Called for a price on buying and selling Gold Coins my experience: 31 Jan 23 Spot; $1939 at the time of calling, they are selling non-graded 1 Ounce gold eagles at $2250 which is $311 or 16% Premium, APMEX online dealer selling 1 Ounce Eagles at $2095 random non-graded $156 or 8% Premium.
Asked what they would buy the coin for and he gave me a response: I would have to see it but it would be below spot.
Double the price of an online retailer that would ship it to my door for free and I would still have to drive to conduct the trade if I did business with them. If they bought it below spot and sold it the same as above they would be making an over 16% premium for the coin.
I'm giving them a five star rating because they were friendly and answered my questions which is all you can ask of such an interaction. Will I be selling or buying coins from them? No, and I would recommend shopping around extensively to find a coin shop that is in line with this market.
Gold and Silver shops pray on the ignorance of the general public with respect to the high demand for coins and bullion right now. If demand is high sell and BUY premiums rise, if it's low it's the opposite. Because most people are generally ignorant of the market/s a coin shop will point at spot when it suites them (buy) and look away from it (sale) when it doesn't.
A typical / historical premium for this type of cold sovereign is $50.00 above spot, at current prices that would be 2.5% premium, that is a 6.4 increase in a typical premium for that coin.
If a brick and mortar can demand that premium, what does that tell you about that shops demand? Obviously you can't expect a shop to do business without a fair spread, thats called liquidity providers premium and that's the business. But armed with this information, would you want to do...
Read moreThere are some people to whom you pay money and only care that they total your bill and count change correctly; smiles are a bonus. Yet there are others which you approach carefully... ones you'd like to know by name, ones with whom you seek a relationship of trust: doctors, auto mechanics, the local sheriff, and, when seeking to win the favor or elation of one you love, your jeweler.
Ken Perales and his wife Teresa run "Touch of Class Jewelers". This isn't a gum-smacking, shopping mall chain with inflated prices and high overhead. This is a family business, built on a bedrock of trust and hard work. You can tell a good jeweler by his bench. It will be neat and well apportioned with the tools of the trade. Ken doesn't just tweak a prong or two, he is a true master of his craft. And like a master jeweler, you can see the years of painstaking work written in the bend of his back, the way he wears his apron and magnifying visor as if he was born to them. He knows his business like a father knows a son. His prices are fair, he can tell you without a hint of uncertainty what can be done to customize, re-size or adjust a piece, and he is the kind of man with whom his word and a handshake are as good as gold.
If you want the blinding glitz of the mall, good luck. Perhaps you can take out a second mortgage. But if you want honesty and someone who is a true master of their trade, look no further than the Perales family. Once you get to know them, I'm sure you'll be glad you have a...
Read moreRecently I was proposed to and was given one of the most sentimental if not THE most sentimental gifts of my life so far, my engagement ring. The ring needed to be fitted and also needed a new crown due to the custom stone my fiance wanted to be placed. It is a very special heart shaped quartz we found on one of our many outdoor adventures. The band is very nice and definitely not cheap so we hoped to have the best care given to this ring. We first took the ring to a shop around us and was charged $320ish just for the refitting...not only that but the jewler ruined the setting and when I got the ring back the stone was crooked and the crown was bent and looked TERRIBLE. I was SO upset, and decided to give this shop a shot. I am SO HAPPY with the results and I cannot wait to wear this ring for the rest of my life. I thank them so much, and especially to Jake the jewler who did the great work. See before and after pictures attached, I'm sure you can spot the difference. I'll definitely be a...
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