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- - PM Spot Prices- Buying & Selling (http://goldismoney.info/forums/showthread.php?t=33727)

Dennis | 04-11-2006 05:49 PM
PM Spot Prices- Buying & Selling When checking spot prices for gold & silver on a web site, are they reporting PM from the Hong Kong, London, New York, etc. exchange, or their own spot price? If it is an exchange, remember they are trading paper not physical metal, and they are trading in the tens, hundreds and millions of dollars. Coin shops, precious metal dealers, etc. have to make a profit to stay in business also. Normally you will get a better deal when you purchase $10,000.00 or more from a reputable dealer, but not spot price. On a side note, this volatile silver climate cost me. I had a hot water heater burst a couple weeks ago and did alot of damage. I don't save worthless Federal Reserve Notes, I save real money. I had to dig into some silver savings to get the damage repaired. After checking the "spot price" on the internet and getting an idea of what silver is selling for, I called my local dealer for a buy price and to lock in. They would not commit because the price of silver was changing drastically every few minutes. I grabbed six-100 ounce silver bars and ran to cash them in. In the two hours to get from work to home to the dealer, silver nose dived $0.35 per ounce. I checked their source to make sure I wasn't getting shafted. They use the same source of pricing as I did amark.com and I checked them while there. I still made a 45% profit from purchasing it a little over a year ago! NOT BAD! In PM do your home work right up to the minute buying and selling, it changes so fast. I fully expect silver to reach $100.00 per ounce within the next five years.

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