Selling Silver and Gold Bullion at Low Prices! Updated 10/3/16

[SaltySpitoon]

I may have the opportunity to resume relatively small scale bullion dealing. What type of products would you be likely to consider purchasing? Gold/Silver/Platinum or more obscure stuff like Rhodium and Paladium? Numismatic or non? Fractional or large quantities?

[1713528214]

1713528214

[1713528214]

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[SaltySpitoon]

Very good....
There are many silver-bugs and goldies around here!!!

PM has been sent.

Thanks

Thanks for the pm, responded.

I'm a huge gold/silver bug, and I just really enjoy purchasing it. I've been stacking metals for years now, but its honestly way more fun to deal in metals than just buying. If you have traded BTC,Alt Coins or fiat on exchanges where you sell your BTC for something else and then try to buy back in at a lower price and earn some bitcoins, its exactly like that. I've got some great ideas on how to purchase metals that I could sell for Bitcoin at lower than what the online retailers charge.

That announcement for my full time shop will be coming up in the next couple of days. I'm just running through all of the legal/tax stuff to make sure I'm not going to get pinched up accidentally trading BTC - Metals due to some wierd laws.

[chennan]

Do you by chance have any silver American Eagles lying around?  I've been having a collection going and haven't got my 2016 one yet and figured it'd be nice to get it with BTC... Might be interested in other metals too, but I guess I'll wait for your store to come out.

[SaltySpitoon]

Do you by chance have any silver American Eagles lying around?  I've been having a collection going and haven't got my 2016 one yet and figured it'd be nice to get it with BTC... Might be interested in other metals too, but I guess I'll wait for your store to come out.

I don't at the moment, but I will most certainly be stocking them very soon. Ill be running all sorts of promotions to get the word out about my new business. I'm doing research on all of the major company's pricing algorithms right now so that I can beat them, and I'll probably be running a lot of sales near spot price for things like Eagles to get the word out about my business. I'm also thinking of doing customer rewards and such which I don't think any other metal dealers do, where you get free coins/bars based on previous orders and orders size and such.

I've got a bit of gold coming in tomorrow, as well as a bit more generic silver. I'll be sure to grab eagles on my next purchase.

[chennan]

Do you by chance have any silver American Eagles lying around?  I've been having a collection going and haven't got my 2016 one yet and figured it'd be nice to get it with BTC... Might be interested in other metals too, but I guess I'll wait for your store to come out.

I don't at the moment, but I will most certainly be stocking them very soon. Ill be running all sorts of promotions to get the word out about my new business. I'm doing research on all of the major company's pricing algorithms right now so that I can beat them, and I'll probably be running a lot of sales near spot price for things like Eagles to get the word out about my business. I'm also thinking of doing customer rewards and such which I don't think any other metal dealers do, where you get free coins/bars based on previous orders and orders size and such.

I've got a bit of gold coming in tomorrow, as well as a bit more generic silver. I'll be sure to grab eagles on my next purchase.

Thanks, I'll be sure to try and keep an eye on this thread then; I hope you can find a way to give us a better price than the other competitors... best prices + crypto =

If it's not too much of a hassle, I would like to see what other types of metals you have for sale... Looking forward to potentially doing business.

[SaltySpitoon]

Thanks, I'll be sure to try and keep an eye on this thread then; I hope you can find a way to give us a better price than the other competitors... best prices + crypto =

If it's not too much of a hassle, I would like to see what other types of metals you have for sale... Looking forward to potentially doing business.

Thanks! Right now my inventory is a little shabby, but it will pick up pretty quickly. I've mostly dealt in silver in both the bullion and numismatic markets, but I've traded gold a bit, though its often been too rich for my blood. I'm really interested in adding platinum to my shop, but I don't know how many people would be interested in it. Paladium and Rhodium are really neat too, but I have even less knowledge about them. I actually have already found a way to beat the competition, by the nature of Bitcoin. As a long time Bitcoiner and trader who is trusted, I dont have too much issue converting BTC to Fiat to repurchase more metal. I can even get a couple extra % on the BTC > Cash transactions, and I'm hoping that I can make the majority of my profit there, and offer metals at unheard of prices. Most dealers operate on a 2-5% mark up. If I can get an extra 5% selling the BTC for fiat to repurchase more metals, I don't have to charge a markup.

