The Truth! The REAL Way Coin Shops Make Money.
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- Опубликовано: 7 фев 2025
- In this video, I show the real way coin shops, bullion shops, pawn shops, and jewelry shops make money on their customers.. and it's not just from when you buy from them! The Truth!
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My website (shop for coins and bullion) spegtacular.com/
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Great information Speg! If I was a LCS or precious metals buyer I would be cursing you, but I’m not. I am a consumer, so I am applauding you for putting this information out there. 👏🏽 👏🏽 👏🏽 Being armed with this information can potentially save someone A LOT of money if/when they want/need to liquidate some of their precious metals so long as they are willing to do their homework and shop around.
I’m sure the people who are upset ARE actually in the business. The point is to be transparent. The seller never includes the actual value of the piece vs what they’ll give you for it. I believe the consumer.. us.. the little people.. need to know what we’re doing in order to make an educated decision.
Some people don't understand the overhead coin shops have. Not to mention they may have to hold the coins you sell then for months to get their money back.
@@josephhicks4743 exactly correct. The LCS I go to is a friend of mine. A really good guy. He has lots of assets but depends on economic conditions. He has a huge investment and lots of overhead. We are all trying to make a living.
I would say that the vast majority of people don't understand the cost of any business.
I used to run a building material thrift store for a non profit. People couldn't understand how we just couldn't give the stuff away for free since the material we sold was donated.
Their eyes would just roll as I explained, rent, utilities, maintenance, salaries, admin requirements, supplies, fees etc etc. with the multiple items under each of those items.
Bullion, they're probably selling off to the wholesaler but anything numismatic it can sit around.
@@mitche314159 yes. That's what the whole video was about.
Exactly. Most dealers have regulations & holding periods that can be for weeks. Saying you can just "flip it" to a refiner is not accurate at all
I think it will push shops to provide better customer service. Some of the worst service I’ve ever had was in a bullion shop. My LCS absolutely sucks. I would personally love to have a shop close like Coin Guys Shop. Love that guy. Like the variety in his shop. Always welcomes you with a smile and his pistol. lol. Keep up the good work and God speed my friend.
My city (7th largest) is complete trash when it comes to decent shops/dealers. If everyone had a Coin Guy, life would be good.
@@peteschammann1592 And now he sells on whatnot picked up a few items from him I 👍
The Truth! The REAL Way Coin Shops Make Money.
Buy low. Sell high.
LOL!
This is very true I intake scrap precious metals and this is the bread and butter of my business. It is essential in keeping the business going.
I love having a great relationship with my LCS. I almost want to ask for a part-time job, but it's always kept in the family. The beautiful part about knowing them guys, is that some of the rules don't apply to me as much. I can actually counter thier offer, where as most people are getting take it or leave it offers. Remember you can build a relationships and barter, when shopping in person .
You don't need a relationship to barter; just the knowledge is essential!
I want to leave gold bullion and silver Bullion for my wife and future kids when I pass away
Everyone should know what they have and approximate value of what they are selling before they do! Metals are easy, because it is easy to find spot, (woof, woof)! But retail is a killer for consumers on everything from clothes, shoes, & cars or parts; all the time you see 50% off retail on various offerings from business, but who sets retail for what a product should sell for? A lot of people shop only for % OFF, and not by price; top dollar is only achieved in both buying and selling through knowledge and shopping around whether you are buying, or selling!
As an LCS owner, I support Costco selling these larger gold coins. It's tough for us to hold 1-ounce gold coins with the volatility of the metals market, and as you stated very small margins. Costco has absorbed that, and to be honest also encourages people to get into metals. As has been said on another program, this is a big tent hobby and there's plenty of room for us all!
Great info thanks Speg 🙏
You made me a new sub , when you mentioned death threats ... lol, I like the humor
Thank you for what you do for us the stacker collector. You have Great Content that is useful to the collector.
I certainly hear what you’re saying. The truth is that every business is there to make money. Coin shops are no exception. We as stackers and collectors must accept that. Until we refine and mine our own precious metals it’s just what we have at our disposal. I’m not angry about it…it’s how I will continue to grow my legacy for my family, and my safety net if it’s ever needed.
