A precious metals exchange
Question. What would it take for the precious metal bullion dealers to form an exchange type system like stocks and bonds where a bid and ask price is offered for their various products. If products are plentiful and available at the various mints then ask would be reflective of this. If demand is high the bid price would increase as the demand could be met with people who would be willing to sell their stack. This industry needs reasonable prices on both sides, both buying and selling and transparently displayed for it to be viable. I realize that coins and bars are real tangible things that have to go through a delivery process so that cost would not be reflected in the bid and ask. It could be that a credit may be needed to secure transactions. With my recent experience with a large bullion dealer of whom I have been a substantial customer I received a quote for silver eagles for $10 under what they were asking for them. That was about 42% difference…what a crock!
Love the idea, eBay is serving as that marketplace presently.
Ebay is not really an exchange. For there to be an exchange there needs to be an entity which acts as a market maker and provides a bid and ask price. Hugo Salinas Price has written about this asking that the US treasury act as market maker on their bullion coins.
https://www.zerohedge.com/commodities/gold-now-unobtanium
I have met with the folks at https://www.tradewindmarkets.com We got hooked up with them through Sprott.
Agree with this problem with coin dealers JSkaui
We think our silver is “worth” $24 an ounce because that is what it is selling for…with spot at $14
BUT you are lucky to get Spot when you want to sell it
So what is it really “worth ?
A guy buying for $24 an ounce today has to wait until the Spot price gets to $24 …just to break even
The Spreads are always high with silver ….but now they are sky high.
These Bullion dealers and Coin Shops make a lot of money with silver.
They buy at spot from the mint !