WHY GOLD BUYERS MELT GOLD COINS SOMETIMES - CASH FLOW!

[govikesgo]

That's pretty good in this kind of market. My local coin shop probably buys and sells 10 oz a day in gold. If you buy 10 oz and sell 10 oz in one day at 5% on each end, you're making $1900. That's pretty good. His margin of 5% is the same for silver and he turns about 400 oz a day, another $1320 a day. $3220 is a pretty nice profit for one day.

[ScrapGoldBusiness]

@govikesgo

LUCKY HE DOSENT LIVE IN FLORIDA - HE WOULD NEED ABOUT $360,000 IN CASH RESERVES AND HOLD IT FOR 30 DAYS WITHOUT GETTING BROKE INTO.

LOTS OF CHALLENGES TO THIS BUSINESS AND THIS BEING JUST ONE...

GREG

[govikesgo]

Greg, you have to realize that many dealers, especialy where I am in NJ that people actually come in to BUY gold. My local dealer sells ALL gold at 5% over spot and buys ALL gold at 5% under spot. Now I buy and sell scrap and my refiner, pays me 95% of spot and pays me in cash. So whyare you complaining that he's selling for a small premium? Making 1-5% is pretty good compared to the smelter at 95% of spot. And if you buy AND sell then you are making 10%.

[ScrapGoldBusiness]

@govikesgo

REFINER PAYS SPOT ON AGE AND KRUGERRAND. 98% ON ALL OTHER GOLD.

IM NOT COMPLAINING BTY JUST MAKING A STATEMENT.

GREG

[IllinoisPawnShop]

Awesome

[withorse]

Bomb India?? Who's going to do my tech support when I need it??

OH NO!!!!

[frontier1701]

Absolute proof gold is NOT in a bubble... Premiums will be 25% + when the bubble is well formed... Maybe as high as 50% premiums at the top

[JohnnyBGood11]

I look at it this way Greg you have been in the business for awhile and know the ins and outs and getting killed for maybe an extra 30-35 bucks per coin you did the right thing.

[coldkidc]

I guess I could see melting cheap (low premium) stamped coins to make fractional coins...

[ShikamaruTKD]

gold is gold silver is silver doesnt matte what form, i take silver coins to my presser and make a big sheet of silver to use for jewelry.

[goldcurrent1]

Nothing wrong with liquidating some of those metals at all. The bills aren't going to wait.

Also, I don't think we'll bomb Iran. Their allies are China, Russia and India. We'd get our bankrupt asses handed to us.

[ScrapGoldBusiness]

NO BUT ON THE WHOLESALE MARKET YOU WOULD GET SPOT FOR THEM.

I DO NOT MELT AGE.

HOPE THIS HELPS.

GREG

[huskerbird1]

damn, I own the standing liberties. why would you melt them? I guess I still dont understand.

[dcshoeman2k4]

Hehe, Greg your so modest :P

[TheSilverguy23]

Michael Scott, do not melt gold coins. That's why that make 9 mm pistols, protection.

[lagoveride]

im just glad i bought silver on the nice dip over the past two weeks. i grabbed an extra 10 oz ntr bar today from a local reputable dealer i know near me that sells on ebay. i got it 2 bucks over spot but the sales tax killed me. ohh well better to have more i guess. Also picked up some nice morgans and peace dollars recently.

[ShikamaruTKD]

@lagoveride sales tax??? you DO NOT pay taxes on gold or silver. never have. deal with someone else

[lagoveride]

@ShikamaruTKD umm unfortunately I live in NJ where retail coin and bullion dealers who pay taxes must charge the state sales tax. Yet another reason to get out of this police state and dont get me started on the gun laws that protect criminals and make it hard for upstanding citizens to exercise their 2nd amendment rights. Anyways its not a huge deal. it basically would have been the same if i ordered the bar online from apmex or one of those places because they charge shipping.

[ShikamaruTKD]

@lagoveride ya i guess you do have a point with the shipping.

[lagoveride]

@ShikamaruTKD yea. I hate shipping, but what can you do. I am trying to stack as fast as i can afford to. I want 1000oz but it might take a long time. hopefully over the next year i can do it.

[ShikamaruTKD]

@lagoveride i stopped buying at 352 oz .. want to move to platinum next , have to have different metals not only one

[lagoveride]

@ShikamaruTKD I got some gold. I was thinking about buying a 1oz platinum pamp bar and a palladium bar when there is a dip if there ever is one. for now i will keep loading silver.

[111kenni]

Susse is pronounced sweese

[futureworksexpress]

@111kenni - more like swiss