacking, and I have learned so much from your channel, thanks for the open honest discussion. It has helped me so much! 👍
I'd rethink dealing with that Coin dealer. Nadir is a very common bar, and better quailty as well. Not every LCS has a clue.
That’s jacked up, brother. Sorry you had to deal with that BS. Appreciate you sharing your experience though. At least you have some LCS options besides that dude.
Yeah there’s 4 others around here so F him I’m out never to return thanks MELLOW Stacks
You are correct. There is nothing wrong with generic silver bars. They're easy to test and check the pricing on. This dealer, however, must only risk paying for what he believes his clientele will buy. That's his prerogative. Perhaps he might have been willing to buy one or two bars, but not ten. ?? His loss. Not worth worrying about.
yes but how hard is it to just say that. "Sorry buddy, these bars aren't what my regulars are looking for so it might take a while to move them on" saves all the hassle and both are moving on. horrible business if the guy can't even communicate properly.
@@Fanta....great answer. He just wasted his time and it’s mad he didn’t sell his silver as it’s obvious he still has it by displaying here. Why didn’t he sell it to the other guy maybe saw reason. They don’t trust it.
Those bars are generic; I would buy them either. I like Scottsdale silver, and Valcambi bars
I had the same issue where I was looking to sell 200 silver eagles and the LCs I did business for years wouldn't match the cross town offer I was given by another LCS I never did business with!
I've only been 'stacking' silver eagles for around a year, and your experience does not surprise me one bit, in light of my own experiences with two shops when I tried to sell some of my silver collectible coins. One of the two gave me weird/awkward vibes.
I think they want to sell, but they don’t want to bite back.
Thank you for sharing your experience. Something new I’ve learn today .. It’s ok, not too late to ditch this guy.
My closest LCS is exactly the same… extremely weird dude. He’s been there for over forty years, and doesn’t even own the property. After wasting too much time dealing with him I’m happy to drive 45 minutes to someone with half a brain and some business sense.
Because they had their run of fleecing the buyers for the last 3 years. Also, there is plenty of silver! No shortage!
@@BillyBob-fh5he yup
That's nuts. I'm overseas and got one of these Nadirs recently, chose it over several other brands for it's beauty and competitive premium. I'd sure stay away from that shop.
My local pawn shop offered me $100 less per bar on 1oz Pamp Suisse platinum bullion bars. They sell for $100 over spot. The guy gave me some crap about having to send it to a refiner! They're no longer in business.
And I forgot to mention, if he doesn’t test his silver or any metal for that matter, I’d never buy from him. My old LCS could buy large estates and test back at their office - He said quite often he’d find a few lead or silver/lead coins. Good thing he tested them since he’s out, not the customer
My local Coin shop has been in business for 30 or 40 years. He doesn’t own anything to test silver. They either drop it on the countertop and listen to the sound or his wife told me the other day we can do the acid test.
For some reason coin shops seem to attract business owners with a real attitude. Probably the distrust of counterfeits and potential money loss.
Mr LCS won’t buy non-American coins. I asked him why “I have a hard time selling them. People don’t want them”
I guess he was looking for a good deal.. He wanted to make a big profit on it. That tells me why I should buy coins instead even with a higher premium. Thanks for sharing that!
When I first started stacking I bought a roll of eagles every couple of months. I still think that’s ideal.
The premium is too high on them
@@davidhimmelfahrt3732 yep agree stacking high premium stuff is foolish for me , do rounds I say buy them new .
@@davidhimmelfahrt3732 I would have paused when premiums too off. As a matter of fact that’s what I did.
Was told many years ago to be a good coin dealer ,,,first you have to be a good Thief ,,,and it's absolutely true 👍
Alot of people also don't understand Google is WAY different in 2023 than 2008 :) thanks for sharing your story
Thank you for filing us in on this story!!!
I went in my LCS about 15 years ago and asked what he was paying on recognized silver bars and he said $1 under spot, I have never been back in his store. But heard from other people that he was a good guy. I believe I can get spot for my bars elsewhere, but have never sold any yet. Eagles I will never sell for spot.
That’s what I’m afraid of. When you really get a chance to make some money down the road, the dealers won’t want to pay the price for it.
You should hold onto it until you see the price sky rocket ... Good dealers will always give you a fair price. I've been there!
People always complaining about eagles pricing,but when I went to the coin shop they wanted the eagles not the generic rounds....
