Myself and others on this board, have said for years now to buy Silver and Gold (gold if you can stretch it). Silver and gold hit a 10 year high today. Gold $3684.00 per Troy ounce and Silver $43.00. It’s insurance for yourself and family in uncertain times. It could pay a mortgage payment, an unplanned medical expense, fix your car if it needed repair and buy food and clothing etc. etc.
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The other day I wanted to see if I could sell silver. I don’t call places. I walk into places when I want to, if they are open to the public. Those who say appointment only I ignore.
The first place said he will not buy. He spent to much, but this is one of those new type of stores that sell multiple things like bullion, numismatic, graded cards and such. He seemed a little nervous over the years.
The 2nd place had no problem. It was a traditional numismatic shop that also does bullion with a little bit of cards.
He bought 100 ounces no issues and it was fair. I sold a variety of stuff from generic to collectible to backed.
I rolled it back into metal -palladium.
The bizarre stuff is a common person will see jewelry as gold but a gold coin as foreign. Many buy a very over priced jewelry that is real gold but has an astonishingly high premium and they get sold on the propaganda.
To me bullion is the best type of art out there. It is also real and has multiple values depending on how fast you need to sell. Sell a high collectible coin and get a premium is still hard for the masses but some shops will and there is auctions outside of eBay. If the spot prices go way up then even the premium ones will keep their cost.
I wanted the experience to see if I could sell when prices jumped up and I was successful without calling. If I called, I don’t know. I wish more people were more open about bullion but many believe they have to be secret with bullion but at the same time they will wear their over priced jewelry and change their paintings that just have zero value in my mind.
Yup. Just an FYI for frens who don't know how jewelry pricing generally works: most retail gold prices are set at 5 TIMES the wholesale price. For example: an item with a $200 wholesale price will have a $1,000 suggested retail price ("MSRP"). (And, wholesale prices STILL provide manufacturers with some profit over their cost to manufacture their products [i.e., scrap/raw material + overhead].)
So, even a 50% discount on a $1,000 MSRP item would give a seller a $300 profit ($500 sale price - $200 wholesale = $300).