| Author |
 Topic  |
|
|
pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 10/18/2008 : 13:29:52
|
Went to my favorite coin dealer today and here are my observations/what I was told by the dealer-
I wanted to buy a 1/2 ounce gold coin (preferably a Krugerrand or Maple Leaf) he was sold out of all 1/2 ounce coins. I did buy some gold but not in coin form.
Personal observations- Usually my dealer has about 500-600 common date silver dollars (Morgans and Peace) for sale. Today he had only 40 of each. His bin of common silver halves, the 90% silver, was empty. The silver dime bin and silver quarter bin seemed full but not as much as in the past. The supply of silver bars and rounds looked lower than usual.
What I was told by my dealer.
My coin dealer will sell to other dealers if they need stock, he told me he sold $20 St.Gaudiens Coins to other dealers just so they would have something to sell to their customers.
His price-$200 over spot, and these coins were not even mint state condition-and the other dealers bought all he had! *
He also mentioned thare was a coin show with 400 dealers and there wasn't a gold coin to be had among any of them. *
He also told me that 1 ounce gold, 1/2 ounce gold, 1/4 ounce gold is tough to come by. He had sold some Philharmonic gold but had to wait 6 weeks for the coins to come in before he could deliver them to his customer. *
I told him that this market is out of whack and he agreed. Those who have gold or silver are not selling and in turn he has no coins, rounds or ingots to sell, other than what he has on hand.
My dealer is also a jeweler and jewelry is his main business. Coins and PMs are his second biggest selling item, but he would survive if his coin and PM sales were to dry up.
*=What I was told, I have no way to verify if this is absolutely true or not.
I think the biggest problem is the PM market,(the real one, not the fake COMEX paper one) has locked up. Sellers realize they can get more on eBay than from selling to brick and mortar stores, and eager (or desperate) buyers are finding eBay as the only way to get PMs.
Maybe the internet is messing up the PM manipulation scheme?(Just a wild guess, nothing more.)
|
|
|
Computer Jones
1000+ Penny Miser Member
USA
1112 Posts |
Posted - 10/18/2008 : 13:44:50
|
| Maybe I should see if I can take some leave from my real job and start hanging around the local gas station, "Psst... Hey, Buddy want to buy a real Dime?". |
There's profit if you melt things!!
8{> |
 |
|
|
pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 10/18/2008 : 14:12:40
|
| Funny you should say that Computer Jones, I bought a "real dime" dated 1953 off a co-worker for a buck. |
Edited by - pencilvanian on 10/18/2008 14:13:21 |
|
|
|
cwgii
Penny Hoarding Member
USA
924 Posts |
Posted - 10/18/2008 : 16:54:23
|
| worlds biggest garage sale deffinately has had an impact on many facets of business. i have never seen figures, but it has to have a bigger $$ of sales than any chain store. or maybe even all of them put together. |
|
|
| |
Topic |
|
|
|
Out of whack market
Forum Locked
