The TRUTH About GOLD Buying and Selling at A Coin Shop
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- Опубликовано: 1 окт 2024
- Gold buying and selling is a huge part of any coin shop's business. Precious metals sales have surpassed numismatics sales in the coin shops I visit, and believe me- I visit a lot of shops. In this video, my friend Russ explains how gold is bought and sold at his shop in Chicago. Harlan J. Berk is the nation's oldest coin shop. Russ is very honest when describing the business model and at one point he broke my heard during the filming of this video. Don't worry! I'll recover in time for my next precious metals and numismatic auction. Click below for details. As always, THANKS FOR WATCHING!
~ T the Silver Stacker
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Disclaimer: T the Silver Stacker LLC video's typically consist of conversations surrounding education regarding and the acquisition of, but not limited to the following: silver, gold, platinum, silver coins, generic silver rounds, collectible silver rounds, fractional gold coins, pre-33 gold coins, ancient coins, American Silver Eagles, Perth Mint Coins, Mexican Silver Libertads, Fractional Libertads, Proof Libertads, Mexican silver Onzas, junk aka constitutional silver, silver bars, vintage silver rounds, platinum, vintage silver bars, Morgan Dollars, Peace Dollars, paper currency, coin collecting in general, silver spot price, gold spot price, coin shops, coin dealers, coin shop videos, how to sell silver, how to sell gold, and more. Please understand that although the conversation frequently touches on the state of the economy and how it affects the accumulation of precious metals (stacking), T the Silver Stacker is no way shape or form a financial advisor. Glean what you will from the silver stacking philosophy shared, but ultimately the viewer is responsible for making their own decisions. This video was conducted on behalf of Atha Energy Corp, and was funded by Gold Standard Media LLC and/or affiliates. For our full disclaimer, please visit: portal.goldsta.... Some of the links in this description are affiliate links that provide me a very small commission at no additional charge to those who use them.
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They're going to give you $10 under melt😂😂😂 how does it feel to be on the other side😂😂😂
I almost bought one of those 10g fakes in private sale year ago. Thank god I had a Sigma Precious Metal Verifier. It paid for itself that day.
Sigma for the save!
No way they melted those 😢😢😭😭. How ? What? Couldn’t they sell to another coin shop or call up T lol.
I wish I could afford one!
Broke my heart that the $50 pesos were melted, I would have bought some at melt...no..no..😕
I’d buy one if I could afford it.
Very good content T......Enjoyed.👍 Life is good.....God Bless
Thanks buddy! More good stuff to come!
Great discussion with Russ. One of my favorites of LCS folks you interview. I gotta say that just as soon as Russ showed those gold bars, I knew in an instant they were fake by the shadow and high high the bars sat on the assay card. That is the first thing you should look for when spotting fake gold in assay cards is the thickness. If it's too thick, you MUST acquit! Don't buy them. I saved my LCS thousands of dollars when they almost bought a couple one ounce bars like this.
Ooh, I hope they gave you a good deal that day. I know of a shop (one that you’ve seen on my channel) that had a staff member take in two fake ounces of silver one time. Ouch!
They didn't need to melt those. If they get coins like that that don't sell high the play is to bulk them and sell at shows or online.
It really isn’t that easy unfortunately. 20 50 pesos is almost $56,000. Cash flow is important and we can’t just hold onto everything, especially slow sellers. Online is also tough because of fees, shipping, fraud and competing with guys like APMEX. We may be a big dealer but operations like that can always undercut us.
I think Russ explained it pretty well.
I wouldn't go to shop with stories like this. Why tf would you melt something that doesn't need it? You're involved in a bad system if this happens.
@@amr8457 huh?
These guys buy in volume and only make 1%-3% on their money turnovers. They provide a huge service. I've seen folks come into my LCS with $20k of G n S and my LCS says we're all tapped out, could buy maybe $5k off ya.
Could care less about the 50.00 Pesos, but never melt Libertads!
Agreed!
Bummer to hear that the Mexican 50 Pesos have been melted. But hey, Harlan J. Berk are professionals, so I assume that they just took the restrikes. Yup, these Australian counterfeits...you really need some "cojones en tus pantalones" offering them at a pawn shop if you know they are fake. Saludos desde Alemania, U.
