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Thread: Buying Silver vs. Selling Silver - The Spread

  1. #1

    Default Buying Silver vs. Selling Silver - The Spread

    I know premiums a lot of places have really moved up recently and are likely to continue to do so. I have bought silver on Ebay, I have bought locally and have made purchases at on-line dealers. The premiums on Ebay have gone through the roof. Premiums at the on-line dealers have gone up some but not as much as the auction sites. What I am interested in is what the premiums are when you buy locally.

    I recently started buying a little bit from a local coin shop that opened a second location across the street from where I work. I have been picking up Kooks and they tend to have a big premium attached to them. I stopped in today and asked what the premium generally was on generic rounds and bars and was kind of surprised. They get $3.00 over spot when they sell and they buy it back at $2.00 under spot. Is this about what the rest of you experience when you buy locally?

  2. #2

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    Best local shop around me has: Buying, generics at $1.50-1.75 over and ASE's for $4-5 over. Selling is spot for ASE and $1.00 under for generics at current prices. No VAT, no sales tax.

  3. #3

    Default

    I know I am in the serious minority here.... but my local place sells "circulated" eagles or whatever random silver gets brought in for $1 over spot and buys at $1 under spot.

    Apparently a few thousand ounces of Aussie silver was brought in this week and Kooks, Koalas, Roo's, etc. were being sold for $29.50. I bought everything I could afford. Some of them werent exactly in great condition, but I dont really care. Much better than the generic 1 oz rounds I had.

  4. #4

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    The shop I use sells generic foreign silver at spot (I prefer onza's from mexico and canadian olympics, as they are 1.01 ounces) and buys at 85% of spot. ASE's are bought at spot and sell spot + $3.

  5. #5

    Thumbs down the spread

    wow $5 spread is way to high
    my favorite shop buys .50 under, sells $2 over and I don't buy much there unless it's on a whim or to touch base.

  6. #6
    Join Date
    Dec 2010
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    1,276

    Default

    My local shop buys gold and silver at 5% under spot and sells gold and silver at 5% over spot. Petty simple.

  7. #7

    Default

    My local buys for .50 under for rounds and spot for SAE. They sell for $1.00 over and about $2.00 over for SAE on a normal day.

  8. #8

    Default

    My local coin shop in Southern California sells generic silver at .85 cents over spot and buys at .50 cents under spot. If you shop around you should be able to find someone who is fairly priced.

  9. #9

    Default

    Quote Originally Posted by coindog View Post
    wow $5 spread is way to high
    my favorite shop buys .50 under, sells $2 over and I don't buy much there unless it's on a whim or to touch base.
    You think thats high.

    I stopped in this small coin shop the other day on my way home from a trip to Chicago.

    It turned out to be a very small numismatic coin shop, but their sign caught my eye as i was driving by because it said "buying scrap gold/silver and bullion"

    Anyway, the guy was kind of a jerk and didnt seem very interested in helping but i asked:

    The exchange went like this

    Me: Do youv havev any ASE's or bullion?

    Him: Whats an ASE?

    Me: American Silver Eagles

    Him: You're Looking at them

    Me: Oh, Where i dont see them?

    Him: Right in front of you.....Turns out he had 3 random date ASE's and a few 1 oz art Bars

    Anyway I say:

    Me: How much you asking for them? spot at the time was about $30.50

    Him: $38.00

    Me: Wow, thats kind of pricey

    Me: Then how much are you buying them for?

    Him: getting a calculator out form behind the desk... $28.00

    Me: wow, so you have a $10 spread on ASE's?

    Him: Yep

    Him: you interested in buying or selling?

    Me: Neither, not at those prices

    I couldnt resist...

    Me: So are those prices for everyone or just the people who dont know any better?

    Him: I dont know what you're getting at, but you wont find any better prices even on the internet.

    Me: Ok, no problem

    and i turned around and walked out.
    Last edited by mperrine; 01-14-2011 at 07:47 PM.

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  10. #10

    Default

    I thought this spread seemed like a little too much, also. The couple that own the shop are really nice folks, unlike the people in the other two shops in my area, but I want to get the most for my money when it comes to PMs, so, I guess it's back to on-line ordering.

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