Silver Prices Hitting the Roof

[Bolt_308]

Are people still buying junk silver? I have a family member looking to offload about 1 or 2 hundred dollars face value.

Probably a bad time to be selling junk right now. Most of the big vendors have it at spot, which means you arent going to get anywhere near spot for it right now, with the refineries not taking it right now. Give it some time though, and it will eventually change. Also we have had a decent jump in the last few days, upward trend. Could come crashing back down, but also could keep going up! I suppose you could always post it here, and see if someone would want to buy it for more than what they would get going to a shop . . .

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[kmk1012]

Probably a bad time to be selling junk right now. Most of the big vendors have it at spot, which means you arent going to get anywhere near spot for it right now, with the refineries not taking it right now. Give it some time though, and it will eventually change. Also we have had a decent jump in the last few days, upward trend. Could come crashing back down, but also could keep going up! I suppose you could always post it here, and see if someone would want to buy it for more than what they would get going to a shop . . .

$10 Face Value Bags of 90% US Silver Coins | JM Bullion™

Buy 1 oz Canadian Silver Maple Leaf Coin (Random Year, Cull) online from JM Bullion. FREE Shipping on $499+ Orders. Immediate Delivery.

www.jmbullion.com

Dang, that price is WELL above what he'd like to get per $1 face. Maybe I'll post it here below the going rate to see if we have some buyers.

 

[Medic!]

The thought of some poor young guy having to sell his junk just makes me sad.

 

[Cavedweller]

Wild and crazy day today. After trading at just above $78 overnight, opened in NY at $80.50. Climbed to almost $82 by 7am PST, then crashed to $79.50 in less than 15 min. Spent the rest of the day climbing to close at $84.50. What a roller coaster ride!

 

[Bolt_308]

Wild and crazy day today. After trading at just above $78 overnight, opened in NY at $80.50. Climbed to almost $82 by 7am PST, then crashed to $79.50 in less than 15 min. Spent the rest of the day climbing to close at $84.50. What a roller coaster ride!

It's crazy to think that just a little over a year ago, if you had told us silver was jumping over $6 in a day, it would have been HUGE! With silver sitting at like $28 an ounce, the percent jump would have been just massive and almost unheard of. Now it is going up and down almost daily with those swings. Crazy times!

 

[Cavedweller]

It will be interesting to see what happens when the Chinese market opens on Monday. It was closed all week for Lunar New Year celebrations. As things stand now, the premium between NY and Shanghai is down to about $2.25.

 

[Gigatar]

Picked up (4) of these 90% Washington Commemorative half dollars, hadn't seen them before.

That is part of the fun going in, seeing what others have decided to part with.

LCS & LGS for the win!

 

[Bolt_308]

Silver sitting at $94 ish this weekend. Market closed prior to Iran. I have a feeling the markets are about to explode when they open in a few hours, but we shall see!

Glad I was able to snag another tube of 20 Silver Eagles off Costco Thursday . . .

 

[JackFrost]

Silver sitting at $94 ish this weekend. Market closed prior to Iran. I have a feeling the markets are about to explode when they open in a few hours, but we shall see!

Glad I was able to snag another tube of 20 Silver Eagles off Costco Thursday . . .

PM's love bad news, be it domestic or international. I'm betting silver will pop over $105 tomorrow right out of the gate.

 

[Medic!]

Wonder how the people of Iran value it now after there world just exploded. Literaly!

 

[Camelfilter]

Wonder how the people of Iran value it now after there world just exploded. Literaly!

Those that have it? Likely value it well, as it might help them in whatever future transition that the country becomes. Esp as compared with those that do not have any...

Edit, adding:

$1 currently = 1,312,070.12 Iranian Rial...

 

[gmerkt]

The silver rocket to the moon is taking off again.

President Trump is a good promoter for PM.

 

[gmerkt]

Once in a while, I watch this guy Silver Seeker on Youtube. He calls around and finds out what various dealer buyers are paying for things. His latest finding shows that 90% US coin survival silver is sucking the most in terms of what dealers will pay. At a serious discount to spot. Which has me wondering, there's got to be a reason for this. Like, does the refining process yield less than other categories of silver? Meaning, due to circulation, not all coins carry the same weight.

In general, dealer silver payout prices seem less generous than they were during the Silver Fever of January. Maybe the big drops have made them more cautious, even as the spot price has moved back up.

 

[Bolt_308]

Once in a while, I watch this guy Silver Seeker on Youtube. He calls around and finds out what various dealer buyers are paying for things. His latest finding shows that 90% US coin survival silver is sucking the most in terms of what dealers will pay. At a serious discount to spot. Which has me wondering, there's got to be a reason for this. Like, does the refining process yield less than other categories of silver? Meaning, due to circulation, not all coins carry the same weight.

In general, dealer silver payout prices seem less generous than they were during the Silver Fever of January. Maybe the big drops have made them more cautious, even as the spot price has moved back up.

