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Thread: Why are premiums so high?

  1. #21

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    Sounds to me like some of you above should become the local dealer! If you have another job, maybe only limited hours and days? You'll be doing your communities a big favor, help spread the word, enjoy a hobby, and make a profit while you are at it. I've though of doing the same, even becoming the "go to dealer" for platinum metals -- thing is my other work is way to high in demand, and pays very well, so doubt it would make up for my time.
    “Of all the contrivances for cheating the laboring class of mankind, none has been more effective than that which deludes them with paper money.”Daniel Webster (1782-1852)

  2. #22

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    Regarding premiums some 10 years ago or so, yes, I remember, which is why I have a large number of silver eagles. Maybe I should sell them all back now, however dealers are still not paying that much for them, so it would be direct to the public, and that would not be time efficient (well, I can stop posting here to find time, it's just that posting fits what you can say is a psychological need).
    “Of all the contrivances for cheating the laboring class of mankind, none has been more effective than that which deludes them with paper money.”Daniel Webster (1782-1852)

  3. #23

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    Quote Originally Posted by motocat View Post
    Regarding premiums some 10 years ago or so, yes, I remember, which is why I have a large number of silver eagles. Maybe I should sell them all back now, however dealers are still not paying that much for them, so it would be direct to the public, and that would not be time efficient (well, I can stop posting here to find time, it's just that posting fits what you can say is a psychological need).
    Dealers at the Albany, NY coin show were buying ASE's for I think $9 over spot. I think that's the correct number, but I didn't write it down and I was so overwhelmed by the quoted amount I got for my junk silver that I've totally forgotten the price I received on my ASE's.
    Do your own due diligence

    I stand united with my friends & family in Canada who seek freedom.

  4. #24

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    Quote Originally Posted by motocat View Post
    Sounds to me like some of you above should become the local dealer! If you have another job, maybe only limited hours and days? You'll be doing your communities a big favor, help spread the word, enjoy a hobby, and make a profit while you are at it. I've though of doing the same, even becoming the "go to dealer" for platinum metals -- thing is my other work is way to high in demand, and pays very well, so doubt it would make up for my time.
    Maybe Broskster1967 would be interested, but I'm well past retirement age and not interested in working full time anytime soon. Too many disabilities and old injuries and would need to get a concealed carry permit which has just become very hard to do in NY. Gov. Kick-back Kathy has screwed up things so bad that it appears that veterans can't even conduct color guard gun salutes in public per the new law. Plus I have too many hobbies, veteran organizations and charities that I belong to and donate my time towards that I'd have to give something up.
    Do your own due diligence

    I stand united with my friends & family in Canada who seek freedom.

  5. #25

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    Yup motocat, I can back up what LongDon said. The coin dealer buy prices for ASE's is incredible- higher than I've ever seen and who knows? We might never reach these highs again. I remember many years back when you could shop around and buy them at something like 69 cents over, but usually closer to $2-$3 over. So, getting back $8-$9 over, if you bought at the right time and I'm pretty sure that you did, you'd be able to increase the stack even easier than usual. I'm wording that incorrectly, but you get the point...

    I think it was an incredibly smart move taking advantage of the "reverse premiums" by trading your ASE's for more PM's, LongDon. Even the guy down in Florida buys them for close to $8 over and sells them for $10, which is still crazy IMO, and he thinks so too, but if people are paying it, why would he not sell them at that price? Other dealers are selling them for $15 over and getting it. I had a big mess of them too and traded them off while the trading's good. Those proceeds increased my stack and bettered it in the process.

    As for opening up shop, it's a thought, but I'd rather concentrate on my own stacking. I do have my own business and it keeps me rather busy. Plus, living in NY State, it has become very difficult to do business for a myriad of reasons.
    Last edited by bronkster1967; 09-15-2022 at 12:55 PM.

  6. #26

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    My local is buying back ASE's for only $22, and selling them for $34, with silver at $19, I am not going to sell. Maybe to an online dealer? If for $9 over, let me know and I'll do it.

    For those living in NY state, I don't get why you stay, with property taxes and all, especially if you do not have a cush job and are retired. Why not move, even most of California is better, and certainly better outdoors here and weather.
    Last edited by motocat; 09-15-2022 at 01:13 PM.
    “Of all the contrivances for cheating the laboring class of mankind, none has been more effective than that which deludes them with paper money.”Daniel Webster (1782-1852)

  7. #27

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    Quote Originally Posted by motocat View Post
    My local is buying back ASE's for only $22, and selling them for $34, with silver at $19, I am not going to sell. Maybe to an online dealer? If for $9 over, let me know and I'll do it.

