when will it rise

[Jason in Enid]

This mis-understanding is my fault. I am talking about silver and gold transactions in the four, five and six numbers. At that level you get checks or electronic transfers. if your coin shops want to operate off the books, more power to them.

Like I said before, you obviously have a much larger selling issue than me. I'm still open for adoption!

And for the record, when you are talking about THAT much PM no coin shop could come close to buying it. You have to deal with major players and all the paperwork bs.

 

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[jim4silver]

Like I said before, you obviously have a much larger selling issue than me. I'm still open for adoption!

And for the record, when you are talking about THAT much PM no coin shop could come close to buying it. You have to deal with major players and all the paperwork bs.

I have seen my local coin shops pay out several thousand dollars in cash to sellers who prefer cash to a check (from what I have seen up to 5000 or so), it generally depends on how much cash the store has in stock. There is nothing illegal or underhanded by them paying in cash versus a check. I know some local stores go through 50,000 to 75,000 per day in cash minimum buying PMs from customers. They usually have to special order cash from their banks every day so they can have cash on hand to pay sellers.

Most of the local stores also require some sort of ID when you sell and they have the seller sign off on a sale invoice, this is for two reasons. One is in case the stuff turns out stolen (with jewelry or rare coins this would matter, not unidentifiable bullion). Another reason is that the store worker has to prove each day how much cash he paid out and to whom, and for what items. This way the store owner knows what money is going to where, etc. Without such a paper trail the store workers could easily pilfer cash and/or PMs and the owner would not know. Further, the store would not be able to prove what their basis (cost) for items are with respect to them paying their taxes on gains or taking losses, etc.

Jim

 

[lost]

Jason---wish I could adopt you, would need the deduction. Trust me, I'm not the one dealing in the big numbers. Compared to some of my local friends, I'm very small time. Will admit hitting the very low 5 figures a few times when Gold was around 7 to 900. But that was not all profit. It went through our local PM dealer. and I was paid by check. Never sold Pm's to any coin shop. I know the two coin shops near me buy PM's as I was there a few times when people came lugging in bags and suitcases. One guy, well knowing around here as the most serious CH hunter on the planet, came in one day pulling his bounty in a child's little green wagon. He went straight to the back office so I missed seeing the worth.

I won't out the local PM dealer but he not even into coins, jewelry or anything even closely related to such wealth. Has an office on the third floor of a bank building. Looks and talks like Tony Sparano. Rumor has it there is a guy in the back room with a shotgun. I learned about him from friends. Seems very legit, always paperwork.