LCS news

[ancona]

I just got back from a quick run to my LCS and have something interesting to share. While there, a guy walked in that wanted to sell about fifty Apmex one ounce bars and the same number of Apmex rounds. My LCS told him he would buy them, but at a $5.50 below spot price. The guy was astonished and apparently a bit pissed off. He asked why and my LCS told him that he could take them elsewhere, but all the local coin shop will say the same thing. He told the guy that as a coin dealer and bullion seller, he wasn't about to advertise for Apmex because he wants his customers to come to him, not go on-line and buy from Apmex. i guess if you look at it through their eyes, they're right. When the guy left, i told him I had a hundred and fifty ounces of Apmex rounds and bars, and what should I do. He suggested selling them back to Apmex and getting sovereign silver or junk, because even when silver is in a mania phase, he only bought stuff from other retailers at a steep discount to spot. While I was there, i walked around and looked at his stuff, and didn't see a single round from other dealers. I'm going to take his advice.

 

[Penn]

Mark- how do you know you seen that? This could have been an act- a put on. Planned- to get stackers to panic and to unload.

Do not churn your stack. That is how you eat fees. The past few times I been to coin shop- he has no inventory. So go by that- and the amount of browsers on sites like this one.

 

[pmbug]

I would be interested in his answer if you asked him if the same deal applies with Scottsdale Silver ingots/rounds.

 

[ancona]

It's the same thing with Scottsdale, A-Mark and others. He won't carry the small bars and rounds in his display case because they encourage people to not come to the LCS and buy on-line instead. Oh he'll buy them all right, but at a discount to spot. The big bars are different, because someone coming in to buy a hundred ounce bar or a kilo bar is buying from him because they don't want to send off that much money and have to wait for weeks to get their product. He does, however, keep large bars in the safe out back.

 

[dontdeBasemebro]

Interesting, but selling to a dealer was never high on my list. Selling ever was never really high on my list, actually.

If all you had was generics that would be one thing, but with how low prices are right now I definately wouldn't churn either. Well, maybe these are some that you got in singe digits, so I guess you could do it without too much pain, but then you could always sell on the net or something.

 

[MasterQ]

I only ever bought apmex generic rounds to play with.

I do own a bit of scottsdale but I would think an LCS would be insane not to list/show/sell them. They are beautiful and would sell very fast!

I guess I won't even try bringing my SBSS rounds in even though they are out of business and the coins are equally beautiful and unique.

Regardless, ebay has been fetching unbelievable premiums from buyers for those beauties. The word of mouth on them has been very nice for us stackers.

At least I know I can unload the sunshine bars and libertad coins if I needed fast cash in a pinch.

Thanks for the tips Ancona!

-Q

 

[DSAbug]

He's trying to work you and get some silver 5.50 below spot to make the spread. You shouldn't be selling when things are dead unless you absolutely have to.

 

[11C1P]

I have a bit of news on my LCS. First time I've bothered going in for several months and when I meander over to the junk silver, the tubs that used to hold 1/4's & dimes are gone. I saw one loose each of a 1/4 and a dime. They told me that was all they had left! The tub of 1/2's was real low too. The dollars were still doing fairly well. I ended up buying the last 1/4 & dime (if for no other reason than to say I cleaned out my LCS of all the junk dimes and 1/4's they had in stock!) then despite me not really wanting to give them any business anymore, I figured might as well make it worth my while and bought a couple dozen 1/2's and a few maples as they actually had a really good price on them compared to what they usually do.