I've got a 1 Oz gold Pamp bar coming in, and a bunch of 5 and 10 gram gold Perth bars tomorrow. A bit more silver coming in as well, and some more of my personal collection to list. I've met a couple of people in the medium-large online retail scene, and I'm hoping that they will keep letting me know when they have overstocked metals that they are willing to sell at a good price.

[Quickseller]

I've got some great ideas on how to purchase metals that I could sell for Bitcoin at lower than what the online retailers charge.

Out of curiosity, how are you able to buy silver/gold coins at below retail price? Is it because you are buying "in bulk" (aka the largest quantities at a time)?

From what I can tell, there is quite a lot of demand for numismatic coins. Although it would probably require a little bit additional capital on your end, it might even make sense to get some of the numismatic coins you are selling graded by ANACS or NGS and sell them in their slabs.

[SaltySpitoon]

I've got some great ideas on how to purchase metals that I could sell for Bitcoin at lower than what the online retailers charge.

Out of curiosity, how are you able to buy silver/gold coins at below retail price? Is it because you are buying "in bulk" (aka the largest quantities at a time)?

From what I can tell, there is quite a lot of demand for numismatic coins. Although it would probably require a little bit additional capital on your end, it might even make sense to get some of the numismatic coins you are selling graded by ANACS or NGS and sell them in their slabs.

There are a couple of ways I do this. My first method is to buy overstocked material from larger vendors. If a vendor has an abundance of one item in their inventory, but they are sold out of others and need the capital for repurchase of other things, I can sometimes find a good deal by contacted them and asking to buy their overstocked items. There are also tax implications for vendors if they take longer than a year to sell a product. Their tax rate just about doubles on any profits they make for metals sold if they purchased them over 1 year ago. Short term investment vs Long term investmen taxes. They can sell their products that they have had for almost a year a bit cheaper as well.

Method 2 works mainly with numismatic coins. If you search auction sites like Ebay, you will not find any good deals. Typically, you will find things sold at least 10% higher than elsewhere due to Ebay's fees. However, when numismatic coins are sold at bad times or with description errors, you can actually find a decent deal from time to time. At 2-3am I like to search for sivler and other common misspellings to see if there is anything interesting. Because of their premiums, most auctions will start around spot price, but the coin might be worth 50% over spot if not more. If no one finds the auction, I can snag things near spot value or at least under priced.

Method 3 is to buy directly from individuals. As people in this thread have mentioned, I must be really lucky to have generous local metal dealers. Well... probably its just that theres a huge amount of demand in my area, so they can afford to pay spot or better when they buy metals. But, others seem to not be so lucky. If you go to a pawn shop, you are going to get ripped off tremendously. Some local dealers are incredibly shady as well. If you sell on Ebay, you are likely to only get 85-90% after Ebay fees. Depending on the item, I can buy it at spot from those people, or sometimes above spot, and still make a profit undercutting big online retailers.

Small retailers can also be the source of really good prices. When my shop opens, my first priority will be liquidation of my inventory so I can expand my range of items and cycle in whatever it is that people want, rather than holding onto inventory for months. Small retailers in particular need working capital. If people are buying something like crazy, but their inventory is heavy on another type of item, they are less reluctant to sell me whatever it is is that is keeping them from restocking more of their hot item. That goes back to #1, but for small dealers its more about the capital as large dealers have access to more.

And as I said before, on top of that, I make a couple of % on the BTC to Fiat conversion before I buy more metal. Metals are a very low margin marketplace with most dealers charging just a couple of % on every item they sell. I believe that I can get that couple of % just trading the BTC to fiat to repurchase more inventory. If I buy silver for example at spot value (aprox $20/oz) and sell it at spot value, I can get 5% or so converting from BTC to Fiat. The buyer pays spot, and I get spot +$1 in that case. My buyers get their metals incredibly cheap, and I still get that couple of % needed to keep going and expand my inventory.


