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Selling PM's, my experience this morning with Provident and Apmex...

Discussion in 'Purchasing Precious Metals' started by bemac, May 22, 2017.



  1. bemac

    bemac Midas Member Midas Member

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    Called Apmex, asked me to send them an email with everything I wanted to sell. Did so, they replied with a buy price for each item. I was disappointed. For quite a few items their offer was less than their advertised buy back prices. A few items they didn't want, no biggie. I told them to forget it all, really mad they didn't meet their advertised buy back price.

    Called Provident, call was quick and easy, I had 8 different items, all 1 silver rounds and coins, a couple of gold Krug's. They met their advertised buy back prices to a T, not a penny less. Really happy with how this went.

    Cliffs:
    Apmex failed.
    Provident passed. (Edit - wrong, they failed, too) Update in thread.
     
    Last edited: Jun 1, 2017
    smooth, birddog, Cigarlover and 13 others like this.
  2. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    Good to know! Thanks for the update
     
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  3. Usury

    Usury Gold Chaser Platinum Bling

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    IIRC, isn't Providents parent company having some troubles? If so, I'd be careful there.
     
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  4. southfork

    southfork Mother Lode Found Mother Lode

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    I inquired at the fun show years back from Apmex, i had rolls of the lunar series and wanted to sell all at once, they wanted to give me a buck over melt, I was getting 2-3 times over melt as they were the last 3 years of the first series, wont try to sell to them again.
     
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  5. bemac

    bemac Midas Member Midas Member

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    One item I offered to Amex was 2 rolls of Great Britain 2014 Lunar Horse. They offered spot only. Spot, for gov't issued Lunars. Effffff that.
     
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  6. davycoppitt

    davycoppitt Seeker Seeker

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    Nice to hear on where to go. My dealings with APMEX are when I can gets ebucks and that's it.
     
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  7. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    I don't sell metals so I can't speak from that perspective however; as a buyer I've been very happy with APMEX quality, service and shipping. The majority of precious metals I lost in that horrific boating accident was purchased through APMEX.

    [​IMG]
     
    Last edited: May 22, 2017
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  8. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Apmex wanted to give you $1 over melt for the rolls of Lunar series in order to sell them at 2-3 times melt.
     
  9. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    I only sold the apmex once and it was near 10k so they gave me the price listed on their website.
    I'm glad I didn't sell to my local guys that time because metal took a huge dump right after. I would have felt bad.

    .
     
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  10. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    Provident never gave me popcorn for Christmas.
     
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  11. bemac

    bemac Midas Member Midas Member

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    Update after dealing with Provident:

    They refused to purchase one item, a 1923 PCGS MS62 $20 Saint because it had some copper spots. I was pissed off, it's graded, they didn't ask about anything when I called and we agreed on a price. Then I get my email alerting they have wired payment, and it's lower than expected. I called, they fucking charged me for shipping the Saint back. Good grief. Fail.
     
  12. stAGgering

    stAGgering Silver Miner Seeker

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    You did not state grade of coin... AND Cu spots ?
    This over the phone, no photo requested or otherwise ?
    My surprise, this is reminding me of an individual who wanted to send back, because price had dropped.
    The buyer has rights, as do you and I when we purchase.
    I have returned, not to Provident, but returned due to spots.
    "Pissed off" they wouldn't take one in the hole for you ?
    I bet their policy of unaccepted purchases returns states, seller will pay.
    C'mon, they aren't Craigslist or a numi tv commercial.
    I do not care either side, surprised how affronted I see with accountability.
    I would have returned it to you, but then again, I would have requested image.
    Fair is fair.
     
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  13. bemac

    bemac Midas Member Midas Member

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    The grade of the coin was very much understood. They didn't ask about copper spotting, which is quite common for the date, and not taken into account by PCGS. I didn't think it mattered, and again, they didn't ask. Yes, over the phone. They did not ask for photos either.
     
  14. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    A major online dealer not accepting a $20 Saint in PCGS slab????? Hmmmm.............I would have figured they would buy it but lowball you on it because of the BS excuse of copper spotting.
     
  15. edsl48

    edsl48 Silver Member Silver Miner

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    This goes to show that realistically paying more than melt is risky. Another issue is that by trying to sell various special mint issues too is risky because the LCSs are not into specialty items. Pondering all of this a while back made me decide for silver 90% US coinage is the best way to go. It is highly liquid and almost any metal dealers will buy it. I am not sure on gold yet...perhaps someone else can fill us in on that.

