These are some of the most important metal videos on youtube. I easily learned how to buy metal but selling is the real value. Outstanding, real world info! Thank You
Thank you. I'm glad it was useful. Buying is only half of the investment. Selling is usually harder to get a decent price because many people don't like to negotiate or tell the dealer no.
@@FinanciallyAwareThats excellent advice. Know a GOOD plumber BEFORE your pipes burst. Selling under duress will usually burn your ass good, and no one likes that; can't sit down for weeks 😂
For now China and India are the big buyers I hear. Retail buyers and sellers have little or no impact on the spot price. It can affect what people have to pay under or over the manipulated spot price but that usually corrects once demand catches up.
Hello, your in this game. I have gone out myself to LCS, Pond, shops and on the internet and your SPOT-ON. I have been offered the low-ball price of 7% under for gold and I let them know I test the buyers offers against each other, you know cut to the chase style. Once again you are the kind of stacker I enjoy talking to. I'm a fan, thanks for the content.
Thank you I appreciate that. I test the dealer to see if they offer me a good price without needing to negotiate. I will be a repeat customer of the ones that offer a good price right from the beginning.
I generally avoid so-called 'hustlers' on the street like the first chap you encountered. It's an extra middle man who also needs his cut. Generally, I just research beforehand and check the current spot prices minutes before entering one of these shops so that they can't bs you into low-ball offers. Great video by the way! I do miss those "undercover" videos where you go into the shops though. Keep up the good work!
I wonder if those hustlers get a commission for who they bring in or just a flat salary. I like the undercover videos, but they feel kind of sneaky. I'm not trying to smear someone's business. But I do like to promote them if I feel they are a decent shop.
@@FinanciallyAware I think it's commission based. It's probably not even on the books and they almost certainly get paid in cash. A lot of sketchy shops down there. Yeah, that's understandable.
Thanks for the information. I have learned to call around all the coin shops. I too have PAMP swiss bars. Just bought one yesterday at Costco for $2420 and spot of KITCO was $2415. I also bought a tube of ASEs from BE them when spot was $23ish earlier this year for about $27 each. Also took advantage of ASE at spot. Great deal.
Thanks for the content and sharing your local experience. It is cool getting to know everyone unique experiences. Seems to vary a lot by region of the states. Here in Houston TX we have decent coin shops paying fair prices but there is always the spread between purchasing premium vs selling offers.
I'm glad you liked it. If you like these type of videos, I have also done them in Germany, Hungary, Austria, Greece, and Egypt if you haven't seen them. I like doing these because it is interesting to me to see how other countries deal with precious metals.
Thing's will go Weimar soon enough Bubba.Main thing wrong with the dollar is that it's not printed on softer more absorbent paper.Stated dollar value will be irrelevant.
Over the years, I've purchased 12.75 ounces of Gold and sold only 4.7 ounces during that same period. Right now and for the foreseeable future, I'm a buyer of Gold every single year, and definitely still have Silver to purchase as well. I've purchased well, over 1,500 ounces of Silver for the years, and I've sold probably 300 ounces during that same period. Overall, I'm a pretty constant buyer. I don't sell often. I would never sell something of significant value to someone I'd never done business with. I would always sell a bit of Silver or maybe 1/10 ounce coin first before I'd sell any significant amount. I also would probably mostly avoid places that wouldn't do cash, unless it was a huge amount like something over $10,000. But if I were selling an ounce of Gold and they wouldn't do the $2,100 to 2,300 in cash, I'd be walking out the door. Good video...glad I don't live in New York though.
Nice job pretty brave walking the streets of NYC with precious metals. I have personally been to Vermillion 2 times . Brian does a great job staying consistent and fair all the time .
I looked around before I pulled out the coins for the thumbnail picture. I don't recommend just flashing PMs on the street, even on a street that is heavily guarded like 47th St. I would like to visit Vermillion since I am in FL not too far from him.
First off, if you're selling the way he did it, you're setting yourself up for a lose. Pawn shop prices is what you get. In a hot market like we have now, advertise your metals and price them at $20 over spot for Gold and $1 over for Silver, people will find you guaranteed. Don't take a lose.
In a perfect world, yes. But even with gold and silver going up, there are more retail sellers than buyers (in dollar volume). As someone who has bought and sold off craiglist, it is not so easy to find that buyer for that quantity when you want to sell.
@@FinanciallyAware I'm in Oklahoma City and we have a local dealer that pays spot for most coins. He's a little short on what he pays for junk, but I've been buying from him a long time. He treats me right.
