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Precious Metals

  • 06-01-2014 12:06pm
    #1
    Nino Brown
    Closed Accounts Posts: 1,507 ✭✭✭


    Hi Everyone,

    I first started buying precious metals a few years ago, and at the time I got a lot of advise from a guy with a lot experience in buying and selling them. He explained to me that when you buy, you pay a premium above spot price, obviously enough. But when you sell you usually sell for spot price or slightly below.
    The reason being, if you charge above spot, then the buyer is better off going to a reputable dealer, where they don't have to worry about buying fakes, and they can get brand new bullion/coins with no wear.

    I've noticed a lot of ad's on adverts lately where people are asking well above spot price+premium for both gold and silver. They're even trying to get more that what goldbank and other dealers charge. I know these people probably bought their metals when prices were higher, but C'est la vie, why would anybody buy from these people when you can buy for cheaper from a dealer. Then I checked ebay. and there are people buying there for more than dealer prices too. Am I missing something here?, why are people paying so much for a used good from a private seller, when they can buy new from a reputable dealer for cheaper.


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