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Has APMEX turned into a WE BUY Gold oufit?

Discussion in 'Gold Silver (All things Metal)' started by Silver, Feb 2, 2018.



  1. Silver

    Silver Gold Member Gold Chaser

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    Sent APMEX an email requesting a buy price on some graded American Eagle Gem Proofs (see pic). Over 24 hours later they responded with an offer of approx. $40 under spot. Sounds like a low ball to me - and I've done 6 figures business with them buying in the past. There were a couple of other items in the request, but the graded proofs are what pissed me off. What do you think? Gold Eagles front.jpg
     
    stonedywankanobe likes this.
  2. Wellsburg

    Wellsburg Silver Member Silver Miner

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    Upstate Coin is paying Spot + $10 per ounce with mint box and COA, and minus $5 per ounce in any slab, so yes, a bit low.

    Proof US gold eagles have gone off the cliff recently.
     
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  3. Dude

    Dude Midas Member Midas Member

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    Provident sent me a sales deal for $49 over with mint box and coa for random dates. I get a lot of the 10% ebay buck deals so I snipe and get pre 1933 gold in at least AU for under spot and the occasional slabbed MS61-63 for a little bit over. And yes, I calculate the fact that these coins do not have a full ounce of gold. I don't know what your coins are getting on ebay, but you might want to check.
     
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  4. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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    that really sux......i have never been a "slabbed" coin buyer and always thought there was a high risk of this sort of situation especially on graded "bullion" type coins ........but i suspect as with all things the market will come/go as always on supply and demand
     
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  5. savvydon

    savvydon Gold Member Gold Chaser

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    This
     
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  6. Silver

    Silver Gold Member Gold Chaser

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    I traded for them several years ago, but always thought they were worth at least something over spot, I just wanted to see what APMEX would pay. I ended up selling them to JM Bullion for spot (1349) + 12 - they're on there way right now.

    It just pissed me off that APMEX would lowball me after as much business as I've done with them.

    And JM Bullion responded in 10 minutes, whereas APMEX was 26 hours later.
     
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  7. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    APMEX seems to run their business a bit differently than JM.
     
  8. southfork

    southfork Mother Lode Found Mother Lode

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    I had quite a few of the last 3 years of the silver lunar series from perth mint, they were selling for at least 2 to 3 times melt at the time, they wanted to pay 1.00 over melt.
     
    Last edited: Feb 3, 2018
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  9. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    Not defending apmex too much here but that is a highly counterfeited Gold coin, maybe the #1 counterfeited Gold coin in the world and there they are sealed in plastic by who knows who and where. IMO Apmex is taking a huge chance buying them from anybody sight unseen.
    Unless you know exactly what the slab is supposed to weigh and can tare out your scale to weigh the coin I wouldn't buy it either.

    .
    Counterfeit modern U.S. gold issues in fake NGC holders with fake labels
    Includes American Eagle, American Buffalo 1-ounce gold issues
    By Paul Gilkes , Coin World
    Published : 03/22/16

    Text Size
    [​IMG]


    Immediate points that something is amiss with this 2014-W 1-ounce gold American Eagle is that the piece illustrated has Proof surfaces but the grade is for a Mint State coin.
    Images from dealer who wishes to remain anonymous.
    Counterfeit Proof American Eagle and American Buffalo 1-ounce gold $50 coins have been reported in Ohio encapsulated in fake Numismatic Guaranty Corp. plastic holders with counterfeit grading label inserts.

    The counterfeits surfaced in the greater Columbus area at a retail coin shop whose owner wishes to remain anonymous.

    The dealer reported March 21 that a customer came into his store a few days earlier to sell a purported NGC-certified 2014-W American Eagle 1-ounce gold coin. While the piece initially appeared like any other Proof American Eagle, further examination showed that the encapsulated coin, while exhibiting Proof surfaces, was missing the W Mint mark of the West Point Mint.

    https://www.coinworld.com/news/prec...bullion-coins-in-counterfeit-holders.all.html
     
  10. southfork

    southfork Mother Lode Found Mother Lode

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    Im sure apmex tests these coins before they make payment.

     
  11. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    Yep, but how many do they have to deal with on a daily basis? They have to pay someone to sort all these fake coins, and then what?
    Send them back to the person who tried to sell them? Call the cops?