@@FinanciallyAware Thank you. With China and India buying up gold and driving up the price, and US sellers flooding the markets here, I wonder if it is inevitable that you have to sell gold coins below spot price. There is a huge increase in "equity," but there is a transaction cost because the dealer has to get paid something for his work. It's not unlike selling a house.
Yes, if you don't want to waste time you can make them your first stop. You can even call ahead to get a quote on what you have according to their website.
You can sell jewelry there too. You better know about the purity, and how many grams or pennyweights it is before you go into a store to sell. I don't recommend buying jewelry.
Bullion exchanges is great. They conistently have the best prices of any of the big internet shops. I only buy with echeck though. Monument metals are great too.
Hey nick very interesting video how would it differ if you sold one of your coins or 10 of your coins whats the threshold before you have to start filling out a bunch of forms and bank transher only instead of a cash sale the reason i ask everytime i have visited the US the cbp are very interested in people with over 10 grand cash on them ?
Hey Mall, If a business gives or receives $10K in cash or more, they have to file a form with the IRS. If you try to bring into or leave the US with $10K or more (that even includes a check or money order) you have to fill out FinCEN 105 and report it to customs otherwise they can take your money for not reporting it. However, they can still take your money if they suspect you of something and you can not prove the money came out of a bank or legitimate source. As for gold and silver bullion, it is not reportable and there is no limit on what you can bring into the US or leave with. Most customs officers do not know this though. I did a video bringing in gold coins from Canada into the US showing the whole thing.
Depends on the dealers in your location? My area? Not a problem. We have dealers that know their clients....... who's buying what, how much are they buying and what are they willing to pay.
In Asia it is different..........I just sold my gold at spot..........and bought silver at 3% over spot.........but got the last laugh when it went up 6% the next day!! Now, today it is 15% over my buy-in price at spot for silver!! Not bad for 6 days worth of 'work' as a retail investor. There are more buyers than sellers in Asia. 🤣🤣😂laughing all the way to the bank!!!!
I'm finding the same thing here in Chicago. I tried selling just 20 of my 1oz silver .999 sovereign coins from countries like Niue, Tuvalu and other countries and 3 different coin shops offered me $1.50 back of spot. Makes me wonder what coin shops would offer if silver ever did reach $50.
That is probably not too bad for foreign silver coins since not many people are looking to buy them in the US. I stick to buying the cheapest generic bars I can get as close to spot.
On Google, looks like a few possibilities nearby on 47th You're in the 1% club "in the know", that will change. I can see why coin shops will be the new bank and why cash is trying to be removed from the system (control). Will local vegetable vendors in Chinatown take your silver coinage?
BURNING your time and keeping you tied up while they do their calculations and weigh your metal. This tactic is used to stress the customer out and makes the customer want the deal to speed up usually causes the customer to accept the first lowball offer. STRESS!! 2% under with a LCS is about as good as it gets right now. I have bought from Bullion Exchange and has got my business several times and are always in the running. The best prices can always be found through other stackers.
interesting ..... I'd never go to a jewelry shop to buy or sell gold. I'd be going to a bullion dealer Just checked and a bar is 1% below spot at my bullion dealer A Canadian Gold Maple is about 0.85 % under spot. NYC is a rip..... VanCity often has better buy/sell prices for mainstream silver gold CA
100% It is very easy to buy, but a lot harder to sell. That is why I tell people to pay as close to spot as possible because you will only get spot or less when you sell.
@@samyguindy3457 because paper silver or gold is below reality. Physical is a premium. If you buy physical you never get it for spot, its always above spot and back when silver hit 11 bucks an oz, good luck finding any shop that would sell it for 17..
It depends on how hot demand in the US is. Many dealers are selling even 1 oz Gold Eagles for only 3 or 4% over spot when it is normally like 7%. If they are only paying spot for Gold Eagles, then you have to expect bars to sell for under spot.
I love when they ask "what do you want for it?". I say " a million dollars" which I know is ridiculous. They want to pay as little as possible. I want as much as they are willing to pay. We have to meet somewhere around the market price.
Tha 2% under spot seems to be common. I got that price from them too for an uncommon 10oz. good bars front munze ostereich mint, same mint that makes philharmonics. I believe it's their melt price
Yes, it is crazy. Mark Dice offered people chocolate bars or gold and they too the chocolate. When those people start asking you about buying gold, it may be a signal to sell.
@@FinanciallyAware Last year while I was standing in line at an airport some strangers in front of me in line started talking real estate with each other. IOW they didn't know each other and started bragging about how much money they are all making in real estate, and what their next moves were, how they could help each other out, etc. For me that marked a definitive top in real estate. Now, have prices inched higher in the year since? Possibly, in some markets. But I told myself, the day I hear strangers talk about silver juniors or explorers like that, it will be time to seriously think about finding the exit.