It can work the other way around because sometimes an astute coin collector can get a gold deal buying from a pawn shop because they are only wanting to profit on the bullion price.Therefore you can get a collectable or numismatic coin at a bargain price so everyone except the original seller is getting a good deal.Even the original seller could still be happy because of the increase in the metal prices or maybe the item was a gift.
Excellent point. The horror stories I hear from some shops turning in coins for melt continues.
Excellent video Speg , hope everyone has a extra awesome weekend 😄
Have a great weekend as well, Kayne!
I'm just learning. Very informative!
Thank you for the video and insights. I was thinking how coin stores make money and able to pay for all the overhead like employees and rent. Like you said, coin shop around to help facilitate the buy and sell of precious metals for quick cash. I’m afraid of buying precious metals from individuals because it can be faked.
Thank you for watching!
Thanks for sharing!
Thank you very much spectacular. Keep up the good work.
I love your channel Speg, I wish you would make more videos. Maybe I’m not getting the notifications because it’s been a while since I’ve seen a video.
At least two per week sir :)
@ maybe I was just flooded with videos and didn’t notice. Either way, salute Speg!
One of the reasons I got a Costco membership is bc of precious metals
Salute (I'm an ex-military guy). With Liberty, and Justice For All.......
Where should I start buying silver? I don’t have any. I don’t have a large budget, not at first anyway.
The shops take part of our gain and our gains are not really gains. Best to go to the trouble of selling yourself on Ebay but there are risks of doing that. if you get a charge back on Ebay you lose the money. The only way to combat this is to keep people from selling their coins for so much less than what they are worth. i see what shops are doing, I was in a coin store, they were giving $20 to a lady for a Morgan dollar, wanted $35 from me plus tax to buy the same thing. I walked out. Most of us are buying this to preserve our wealth and we can't let them take it. I think ill share this video to show others the truth.
If I bought a ounce of scrap 24 karat gold get it for way under spot sounds good
Yes sir, that’s how it works
Giving away all my secrets... 😂 I have an Elemetal account. They are AUsome! Quick easy transactions with same day Payouts. Love my Local Elemetal branch in Milwaukee, Ron is super cool. I personally buy scrap, refine it, get a higher percentage and exchange at the exchange rate for well know Stackable PMs. ( I.e. Gold Buffaloes, ASEs )
Same Here!👍👍👍
I love this video I have got a bunch of stuff for very cheap will they only take a certain wieght
@@Mike-METALs are you, anywhere near Pennsylvania?? 🤔
@yknowiknow5937 im in ontario
That is such a funny grievance that it’s hard to believe people are actually saying this. 🤔
We can compete with Costco and Walmart ALL DAY we can sell for less than them if we choose. I’m 99% Walmart uses APMEX as 3rd party supplier which is real high.
As a 40 plus year coin/ Precious Metals dealer the information given is so one sided and slanted.
As a dealer in Florida, only licensed state of Florida 2nd hand dealers can sell to a refinery.
State of Florida requires any “brick and mortar” to hold for 30 days, it used to be 10 /15 days
Certain refineries are known to under karat your lots by a percentage.
Figure no matter what, all refineries are going to give back 95 percent not 98 percent.
Gold also has many different blends which can make the acid test off, that’s why we have 2 different XRF machines to back up all of our acid test.
Years of experience is a major necessity to buy precious metals professionally.
Unlimited capital is another.
Years of experience on the job helps mitigate any losses.
Overhead is a major issue, not to mention the major security issues.
Oh look here come those “Travelers”, here come the “Gypsies”.
Travelers and Gypsies are like moths to a flame, open a Precious Metals business and you will attract those two wonderful groups of people to clean you out.
Hey John,
The 30 day rule was changed recently.
18:26.....so, you're going to the LCS to SELL your Gold but you're going a gigantic retailer to BUY your Gold. Seems really shady on your part.