I've never sent any coins off for grading myself, however I'd do it in a heartbeat if I found something worth grading. Most graded coins are ones that are coming directly from the mint, so before they have any time to get flawwed. By the time they hit the secondary market, even coins in great shape might not be flawless anymore. Of course, if I find a roll of flawless coins, I'd send them in for grading if it was worth it to do so.

[Zepher]

Dear mr spitoon

I am in the UK, but have kindly asked a friend in the US to order some coins for me

You should have a PM!! ( not from me, but will send one in a sec )

Regards,

~Z

[SaltySpitoon]

Dear mr spitoon

I am in the UK, but have kindly asked a friend in the US to order some coins for me

You should have a PM!! ( not from me, but will send one in a sec )

Regards,

~Z

Not a problem at all. I've shipped to the UK before and have never had anything go wrong. Its not even the hassle, its just a couple things that make me nervous about sending metals overseas. I won't lie on customs declarations, but I've no issue declaring the value at spot value. I've also found that declaring coins as "collector's coins" will sometimes get you off the hook for paying VAT, though I definitely can't guarentee that. Might have just been that particular custom's officer's mood. The thing that makes me the most nevous about shipping overseas, is unless you pay for the ultra premium $100+ priority 2-3 day shipping, the tracking numbers stop updating once the package leaves the US. I'm not sure if its still visable for my customers or not on their end, but thats typically the reason I'd prefer not to ship out of North America.

Now, if it the savings was enough to justify spending the shipping cost for the premium shipping option, I'd have no problem with it, but thats typically for people interested in buying larger quantities.

[SaltySpitoon]

Just got some of my gold in! (6) 5 Gram gold bars from the Perth mint! I also got a 1 oz pamp bar, but it was fake.  

I have (2) 10 gram and a 2.5 gram Perth gold bar coming in shortly, and some more silver of course.

the 5 gram gold bars are priced under APMEX's Qty 25+ bulk price   if you can find a better price from a reputable dealer, I'll match it or beat it. If you are interested in multiple items let me know, I still have a little room to cut a deal!

[MiLkz]

Just got some of my gold in! (6) 5 Gram gold bars from the Perth mint! I also got a 1 oz pamp bar, but it was fake.  

I have (2) 10 gram Perth gold bars coming in shortly, and some more silver.

the 5 gram gold bars are priced under APMEX's Qty 25+ bulk price  if you are interested in multiple items let me know and I still have a little room to cut deal!

Did you test the 5 & 10 gram bars to check if they were fake as well?

[SaltySpitoon]

Just got some of my gold in! (6) 5 Gram gold bars from the Perth mint! I also got a 1 oz pamp bar, but it was fake.  

I have (2) 10 gram Perth gold bars coming in shortly, and some more silver.

the 5 gram gold bars are priced under APMEX's Qty 25+ bulk price   if you are interested in multiple items let me know and I still have a little room to cut deal!

Did you test the 5 & 10 gram bars to check if they were fake as well?

I didn't test them in the same way, as they came from a reputable dealer. Their size and form is correct however so I don't need to take them out of the assay card and cut them in half  . I've got an ultrasound machine on the way so I can be 100% sure of everything I sell. When I order things from multi million dollar companies, I'm not worried. When I buy from individuals its nice to be able to test things in a nondestructive way.

Once I get everything straightened out with the seller, I'll post pictures of my testing

[MiLkz]

I didn't test them in the same way, as they came from a reputable dealer. Their size and form is correct however so I don't need to take them out of the assay card and cut them in half  . I've got an ultrasound machine on the way so I can be 100% sure of everything I sell. When I order things from multi million dollar companies, I'm not worried. When I buy from individuals its nice to be able to test things in a nondestructive way.

Once I get everything straightened out with the seller, I'll post pictures of my testing

If they came from one of the big companies, then you should be fine.. but those PAMP and PERTH bars in any denomination are heavily counterfeited.  Iv purchased several fakes -.-

[SaltySpitoon]

If they came from one of the big companies, then you should be fine.. but those PAMP and PERTH bars in any denomination are heavily counterfeited.  Iv purchased several fakes -.-

Yup. I have no problem buying from individuals as long as my money is protected.Its worth taking a shot as long as theres nothing to lose. As I mentioned before, my Ultrasound machine should be coming in midweek. Once I have that, Ill be a lot less hesitant to buy from individuals.