I never did business with them but I watch their videos and they are very transparent in their pricing, and have good comments in their videos so I would not hesitate to try them out.
Great video, thank you. Something I don't get is, why such a price difference between a coin (and what brand coin it is) and a gold bar, and what brand it is, and if it is in the case or card. It seem that one ounce of gold is an ounce no matter what, the price should be the same. None of this is rare stuff. I have coins in cards and I don't like it, but don't want to remove the coins if I get less money when selling. Today Costco had Gold Buffalos for $2450, gone in an hour or less. Later today they had Gold Maple Leaf's for $2400, almost 5 hours ago, not sold out yet, and $50 less than the Buffalo, both pure gold.
Coins are more desired than bars because they are harder to fake. People like the cases on the bars because they believe it gives them some proof of authenticity which I believe can be copied anyway. I go for the lowest priced gold per ounce, but I prefer coins because I don't like dealing with the plastic case around bars. Usually Maples and Krugerrands can be bought closest to the current spot price.
The idea of swopping real money for fake 'money' is a bit odd to me. I get that people are sometimes in a bad situation and forced to sell, but other than that it should be "buy it, then put it away and forget about it".
@@FinanciallyAware As I said "I get that people are sometimes in a bad situation and forced to sell", but apart from that stackers should not be stacking to "sell" they should be stacking to TRADE for other goods and services at a later date. Why would someone trade their money for paper that's intrinsically worthless and is losing more of it's perceived value every single day if they weren't forced to due to financial difficulties? The idea of stacking is to remove your assets from a collapsing currency system so barring a financial emergency it makes no sense to re-enter that system for some more dollars. The value of silver and gold aren't going up, the perceived value of the currency is going down? At some stage the currency will return to it's intrinsic value which zero, just like every other fiat currency in the history of humanity. And if you ARE FORCED to sell in an emergency situation, the first option is to sell privately. Failing that, the next best option is to phone around LCS's to get the best price.
It is expensive to run a business in New York. Of course, they are going to rip you off. They are addicted to fake paper money. Sell your metals to people who appreciate quality, or barter with it, or save for when the dollar fails. Just keep buying silver and get the word out, if we all buy some the price will increase.
Yes, if you don't like that, you can buy a gold ETF with almost no buy and sell spread. If you shop for the cheapest premium deals when buying, you can buy for 2% over and sell for maybe no more that 2% under for a total buy/sell loss of 4%. That is not terrible.
@@FinanciallyAware Thought it was very telling how much their offer went up, after the boss called back... The guy knew there was a chance to absolutely pick up some pennies (or maybe dimes) and his guys were being far too cheap/greedy!
So true. With the uptick in price, the LCSs and Pawn shops are tapped out of cash. All have signs on the door. Selling back of spot happens. My best back up options, keep some readily available cash on hand. And this is not a SHTF situation.
Every few years when I see the price of silver is under the 2011 high still, I often think the same thing. I will be looking to trade it for gold, if the ratio gets better.
You disagree with that? I'm talking about dollar volume. Many dealers on RUclips are saying the same thing. People come in and sell $100K in gold, while many buyers only buy $20K net in silver.
This guy is showing you the worst way to sell your gold , every dealer already knows what the others are paying trust me , as a dealer it’s best to talk to us tell us what your trying to do and where you shopping ect , we aren’t going to let you leave if there’s any money to be made , you can’t make money unless you. Spend it in this business
Normally, about 2% over spot. It may not be a Pamp bar, but just whatever bars they have on hand. With the low premiums right now you can even get scuffed up 1 oz Gold Maples for spot on APMEX a few days ago. There are always sales on stuff they are trying to move.
Whether you plan on selling years from now or never, you should know where to sell in case plans change. If you want to make God laugh, tell him about your plans.
Mood is away from gold and silver, moving to Bitcoin! Gold and Silver --->> Bitcoin in the US. Talk about how much better Bitcoin is than the relics, gold and silver are.
I am not a believer in Bitcoin, but I agree that the new generation are leaving the silver and gold alone and going to crypto. This is a real headwind especially for silver.
Nobody is using BTC to purchase anything, because BTC has NO utility. Only sheep who think that they're going to get rich quick are into BTC. All investment, no utility. 🐑💩 Your crypto is crapto, and when the CBDCs are rolled out, the world's governments will stack the deck against private cryptos........meantime those "relics" that have had value and utility since the literal dawn of man will still be traded in completely private transactions.
This dude out here doing the work! Thank you.
I'm glad you liked it.
Thanks for showing the reality of the world of PMs
You'll lose a little margin, but if you buy at 1,650, 2K etc and sell at 3k, 5k spot does the 4% haircut really matter that much?
