Also i was looking at SD bullion , and Ampex. As companies to deal with.
Buying physical precious metal
- Thread starter spasm3
- Start date
I also have about a pound or more of raw silver from a silver recovery unit i puchased 30 years ago. I bought it because they didn't know what it was, and the cathode was fairly loaded. I paid $30.
So i have about $450 of this chipped silver thats probably .96 or so pure. What should i do with it? Melt it in to a large bar lol? Or sell it as is?
So i have about $450 of this chipped silver thats probably .96 or so pure. What should i do with it? Melt it in to a large bar lol? Or sell it as is?
Coins are easier than bullion.
Its not hard to manage - go to a local shop and ask them how they convert.
AZjeff
$50 Site Donor 2023
When I had the photo store we had a silver recovery machine, I'd send the flake to a business that would either send you a check or send you little silver bars minus the fee. Can't remember the name off hand though.
SammyChevelleTypeS3
$50 site donor 2023
I have actually sold only a few bars in the past. Buyer grabbed them like nothing. Yet those buyers usually don't care for the coins cause most are worth the weight only unless they are a real rare or totally fine uncirculated grade. Its a little hobby for me. I made some money on it years ago when there was a big move but that is not why I have the small amount I do today.
Assay shops can convert that for you.
uhh.. yeah. Precious metal Coins are only abut the weight of the metal.
Bars with a trustable known config and foundry stamps aren't hard to manage - you need a scale and calipers and known dimensions just not as straightforward as coins. Gold Bullion doenst "ring" like a gold coin will ring using a ringer tool or if you do it carefully, and as such is a bit easier to swap with tungsten.
Rare and precious coins are a whole other discipline.
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JHZR2
Staff member
+1. Eagles get like 6% above/below spot IIRC. It has been a while.
but if gold goes up a lot, recouping the cost of doing business should be easy. But it is a lot to absorb just to get to a break even point.
I personally prefer collectible coins, granted they carry a different premium. Oh for the late 90s when you could buy $20 pieces for a few hundred dollars…
I'm not sure that's based on any sound financial advice. It's basically a conservative move as a hedge but historically it hasn't worked out long term. As for having it on hand in case of economic collapse, well historically that's never happened in the US and I'm not sure that ever came in handy unless you were in the middle of a world war.
I've bought bullion coins and bars from First Majestic Silver, Apmex and JM Bullion. Apmex is probably the biggest, but they aren't really that competitive in price. Bullion Exchanges now seems to have the best price over spot that I've seen - currently Metalor kilo .9999 bars for $1.69 per ounce over spot. You will be lucky to get American silver eagles for less than $9 over spot right now.
The current situation is that physical silver is in high demand, but the spot price is set by a paper market that is highly manipulated. You pay higher premiums when buying, but you can currently sell physical for over spot.
Our currency has never failed, but then again we are spending at unprecedented rates. Having some spendable silver and/or gold bullion coins in case the stuff hits the fan might not be a bad idea.
The current situation is that physical silver is in high demand, but the spot price is set by a paper market that is highly manipulated. You pay higher premiums when buying, but you can currently sell physical for over spot.
Our currency has never failed, but then again we are spending at unprecedented rates. Having some spendable silver and/or gold bullion coins in case the stuff hits the fan might not be a bad idea.
Hermann
Site Donor 2023
I have been looking lately into 1 Gram gold coins or strips/bars. They sell on Ebay in the $70-75 range. This should be a barterable amount if the SHTF scenario occurs.
Be very very careful with any Ebay purchases. There is a lot of counterfeit out there.
Just checking, Apmex has Valcambi (sp?) 1 gm bars for about $80. Bullion Exchanges for about $70 in volume, a buck or so more for fewer numbers. About $12 per bar over spot currently.
Limit 5!
Gold plated, lol
Why do central banks hold/hoard it ? - It's a time proven preservation of wealth as well as being fungible and easy to manage (for mortals)
The economic collapse scenario is the least valid reason to hold cash, metals, or goods like rolex's.
There have been periods of time where markets utterly tanked, and the metal holds, as well as time where the metals dip and paper gains.
In terms of it "not working out" that can only be gauged by comparison to any other vehicle one invests in.
My 350 dollar coins are now worth about 2K.
Microsoft (or a number vehicles) would have returned more, and Kodak (or a number of vehicles) would have lost it all.
On the web no one makes a bad stock call, but in life it happens all the time.
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My Goodyear stock gave me a 3x payout in a few months from fall of last year to sprig of this year. My silver is worth about the same as I paid for it a decade ago and even though I have a pile in eagles and bullion of it its only about a two month's spending money.
Hermann
Site Donor 2023
Thinking about getting 3 or so 1 gram Canadian Gold coins. If gold is down the coins look like they can be obtained in the low $70 range from Liberty on Ebay. Apmex is high for some reason on fractional stuff, even silver. Plus I get 5.25% cash back from my Credit Card on online purchases.