Silver is silver it shouldn’t really matter but coin dealers can be overly finicky.
I've had some situations. But for the most part things have been good. Wishing you the best my friend. Take care.
Found myself in the exact same position in uk .trying to sell silver and gold 101 grm off silver was 26 pound .the 1 grm gold was 20 pound on the nail ,also the place you would think would have taken it was the strangest experience yet.they offered around about the same .but I had a gold belcher chain that cost me 2500 .he was willing to give me 2100.the chain is around six yr old so I was winning on that one counting inflation etc ,very strange times .
Man . I got rid of that hope along time ago when I needed money. So we have to very VERY conscious of our purchases. That’s why I’m getting more gold and more sovereigns….I’ve been really thinking about my strategy hard. I want to get it in line to get the best deal and best possible resale
Being a prepper, also includes being prepared for the "odd duck".
Thank you for sharing that experience.
Kenny Rogers comes to mind...
Stack on!
Being ignorant is one thing, being willfully ignorant is another.
Try not o burn bridges in case they need to be used.
Tolerance is an artform.
I can’t believe dude wouldn’t have some type of machine to test silver. That’s just crazy to me!
RIGHT! Totally unreal not sure how he lasted 43 years . Hope all is well CC are you doing videos again I haven’t gotten any notifications from you in a bit . Take care bro let me know if you ever want to chat . Don’t want to say much on here . But I’ve lived through some struggles anyway hit me up sometime brother
wow! I was all expecting him offering you like a dollar or two above spot after you pulled out those bars.
This is why I bought mainly Royal Canadian mint bars. Very easy to get rid of. Always buy something very recognizable with the lowest premium possible
I think it was Einstein that quoted " Insanity is doing the same thing over and over expecting a different result !!
I brought in a mixed box of silver to one of my LCS once, I had two tubes of common dates Peace/Morgan dollars and a few random 5 oz silver bars.
He paid me well for the dollars but the bars he only offered me $10 per bar!!
That was weird.
They went out of business a couple years ago.
I am sorry for your experience 😮. Something weird happened at one of my local shops too. First this particular owner was gunned down by his trusted friend. So Rest in Peace Steve. Now I purchased a vintage 100 ounce Engelhard poured bar. He charged me only slightly over spot. Stating that it was an unknown assayer. I did try to correct him.. not that I wanted to pay more. But I felt weird about the deal. Anyway it was his partner who this deal was with. I enjoyed a great customer relationship with them. And was always surprised by brands and items that they seemed to know nothing about 😮. I subscribed to you😊
Sounds like he stopped learning and he refuses to want to learn from someone else. That’s dangerous and he is only going to fail. It’s a shame.
Did you check all the stuff you bought from him yet?
Wow 😯 the definition of insanity is doing the same thing over & over and expecting a different result. Sorry to hear this happened to you brother. Thanks for sharing miss you
Hope everything else is going well ❤with you
Hugs 🤗
Best wishes
Insanity: "a severely disordered state of mind usually occurring as a specific disorder"
Insanity: Doing the same thing over and over again expecting different results !
Hey sherieward good to see you sister been a minute or two . I hope life is treating you kind you are a good soul my friend I love seeing you apologize for late reply this video kind of went viral for me so many comments to get to .
Big ol hugs
And best wishes
Take care
I’m sorry that happened to you, but that would definitely be the last time I’d give him the option to buy or sell to me.
I just found your channel. And I respect your honesty and that ya didn't put that guy out on blast. I have been wanting to get some junk silver, it just has not of came into my budget yet.. things are tight.
Anyway great video and good education on silver bars ect.
He could have had the decency to tell you he wasn't interested from the beginning
That happened to me years ago as well. Dealer told me he just doesn't need any of that right now. What?!?
Honestly I have a new guy that just bought the pawn store I been going to for many yrs where I live here in Cleveland and he really owes me alot because I have also had to teach this guy his own dam job for the last year and a half now pretty much every time I come in there I have to educate this man on a new metal or coin or bar or where there from what to look for and everything in between.
And actually last week he actually gave me a free silver dime hahahah.
If thease guys new what was good for them they would work with guys like us because I could help his business out so much more then I allready do if I want.
Sales of precious metals are either on the exchanges or via the highly tiered price structures of the alternatives - coinshops, metal sellers, individuals etc. On an exchange in theory everyone sees the same price and metal you want to sell will lower the price on the exchange until your paper represented metal is sold.
