Today's really lousy shopping experience: Diamond State Coin

[thecrazyone]

I bought 2 rounds from this shop on 1/28. It's about 30 min from me. After trying to get there again during their current covid hours 10-5 M-F, I finally get there today. I go in and tell the guy working that I'm there to look at the silver rounds. Last time, they were in a Tupperware tub that I got to look through. Today, everything's in a glass case. This guy takes out a POINTER, and says "um yeah those are 3 over spot, those are 5 over spot, and those are 7 over". I said to the person, "I was just in here a couple of weeks ago, and they were 2 over spot". The owner stands up, as he must have recognized me, and ignorantly says, with a smile, "that was THREE weeks ago." I honestly wasn't thinking about what the true date was when I said I'd been in there recently, so that totally pissed me off. I finally said nevermind then and as I started to walk to the door, both very obnoxiously said HAVE A NICE DAY!

That experience was so rude, in my opinion, that I will be looking for another place. Does the new silver price have everyone thinking they have the pirate's hoard?? I still can't believe what just happened.

[68Camaro]

Their premiums are actually low compared to what others are asking. If you saw my post on the topic earlier, APMEX is 12-15 over spot.

[thecrazyone]

Their premiums are actually low compared to what others are asking. If you saw my post on the topic earlier, APMEX is 12-15 over spot.

I can't give my hard-earned money to people like that.

[Cu Penny Hoarder]

I bought 2 rounds from this shop on 1/28. It's about 30 min from me. After trying to get there again during their current covid hours 10-5 M-F, I finally get there today. I go in and tell the guy working that I'm there to look at the silver rounds. Last time, they were in a Tupperware tub that I got to look through. Today, everything's in a glass case. This guy takes out a POINTER, and says "um yeah those are 3 over spot, those are 5 over spot, and those are 7 over". I said to the person, "I was just in here a couple of weeks ago, and they were 2 over spot". The owner stands up, as he must have recognized me, and ignorantly says, with a smile, "that was THREE weeks ago." I honestly wasn't thinking about what the true date was when I said I'd been in there recently, so that totally pissed me off. I finally said nevermind then and as I started to walk to the door, both very obnoxiously said HAVE A NICE DAY!

That experience was so rude, in my opinion, that I will be looking for another place. Does the new silver price have everyone thinking they have the pirate's hoard?? I still can't believe what just happened.

Yup, they sound like A-holes, but it's their business and it's their prerogative to change the prices and charge whatever they want.

Like Camaro said, online bullion dealers are charging higher premiums than that.

If you're not willing to pay high premiums you're going to have to wait until things loosen up a bit and more inventory appears. That could take a few months, or longer.

[thecrazyone]

I just feel like I really have little options right now to buy anything at all right now. I'm not a pro at this at all, just trying to prepare for possible fallout issues. I see items on eBay but everyone says don't buy from there bc items are being faked. I try to go to a store and the hours suck and the people are ignorant. I was buying from Blackrabbit here and then he vanished. I just feel like I'm really trying here and getting nowhere. I'd buy from someone else here but I feel like the classifieds are like a dark dungeon.

[Changechecker]

Buying small amounts online isn't cost effective because of postage. There are lots of good sellers online. Positive feedback from multiple buyers is a good indicator that the seller and product is legit.
Try the wanted category on here you may be able to find some.

[Cu Penny Hoarder]

I just feel like I really have little options right now to buy anything at all right now. I'm not a pro at this at all, just trying to prepare for possible fallout issues. I see items on eBay but everyone says don't buy from there bc items are being faked. I try to go to a store and the hours suck and the people are ignorant. I was buying from Blackrabbit here and then he vanished. I just feel like I'm really trying here and getting nowhere. I'd buy from someone else here but I feel like the classifieds are like a dark dungeon.

I feel your frustration. Please don't let FOMO get a hold of you.

Locate and call a few coin shops that are further away. Ask them what they have and what the prices are before you drive there. Ask them to hold the items for you until you get there... tell them you're driving a long distance and bringing a fat wad of cash with you. I've been able to negotiate great deals for myself over the years because I was buying with cash. Money talks, bull[excrement] walks.