You are really going to suggest that LCSs aren't going to do what they need to to make money? Arguing on behalf of a business is ridiculous. This is about saving wealth for your family. These places are making money, and criticizing someone with limited funds on getting a deal is shady? I get supporting stores, but selling to them IS supporting them.
@@veteranredbeard6222 - yes, I would definitely make a video that pisses-off half your subscribers! Great business plan. You're not the sharpest knife in the drawer....are you?
Sounds like when you the public sell scrap, you don’t realize you’re getting screwed big time!
You have no idea. As a gold bullion stacker, I go to every shop and have a certain coin I use to test honesty. I act like an unaware person looking to get some quick cash. Only one gave me a fair price, and from now on, that's the only place I go. Sure, the other shops lost my business, but they make a lot more by screwing others.
@ on the rare occasions, I’ve sold I didn’t have a friggin clue what the stuff was worth, so I didn’t know any better and gladly accepted when I was given
Buy the Dips 🎉
Hello Spegtacler hope you had a great day today 🙏👍❤️ Thanks for the New video always appreciated everyone please hit the 👍 up botton and show Spegtacler Thanks Spegtacler
Cheers
Spectacular! Can you please send me some stickers?
you can buy them on my website... I pay for stickers too ya know ;)
@Spegtacular oh didn't know
Looks like you have to have an actual company to refine or sell to Elemetal
Yes, you’ll need to be a business.
Hello Spegtacular
My LCS guy pays just shy of $2,000 per month in rent....plus Insurance, Taxes, Part-Time Employee, Work Comp, Electric Bill, Cost of Goods/Product, etc., etc. Dude has to sell at least $3,500-$4,000 per month just to break even. Also, the margins are razor thin...he's competing against other shops and on-line. He's open 6-days per week and often looks exhausted.
So if I work hard for my money I need to take a huge loss to keep the person who can afford to have their own business in business? Because…?
Sounds a bit shady on your part.
So the fact that coin shops have overhead and are in business to make a profit, according to this guy, that makes them bad? Ridiculous. And, no, I do not own a coin shop. Coin shops overall are great for the coin collecting hobby. This guy is either naive at best or purposely biased and vindictive at worst. And, on top of that, some of his information is just plain wrong and a lot of it is incomplete. Don't take this guy's word for it, and don't take mine either, just go down to your local shop and ask them, most are open and honest people trying to make a living in an industry and hobby that they enjoy.
I didn't like Speg at 1st Either. ( Years ago). But u musta Just Got here if you're calling him Naive. All the videos w the Coin Guy Alone shud clarify Speg understands biz + Overhead all that. ( Stick around a while and you'll see)
Well yea I agree with the video but coin guy is not going to be happy xD and European market are different from the USA 😢
I'm not scared of Costco I'm just disgusted by them. They're doubling down on DEI hiring!!!! I would rather pay 100.00 over spot than pay spot at Costco where they're hiring practice discriminates against us...
@@ssolomon40 us?
DEATH threats!? My goodness 🤦 people are ridic
Well.. it’s the internet.. lol
I missed a video
Shame on you
@Spegtacular i got notified while at work I'm sure. Then RUclips pushed others into the window lol
@@Spegtacularstill 4 week early. That's a win lol unlike me forgetting to check my POBox for the newest Speg bar
@Spegtacular LOL!
Teaching private people to buy jewelry & just "flip it instantly," is very dangerous & misleading. Government has very specific regulations to follow on buying jewelry to avoid stolen material. Teaching people to basically become dealers without following regulations is like becoming a realtor without a license, or becoming a chiropractor without a license...I know oeople who got severely penalized for not following specific regulations. Ask your local police dept for the truth...or just follow youtube vids at your own peril.
Sounds a bit scammy to me
Dealers are as bad as all pawn shops.scammers
Not all are.
Bro please sell me a goldback strap please.
Should still have them on the website
20 minutes for 3 minutes of content. c'mon man.
Insert random threat here... no, not really. Great video!
Make Trump pledge. Wouldn't matter, it would be a lie.
Love the idea. Food for thought.
Still like you.