It is easy to buy, harder to sell.
These are some of the most important metal videos on youtube. I easily learned how to buy metal but selling is the real value. Outstanding, real world info! Thank You
Thank you. I'm glad it was useful. Buying is only half of the investment. Selling is usually harder to get a decent price because many people don't like to negotiate or tell the dealer no.
10% under spot is crazy NO WAY
That's what I said.
Not selling my gold or silver, didn't buy for investment, bought for security
Plans can change. Know where to sell before you need to sell.
@@FinanciallyAwareThats excellent advice. Know a GOOD plumber BEFORE your pipes burst. Selling under duress will usually burn your ass good, and no one likes that; can't sit down for weeks 😂
This dynamic will change dramatically when gold resets the baselayer of currency
For now China and India are the big buyers I hear. Retail buyers and sellers have little or no impact on the spot price. It can affect what people have to pay under or over the manipulated spot price but that usually corrects once demand catches up.
Even then, you won't have to sell. Only pledge it as collateral (although you would probably have to let the bank hold the 'collateral' in question).
A currency that is not 100% backed by gold only resets to one thing eventually, zero.
@@FinanciallyAwareand nations that tax people over 55% iirc all go down the drain. We're not all that far from that (In the U.S.)....
Hello, your in this game. I have gone out myself to LCS, Pond, shops and on the internet and your SPOT-ON. I have been offered the low-ball price of 7% under for gold and I let them know I test the buyers offers against each other, you know cut to the chase style. Once again you are the kind of stacker I enjoy talking to. I'm a fan, thanks for the content.
Thank you I appreciate that. I test the dealer to see if they offer me a good price without needing to negotiate. I will be a repeat customer of the ones that offer a good price right from the beginning.
I generally avoid so-called 'hustlers' on the street like the first chap you encountered.
It's an extra middle man who also needs his cut.
Generally, I just research beforehand and check the current spot prices minutes before entering one of these shops so that they can't bs you into low-ball offers.
Great video by the way!
I do miss those "undercover" videos where you go into the shops though.
Keep up the good work!
I wonder if those hustlers get a commission for who they bring in or just a flat salary.
I like the undercover videos, but they feel kind of sneaky. I'm not trying to smear someone's business. But I do like to promote them if I feel they are a decent shop.
@@FinanciallyAware I think it's commission based. It's probably not even on the books and they almost certainly get paid in cash.
A lot of sketchy shops down there.
Yeah, that's understandable.
Thanks for the information. I have learned to call around all the coin shops. I too have PAMP swiss bars. Just bought one yesterday at Costco for $2420 and spot of KITCO was $2415. I also bought a tube of ASEs from BE them when spot was $23ish earlier this year for about $27 each. Also took advantage of ASE at spot. Great deal.
I always try to buy whatever sells for closest to spot.
Thanks for the content and sharing your local experience. It is cool getting to know everyone unique experiences. Seems to vary a lot by region of the states. Here in Houston TX we have decent coin shops paying fair prices but there is always the spread between purchasing premium vs selling offers.
I'm glad you liked it. If you like these type of videos, I have also done them in Germany, Hungary, Austria, Greece, and Egypt if you haven't seen them. I like doing these because it is interesting to me to see how other countries deal with precious metals.
Thing's will go Weimar soon enough Bubba.Main thing wrong with the dollar is that it's not printed on softer more absorbent paper.Stated dollar value will be irrelevant.
I don't like my toilet paper too soft anyway.
wheelbarrows are the thang.
Nothing better than tulips 💐
@@bellydancerabiar7809 bulbs, but then again, everthing is essentially.
Over the years, I've purchased 12.75 ounces of Gold and sold only 4.7 ounces during that same period. Right now and for the foreseeable future, I'm a buyer of Gold every single year, and definitely still have Silver to purchase as well. I've purchased well, over 1,500 ounces of Silver for the years, and I've sold probably 300 ounces during that same period. Overall, I'm a pretty constant buyer. I don't sell often. I would never sell something of significant value to someone I'd never done business with. I would always sell a bit of Silver or maybe 1/10 ounce coin first before I'd sell any significant amount. I also would probably mostly avoid places that wouldn't do cash, unless it was a huge amount like something over $10,000. But if I were selling an ounce of Gold and they wouldn't do the $2,100 to 2,300 in cash, I'd be walking out the door. Good video...glad I don't live in New York though.
NYC is a dump.
@@11non-serviam11 Yeah, so I see.
I agree. You don't want to sell in a panic to the first shop you find. Go sell a little to find one or two good shops for when you are ready to sell.