Your only other option right now is simply to wait until things calm down. The prices and premiums will eventually come back down.

[natsb88]

Premiums jumped dramatically across the entire retail market around 1/30 - 1/31.

$3 over spot for in-stock generic silver is currently dirt cheap.

You'd pay $5 - $7 over spot right now for generic rounds from an online dealer, with a minimum $99 order to get free shipping (currently a $299 minimum at Provident and JM Bullion) and a 4-6 week delay due to mailing a check, the check clearing, the silver being on pre-order, and the shipping backlog.

Obviously, I wasn't there to witness the interaction. What was your tone/inflection when you said "I was just in here a couple of weeks ago, and they were 2 over spot" ? If it came off at all accusatory, or as a complaint, that will instantly put the seller on the defensive. They are already offering you a product well below market. And keep in mind that if you buy two ounces of silver, the dealer probably only makes a grand total of $2 - $3 on the transaction.

There is definitely a "grumpy old man" stereotype associated with coin dealers, and there can certainly be some truth to that stigma. I always try to take the path of providing a friendly explanation to a potential customer rather than being dismissive or rude. But I have also grown a little more sympathetic to the dealers' plight over the years. I know when I used to sell more silver online, I would occasionally get an email from an upset tire-kicker telling me that my prices were too high, and that I "had to" sell them silver at the price they wanted to pay, because "that's what spot price is" Nine times out of ten, when a customer begins an interaction with a complaint, they aren't going to buy anything, or they aren't going to buy enough to make it worth the extra time that goes into the transaction. So be mindful of how you start a conversation.

Personally, if I had already taken an hour out of my day to go look at silver, and found it for $3 over spot, I wouldn't question the premium, and I wouldn't go home empty-handed. If the people there were actually blatantly rude, and I was certain that I didn't accidentally start the conversation off on a bad tone myself, I just wouldn't go back again.

My advice is to save up your silver funds for a longer period of time, until you can make at least a $100 purchase. Shipping becomes more viable at that point, and you can find deals here or on BullionStacker. Generally the more you buy at one time, the better the deal and the lower the cost per ounce for shipping. You'll be hard-pressed to find 2 ounces of silver at $3 over spot delivered online, but don't forget to factor your time and gas into the equation.

[coppernickel]

The previous responses come from of the best advice givers RC has.

The only thing I would add is expand your paradigm. You mention silver rounds. Have you considered junk silver? You may be able to find some silver dimes, quarters, war nickels, and halfs near spot in antique shops and pawn shops. Those are often secondary in their line and they leave them at old prices out of disinterest. He aware your interest will make those prices move.

[thecrazyone]

Premiums jumped dramatically across the entire retail market around 1/30 - 1/31.
Obviously, I wasn't there to witness the interaction. What was your tone/inflection when you said "I was just in here a couple of weeks ago, and they were 2 over spot" ? If it came off at all accusatory, or as a complaint, that will instantly put the seller on the defensive. They are already offering you a product well below market. And keep in mind that if you buy two ounces of silver, the dealer probably only makes a grand total of $2 - $3 on the transaction.

I'm normally a polite person by nature. I honestly was not prepared for such an abrupt change in pricing, but then again, I'm not a regular patron for this kind of stuff like some of you might be. That's why it totally caught me off guard. I don't remember saying it rudely, but, to your point, there could have possibly been 5 people in before me saying the same thing. Nevertheless, it just sounded very condescending and cocky to me, and believe me, I do let alot of things roll off of my back. I just knew one thing for sure was that they would not see a penny come out of my pocket to them after that. Even if they only make 2 bucks off of me.

Even funnier, I left there, and hit one of my semi-regular stops where I check for change. Sure enough, there was about .23 there (2 dimes and 3 pennies). With each coin I picked up, I lovingly said "and F.U. DiamondState, and F.U. DiamondState..." Meaning, that was more money that they'd never see, either.

I've also done pretty well with the stock market today, and guess who won't be seeing any of those profits, either!