having given out this info on main strEEt for a few wEEks i wanted to start a thread about the action at the LCS i work at part-time in the afternOOns, once i get oFF from my rEEl job ;o) it is a smaLL family run shop. no internet sales or marketing. just kEEping it simple...i have learned much in my 6 months here. i stick w/ the buLLion, graded and numi's i leave to the pro's here ;o)
so as i have reported previously, we drew a line in the sand and did not seLL 90% for leSS than 25x face into this latest smack down. that is stiLL the rate today. if i go by my wholesaler cheat shEEt we should be seLLing @ 24.4 on the close today. we had aCCumulated quite a bounty while not seLLing much. we were buying it up at 10-20% back of melt depending on quantity. but this wEEk has sEEn numerous buys of the magic $1500 in 90% so much that we have only about 500 face on hand. the Ag that has bEEn coming in has bEEn inheritance or economicaLLy chaLLenged individuals. have not sEEn Ag in large quantity come in for wEEks. i have 3 .999 rounds. i just bought 1/2 hr ago. we have not held a supply of these for wEEks. wholesaler has them on 5-10 busineSS day wait, we have not purchased through him. ASE ~~ i have two. prOOfs, just bought 20 @ 40. that is it. no other G'ment issue .999. premiums have stayed @ 3 over on generic and 6 on G'ment.
that is it for now...visit your LCS.
is a very diFFerent story. lots of seLLing in here. last wEEk we purchased 16 1 oz peices and this week that number is over 20. in the last 1/2 hour i have had two different customers each seLL us over 10K in Au. lots of that stuFF. paid 1650 each for 5 st.G's and the other customer had 3 ML and 3 50 peso, 2 20 peso. 1750 on the 50. wiLL hold them through Sat but dump them prior to the market open on monday. lots of Au right now. premiums are not moving.
i'm going to try and do this wEEkly. we'LL C
I can't make it through this text with those completely inexplicable double capital letters which are nothing but a distraction.
thanks kid. i am glad you said what you did. i do what i do. you do what you do. best of luck in the end friend.
awesome. i stop in my lcs a couple times a week to get the lowdown.
cool to have such a detailed comparison.
the shop in town is a father to son business w 50 yrs in the area. his premiums are low. .72 cents on 90% - $2.00 per one oz. .999 -$1.60 anything over 50 oz. bar - $6 on SE and foreign. he's a great guy, hooked me up a bunch.
in the last couple months i have been witness to alot of folks buying in massive quantities, and one huge collection sold to him.
thursday i saw a guy drop 10 large on 1 oz. gold kugs. his prems on GE is $85 a little less on frgn
your a lucky guy to get an opportunity to really see the inner workings. thanks for the post.
you are coRRect J666!!! after making monthly trips into this shop for the past few years the owner asked me about working there as a suMMer job last june. i had spoken with her over the prior months about the poSSibility of buying the busineSS from her and she suGGested the best way to learn it, find out if it was something i wanted, was to do it. so i did.
weLL, i love it. decided to stay on because i love the action. i love the coins. i love giving people paper for PM's. i love giving PM's to people for paper who think like me. this is a service industry. there is a reason why i was in that shop every month. i have a choice of a dozen or so shops in the area. this place is the best in my opinion because of the way we treat aLL our guests. the guy who comes in monthly and gets 5 oz of AU the same as the down on her luck tOOthleSS tweaker chick. a smile, gOOd afternOOn and a fair and honest transaction.
i do stiLL buy some stuFF online, ie wildlife and lunar series, but for everything else, i go through the shop. why not, i get wholesaler seLL rate and use the GSR like rita taught me here! my advice if you are interested is to pick your favorite shop to patronize, stay and chat a lot, because w/ the inventory these places kEEp, they have to trust you aLOT!
excited for the next wEEk to start. lets sEE if we get the chance to aDD to the stash. stiLL lOOking into buying this place...inventory should be done this wEEk. coins ain't cheap. we just bought a 1799 silver dollar slaBBed NGC VF for 900 bucks. seLL price 1850. double our money, but lets sEE how long it sits there..... anyhow, as always, be weLL.
I came close to doing the same thing a couple months ago, but in the end decided it wasn't for me. It maybe had more to do with the particular shop, not so much the general idea. Everytime I'd been in that shop it had been a frickin mad house. The employees running around like chickens with their heads cut off.
So, as cool as it would have been to be on the "inside" of the bizness, I still had to look at that particular shop as a workplace. No thanks on that one.
Bummer for us, I'd prefer a local shop but the added premium hit of the sales tax makes it a non-starter.
StiLL, very much aPPreciate this reality based intel, kEEp it coming ;).
in cali it works like this.
spend anything up to 1499.99 you pay the state and local sales tax. we are talking almost 10% here. that is 10% leSS metal, period. if you buy leSS than 1500. i never buy anything leSS than 1500 instate. save up and make purchases.
if you spend more than 10k on any ONE TYPE of item then it gets reported. if you give more than 10K in cash it gets reported. you can bring in $9999.99 and write a check of the rest and it does not get reported. you can buy 5 AGE, 5 ML, 5 krug, and 100 ASE and not get it reported if you pay with CASH up to 9999 and a check for the rest. checks over 3k seem to draw red flags from banks....stay safe. save every reciept, just in case.