A seller's market is the perfect time to sell some metals and allocate the funds into other asset classes. Thanks Nick! 👍
Everyone has a different situation. Do what is right for you.
Nice job pretty brave walking the streets of NYC with precious metals. I have personally been to Vermillion 2 times . Brian does a great job staying consistent and fair all the time .
I looked around before I pulled out the coins for the thumbnail picture. I don't recommend just flashing PMs on the street, even on a street that is heavily guarded like 47th St.
I would like to visit Vermillion since I am in FL not too far from him.
I love this.
I learned lots of life lessons from that area.
Thank you
Glad you enjoyed it. You can learn a lot when you buy and sell stuff directly with people.
First off, if you're selling the way he did it, you're setting yourself up for a lose. Pawn shop prices is what you get. In a hot market like we have now, advertise your metals and price them at $20 over spot for Gold and $1 over for Silver, people will find you guaranteed. Don't take a lose.
In a perfect world, yes. But even with gold and silver going up, there are more retail sellers than buyers (in dollar volume). As someone who has bought and sold off craiglist, it is not so easy to find that buyer for that quantity when you want to sell.
@@FinanciallyAware I'm in Oklahoma City and we have a local dealer that pays spot for most coins. He's a little short on what he pays for junk, but I've been buying from him a long time. He treats me right.
I buy and sell at my coin shops. Never at pawn shops or scalpels.
These were coin/bullion shops.
Folks should realize that dealers who deal with high volume usually have better buy back.
Yes, definitely.
Great video, thank you. When you find a good dealer, how do you finalize payment and know that the cash or wire is good?
I only take cash. I don't think most dealers would willingly give you counterfeit money, but look it over anyway.
@@FinanciallyAware Thank you. With China and India buying up gold and driving up the price, and US sellers flooding the markets here, I wonder if it is inevitable that you have to sell gold coins below spot price. There is a huge increase in "equity," but there is a transaction cost because the dealer has to get paid something for his work. It's not unlike selling a house.
Yeah Bullion Exchanges would be my go to if I was walking around in NYC
Yes, if you don't want to waste time you can make them your first stop. You can even call ahead to get a quote on what you have according to their website.
Great video I love the boots on the ground videos like this
Glad you like them!
Can you sell your gold jewelry at these places as well? Is the price the same for a gold bracelet. ?? What do you recommend for jewelry
You can sell jewelry there too. You better know about the purity, and how many grams or pennyweights it is before you go into a store to sell. I don't recommend buying jewelry.
I would say that is fair. I have bought from bullion exchange in the past.
I have a lot of respect for shops that post what they sell for and what they buy for. Bullion Exchange is one of those stores.
Bullion exchanges is great. They conistently have the best prices of any of the big internet shops. I only buy with echeck though. Monument metals are great too.
Thank you for posting your experience with them.
Nick is the Boss!!
Thanks. I'm glad you liked it.
Hey nick very interesting video how would it differ if you sold one of your coins or 10 of your coins whats the threshold before you have to start filling out a bunch of forms and bank transher only instead of a cash sale the reason i ask everytime i have visited the US the cbp are very interested in people with over 10 grand cash on them ?
Hey Mall, If a business gives or receives $10K in cash or more, they have to file a form with the IRS. If you try to bring into or leave the US with $10K or more (that even includes a check or money order) you have to fill out FinCEN 105 and report it to customs otherwise they can take your money for not reporting it. However, they can still take your money if they suspect you of something and you can not prove the money came out of a bank or legitimate source.
As for gold and silver bullion, it is not reportable and there is no limit on what you can bring into the US or leave with. Most customs officers do not know this though.
I did a video bringing in gold coins from Canada into the US showing the whole thing.
Firstly, you should not be selling your gold in pawn shops go to a proper gold dealer or metals dealer.
It was not a pawnshop. If you want to see what I got offered in a pawnshop on 47th St, watch this video: ruclips.net/video/BEVdc4DoPQQ/видео.html
So where do you recommend people sell there jewelry??
At a refinery. You better know about the purity, and how many grams or pennyweights it is before you go into a store to sell.
Good one! Thanks
Glad you liked it!
Keep the content coming!
Thanks. I'm glad you liked it.
Not surprised that when Gold/Silver started going up in price, trying to find a buyer at a decent price would be difficult.
That is really something to think about.
Depends on the dealers in your location? My area? Not a problem. We have dealers that know their clients....... who's buying what, how much are they buying and what are they willing to pay.
Good price/good program!
I'm glad you liked it.
