Aiyah, I also doing business. Imagine my customers squeeze my price until I don't earn even a penny. Moreover in this industry, they only earn rm10/oz. in my industry, some big company monopolize the industry and mark up the margin to almost 100%. I believe clothing, food etc earn high margin as well. So? Every industry we have to go make noise? As consumer, it's normal that we look for the best deal. If u think local deal is crap, don't buy then. Like some aunties. Gave me a whole list of at least 10 LV bags to buy when I travel overseas coz local is more expensive.

Today, I let seng_kiat or BSM earn my rm10/oz. tmr, they let me earn theirs when they buy my products or services. The economy is healthy in that way. Imagine everyone wouldn't want anyone to earn their money and start baking bread for themselves and grow ingredients behind their yard.

This post has been edited by hey_there: Nov 8 2013, 11:43 AM

This is the reason why I rather buy from local even though they are vampires. I don't want to crack my head and waste my time for this just to save that rm10/oz. with the amount of time spent, I could've earn more that that in my profession. I do import stuffs and go through this process too. Sometimes, I have to 'pow' the custom officer to get my stuff clear quicker.

This post has been edited by hey_there: Nov 8 2013, 11:41 AM

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This post has been edited by livina2011: Nov 14 2013, 12:35 PM

Mind if I ask... why 100x 1oz instead of 1x 100oz? You save U$120 if you go for the bigger bar and you get the same weight and purity.

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This post has been edited by livina2011: Nov 14 2013, 12:10 PM

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This post has been edited by livina2011: Nov 14 2013, 12:09 PM

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This post has been edited by livina2011: Nov 14 2013, 12:37 PM

Livina2011 mind sharing what's the best price you got from local dealers other than Silver Street?

and why didn't you pick the "The One" JM bars? From your screenshot they seem cheaper...

Advantage Buy from SilverStreet (low premium bar):
1. You get the firm price a.k.a no hidden risk of paying more.
2. Price is the best in town. (hey, I know you have a questions on our prices in your post. I will answer 1 by 1).
3. Get faster stock for ready stock items.
4. Definitely better buyback price at present compare to overseas and other local company. They don't even take buyback for outside of US.
5. Much cheaper shipping cost for sellback purpose compare to oversea.
6. Self collection to ensure safety in getting your silver bar.

Evaluation on buying bar from overseas:
1. Cheaper by RM10-15 for every 10oz compare to local market but facing risk of paying more if you are unlucky. Not to mention, hassle.
2. Insured parcel but if anything goes wrong, it takes 1-3 months to get back the money from insurance company. By the time we get back money, do we able to buy silver bar at same amount of weight for the same amount of money? .
3. Sell back, they dont even buyback if you are located outside of US. But if they do, shipping cost will kill the opportunity.
4. Can you more please? I just can't think more positive than point no 1 (but potential risk turns off to many people).

In my experience dealing in silver business, I have many type of customers:

1. Some do not have much cashflow to splash on silver investment. Thus, buying overseas is out of options.
2. Some who has cash flow but do not trust silver much especially they witnessed silver drop from $49 to slightly above $20. So, they buy bit by bit and not to miss the boat if they wrong.
3. Some who has cash flow and buy from Silver Street because they want fixed price, hassle and risk free of paying more.
4. Coin Collectors who do not care the percentage over spot price.

That are our 4 main customers based. .

Thanks.

Any other company in the world buyback those silver bars that is not bought from them previously at the same price?

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This post has been edited by livina2011: Nov 14 2013, 12:09 PM

The premium is not controlled by us, Silver traders in Malaysia or any other part in the world. It was controlled by the minters (manufacturers). Based on percentage, yes, we are paying more to silver compare to gold but that is not something we can do about. .

Even worse, we got an update from supplier that the premium for American Silver Eagle will be revised soon due to short in supply. .

The world if full of unfair advantage. Everybody in PM investment keep telling that USD will crash if they print more money but what happened today? USD still the king of currency.

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This post has been edited by livina2011: Nov 14 2013, 12:09 PM

Mate, earning RM10/oz for low premium bar based on current spot price is my wish that will never come true in near future (unless silver bar traded at over RM200/oz). .

To be honest, my target profit is 4-5% for less than 50oz and cut to 1-3% for bulk purchases. Based on RM80/oz, max profit is RM4 man. This is commodity business where the margin is slim but volume plays some parts. .

So, earning RM10/oz is remain in my dream. .

Although the margin is very slim in this business but I always put it this way:

1. If I have RM100k cash, it takes me a year to get 7-8% dividend.
2. Instead, I am saving in silver by selling silver with target 5% per month. I will 60% return in a year. Some I might miss my profit target due to bulk purchases, hidden cost and hassle, I still end up getting 20-30% profit annually which pretty good compare to number 1. .

I start this business as hobby and slowly upgrading. I always look for opportunity to grow in this business as well as helping my 4 main customers based as I mentioned earlier. .

Like I said previously, my price does not follow spot price. Our regular normally text/call us for the latest pricing and we have fully booked for almost every shipment before it lands on Malaysia turf.

However, we are working on new platform which follow world spot price and hopefully will be ready by new year (Jan/Feb 2013). There are some nice new feature as well. Stay tune! .

Oh, I just noticed that overseas dealer revised their shipping price! 0.36/oz instead of original price, 0.33/oz. Not to mention shipping and handling fee fixed at $49.95 regardless you buy 1oz, 10oz or 10000oz ..

Because 100 pcs x 1oz bar is same as 1 x 100pcs bar.

And, 1 x 10oz bar is more expensive than 10 x 1oz bar based on scottsdale the one bar and stacker.

That's the reason I encourage my customers to buy 1oz bar instead of others. In Malaysia, market still prefer small 1oz bar compare to kilo or 10 or 100oz bar. . Resell might be an issue for bigger bars. .

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This post has been edited by livina2011: Nov 14 2013, 12:08 PM

I have repeated many time that my web is not following spot price and we are working on new platform which hopefully will be ready by the new year. . Our regular customers are fully aware of how we are operating. .

Our todays price is RM7950 for 100 pcs 1oz Scottsdale bar. We have shipment coming next week and still have balance to sell 150oz or so. Price valid for spot < 21.75.

This post has been edited by Seng_Kiat: Nov 8 2013, 04:43 PM

Answer this:

1. Any dealer in the world buy back silver that is not bought from them before?

2. If they do, are they paying the same price as silver bar that is bought from them before?

QUESTION: So how much is your 100 x 1oz JM bar and 100 x 1oz Sunshine Silver Round cost??
Answer: RM8100 for 100pcs x 1oz JM. We don't have sunshine round/bar at bulk price.

QUESTION: So for time being you don't accept any orders until next year?
We accept private order via text/call as obviously our web does not provide good price for low silver bar. We are struggling to fulfil our regular orders at present. Hopefully by next year, we are capable doing so with our latest new platform.