    For those living in NY state, I don't get why you stay, with property taxes and all, especially if you do not have a cush job and are retired. Why not move, even most of California is better, and certainly better outdoors here and weather.
    NY is losing more citizens than any other state, mostly to Florida...im going as soon as its fiscally possible. Prices will come down drastically in the next 2 years, theres no reason to pay top price right now unless you have too much money.
    Politicians and diapers must be changed often, and for the same reason. -Mark Twain

    The purpose of life is to matter, to be productive, to have it make some difference that you lived at all. -Leo Rosten

  8. #28

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    Quote Originally Posted by motocat View Post
    My local is buying back ASE's for only $22, and selling them for $34, with silver at $19, I am not going to sell. Maybe to an online dealer? If for $9 over, let me know and I'll do it.

    For those living in NY state, I don't get why you stay, with property taxes and all, especially if you do not have a cush job and are retired. Why not move, even most of California is better, and certainly better outdoors here and weather.
    Moto, My wife and I moved to NY state from California. We lived in Cali for 25 years and were very glad to leave. I loved the central parts of California and drove up to Bishop, CA to fly fish as often as possible. California and New York have something in common. The Cities and the remaining parts of each state are as far apart as possible in so many ways. The cities control the politics and the rest of each state have live to with the results.

    Why we returned to NY was very simple, the company that my wife works for put a huge, read very huge, carrot on a string in front of her face and said we will pay you this much if you move to NY. Plus we are now only 2 hours from her family here.

    Unless you've lived in NY state you may not know that there are these two different New York's. There's Westchester County and south (NYC and surrounding swamp) and then there's the rest of the state. That is with the possible exception of the area within a few miles of downtown Albany (capital city) which is surgically attached to NYC.

    Upstate New York, as the NYC people call the rest of the state, consists of the northern most counties of Alabama. Farming is the number one industry. Yes, the taxes suck, but the state has the largest state park in the country too. The Adirondack State Park is 6 million acres and half of it is forever wild. https://apa.ny.gov/About_Park/

    Plus I'm less than 75 minutes from some of the finest fly fishing in the world. The rivers of the Catskills are where fly fishing took hold in the USA. The east & west branch of the Delaware River plus the Beaverkill River and the Willowemoc Creek are ground zero for this area: https://cffcm.com/our-region

    Zane Gray, author of all the western cowboy books, had been a dentist in Philly and took up writing those books so he could move to a house at the junction of the Lackawaxen River where it flows into the Delaware River and go fly fishing from his front yard.

    Having said all that, we do plan on leaving NY when my wife retires. We had 32 acres with spring fed pond picked out in eastern Tenn prior to moving to NY that we had thought we might like own. But that damn big carrot got in the way. Time will tell where we end up.

    Perhaps Belize?

    Added: https://www.bestplacesretire.com/belize/
    Last edited by LongDonSilver; 09-15-2022 at 08:37 PM.
    Do your own due diligence

    I stand united with my friends & family in Canada who seek freedom.

  9. #29

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    Quote Originally Posted by motocat View Post
    [FONT=Verdana, Arial, Tahoma, Calibri, Geneva, sans-serif][COLOR=#333333]My local is buying back ASE's for only $22, and selling them for $34, with silver at $19
    Yeah, some local places can be way out of the norm. I know a PM dealer that has a deal with several pawn shops where he gets most stuff at melt. Said pawn shops are happy because otherwise they would just send it to a refinery for under melt. Where you or I to walk into the same pawnshop chances are they would ask for a hefty premium for the same material because that's what retail customers are for, to pay as much as they can get out of them.

    One of my favorite gold finds were Cuban gold peso coins from that dealer at near melt. It took both the pawnshop and the dealer not knowing that those are not common and have a hefty premium on them.

  10. #30

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    rip off artist abound after QEII passing.

    melt = $30

    buy it now $1297
    Seller is even brave enough to show his name and photo

    versus

    majority auction to buy in now price $30-$50
    Last edited by yellowsnow; 09-20-2022 at 05:00 AM.

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