In Asia it is different..........I just sold my gold at spot..........and bought silver at 3% over spot.........but got the last laugh when it went up 6% the next day!! Now, today it is 15% over my buy-in price at spot for silver!! Not bad for 6 days worth of 'work' as a retail investor. There are more buyers than sellers in Asia. 🤣🤣😂laughing all the way to the bank!!!!
Nice. What country in Asia can you buy silver for 3% over spot?
How do you expect them to make a profit if they buy spot? They make money on the transaction so there has to be profit for them too.
nice report sir!
Glad you enjoyed it
Hi Nick! Thanks for the informative video and the shoutout! See you at our store next time? 👍👍
No problem. I like to point people to places that are transparent with their pricing.
I'm finding the same thing here in Chicago. I tried selling just 20 of my 1oz silver .999 sovereign coins from countries like Niue, Tuvalu and other countries and 3 different coin shops offered me $1.50 back of spot. Makes me wonder what coin shops would offer if silver ever did reach $50.
That is probably not too bad for foreign silver coins since not many people are looking to buy them in the US. I stick to buying the cheapest generic bars I can get as close to spot.
@@FinanciallyAware Britainnias, Krugerands, Maples and Libertads seem to do very well with American buyers. I have tubes of each myself.
What good is buying gold and silver if you aren't going to even get the spot price for it when you try to sell?
You can maybe get the spot price if you find an end user to give you spot. But that takes time and effort.
Metal buy back prices suck everywhere you try to sell
Yes, that is why I stress not to get excited when you buy and pay high premiums, especially for silver.
On Google, looks like a few possibilities nearby on 47th
You're in the 1% club "in the know", that will change.
I can see why coin shops will be the new bank and why cash is trying to be removed from the system (control).
Will local vegetable vendors in Chinatown take your silver coinage?
You will have a much better chance from Chinatown vegetable vendors than Whole Foods.
Who would have thought you'd get ripped off in NYC.
The first place tried to make an unreasonable amount off me, but the 2nd place was very good I thought.
BURNING your time and keeping you tied up while they do their calculations and weigh your metal. This tactic is used to stress the customer out and makes the customer want the deal to speed up usually causes the customer to accept the first lowball offer. STRESS!! 2% under with a LCS is about as good as it gets right now. I have bought from Bullion Exchange and has got my business several times and are always in the running. The best prices can always be found through other stackers.
Yes, Bullion Exchange is good. It is not easy to find a stacker to buy what you want to sell when you want to sell it.
I usually tell them that if they are paying 10% under spot then i will buy it from them for 9% under spot.
Yeah, I should have asked how much they are selling for.
Something tells me you have never run a business.
interesting ..... I'd never go to a jewelry shop to buy or sell gold. I'd be going to a bullion dealer
Just checked and a bar is 1% below spot at my bullion dealer
A Canadian Gold Maple is about 0.85 % under spot.
NYC is a rip..... VanCity often has better buy/sell prices for mainstream silver gold CA
The dealer did offer just about spot.
It's only worth what you can sell it for.
100% It is very easy to buy, but a lot harder to sell. That is why I tell people to pay as close to spot as possible because you will only get spot or less when you sell.
Made a helluva gain buying in the 1100s and now selling at spot. Even selling at 2 percent below spot is a big score.
You can sell it for spot!
Minimum for me is spot. Anything under you’re insulting my intelligence.
How do you expect the place to make a profit then I agree it should not be no 10% it should even be close to that but they got to make something
@@samyguindy3457 because paper silver or gold is below reality. Physical is a premium. If you buy physical you never get it for spot, its always above spot and back when silver hit 11 bucks an oz, good luck finding any shop that would sell it for 17..
It depends on how hot demand in the US is. Many dealers are selling even 1 oz Gold Eagles for only 3 or 4% over spot when it is normally like 7%. If they are only paying spot for Gold Eagles, then you have to expect bars to sell for under spot.
@@samyguindy3457reasonable profit yes, scalping no.
What business pays 100% of value and survives?
Great info!
I'm glad you liked it.
Yeah but turn it around. If the shop had a big sign over their gold bars saying 'Make me an offer' where would you start?
I love when they ask "what do you want for it?". I say " a million dollars" which I know is ridiculous. They want to pay as little as possible. I want as much as they are willing to pay. We have to meet somewhere around the market price.
Tha 2% under spot seems to be common. I got that price from them too for an uncommon 10oz. good bars front munze ostereich mint, same mint that makes philharmonics. I believe it's their melt price
That seems to be the buy price for gold bars right now.
Most people have absolutely no idea what the current price for gold or silver is. When I ask people they say things like "I dunno, $1000 an oz?"
Yes, it is crazy. Mark Dice offered people chocolate bars or gold and they too the chocolate. When those people start asking you about buying gold, it may be a signal to sell.
