Silver hit $20 oz briefly this morning.
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How do you sell it and not get cheated? I have some silver dollars that have more than spot value due to mint marks and dates. Local dealers will only pay melt value.
Then put them in the glass case for sale at full value.
Then put them in the glass case for sale at full value.
Put it on ebay and see how they do. I’ve not been buying anything lately being demand is high so even when spot was down close to 12 per oz it was still selling for 20 plus per oz. I’ll wait until it goes down again and the premiums are not so high.
Sounds like you have had that for a while. 2011 is last I think I’ve seen those prices.
24.50 spot today not sure but we may have hit 25 once or twice the past week.
Ya. That time when it was going up and up with no end in sight. I was taking care of my dad with Alzheimers.
Had no time to myself. I finally got a break and bought a bunch of silver rounds thinking they would keep going up as I was hearing they would. Bought on Saturday.
Silver tanked the following Monday
Ok, I won't quote anyone, but here are some rules of the metals.
Copper is an economic metal, not investment grade, but I have made ALOT of money on it.
Only buy it to turn a profit if the economy is going up.
Silver, 90% of Silver brought above the ground is used in the Industrial Industry, it gets used, or at least it used too.
The Spot per ounce kills Silver, if you want to buy Silver, buy something like investment grade PCGS MS 66 Morgans, or Engelhard 100 ounce silver bars.
In 1993, $1000.00 Dollar bags of 90% pre 64 coins cost about $1500.00/$1600.00 per bag. There was not much down side back then. Think about how much bubble gum, and jawbreakers you could buy?
The 90% Silver Bags contain $1000.00 face value so if half dollars were used there would be 2,000 coins. If the bag contained quarters the count would be 4,000 coins and if dimes there would be 10,000 coins.
" WHERE ARE YOU GOING TO KEEP THEM " ?
Gold, If anyone really thinks Green is backed by Gold...I can't go into details because its against the rules! One "Place" that makes cars wanted their Gold back from another "Place" that also happened to make cars... I'm done.
Ok, one more, an Island, its a big Island, back in the mid later 90's was selling 25 metric tons of the shinny Gold stuff per 1/4 year, for several years. It amounted to 300/400 metric TONS. What do you think that did to the price of the shinny stuff.
Gold is, has an Intrinsic value around the world, like Silver, Diamonds, Copper. Intrinsic value refers to an investor's perception of the inherent value of an asset. Depending upon where you are on this planet one of the above mentioned assets may or may not be worth more or less than food or Water.
There "HAD" been a direct correlation or ratio for decades of Gold to Oil, 11 to 12 Barrels of Oil to 1 ounce of Gold. Any time the ratio got out of its range, one or the other had to move closer to the other to restore charts. "I would have go look at charts" But that ratio has been out of whack for so long I think it no longer exists! After Gold made its Major run in 2011, it built a NEW base over many years of the tug of war game of "The Powers That Be" the controlling powers of Gold.
Not too many months ago Gold was at 1200/1300, the Dollar was strong then. The Dollar has been weakening, causing Gold to rise. It is forecasted for the Dollar to continue to weaken, therefore Gold shall continue to rise. It does not mean it won't be a bumpy ride, cause it will.
Gold takes the staircase up, and the elevator down. It takes an Iron stomach to buy and hold it unless you have 20 or 30 years to wait out the storm. In this case, the storms are just about all blow away for good.
Do yourself a little research, research which "Places" on the globe hold the most Gold reserves, it might surprise you.
On pull backs, its probably time to start nibbling if you don't already own your proper allocation, Conservative 5%, Semi Conservative 10%, 20% if you think the end is near...lol, If your Peter Schiff 100%
Copper is an economic metal, not investment grade, but I have made ALOT of money on it.
Only buy it to turn a profit if the economy is going up.
Silver, 90% of Silver brought above the ground is used in the Industrial Industry, it gets used, or at least it used too.
The Spot per ounce kills Silver, if you want to buy Silver, buy something like investment grade PCGS MS 66 Morgans, or Engelhard 100 ounce silver bars.
In 1993, $1000.00 Dollar bags of 90% pre 64 coins cost about $1500.00/$1600.00 per bag. There was not much down side back then. Think about how much bubble gum, and jawbreakers you could buy?
The 90% Silver Bags contain $1000.00 face value so if half dollars were used there would be 2,000 coins. If the bag contained quarters the count would be 4,000 coins and if dimes there would be 10,000 coins.
" WHERE ARE YOU GOING TO KEEP THEM " ?
Gold, If anyone really thinks Green is backed by Gold...I can't go into details because its against the rules! One "Place" that makes cars wanted their Gold back from another "Place" that also happened to make cars... I'm done.
Ok, one more, an Island, its a big Island, back in the mid later 90's was selling 25 metric tons of the shinny Gold stuff per 1/4 year, for several years. It amounted to 300/400 metric TONS. What do you think that did to the price of the shinny stuff.
Gold is, has an Intrinsic value around the world, like Silver, Diamonds, Copper. Intrinsic value refers to an investor's perception of the inherent value of an asset. Depending upon where you are on this planet one of the above mentioned assets may or may not be worth more or less than food or Water.