    My LCS will loan you a pair of tin snips and a paper bag if you want to sell him a commonly counterfeited slabbed coin. It's up to you to get it out.


    .
     
  12. savvydon

    savvydon Gold Member Gold Chaser

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    There is a verifier on the market which can test these coins through the slabs. Apmex won't pay for these coins until they have been received and verified/authenticated. I agree that Apmex is a big company with overhead to pay for. Furthermore, it is absolutely their right to pick their buy and sell spreads. That having been said, these spreads are nowhere near the best in the industry, imo. In the past I have definitely gotten a waft of 'we are who we are, take it or leave it' from them. These days, more often than not, I leave it.
     
  13. southfork

    southfork Mother Lode Found Mother Lode

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    http://www.alibaba.com/trade/search?fsb=y&IndexArea=product_en&CatId=&SearchText=gold+coins+copy

     
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  14. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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  15. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    Every ounce of bullion I have ever bought have been measurable verifiable coins. I did have a couple of 1oz gold bars in assay, which I haven't tested but have a pretty good degree of confidence in their authenticity based on where I bought them from. Sadly, I did lose all my precious metals in that horrible boating accident. Sad really!!!

    jesussaysnope.gif
     
  16. southfork

    southfork Mother Lode Found Mother Lode

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    They even make the old CC morgans in the mint packages

     
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  17. Dude

    Dude Midas Member Midas Member

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    The sigma unit I got on ebay a year ago is still selling there at 759.00. Of course I waited for 10% ebay bucks...
    Works well, even through the slab.
     
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  18. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    This is why I have always bought from APMEX (with very few verified exceptions). I'm not a gambler, I'm just a guy trying to protect some of his wealth!
     
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  19. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I plan to buy a Sigma unit in the very near future. Since I am a power seller on ebay selling many silver art bars and silver coins, that will come in very handy for me. On certain silver pieces, I usually weigh them and use calipers when it is a coin with official dimensions. There is also a local coin dealer that I have done a lot of business with that has an x-ray gun that will also test gold and silver. If there is a possible issue with a coin then I will take it to him to verify silver content. Since I occasionally sell silver (and gold) pandas, I take those to hime to test before I put them online to sell. I have taken several silver art bars and coins to him to verify silver content before selling on ebay.
     
  20. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Those silver lunar coins still sell for 2X - 3X melt. Those seem to hold their value very well IMO.
     
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  21. southfork

    southfork Mother Lode Found Mother Lode

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    Speaking of those coin scanners, I was at a coin show one day, guy trying to sell a gold panda, one ouncer. One dealer tested it with the sigma and it said it was fake, dealer next to him tested with the xray gun it said it was real, neither dealer would buy his coin.
     
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  22. Dude

    Dude Midas Member Midas Member

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    Good to know. I tested all my stuff. All good.
     
  23. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    When in doubt, believe the one that tested it as a fake.
     
  24. Silver

    Silver Gold Member Gold Chaser

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    The number one counterfeit coin is the British Sovereign - they've been counterfeited for at least 100 years.
    The Eagles I'm selling came from a large local dealer and the coins have very fine and perfect detail and the PCGS holders are registered, have holograms, and are exactly as they are supposed to be. I've sold others that I got in that same trade to other dealers. I didn't just fall off the truck.

    How would APMEX be taking a huge chance with an establish VIP customer, that they don't pay until the goods have been verified?
    I'm not trying to sell them to you.
     
  25. Usury

    Usury Platinum Bling Platinum Bling

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    One time several years ago I contacted several major dealers and asked them how they ensured that their inventory acquired from other than mints was genuine PM. Apmex was the only one to respond with what I considered a good answer, and indicated that they scan all purchases. XRF IIRC.
     
  26. southfork

    southfork Mother Lode Found Mother Lode

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    I would think all dealers today have some sort of scanning device given the large amount of fakes today.
     
  27. newmisty

    newmisty Duppy Conqueror Midas Member

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    APMEX is the shiznit. I walked into their building through security with a box of AU&AG in flip flops and stayed until many of the employees had left. Real nice folks, easy to deal with and no BS. But here's the reason I really can't complain. In case it's hard to read, this is APMEX buy prices they gave me during a sell off in Aug, 2015. This is APMEX BUY PRICES FOR 1OZ SILVER BULLION. Average buy price for listings on this page is $65.66 per troy ounce Ag in Aug. 2015 20180208_203106.jpg
     

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