@@FinanciallyAware Last year while I was standing in line at an airport some strangers in front of me in line started talking real estate with each other. IOW they didn't know each other and started bragging about how much money they are all making in real estate, and what their next moves were, how they could help each other out, etc.
For me that marked a definitive top in real estate. Now, have prices inched higher in the year since? Possibly, in some markets.
But I told myself, the day I hear strangers talk about silver juniors or explorers like that, it will be time to seriously think about finding the exit.
Vermilion is the best
I never did business with them but I watch their videos and they are very transparent in their pricing, and have good comments in their videos so I would not hesitate to try them out.
They say if you could survive there you can survive anywhere in the world after watching this video I believe it
That could be true.
Great video, thank you. Something I don't get is, why such a price difference between a coin (and what brand coin it is) and a gold bar, and what brand it is, and if it is in the case or card.
It seem that one ounce of gold is an ounce no matter what, the price should be the same. None of this is rare stuff.
I have coins in cards and I don't like it, but don't want to remove the coins if I get less money when selling.
Today Costco had Gold Buffalos for $2450, gone in an hour or less. Later today they had Gold Maple Leaf's for $2400, almost 5 hours ago, not sold out yet, and $50 less than the Buffalo, both pure gold.
Coins are more desired than bars because they are harder to fake. People like the cases on the bars because they believe it gives them some proof of authenticity which I believe can be copied anyway.
I go for the lowest priced gold per ounce, but I prefer coins because I don't like dealing with the plastic case around bars. Usually Maples and Krugerrands can be bought closest to the current spot price.
@@FinanciallyAware That's what I found as well Krugerrands and Maples, why pay more than you have to. Thank you!
Sell prices are rough because TraxNYC is out there giving bullion away on the streets haha.
When? I was there and nobody from TraxNYC gave me anything. 😂
The idea of swopping real money for fake 'money' is a bit odd to me.
I get that people are sometimes in a bad situation and forced to sell, but other than that it should be "buy it, then put it away and forget about it".
Most people will have a reason to sell some or all of their stack. It is better to know how and where to sell it now, than in an emergency later.
@@FinanciallyAware As I said "I get that people are sometimes in a bad situation and forced to sell", but apart from that stackers should not be stacking to "sell" they should be stacking to TRADE for other goods and services at a later date.
Why would someone trade their money for paper that's intrinsically worthless and is losing more of it's perceived value every single day if they weren't forced to due to financial difficulties?
The idea of stacking is to remove your assets from a collapsing currency system so barring a financial emergency it makes no sense to re-enter that system for some more dollars.
The value of silver and gold aren't going up, the perceived value of the currency is going down?
At some stage the currency will return to it's intrinsic value which zero, just like every other fiat currency in the history of humanity.
And if you ARE FORCED to sell in an emergency situation, the first option is to sell privately.
Failing that, the next best option is to phone around LCS's to get the best price.
I tried to sell out there years ago and they low balled everything... Ended up going to Massachusetts and got spot price
was the payment real or fake bills ???
You can be pretty sure a shop will give you real bills. You can't say the same from a buyer you meet on Craigslist or FB.
Excellent Education
I'm glad you liked it.
Last one had good offers. If he sells for +3-5%, he makes a very small margin
Yes, I thought it was a good offer.
good info, thanks
I'm glad you liked it.
I weigh my gold, go to multiple places and take the highest offer. Needless to say.. i only go to 2 people.
Once you find a few good places, no need to shop around unless their offers get worse.
The prices today make all those deals look really bad.
It only matters what the price is on the day you sell. No one knows the future.
Go by TRAX NYC next time let's see what they offer
That would be interesting. I thought they were only jewelry makers.
Good price for Pamp Suisse 1toz $3000
Cool to watch, Minneapolis MN.
I wish. Thanks for watching from MN!
Maybe it will get easier to sell to individuals who would be happy to pay spot
But where do you find them when you want to sell?
The diamond district isn’t the place to sell precious metals, go to coin stores and compare the difference.
Those were coin shops that I went to.
It is expensive to run a business in New York. Of course, they are going to rip you off. They are addicted to fake paper money. Sell your metals to people who appreciate quality, or barter with it, or save for when the dollar fails. Just keep buying silver and get the word out, if we all buy some the price will increase.
It is not the US stackers that is moving the price. It is central banks and China. We are a small piece of the demand.
47thst great prices thanks
I'm glad you liked it.
Go to a place a Reg person would go, coin shop
I did go to a coin shop.
I pay 3-5% over spot, sell 4-10% under spot. what a investment
Yes, if you don't like that, you can buy a gold ETF with almost no buy and sell spread. If you shop for the cheapest premium deals when buying, you can buy for 2% over and sell for maybe no more that 2% under for a total buy/sell loss of 4%. That is not terrible.
