Great local place to buy silver.

[WWIIIDefender]

Its right in the Castelton Mall in Indy close to JC pennies. I have done a lot of buisness there and the guy always sells Silver Eagles for a dollar above spot. Rounds for spot or a little under. He has his laptop open with the spot price right there. Gives a good price if your selling too.
Thought about keeping this gem to myself but in the end were all in it together. Plus showing the local biz some love is always good.

 

[longbow]

Last week I was trying to purchase some silver and the other person wanted too much. I was offering the same prices these guys quoted. I walked and last time I checked, silver is at 36. he lost a good deal , and I saved some money!

 

[WWIIIDefender]

Last week I was trying to purchase some silver and the other person wanted too much. I was offering the same prices these guys quoted. I walked and last time I checked, silver is at 36. he lost a good deal , and I saved some money!

ya got my eagles today for 37 so last i checked it was 36 too. was the person your talking about from this store or were you just using the price they told you.

 

[Hemingway]

I went in there a year or so ago and he didn't have any Eagles. I haven't gone back but I'd be willing to give it a shot. I was not aware that his prices were so good.

He does charge sales tax though, right? I hate that IN has tax on silver. Even commie IL doesn't tax it.

Thanks for the tip!!

 

[pudly]

I just went in and they quoted $5 over spot. Told me that silver eagles were rare. I didn't bother to point to the 6 plastic tubes of 20 eagles each by his right hand.

 

[nate1865]

Really? They charge sales tax on silver in IN? I've never bought locally and that's a big reason not to.

 

[WWIIIDefender]

I went in there a year or so ago and he didn't have any Eagles. I haven't gone back but I'd be willing to give it a shot. I was not aware that his prices were so good.

He does charge sales tax though, right? I hate that IN has tax on silver. Even commie IL doesn't tax it.

Thanks for the tip!!

Wow didn't charge me any sales tax and has always sold me eagles for a dollar over spot no questions asked. regular rounds were at spot.

 

[rhino]

Really? They charge sales tax on silver in IN? I've never bought locally and that's a big reason not to.

If you buy it from out of state, you're then obligated to pay 7% use tax on it when you file your state income tax return.

 

[rhino]

Wow didn't charge me any sales tax and has always sold me eagles for a dollar over spot no questions asked. regular rounds were at spot.

How can he continue to make money if he sells at spot???

Do you have a name for this place?

 

[Hemingway]

Really? They charge sales tax on silver in IN? I've never bought locally and that's a big reason not to.

I'm with you. Losing 7% right off the top just plain sucks.

If you buy a gold eagle, that's $112 you pay over the price of the Eagle ($1,600 *7%)that goes to the state--that's like losing a couple of silver eagles just to buy what is technically still just $50 of legal tender! What a racket, huh?

This is one area where IN needs to wise up. I have found the prices in PA where my brother buys to not only be MUCH cheaper than IN (over spot), but PA doesn't charge sales tax on gold and silver bullion.

 

[Hemingway]

How can he continue to make money if he sells at spot???

Do you have a name for this place?

Might just depend on his personal spread (buys back at under spot, sells at spot), or he could be sitting on some pretty cheap inventory. Silver appreciated so fast, he could potentially just have $20 in each of those rounds, even purchased last year. So, he could be using it to get business.

But, yes, if he CONTINUES to do it, eventually he won't make money as his new purchases will no doubt be higher.

What is difficult to understand is that even the largest dealers (the ones authorized to buy directly from the Mint) pay over $1 over spot so I can't see him selling it that cheaply in the long run. I need to hurry up and get over there, I guess

 

[rhino]

Me too! Destination: Castleton Mall!

 

[WWIIIDefender]

Ok just went there for my 3rd purchase. today was odd though he was no longer selling at the always dollar over spot. He just hiked it up and made me pay 4 dollars over spot. Silver eagles were now 42 dollars and spot was at 38.

 

[dsol]

If you buy it from out of state, you're then obligated to pay 7% use tax on it when you file your state income tax return.

I will go right out and do that....

As soon as I use the silver. Right now, it just sits, not being used at all, so there is no reason to pay a "use tax" now.

 

[IndySSD]

What's the name of this place, I'd like to call the guy before driving 30 miles or so and fighting Castleton traffic.

 

[WWIIIDefender]

Castleton Square Gold and Silver Exchange
6020 E. 82nd Street
Indianapolis, In 46250
317-841-9200

 

[Hemingway]

I will go right out and do that....

As soon as I use the silver. Right now, it just sits, not being used at all, so there is no reason to pay a "use tax" now.

Yeah, me too!

Does it make sense to anyone that when you buy a silver dollar or a gold 50 dollar piece, you have to pay tax but when you trade your dollar for 4 quarters at a bank, there is no tax? What's the difference? (Besides the fact that the second transaction involves all worthless items )

 

[WWIIIDefender]

Man nevermind about this guy. I just called today and spot was 33, he wants 45 for the eagles. I don't know how you go from always charging 1 dollar over spot to a 30% increase over spot. Maybe we are finally seeing the break from spot price to accuireing physical.