Sourcing AG from "We Buy Gold!"

[DTEJD1997]

Hey all:

I am finally getting serious about getting 90% silver coins. I have been buying here & there for a few years. Usually just in dribs & drabs, $5 FV here, $10 FV there.

Like a junkie, I need larger & larger quantities to get the same effect. $10 FV just ain't going to cut it.

I've been buying from local coins shops. A surprising amount have poor interpersonal skills and prices that are too HIGH! I don't have any problem paying a premium, but $5 over melt? on 90% silver? AIN'T GONNA DO IT.

There are several local coins shops that do have good prices, but one gave me the "stink eye" when I bought $74 face of halves.

The other dealers are clear across town, so I call before I go. They've got silver but only $3 or $5 of face...not worth the trip.

I see these "We buy Gold & Silver" places all over town. I mean HUNDREDS of them. So I was thinking of doing up a single page saying I buy 90% silver coins. I will come a running, and will pay more than the refiners do. I pay cash.

Anybody have any luck with this? I presume they send their coins to a refiner...

I've been contemplating buying a "bag" of coins from Apmex or one of the other big wholesalers...but I think their prices are just a bit high, BUT MORE IMPORTANTLY, I don't want to send somebody $20k and then be waiting for my product for a week or two. I want to "cash & carry".

Any body have any experience or thoughts on this?

[beauanderos]

Alot of those guys are contractually obligated to sell into their own existing tier structure, their own refinery contracts, etc. There might be some independents that your idea would work with. Your best bet? Be patient. If this price remains channel bound throughout the summer premiums on junk will recede.

http://numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=26828

[Engineer]

I see these "We buy Gold & Silver" places all over town. I mean HUNDREDS of them. So I was thinking of doing up a single page saying I buy 90% silver coins. I will come a running, and will pay more than the refiners do. I pay cash.

Anybody have any luck with this? I presume they send their coins to a refiner...

Why would they send their coins to a refiner when APMEX is paying $1.50 over spot and not even bothering to weigh the coins?

[jmaii]

I've bought silver at independent jewelry stores that have cash for gold signs, but not those Cash4Gold franchises. You would be surprised at what they do send to melt. Most are friendly, reputable, and won't vanish when/if the gold buying bubble bursts. Not saying there is a bubble for gold itself (that is up for debate), but when I see tax preparers and laundromats buying gold I just shake my head.

[NHsorter]

I see these "We buy Gold & Silver" places all over town. I mean HUNDREDS of them. So I was thinking of doing up a single page saying I buy 90% silver coins. I will come a running, and will pay more than the refiners do. I pay cash.

Anybody have any luck with this? I presume they send their coins to a refiner...

Why would they send their coins to a refiner when APMEX is paying $1.50 over spot and not even bothering to weigh the coins?

Just because someone runs a cash for gold place, does not necessarily make them smart or well informed.

I have attempted to buy from a few Cash For Gold places. I have not had much luck though. Mailing a flyer might be a good way to go. Or even dropping it off. I think it is worth a shot. You just need to find the right person. Most of the employees are idiots and/or lazy. Best luck I have had is at owner operated jewelery stores with we buy gold signs out. Trouble was the ones I found that were willing to sell were too high on price. You'll want to stress your ability to get to them FAST when they have stuff to sell and that you will show up with LOTS of cash.

[Robarons]

Some places will sell back to the public. When you walk in act professional and serious, most of these places are wary of smart people sputtering spot and grams, blah blah blah.

Go in and say you have any coins- then follow up with 90%. Try to pry a number out by asking questions- per a 'coin' or I want $100 face- gets the juices flowing. You can do well.

I have found some places to know exactly what they can get with their wholesaler and wont bother much with selling back to public. And some places just do not sell back- most times its just a person getting paid $8/hr to buy gold bur does not have the authority to sell back (or even the knowledge to do so) so owners/managers might be needed to do such activities.

The ones that do sell come back often- like once a week to catch new items and build a relationship

[beauanderos]

I made some phone calls locally about a year ago, looking into this. I was told that they don't buy coins, just jewelry... which I'm not interested in. Anyways, I now have a nice working relationship with a dealer who sources his stuff from Cash4Gold and gives me a head's up when good stuff comes in. One extra middleman, but the prices are still fair so who am I to complain.

[DTEJD1997]

Hey all:

Thank you all for the replies and experiences.

I was thinking of having a semi-professionally designed flyer, and then going in each personally and introducing myself and giving them the flyer. Maybe have a 30 second spiel. I am going to try and target the independents first...

I actually get some from a local jeweler. He was great for a while, but he is now out.

Has anyone ever sold to Apmex (or other big wholesalers?) I figure I might have an advantage, as I will bring CASH, and I pay immediately. There are also no shipping charges with me and they only have to wait until I get there. I figure I will get there the same or next day.

Buying $100 face a few times a week would be great!

I also would like to try and buy USA gold coins. I've done this a few times and had good success.

Thanks everybody, let me know if you've got any other ideas/experience.