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moboman
1000+ Penny Miser Member
USA
2555 Posts |
 Posted - 02/07/2009 : 20:00:55
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So the dealer charges now $3 over spot + 6.5% sales tax. Spot is $13.15.
This guy was in and purchases 60 of the ugliest art bars I'd ever seen. I guess he's just someone worried about the future of the US and doesnt know that he was getting ripped off.
So for a little over a grand, he got 60 toz of silver. I got ASE's and maples for less than that. 
And to think, this dealer used to sell everything ase, and maples even for $1 over spot. If it was a one oz silver coin, it was $1 over spot.
I am glad to see silver over 13 again though. 
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"99% of all lawyers give the rest of them a bad name"
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 02/07/2009 : 20:14:19
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| Wow $3 over spot...its sad the guy didnt do his reasearch before buying and its sad the dealer will rape someone like that |
Copper Penny Investing
www.portlandmint.com |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 02/07/2009 : 20:14:45
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| Happens a lot. Uneducated new buyers are big bucks for dealers. |
Trolling is an art. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 02/07/2009 : 20:18:57
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A fool and his money.. are lucky enough if they get together in the first place.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 02/07/2009 : 20:38:24
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| I dont think I would have a dealer that would treat newbies like that. Probably tell him he lost a reg for taking advantage of this other guy. |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 02/07/2009 : 23:01:48
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| They are even down to paying $-.50 when they are buying. That number was a dollar over just a few months ago. They blame it on lack of availabilty, but this dealer's prices have shot up over the past couple of months. They used to be about what stuff was on ebay before tax. I couldnt tell you what 60 ozes of silver would cost on ebay, but I would hope it's not $3 over spot. |
"99% of all lawyers give the rest of them a bad name"
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ME CO
Penny Pincher Member
USA
199 Posts |
Posted - 02/07/2009 : 23:25:12
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quote:
Originally posted by HoardCopperByTheTon
A fool and his money.. are lucky enough if they get together in the first place.
Thats a good one.
At least the guy came away with some metal but at $3 over he'd been better off payin the $50 over for gold.
I haven't been to my local guy for awhile, trying to keep my $$$ for hunting, but last time I was in he was at $3 over for any silver too. I just go in to look at his gold and usually leave with a lil piece, thas why I ain't been back for awhile- I can stays at home and look at my own gold haha.
Silver mine is still strong- just topped 100z's so far this year.
HH Mark |
"54/54/2280" |
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kieblera5
Penny Hoarding Member
USA
859 Posts |
Posted - 02/08/2009 : 00:57:23
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| I thought is was illegal to charge sales tax on bullion? Anyone know anything about that? |
Democracy is being allowed to vote for the candidate you dislike least.
Never argue with an idiot. They will drag you down to their level and then beat you mercilessly with experience.
Caller number seven gets the Peace Prize!
Get coding tips, tricks, and more at: http://codingmonday.blogspot.com |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 02/08/2009 : 01:01:44
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quote:
Originally posted by kieblera5
I thought is was illegal to charge sales tax on bullion? Anyone know anything about that?
They charge here in Wisconsin by law. In fact I was talking to my main dealer about this topic and had asked him why he doesnt do coin shows. He says because he would have to charge sales tax, while the other dealers there dont (they are in essence breaking the law unless they back the tax out of the transaction or report it as part of the total sale) and that would put him at a disadvantage in fighting for the showgoers money. |
My hobby: collecting real money 1 copper cent or nickel at a time.
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oober
1000+ Penny Miser Member
USA
1304 Posts |
Posted - 02/08/2009 : 10:33:17
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quote:
Originally posted by CoinHunter53562
quote:
Originally posted by kieblera5
I thought is was illegal to charge sales tax on bullion? Anyone know anything about that?
They charge here in Wisconsin by law. In fact I was talking to my main dealer about this topic and had asked him why he doesnt do coin shows. He says because he would have to charge sales tax, while the other dealers there dont (they are in essence breaking the law unless they back the tax out of the transaction or report it as part of the total sale) and that would put him at a disadvantage in fighting for the showgoers money.
Thats interesting. I'll have to ask my dealer, sometimes he does sometimes he doesn't. Maybe I wont ask, it keeps it cheaper for me when he doesn't.
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wagsthadog
Penny Hoarding Member
USA
565 Posts |
Posted - 02/08/2009 : 10:48:06
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Hi there-
Hate to see ripoffs, but no one likes a snitch. I would just keep my mouth shut. Caveat Emptor!!
JMO
wags |
Only when they CAN'T have it, ......THEN they'll want it.
I love Cents. If you get an UNC box, you win. If you get a regular circ. box, you win. If you get a zinc box, you don't lose....so you still win. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 02/08/2009 : 11:32:17
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quote:
Originally posted by kieblera5
I thought is was illegal to charge sales tax on bullion? Anyone know anything about that?
Sales tax on U.S currency and bullion goes from state to state. States likes Iowa, Minesota, South Dakota all passed laws within the past 2 years to outlaw this. Other states like Wisconsin are allowed. I think there is something like 27 states that dont allow it. |
Copper Penny Investing
www.portlandmint.com |
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Watched someone get raped at the coin dealer today
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