At the moment everything I have in stock has come from a large reputable company. Of course I spot test things on big orders.

[SaltySpitoon]

Those horse bars are beautiful, you're really tempting me to grow my stack.

I'm heading to the post office tomorrow morning anyway, you might as well buy them!

[counter]

I'm very interested in the new business plan , good luck and I hope it works.
Also the crocs are peaking my interest, I'll likely be in touch regarding those soon.

[isvicre]

Just got some of my gold in! (6) 5 Gram gold bars from the Perth mint! I also got a 1 oz pamp bar, but it was fake.  

I have (2) 10 gram and a 2.5 gram Perth gold bar coming in shortly, and some more silver of course.

the 5 gram gold bars are priced under APMEX's Qty 25+ bulk price   if you can find a better price from a reputable dealer, I'll match it or beat it. If you are interested in multiple items let me know, I still have a little room to cut a deal!

Ouch,  did you get your money back for the fake?

You could look into the laws and taxes on shipping international,  it might help your new business grow.

[SaltySpitoon]

I'm very interested in the new business plan , good luck and I hope it works.
Also the crocs are peaking my interest, I'll likely be in touch regarding those soon.

Please do!

Just got some of my gold in! (6) 5 Gram gold bars from the Perth mint! I also got a 1 oz pamp bar, but it was fake.  

I have (2) 10 gram and a 2.5 gram Perth gold bar coming in shortly, and some more silver of course.

the 5 gram gold bars are priced under APMEX's Qty 25+ bulk price   if you can find a better price from a reputable dealer, I'll match it or beat it. If you are interested in multiple items let me know, I still have a little room to cut a deal!

Ouch,  did you get your money back for the fake?

You could look into the laws and taxes on shipping international,  it might help your new business grow.

I'm in the process of getting my money back. Its a open and shut case that it was a fake, but of course the seller says its not, so its not an instant refund. I know a fair bit about international shipping of metals. I've bought and sold a lot of metal in the past just trying to increase my own stash, to other countries as well. Germany, Australia, and any country with a US Trade Embargo are the only places I can't legally ship (though I may be able to do Germany now) Any and all tax liability is on the customer. What I can say, is that I've had hit or miss experiences with metals going through foreign customs. I've had $500 packages get hit with VAT, and $3,000 packages not get hit by VAT. When mailing out of the country, I declare the value as spot value of the metal and try and label them as collectors coins or something like that to help try and prevent theft. What I'm selling right now is just kind of my bulk bullion that I had laying around. Once I've cleared it out, I'll be adding smaller pieces, selling singles rather than rolls, and such, so I'll most likely open up my sales to the foreign market.

The issue I have with international shipping isn't so much about the difficulty of shipping internationally, or the laws, its mainly to do with international tracking numbers. When a package leaves the US, if the shipping plan isn't Global Priority Mail Express (Often near $100) the tracking label will stop working as soon as the package leaves the country. If it gets caught in customs or is just running late, I've got no clue what to do about that. I can't call and get any additional information from the post office, other than that it has left the country and is in transit.



*Edit* On a side note, I'm heading to the post office within the next hour or two. PM me or post if you would like to place an order that will ship today  

[SaltySpitoon]

A couple of new items added! Check the OP under the Fresh In header for details! Every day, I'll be having a sale on a couple of products where the price is reduced even further! That is in addition to my price match/beat guarentee. Today's sale is on the Silver Britannia's and Perth Gold! Order a roll of Britannias, SBSS Trivium or two or more 5g perth gold bars, and receive your choice of 3% off the list price, or a free ounce of silver! The silver will be part of my personal collection in Brilliant Uncirculated condition inside of an airtite container.

I'm also offering frequent buyer and quantity rewards. I'm still running the numbers to see what I can afford to do, but customers will be given free metal or discounts for purchases reaching certain criteria that I will specify soon. These are cumulative, so if you have purchased from me in the past and make an order, you are elligible for discounts!

I have another 20 oz of silver and a 2.5g gold bar arriving today! Be on the lookout for a deal