I stumbled across this tonight and am pretty stoked. I thought my $3.50-$4.75 over spot from my local coin shop was the best deal I could get. Have you heard of the "Preservation Of Wealth" wholesale club thing? Check this out if you are paying more than $2..60 over spot for Silver Eagles or more than 2% over spot for Gold Eagles:
I'm excited! Here I thought POW's were Prisoners of War.
God bless you,
I try and never pay more than a dollar over spot. I go to a lot of coin shows, am a member of a coin club, and shop around at different local shops. Spend five minutes in a coin shop and you'll notice that a lot of people are selling (to the shop.) They're not only selling but they're only getting 80% of melt. There's nothing wrong with this as the shop needs a good margin to make money but I'd just rather cut out the middle men. My LCS sells 1000$ face bags of junk to apmex almost daily so I always wondered why I'd let two middle men plus shipping and taxes in between me and my silver when all I had to do was go to the source. Its also cool as heck to get a roll of BU Mercury dimes for 20% less than you would have paid for junk dimes.
Tulving.com has eagles about 2.79 over spot. You would have to buy a bunch of eagles (1300+ per year) to make back that $250 sign-up fee to pay for the small savings. It may be worth it for some.
Whats the source? Intercept the sellers in front of the coin shop? That won't last long with the coin shop owner. I'm a noob and don't know what LCS is?
Quote: I'm a noob and don't know what LCS is?
Local Coin Shop
I would like to know,where to buy american silver eagles at the best over the spot price
I just picked up a full tube's worth Friday for 43.50 a coin. 3.50 over spot is not bad considering what I would pay on ebay plus shipping some days.
I'm searching somethimg about $ 1,5- 2 over the spot price.
I've read about $ 1 (that seems very cheap).
Whats the source? Intercept the sellers in front of the coin shop? That won't last long with the coin shop owner. I'm a noob and don't know what LCS is? Thanks!
I've actually only done that once (met a guy in front of the coin store) and I probably wouldnt do it in the future. Its really about networking into your community. Joining your local coin club and going to local coin shows is the best. I did the craigslist thing for a while but I found it not worth my time. I buy most of my junk from a couple people I know from around the community. These are older guys sitting on literally tonnes of silver that need cash from time to time to pay bills. Once you build up a good relationship with your LCS you'll also start getting better deals. Spend enough time in the shop looking through cases and piddling around and you'll start to understand how their business works. All the time I see someone new to stacking come into a store where I'm browsing. The sales people are usually pretty good at reading people and guessing what to charge them. Every once in a while you get the clean cut, middle aged guy come in that seems desperate to get their hands on some PM's and they pay ridiculous prices. Nothing like watching one person come in to sell only to get 80% of spot, then watch someone come in to buy and pay 8 bucks over spot for the same coins. Then when its my turn to buy they only charge me two bucks over spot and I haggle them down to a buck over spot. Prices at local places are never fixed and haggling over price is half of the fun to me. At the end of the day what they dont sell to me is going to the wholesaler or to melt anyways, they know this, I know this, and thats how the deals are gotten. Local silver here is a total buyers market, the internet is the opposite, the only time this changed was that little run up to 50 when the dumb money started piling in.
I paid $42.00 for some silver eagles on Friday afternoon, I bought all he had plus some rounds and some Morgan dollars. He doesn't have much selection because he is cheaper than anyone else and the stuff doesn't stay in the store very long. As PandaLiberator said in the post above, it's fascinating to listen to these guys talk about the pm market and how it works. Can learn a lot just hanging around.
You bought from a local coin shop in NC? I'm assuming you had to pay sales tax then?
I paid sales taxes.
Junk silver can generally can be found for around spot prices
Best deal around right now:
Seriously, this is it...click below.