If you have real metal - you can turn it into paper probably within 30 days with an assay fee so it can be sold on an exchange.
You can plan on shops you buy from not buying from you in a period of volatility. If it is volatile up they will be selling their own first.
Translate this to precious metals can be highly illiquid during volatile times. If you can turn your metal into paper representing gold in a recognized vault you will be able to use an exchange.
Otherwise you are basically holding an unknown that will sell in the tiered market at a discount and the low price you sell at will not affect an exchange listed price.
I rode 100 ounge englegard bars from 45 an ounce to 8 an ounce trying to sell it when the hunt brithers drove it up from $8. Don't just test buying - test selling.
You shop is not weird - they all get like that just when you want to sell.
I've been thinking about getting into stacking (for investing purposes, not collecting), but I have trust issues. It's imagined situations like this that's really turning me away. I'm thinking, those who actually use the metal for things such as manufacturing already have what they need because they're loaded with money & what's a common man going to do with silver? Make rings? Idk.... EDIT: He's all sell & no buy. He's not a dealer, he's a hoarder of cash.
Stacking gold/silver is a hedge against a possible US currency/economy collapse. If USD was to fail, imports would stop unless buyers had gold/silver/oil, and gold/silver prices would likely 4x overnight. Your stacked gold/silver will always have a use/need, when and if the USD collapses. Think of it more as a safety net, not an investment.
@@itsophishle7044 Gotcha, thanks.
Kathy you don’t buy metals as an investment, think of them as a security or hedge against inflation. If you are looking for quick grow stick to crypto or the stock market.
@@chrisloesch1870 not looking for quick grow
@@saxonwarrior388 I went apmex.
I had a good friend who had an LCS here for decades. He died and the shop closed. The only other one I reluctantly did business with after that is pretty weird too. His wife and daughter aren’t quite as weird but I still feel kind of creeped out going in there. I only buy from SD Bullion now. They are good Christian people and have very reasonably prices. I haven’t had to sell anything in several years though and the convenience of a good LCS would be nice if I did. They last time I sold silver was at a branch of Dallas Gold and Silver Exchange. The guy there bought my stuff at a fair price but wasn’t very courteous. The folks at the main store in Addison are much friendlier. But DFW is over 300 miles from where I live.
Had me at "good Christian people" one should operate their business with fear of The Lord
I get turned on by creepy women but thats just me.
OK something my dealer/buyer told me years ago. They do not like anything in denominations much over 1oz because it is harder to test. Tungsten cores are often found in 10oz and larger bar/rounds.
The coin shop should have a machine that tests the metals.
That’s so bizarre, there’s got to be more to whatever is motivating him. Not sure, but that’s definitely a one off situation.
🔥🦈🌊
Don't sell to him, but if it's in your favor, keep buying from him.
I would have walked out and never did business with the guy again, then I would go to a different LCS and sell my perfect 10 oz. silver bars to them. And btw, my local coin shop is paying $2 over spot for silver.
Silver and gold are really nice to look at but they are kinda illiquid if you get a bunch of it. I’ve been collecting for years, but you always pay over spot and you only get spot or less, and when the price goes up, people just don’t want it because they think it’s going to go back down. I also think a lot of these dealers are irresponsible with money and sometimes they don’t have the money to buy it from people.
I wouldn't sell those bars at spot! $3 per ounce, over spot is lowest i would go, especially these days. I have a feeling that LCS is not going to be in business much longer. Thanks for sharing this "savage" story! 👍
Thanks JM yeah he’s was getting kind of weird your probably right he’s probably headed into retirement soon it’s most likely in his best interest to do so and soon . The premiums are actually coming down pretty good right now so a buck or two over is a good deal right now I sold 5 at 1.60 over spot I had to take care of a few bills . Didn’t really hurt me none I purchased them at 21 an ounce so I did good . Thanks bro
@@savagestacker 👍
No dealer is going to pay $3 over spot per ounce. I get what your saying but that ain’t gonna happen.
@@chrisloesch1870 I hear ya. I can depend on timing & shopping around too. There have been times in the last 3 years, when LCSs have been completely sold out of silver. I have seen them pay $3 over spot for generic 10oz bars, during those times
If you need to sell, you are buying way too much silver. Stop for a while, slow down.