Silver has been just bouncing all over recently- up when it should be down, down when it should be up! I understand LCS being cautious about being stuck with a bunch of silver that they overpaid, but also some are biting themselves in the butt by pissing people off with crazy lowball offers. I watch that channel too, and some of the offers that some of the LCS he call are just crazy!

Me I am continuing to buy- got a tube of 20 ASE's from Costco last week, and then just today picked up this SWEET Davy Jones Key, a pure silver replica of the key in the movie Pirates of the Carrebean, Dead Man's Chest! 1.5 ounces of silver, sand mould poured. Very cool piece of silver! https://captrustytrading.com/ols/products/xn-davy-jones-key-8b3h-e78e84

 

[TTSX]

Silver has been just bouncing all over recently- up when it should be down, down when it should be up! I understand LCS being cautious about being stuck with a bunch of silver that they overpaid, but also some are biting themselves in the butt by pissing people off with crazy lowball offers. I watch that channel too, and some of the offers that some of the LCS he call are just crazy!

Me I am continuing to buy- got a tube of 20 ASE's from Costco last week, and then just today picked up this SWEET Davy Jones Key, a pure silver replica of the key in the movie Pirates of the Carrebean, Dead Man's Chest! 1.5 ounces of silver, sand mould poured. Very cool piece of silver! https://captrustytrading.com/ols/products/xn-davy-jones-key-8b3h-e78e84

View attachment 2264299View attachment 2264300

It's almost like capitalism is doing what capitalism does in a capitalist country. People don't like the offer, they can go to shop number 2. Nobody is required to purchase or sell anything, an offer is just that. I can't believe people would be offended at an offer well over 4x their investment... But people are piles of greedy bubblegum and will cry themselves to sleep or get an aneurysm over not being offered 4.1x....

 

[Alexx1401]

Once in a while, I watch this guy Silver Seeker on Youtube. He calls around and finds out what various dealer buyers are paying for things. His latest finding shows that 90% US coin survival silver is sucking the most in terms of what dealers will pay. At a serious discount to spot. Which has me wondering, there's got to be a reason for this. Like, does the refining process yield less than other categories of silver? Meaning, due to circulation, not all coins carry the same weight.

In general, dealer silver payout prices seem less generous than they were during the Silver Fever of January. Maybe the big drops have made them more cautious, even as the spot price has moved back up.

I have to "guess" that the coins that need to be melted down are a hassle. Stuff has to be shipped to a place that will melt and refine. During the great price rush places got literally flooded with stuff that was not pure silver. So cost to ship, cost to melt and refine, then time it all takes. No one wants to pay well and end up stuck if price takes another drop before the stuff can even be melted and refined. As for some places "low balling" I have to guess this is places that really don't want the metal. So they offer a price they can't lose on. If someone takes them up on it? Why not. Since I am out of the game now have not paid much attention but fully expect there will be few places left here in WA selling. Since few are going to buy here now with the new tax. This will thin the herd so to speak on places to sell to also.

 

[gmerkt]

I was watching another video wherein the guy was telling about the dynamics of the situation for retail dealers. Which I already had mostly figured out myself. His main point being, the velocity of turnover in inventory to large extent explains prices offered to sellers. Once the spot price quit going straight up and took some stumbles, their turnover slowed down. Tying up money in inventory. Which creates liquidity issues. To reduce future risk, they start offering less to sellers. The wide variation of prices offered based on type of material wasn't explained. But 90% US coin that cannot be resold relatively quickly would need to be sold on to a refiner, take longer, and probably would result in being paid less due to the need to refine it. As against the big bars, which retail dealers will pay more for, and do not need refinement.

 

[gmerkt]

Probably for the time being, if you wanted to sell 90% US coin, your best bet would be to try to do it privately. Dealers are still offering it for sale at prices over spot. You could make an attractive offer to sell under spot, but well above what a dealer would pay. This might be an especially good way in Wash. state where a buyer would also avoid the state sales tax. So far as I know, private sellers are not statutorily required to collect the tax.

 

[Bolt_308]

FYI all that with the big dip Friday in silver price to $80, there are good deals to be had right now.

I just picked up a few roles of Mercury dimes at below spot, and with the spot price at $80, pretty dang good price for silver!

Mercury dimes are IMO one of the best 'junk' 90% to stack. Yes most would say not to buy 90% silver right now as LCS's arent paying a lot for it, but that is because right now they are flush with 90% with the refiners not currently taking any. That will change- no way that stays like that forever. So many are offloading their 90% for good prices.

BUY THE DIP, and in this case it is kind of a "DOUBLE DIP"! ;-)

https://monumentmetals.com/tube-of-90-silver-mercury-dimes-5-face-value.html

 

[Medic!]

The silver rocket to the moon is taking off again.

President Trump is a good promoter for PM.

$67 an ounce.


Looks like the rocket blew up on the launch pad.