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n/a
deleted
33 Posts |
 Posted - 07/15/2009 : 21:27:02
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When I walk into a coin shop, how exactly (and/or what and where) are they determining the price of silver at that given moment?
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Edited by - n/a on 07/15/2009 21:28:03 |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 07/15/2009 : 21:33:41
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| Depends on rarity of the coin, country, demand for it. Price for them to acquire it. Spot price, over head. If they're shady and shaft buyers. |
Trolling is an art. |
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n/a
deleted
33 Posts |
Posted - 07/15/2009 : 21:55:40
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| I guess I should have been more specific. Silver bullion. The lady was in front of a computer accessing some website that gave her the price from which to determine the price I should pay. |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
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n/a
deleted
33 Posts |
Posted - 07/15/2009 : 22:18:05
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quote:
Originally posted by Neckro
You must be logged in to see this link.
That's not the site I remember or the one she said she was using, but it looks like it's the same information. How exactly am I supposed to use that information? |
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fb101
Administrator
USA
2856 Posts |
Posted - 07/15/2009 : 22:20:21
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They must be selling at a fixed price above spot, so as spot moves, their prices do.
Ask what the premium to spot is. |
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daviscfad
1000+ Penny Miser Member
USA
1664 Posts |
Posted - 07/15/2009 : 22:22:05
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| that tells you the current price of silver,gold,ect. You must be logged in to see this link.it has Canada also |
Inquiring minds want to know |
Edited by - daviscfad on 07/15/2009 22:22:56 |
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moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 07/15/2009 : 22:28:48
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| Most coin dealers that deal a lot in bullion have their current price over spot, spot price, sell price, buy price, and various other information posted somewhere so that each customer doesnt tie up an employee for an hour asking those questions. |
"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 - 07/15/2009 : 22:35:01
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| They look on the website for the spot price. They most likely arent using the number that the website buy/sells at. They just need to know what spot is and than they tack on their preimium over spot. |
Copper Penny Investing
www.portlandmint.com |
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goodcents
Penny Hoarding Member
USA
504 Posts |
Posted - 07/16/2009 : 08:54:40
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Zippy,
Excuse any repeat information. Just giving my own condensed version...
When you go to buy generic silver rounds, bars, etc she's looking at the current spot price on whatever website she prefers. Just like a stock ticker the spot prices changes every second throughout the day.
So for example if spot price is $13.00/ounce The scenario could be:
Selling generic silver rounds at 1.00 over spot, Buying .50 less than spot
Normally but not always Engelhard, JM will be a small premium beyond that.
Canadian Maple Leaves, American Silver Eagles, Onzas, etc will be a much higher premium over spot.
A simple call around to different coin shops to see their selling price over spot will help you find the best deals. I have found shops that do sell at spot price and pay a dollar or two under spot. Those are rare in these parts but a great value when you do find them and if they actually have silver on hand at those prices.
Joe |
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n/a
deleted
33 Posts |
Posted - 07/16/2009 : 22:58:44
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I figured it out. It was A-Mark. She took it directly from that site. She just multiplied the number of coins I was buying by the price shown on the A-Mark site.
I still can't figure this out. Why does Kitco live prices say Bid=13.29 Ask=13.33 but A-Mark says Ask=$15.91? Did I pay too much (for Silver Eagles)? |
Edited by - n/a on 07/16/2009 23:02:59 |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 07/16/2009 : 23:01:54
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quote:
Originally posted by ZippyGaloo
I figured it out. It was A-Mark.
I still can't figure this out. Why does Kitco live prices say Bid=13.29 Ask=13.33 but A-Mark says Ask=$15.91?
That's for Eagles. I guess everyone uses different sources. Should shop around. Most of the time, local Dealers will not give you such a big deal. Since you basically have to pay sells tax on most orders. |
Trolling is an art. |
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How is the price of silver determined?
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