    Once again I maintain what you buy for TSHTF is what you should own and hold. However for trading and speculation go for paper gold. The various minimum charge stock brokers charge way less than amounts charged/realized by the likes of Ampex and the rest.
     
  16. Usury

    Usury Gold Chaser Platinum Bling

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    There's no way to buy paper gold. Not really. Futures contracts are a joke.
     
  17. stAGgering

    stAGgering Silver Miner Seeker

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    o
    So they were wankers, or broke.
    Or just plain broke wankers.
    I'll give you $21.50 for it, I am not broke.
     
  18. TomD

    TomD It blowed up, y'all Platinum Bling

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    Apparently "fail" is a relative term. Hard to rank that incident with the same term as, say, J.M. Tulving.

    A year or three ago, I remember someone who described his sale to Apmex as a totally different experience. He said he got pretty good prices for the semi-numi, a bunch of Kangaroos if I remember correctly.

    I've still got a pile of Lunars, damn if I'd sell them to anyone for $18 each so they could flip them for $80-$100. A profit has to be there but not 400%-500%. If they can flip generic for a couple of bucks an ounce, why the hell would they need $80 in profit to flip a Lunar? Makes we want the old days when Scott, the owner of Apmex, would join in here and 'splain himself.
     
  19. southfork

    southfork Mother Lode Found Mother Lode

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    They offered a buck over, I had been selling them on fleabay myself and just wanted to unload the rest all at once, I was getting 2x3 melt .
     
  20. bemac

    bemac Midas Member Midas Member

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    No, they offered spot plus nothing. I realize they aren't exactly Aussie Lunars that sell for 5x spot, but they are gov't issued coins. I didn't expect $25 per, but I didn't expect spot either. These are the coins I'm referring to...
    http://www.apmex.com/product/79988/2014-great-britain-1-oz-silver-year-of-the-horse-bu

    By comparison, Provident offered more for their generic prospector rounds than apmex offered for those lunars.
     
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  21. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    You should continue to sell them on ebay. Even after ebay/paypal fees and shipping, you will IMO come out ahead vs. the $1 over spot that was offered. I could be wrong here but I do not think that any dealer (online or LCS) will offer 2X-3X melt for them.
     
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  22. TomD

    TomD It blowed up, y'all Platinum Bling

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    My question is: If they can flip generic for around $3/oz spread, why do they insist of spreads 10x that and up when it comes to the more valuable semi-numis? I don't think there's a big risk premium.
     
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  23. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Honestly, I do not know but I will venture a WAG by saying they are cheap and want to maximize the profit margin on every semi-numismatic that they buy from the public. The LCS or major online dealer might think that it is a big-premium risk buying at 2X-3X melt if they feel that they cannot sell it for significantly more than what they paid for it.

    That may not directly answer the question you are asking but I am speaking from a stand point as a seller myself having an ebay sideline business selling '70's silver art bars and other "collectible" silver coins/rounds/bars.
     
    Last edited: Jun 3, 2017
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  24. stonedywankanobe

    stonedywankanobe Gold Member Gold Chaser

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    The only cs im close to here has the same policy when buying non U.S. gov issue coins as they treat it like generic bullion. Difference is they sell it as generic bullion also.

    Which is a good thing when buying because some good deals can be had in their bin on stuff from all over. I've snagged a 1991 panda proof for 24 bucks and flipped it for over a 100 on ebay. So essentially they pass the ability to make dough on to the little guy and keep their spreads consistent across the board.

    However, finding myself in a pinch and selling coins to them that were purchased at a premium was sobering to say the least.

    It changed the way I stack. Eagles, Generics and 90% real money for me.

    Bemac, I hate seeing you have such a clusterfeck of a time with selling your stuff.
     
  25. Someone_else

    Someone_else Gold Member Gold Chaser

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    To add another data point, I don't care about what is stamped on a coin. I only care about the metal content. I will buy and sell on the metal price. I have a lot of "Bill of Rights" rounds that someone might value. Whatever. They can buy it for spot for all I care. I like shiny silver, but I won't pay a cent extra for it. Nor will I ask a penny extra if selling it.
     
  26. SilverBuyer

    SilverBuyer Silver Member Silver Miner

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    Most of the big dealers aren't interested in buying numis or semi numis from the public. Too much hassle and people will send in spotted coins ect that significantly alters the value. They do seem to be a decent spot to sell if you are looking to move pure bullion type items that don't command a premium. I think Provident offers 10 cents under spot for most generic silver items. Probably more than you will get at most at local coin shops for boring low premium bullion.
     
  27. kaine23

    kaine23 New Member

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    Bought some items from apmex. As a buyer im satisfied with their prices and shipping times.
     

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