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Shopkeeper -Silver/Gold Trade - How'd I do?

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I am a shopkeeper. What do you think of this trade? Time of trade Gold is $1299.00 - Silver is $17.02.

Guys walks in today with 120 silver rounds and 798 junk silver-Pre 65 quarters. He wants to turn his silver into gold American 1 oz Eagles. I did the trade but told him I need $200 cash as well which he agreed to.

So I traded his 120 silver .999 rounds and 798 90% quarters and $200 cash for 3 modern gold 1 oz bullion American Eagles.

I think I have the advantage considering the gold/silver ratio. What do you think? Would you have made the trade?

Edited by Silverhawk

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Quarters = 798 x 6.25g silver = 4987.5g = 160.4oz silver

160.4 + 120 (1oz rounds) = 280.4 oz total silver.

280.4 x $17.02 spot price = $4772 worth [plus $200 cash]

So the trade was 3oz gold for $4972 silver worth and cash.

$1657 for each gold ounce. You could take a 10% below spot hit and still come out ahead, so a trade worth doing.



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Thank you sixgun. 

The customer confided that he had purchased his silver stack years ago at an estate sale. A Dentist had passed away and he bought the rounds for $6.00 each. So he did okay too. He was happy when he left so all is well.

Bet on Rickie Fowler to win the US Open.

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