Lmao! I’m going to use that phrase!
People don’t realize how much material is melted I’m in the UK and I’ve seen MS 70 full sovereigns getting cracked out the slabs recently about 5 of them. I’m not a fan of slabbed coins so passed on spot price.
Last year in Florida. I found a 10 gram valcambi for about spot. They showed up. Looking to make some quick cash. Little did they know . I already owned a real one with receipt. It was a very good fake. No noticable difference
. But was thicker. Enough to notice big time. If id not had have my real one I'd had bought it for under spot no problem. The guys selling were terrible actors. But departed with no issues. They even asked if I thought craigslist would be better to sell than marketplace, no shit
I’ve heard from several viewers that the thickness is a giveaway. Thanks for sharing!
Thats unfortunate on the 50 pesos. I hope they at least were restrikes and not any other years😢
Agreed
Great video. Thanks for sharing T👍
Thanks for watching!
Luke any reseller. Its like the inventory gets dropped at the hub and distributed to the spokes...some spoke are more connected than others.
True!
I bought a half gold sovereigns just before lockdown for £200 now in the same shop the same type of coin £280
Good Move
I'm curious if all of the 50 peso melts the 1947 restrikes? The other years are a bit more desirable (in theory).
All were re strikes, fear not
I believe they were restrikes.
Can’t wait! 🤍
: )
Just subscribed - great video
Awesome, thank you! More to come!
Those bars are useful to fool criminals who want to rob u of your stack😂. Just leave this out on a trophy’s stand and they’ll think they scored👍🏻🇺🇸🇺🇸🇺🇸
Ha! Never thought of that!
Hello Mr. Bega, you mentioned about you shot those bars. Where can I go or what kind of establishment can I go to if I wanted to check out some coins or jewelry? Thank you for your time. 👍
Try your LCS.
Gold always gets melted! It's dollars people need!
It breaks my heart. Ha ha
Yup and so does AG and G silver even the very early 1900s stuff.
This is a great vid T thankyou.
Glad you enjoyed it!
Thanks for the good info. The world is getting more fake everyday.
Yep
🍯🐝🌻
Also, it would have been good to see the fake bars closer up, especially the edge and see some of the exact off-details he was mentioning. I'm guessing the edges were a bit too thick.
Next time.
Damn that's my dream coin too
To be continued 😱🤔😎🤷
More content coming…
That's a desecration! Those 37.5g Centenarios are beautiful!
What is this? T with a cliffhanger…😱
Nice pickups for the auction. See you there!
More interesting content to come!!
Melt it all
why dont you offer prices online better than wholesale
Huh?
Great content and great buys, looking forward to the next story!
More to come!
wow, a sheet of maple grams for 10% over. Nice. I need a proper LCS.
Damn what a SHAME to think the 50 Peso got melted down I know a ton of people who love the coin and is highly collected
I for one will probably Never do business with this shop it just infuriates me that coins get melted same with the 90% Silver such a travesty!!
Sir, this is a very standard industry practice. If I could have sold them to a retail customer I would. The market unfortunately is what it is and I have 13 employees to pay.
Thay got melted because nobody pays over melt! Thay will be reborn!
Like I said I won't do business with your shop!
@@andrewkolb6309I’m sorry you feel that way. We do our very best for everyone but at the end of the day we’ve been in business for 60 years for a reason and losing money on 50 peso restrikes would hurt us.
We need to do a video on restrikes!
There are plenty of buyers on the internet ready to buy from outside a coin shop. You win and they win not the in-between man.
What an amazing shop hope one day to check it out
You should! Tell ‘em T sent ya!
"Its business"
What a shame. Instead of preserving history they want to make a buck.
You should know that those were restrikes, if that makes a difference to you.
@@TtheSilverStacker yeah that does make a difference. Thanks for sharing.
@@TheZenGuardian I just found that detail out.
Great video! Very engaging !
Glad you enjoyed it!
Gold down less than 1% at time of this being recorded.
Recorded on Tuesday.
Great video guys. Very informative 👍
Thanks!!