Can always sell to Midwest coins. He’s reasonable and covers the shipping.
Do you think Silver Towne bars are more widely accepted in general at LCSs?
Sucks you had that experience savage, at least you got the other shop there. I know it doesn't help in a pinch but I'm always open to purchase silver at spot if u need to unload any, especially that una and the lion bar
Your story was well presented and very, very helpful.
FYI
Spot Price: Once upon a time miners would quarry, process and smelt 80-90% pure bars and bring them to auction. At the auction, refiners would bid on these dirty bars known as 'DORE' bars. This is what led to the concept of 'Spot Price.' From there the refiners would ship, purify then press them into established weights that were then sold and shipped to Mints. The mints would then take these bullion blanks and stamp them into select bars and coins. There are a dozen players from the time the material comes out of the Earth to when it ends up on a sales floor.
So when I hear a shop or business only offering 'Spot Price', what they're really saying is : 'I want to rob you.' Because what they're fundamentally doing is EXTRACTING all the added value from the refiner, Mint and all related labor costs and logistics. They want to pay raw sugar cane stalk prices but receive refined and individually packaged product instead. The value difference is obscene.
Additionally, it only took me three minutes to discover that NADIR is a Turkish bullion producer. It pops right up in Google. *shrugs*
I think we take for granted that a shop will just buy whatever and whenever... but they may not have the ability to do it due to bad management OR he may believe metals are at a peak and doesn't want to take a bath.... so you never know. just don't go there ever again. If I ever try to sell in the future, I plan to do it private party.
Out of thousands of comments on this video I believe yours is the most reasonable and makes the most sense especially only getting a piece of my story . Great level headed thinking and common sense prevail. Thanks Travis
This story holds a valuable lesson...diversify your connections
I can learn from this
How did he survive for 40yrs that's crazy mate but the good thing is you can buy the exact same silver from everywhere so really he is selling a service even though it sounds like he is doing a terrible job of it.
Another good vid thanks for everything you post I watch every minute.
Yea, no kidding
Somehow those dealers manage to survive. We have one place here in Montreal that is always more expensive than everyone else: Online and local. I went there a few times and when I would show him lower prices on online sites, his answer was : "well, you can get it right now here. If you order online you have to wait for 2 weeks and pay shipping", The thing is, shipping is less expensive than the gas I use to drive to his place and back. And, with most dealers it takes about a week to get your order at most... still, there is no emergency, when you buy silver or gold, you are gonna keep it for years, a few days more or less make zero difference. So most of the times I went there I did not buy anything but kept going as part of my round of dealers in the hopes he would see the light and price match at the very least... he never did so I no longer go. Crazy he would pass on a sale because he cannot make ridiculous profit on what he sells.
I have similar here they are pretty arrogant about it aswell. I simply keep quiet say thanks walk out and order it off my phone. The amount of silver I have purchased from my phone whilst sitting in the Cafe across from the lcs is nuts, nowdays I'm just looking for unique stuff when I go in.
By selling coins to collectors and not bullion.
Maybe time for him to retire
Holy shit that's a crazy story bro . Thanks for sharing Big Dog.
I can't blame a buyer for being suspicious. If you are not familiar with the product, you test it. A guy brought 150oz in and wanted to sell. Dealer cut one all the way through to verify it.
Brother that’s a weird arse experience, I deal with this shit from my local scrap dealer selling copper, I wouldn’t expect a precious metal dealer doing the same crap lol, really f’d up!!
Right! No more for me I’m using my original guy from now on
Sounds to me like this was a one off experience. Sounds like someone who isn't too bright, is a bit of a shyster, or maybe really does have some mental OCD type issues. Nadir bars are perfectly recognizable. They are a major and well known refinery out of Turkey, and a lot of different places have carried them. The last place I saw them was Miles Franklin precious metals, but I've seen them plenty of other places. I tend to avoid large bars, since I know it's easier to find buyers of lower or small increment stuff. But yeah, always talk to your local coin shop so that you can really get the know them. Mine has a super expensive machine to test their metals, and they will let me bring in anything I buy to have it tested for free because I'm a good customer. Sorry that you had such a bad experience, but it takes time sometimes to find a genuinely good coin shop. You really ought to think about trying to sell to community members, if that's feasible. I know there would be a lot of people who'd be happy to take those nice bars off your hands.
Half way through your video I'm thinking he is low on cash! or regretting the spot price quote.