😂😂😂😂
47th, no thanks
Where is Saca Plata?
I don't know what that is.
@@FinanciallyAware who. He has his own RUclips channel and flips silver coins and lives in New York always looking for good deals!
I do not like when I sold my gold they give you 10% of the price, that is bad!
Shop around and don't be afraid to say no.
It’s hard to sell these metals
Yes, it is easy to buy, harder to sell.
lol careful buddy. NYC isn’t safe as it was a few years ago. That guys eyeing your stack in the thumbnail lol
Yeah, I did it pretty quickly when the coast was clear. I didn't want to pull out the gold on the street.
Diamond district think every person that walks through the door is a sucker that’s why. Avoid that place unless you are in the know and connected.
That's why you have to be willing to walk away and tell them you can get better prices elsewhere. There is a lot of competition on that block.
Sounds like you should be in China Town my man
I did that already. Here's how it went: ruclips.net/video/-rV0ZXy1XEU/видео.html
!(: COOL, THANKS ;!)
I'm glad you liked it.
I don't trust them, and they don't trust me!
Trust but verify
@@FinanciallyAware Thought it was very telling how much their offer went up, after the boss called back... The guy knew there was a chance to absolutely pick up some pennies (or maybe dimes) and his guys were being far too cheap/greedy!
WAIT TIL SHTF
I have a feeling that when the SHTF, the offers may get worse from the dealers.
So true. With the uptick in price, the LCSs and Pawn shops are tapped out of cash. All have signs on the door. Selling back of spot happens. My best back up options, keep some readily available cash on hand. And this is not a SHTF situation.
They paid pay spot , fuck em
Selling to a refiner should be your worst offer...
They are very good if you are selling large amounts of scrap jewelry.
After listening to all that traffic, I think I need to take a Valium!
Yes, I am always happy when I go back home to peace and quiet.
NYC they have high rents and have to make $
Maybe that is why the smallest store offered me the best price.
That's just BS, everyone is just trying to rip everyone off
You are free to shop around and reject any offers you don't like.
Only crooks there bud
I still got what I considered to be a good offer. You have to shop around.
I own gold and silver but sometimes think we have been had on this stuff.
Every few years when I see the price of silver is under the 2011 high still, I often think the same thing. I will be looking to trade it for gold, if the ratio gets better.
People in the US are selling 5 to 1 . (In some cases) 🤣
You disagree with that? I'm talking about dollar volume. Many dealers on RUclips are saying the same thing. People come in and sell $100K in gold, while many buyers only buy $20K net in silver.
Your lucky you didn’t get rolled
Yeah, it was on my mind for sure.
This guy is showing you the worst way to sell your gold , every dealer already knows what the others are paying trust me , as a dealer it’s best to talk to us tell us what your trying to do and where you shopping ect , we aren’t going to let you leave if there’s any money to be made , you can’t make money unless you. Spend it in this business
What I'm trying to do is get the best price for my items. It should not matter if you know where else I'm shopping it.
How much over spot for a Pamp Swiss should one pay?
Thank you.
Normally, about 2% over spot. It may not be a Pamp bar, but just whatever bars they have on hand. With the low premiums right now you can even get scuffed up 1 oz Gold Maples for spot on APMEX a few days ago. There are always sales on stuff they are trying to move.
Isn't that area run by the tiny hats? Go to a reputable coin shop and you'll get spot, at least for mint coins.
Don’t sell to the j’s
Do not sell your gold!
What about my silver?
You sold to soon.
I sure hope so.
Weak hands.
Whether you plan on selling years from now or never, you should know where to sell in case plans change. If you want to make God laugh, tell him about your plans.
Mood is away from gold and silver, moving to Bitcoin! Gold and Silver --->> Bitcoin in the US. Talk about how much better Bitcoin is than the relics, gold and silver are.
Physical bitcoin is way to go.
Yes Bitcoin loss 1,600.00 today, and you own nothing you can hold. Congratulations
I am not a believer in Bitcoin, but I agree that the new generation are leaving the silver and gold alone and going to crypto. This is a real headwind especially for silver.
Nobody is using BTC to purchase anything, because BTC has NO utility. Only sheep who think that they're going to get rich quick are into BTC. All investment, no utility. 🐑💩
Your crypto is crapto, and when the CBDCs are rolled out, the world's governments will stack the deck against private cryptos........meantime those "relics" that have had value and utility since the literal dawn of man will still be traded in completely private transactions.
Good luck trading your Bitcoin for any goods or services when everything goes belly up.