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Never redeemed bullion before, but just made some calls

luckabuck

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#1
I've never redeemed bullion held before, but made calls to the two largest bullion dealers in the US that I have purchased from before. These scoundrels not only made money on my purchases, but now want to pay below spot with their buy back quotes. They want to make money on both ends in addition to my paying postage and insurance.
 

the_shootist

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#2
I've never redeemed bullion held before, but made calls to the two largest bullion dealers in the US that I have purchased from before. These scoundrels not only made money on my purchases, but now want to pay below spot with their buy back quotes. They want to make money on both ends in addition to my paying postage and insurance.
Yep! Pretty much normal. These guys are in business to make money, not friends!
 
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BigJim#1-8

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#3
I've never redeemed bullion held before, but made calls to the two largest bullion dealers in the US that I have purchased from before. These scoundrels not only made money on my purchases, but now want to pay below spot with their buy back quotes. They want to make money on both ends in addition to my paying postage and insurance.
Try listing your bullion here in the buy/sell area. You'll probably get better results from private buyers. JMHO.
 

ttazzman

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#4
while i dont like it........they are in the business to make $ ......and they do not twist your arm.... buying ...or selling ...

this is why being very careful about buy margins is so important
 

luckabuck

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#5
I've never redeemed bullion held before, but made calls to the two largest bullion dealers in the US that I have purchased from before. These scoundrels not only made money on my purchases, but now want to pay below spot with their buy back quotes. They want to make money on both ends in addition to my paying postage and insurance.
They quote a high spot number when you buy, but lower the spot number when you sell back to them.
 

ttazzman

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#6
They quote a high spot number when you buy, but lower the spot number when you sell back to them.

just like the spot market.....ask and bid......meaning sellers are "asking" for a price........and buyers are "bidding" a price ....thus a spread.....sometimes those numbers are far far apart and actual price is somewhere inbetween on each individual transaction.....your selling so your the "ASK" ....they are buying so they are the "BID" ......you can always negotiate a middle price if they are willing
 

GOLDBRIX

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#7
Try listing your bullion here in the buy/sell area. You'll probably get better results from private buyers. JMHO.
I've never had a problem with any SELL or BUY from a GIMMER member. That has been my experience.
 

SilverBuyer

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#8
I've never redeemed bullion held before, but made calls to the two largest bullion dealers in the US that I have purchased from before. These scoundrels not only made money on my purchases, but now want to pay below spot with their buy back quotes. They want to make money on both ends in addition to my paying postage and insurance.
What are you selling? Most of the big dealers have pretty fair buy back prices on generic bullion. Think Provident was 10 cents under spot last I checked.
 

hoarder

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#9
If you're not in some crime infested city, you could sell it on Craigslist.
 

GOLDBRIX

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#10
If you're not in some crime infested city, you could sell it on Craigslist.
Yeah, I've done that too. But from now on I give my Gimmer Bros. and Sistas first shot.
:oriental:
 

savvydon

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#12
I've never redeemed bullion held before, but made calls to the two largest bullion dealers in the US that I have purchased from before. These scoundrels not only made money on my purchases, but now want to pay below spot with their buy back quotes. They want to make money on both ends in addition to my paying postage and insurance.
Premiums across the industry on gold eagles and similar bullion have plummeted recently, on both the buy and sell side. My guess is that this is secondary to many people trying to redeem their bullion currently.
 

SilverBuyer

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#14
The standard for years was: "Three Up, Three Down"

It was seen as fair to everybody.
And it's even lower than that now but of course people will still complain. Provident is selling a single 1 oz gold eagle for 1452 (cheaper in bulk), buying back at 1421. A 3% total spread. Silver is a little higher more like 5-6% total (almost 3 up 3 down, more like 4 up and 2 down in this case)

If you buy higher premium items you need to sell on Ebay/private sales otherwise you are going to get killed.
 

glockngold

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#15
I've never redeemed bullion held before, but made calls to the two largest bullion dealers in the US that I have purchased from before. These scoundrels not only made money on my purchases, but now want to pay below spot with their buy back quotes. They want to make money on both ends in addition to my paying postage and insurance.
Ok,
Let's say you were a coin shop/bullion exchange, whatever.
How would you do it?
 

Mujahideen

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#16
My local coin shop buys silver eagles $1 over spot and most popular items with queen Liz Beth’s mug at spot, unless they are scuffed or otherwise damaged. And under spot for everything else.
 

Unca Walt

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#17
Ok,
Let's say you were a coin shop/bullion exchange, whatever.
How would you do it?
He'd take all the risk and buy it at whatever spot is. Then, when it goes down a dollar, he will sell it back. Just a conduit outa the goodness of his heart.
 

TomD

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#18
Can you think of any industry where the dealers buy and sell at the same price? Think about a car dealer, you sell your old car to them at "trade in value" and they sell it at dealer retail. And there's a good 20%-25% spread.

What were you selling? Was it just straight bullion type stuff or did it have a premium value? I've heard some reports of the online dealers offering pretty good prices to buy semi-numi. Not what they would sell it for but significantly more than spot.

But, as said above, your best bet just might be selling it here. I've bought and sold several times on GIM and had no problems.
 

ttazzman

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#19
buy backs are always set via the Supply chain.............if they cant buy products at the price they are paying they will soon be out of business due to lack of inventory