Ag ~~ premium on the ASE is down, we stiLL do not have tubes in stock, and are not taking orders cuRRently...rounds are now 2 over 2 back. 90% is stiLL 25x face. silver dollars are gone. we have about 300 in 90% and a few oz. we have purchased and sold 300 .999 rounds from the wholesaler and 100 silver doLLars...hope to get more coming acroSS the counter. but also hope not and that the phyZZ starts drying up. not many large seLLers. a few daughters of dads who gave them away but not stacker types that i saw. i was able to snag a few more kOOks at 3 over ;o)
Au ~~ we continue to aCCumulate and it was a gOOd wEEk for that. wholesaled out 15 oz, would have liked to have retailed them but, they kEEp coming in, so we kEEp buying Au. we had 2 purchases of a mix 4 oz and then 1 other spits order, but way more buyin of the Au. got some cOOl 2.5/5/10 peices tOO.
enjoy your wEEkend. i think everyday is a gOOd day.
only made the shop monday tuesday of last wEEk. it was quiet. nothing of size on the customer side comin in or going out.
we did get 500 .999 rounds from the wholesaler tuesday...think we paid about 35 each?? they were seLLing @ 3 over. i wiLL get an overview on monday of the action and let you know...hope you can get out to your LCS and take phyZZ Ag out of the market!
out the dOOr here in socal! aLL 500 rounds gone. 3 purchases of 100 and then the rest went in smaLLer sales. we did pick up 5 tubes of ASE @ 30.50 a pop so they are back on sale for +5 premium is down a buck. 90% is stiLL @ 25x and it is moving, we have about 300 face in stock right now.
numismatics continue to sit...except for CC slab morgans. those go quick! just got an order yesterday for 8 stG 20's. nice.
taking liberty dimes to my 4 2nd cousins this givin' ~~ they each started a coLLection last year ;p
and wiLL be back at it monday to sEE the action last wEEk. me thinks this euro/me noise has people heavy in metal moving to cash and people heavy in cash starting to aCCumulate metal...but what do i know? long term you just bury it and hope for the best.
so we are moving bullion. Au & Ag
Au buys are under 1700 stiLL. 1695 again today on the AGE. this was not a rEEl nice one.
sold 1 more 1882 CC gsa for $250 i want the 1883 ;o)
buying at 2 back and seLLin @ 2 over on .999 Ag ase @ spot and seLL +5
90% is stiLL 25x. it goes both ways.
went through an older gentlemens collection from his father
spent the last half of 4 hrs/ w/ the boSSman doing a insurance pay/retail estimate. saw some of the cOOlest stuFF. best of the bunch a 1822 california $2 gold peice, the hexagon. 3 dots. like 5k+ rare it is tiny but has not sold in years. if is is OG. we think it is ;o)
then you have the 1799 silver doLLar. gEE wiZZ> swEEt
there are 1/2 dozen seated 1/2s and a few nice '32 s quarters. a few $20 lib and $10 indh
the retail was almost 30k, it was a joy to lOOk through.
which brings me to the numi's.
i would love to hear stories of profit taking there. i have sEEn it done. i have some dimes that shine at $20+ today, like a 10 -1 and am thinking why not cash it in, but what if it is the only one i have, i have to kEEp it so many just trade in a few?
coins are cOOl. i want to get that '83 cc!
Great thread SwS, keep up the good work.
Great thread. "bookmarked"
It's a unique opportunity to get to see an LCS from the inside perspective. Thanks for sharing it. I hope you are able to put an update soon.
I would kill to have a shop like yours in my area. Surly chain smoking grouches who are pissed that you interrupted their Internet porn are the norm around here. Keep the updates coming I love this stuff, and thanks for this thread, it's a kEEper!
Love the thread.
Love the smOOth style.
Only downside, it gives me the itch to spend fiatscos that I need short-mid term.
Maybe I should get a part time job like you. I'll ask for just minimum wage, in real US Dollars or Eagles
Thanks for the updates!
wow ~~ you guys are tOO much! lets kEEp this roLLin'
i think i have stated before that i get paid here in phyZZ...cashed in again yesterday. i try and time my payments w/ dips...2 wEEks work or 18 hrs i got a 5 oz Ag spoTTed leopard from nepal by way of the singapore mint and $3 in BU '64 washingtons. working 4 "12" bucks an hour....but it is always turned into metal....Ag metal.
this wEEk we continue to sEE people unloading metal they have either had for a while or just acquired. one guy younger than me, late 20's came in with over 200 oz of Ag as sold it aLL. he said he wanted out, that he had more than tripled his money and he was done watching....tried to have him kEEp just a few but he wanted nothing to do with it. walked out w/ paper, we paid $30/oz.
then last night had an older gentlemen come in right at the close w/ an old skOOl plastic bag in hand. holes in his sweatpants and rEEking of stale cig smoke, the cough was death, but when he started puLLin stuFF out. i sliPPed in a "holy shEEt".
the first stack of slabs he handed me, 6 or so were aLL $20 Au peices. ms60+ and a key date or two. 1883 was in ms 65...it was amazing. he then handed me a '07 prOOf Au set and a few white tubes, that were fuLL of Au+ morgans. he had about 14K...decided to seLL us 9700. just under the amount we must declare. he wanted cash...we eneded up giving him 3k in cuRRency and cuTTing him a check for the rest.
premiums this wEEk are down on the GOLD and the ASE. yesterday we were paying -10 on AGE, -20 on .9999 ML, -35 on krugs, 50 peso was at 1875. seLLs were +80on AGE, +70 on .9999 ML and + 60 on krugs. ASE was down to $5 over seLL and spot buys. Ag 999 rounds 2 back and seLL @ 2 over. we have about 100 left. no 2011 ASE, we should get some in on sat. but they have bEEn the hoTTest seLLer this wEEk.
the traFFic has not bEEn that heckic this wEEk ~~ shocker. we have a liTTle of everything right now...handful of fractions rOOster souv and AGE's and some of each of the G'ment iSSue Au buLLion. 90% is stiLL @ 25X face....we are stocking up on that, buys yesterday were @ 17X....
any q's from the crew are welcome...trying to do something to contribute. glad you are enjoying this.