36x face....do people pay this?

[Vdubguy]

I know this isn't CRH related. But I was just at a flea market in town and a guy was selling 90% halves at $18 FIRM, and Peace and Morgans for $35 FIRM. I've heard people paying 14-16x for 90%. I didn't ask the guy what's up because I didn't want to offend him. Just boggles my mind that this guy was asking that, and boggles my mind even more thinking someone might pay that. Maybe I need it start selling, haha.

HH

 

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[ugotit22]

I have seen the same thing around here around here at my flea market.
Nothing makes me angryer. I call them out every time and just asy you realize that spot is around 20.00 an ounce, so please tell me how your asking 35-40 dollars for a ounce bar or a morgan dollar. I have heard everything from "Thats just my prices and you dont have to like them" to my favorite, " o that price is for globs of silver ore, these are beautiful minted coins"

 

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[BigWaveDave]

Sorry to jump into this post late, but I have to tell you about the old guy at the Drive-in flea market in N. Ft. Myers who sells common date Indian Heads for $25 each...I tried to call him on it, then he rips me, telling me how many he has sold "If you don't want them then get outta here" I giggled.

 

[50cent]

Why scummy? I own my own small business and if I don't get at LEAST a 100% profit on my services I would have folded long ago. And a 100% profit is SH*t after mr IRS is done with me at the end of the year. So I actually have to shoot for more than 100% to be able to by some dinty more stew for a nice dinner every so often.

Actually, it's scummy because it's way over market price, and he is in business out of luck and a good supply of idiots rather than the current market for silver. If he lowered the price, he might actually attract MORE business, because people are willing to buy silver at what it is worth. Less people are willing to sell him silver as well, so he has less silver overall. His interest in competing is low, because he has very little silver and just sits on it hoping for the occasional fly rather than basing it around solid business logic. It's not just scummy, it's stupid.

Joe is a small business owner himself, he owns a business and he does not need to be a scumbag or use scummy tactics to get ahead. Instead, I'm sure his business conforms to market demand and what people are willing to pay for a product.

 

[Joe777Cool]

It's scummy because he tries to rip people off. In one conversation he lies to people saying he has a wholesale buyer that will pay 20x face so that is what he sells them for but then if you ask him what he is buying at he lowballs quoting spot price. I'm all for people making money, but do it in an honest and ethical way. He has a reputation in the state for being a scumbag, got taken for 6 figures once buying fake gold gold coins from a con-artist. The con-artist offered to sell them to him well below spot giving the impression they were stolen - turns out they were all fakes. He thought he was going to make a killing....GREED!

 

[Joe777Cool]

Why scummy? I own my own small business and if I don't get at LEAST a 100% profit on my services I would have folded long ago. And a 100% profit is SH*t after mr IRS is done with me at the end of the year. So I actually have to shoot for more than 100% to be able to by some dinty more stew for a nice dinner every so often.

apples and oranges, some businesses work on much tighter margins and rely on volume. From my experience, there is not a high profit margin when dealing with precious metals. You dont buy a silver eagle for $20 and sell it for $40, you hope to sell it for $24!