There "HAD" been a direct correlation or ratio for decades of Gold to Oil, 11 to 12 Barrels of Oil to 1 ounce of Gold. Any time the ratio got out of its range, one or the other had to move closer to the other to restore charts. "I would have go look at charts" But that ratio has been out of whack for so long I think it no longer exists! After Gold made its Major run in 2011, it built a NEW base over many years of the tug of war game of "The Powers That Be" the controlling powers of Gold.
Not too many months ago Gold was at 1200/1300, the Dollar was strong then. The Dollar has been weakening, causing Gold to rise. It is forecasted for the Dollar to continue to weaken, therefore Gold shall continue to rise. It does not mean it won't be a bumpy ride, cause it will.
Gold takes the staircase up, and the elevator down. It takes an Iron stomach to buy and hold it unless you have 20 or 30 years to wait out the storm. In this case, the storms are just about all blow away for good.
Do yourself a little research, research which "Places" on the globe hold the most Gold reserves, it might surprise you.
On pull backs, its probably time to start nibbling if you don't already own your proper allocation, Conservative 5%, Semi Conservative 10%, 20% if you think the end is near...lol, If your Peter Schiff 100%
JHZR2
Staff member
Sell on ebay with good photos.
Its true that the spread even for bulk gold can be pretty big. 6% over/under spot for dealers to make money. But collectible coins have more challenges if youre trying to sell to someone who wants to profit on the sale at retail.
You want to know what you have and the condition. ANA has a good book called "photograde" which is a good resource to give some objective basis. There is an annual "red book" which is useful to help give you a basis of what might be more scarce (for dollars, New Orleans, San Francisco, and Carson City can sometimes be more rare, especially CC). You dont need the latest, the valuations might not be correct even in a 2020 copy. Just seeing one from a prior year helps to show what might have higher collector interest. Current prices are typically based upon the "greysheet", so you should see if you can get a reasonably recent copy of that...
$26.92 right now.
Cheated is far from the right word here. The coin dealer has a very risky business with tight margins. They have to buy lower to be able to make some money. It is no different than any other business buying things from end users for resale. If you want that retail buy it in person with cash anytime you want experience it comes with a price. That is usually $1-2 on silver, used to be $50 on gold but some charge $100 over spot now for retail. Alternative? Try marketplace and classified ad type scenarios and meeting with strangers for a little more more money. It's probably not worth it for most. The last time i sold a coin it was for spot value and i had them come to my regular place of business that has plenty of cameras and security in place. Coin place wanted to buy for less than spot because they have to make a margin and that is fine. Nobody gets upset when a hamburger is sold for 3x the price of materials but when minted precious metals dont trade for free? Lots of people feel ripped off but really just don't understand the costs and risks of business.
One other alternative is to buy a silver or gold based stock, but then you are not holding it and don't truly own it in a worst case economic scenario. Back in march i bought both some physical silver and some shares of SLV. The stock well and truly under performed my other stocks so i let it go for better gains.
Slight off topic, but i have about 2 lbs of silver from a photo silver recovery unit. I've had it about 30 years, i'm quessing is 98% pure. How/where would i sell/ convert this to cash?
Being one that doesn't follow the precious metal market, I'm struggling to understand the excitement about silver hitting $20/oz.
As a young man, I rented a room from an older gentleman that kept a small box in a coat closet, about a foot cubed, full of gold and silver bars. He told me it was his emergency preparedness kit. I remember at the time that the silver was going for about $16/oz. That was 1977. So if I had invested in a $1000 of silver in 1977, it would be worth $1250 today? Is that the intent of silver investment? To just be stable over time?
As a young man, I rented a room from an older gentleman that kept a small box in a coat closet, about a foot cubed, full of gold and silver bars. He told me it was his emergency preparedness kit. I remember at the time that the silver was going for about $16/oz. That was 1977. So if I had invested in a $1000 of silver in 1977, it would be worth $1250 today? Is that the intent of silver investment? To just be stable over time?
Precious metal theory is just to store/preserve value and hedge inflation. I only have a few percentage points invested in gold/silver because it will never pay dividends, and it does not create anything new, like an updated iPhone for example. In my opinion, real estate can be just as good of a store of value while paying out dividends or rent. Silver crashed as low as $12 and has gone way up to $28, so that is cause for excitement for metals holders.
Henry A. Kissinger, Richard Nixon removed the U.S. dollar from gold backing in 1971 I remember seemingly all of sudden the Colt Python doubled in price , gas prices went up and property prics started to sky rocket and I started collecting silver coins. Bought some gold The problem is most people buy at the peaks and a silver dime will still be worth 10 cents when you go to the store. I guess buying some is fun but I really don't know if there is a value so far unless you buy low and sell high.
But then you are buying paper.
Most people buy gold and silver to hedge against inflation. Not for the Zombie apocolypse.
I used to flip cars for fun and profit. Cash for Clunkers and so-so economy and car complexity has sullied that.
I bought 500 oz. of silver in March and sold it last Thursday for +$12.60/oz. I didn't get greasy or have to buy any new tools.
Plus 2 of my kids use me to fix/service their family's vehicles so I still get my fix. No profit involved but still fun.
I've been thinking about what else I can invest in. Metals are easy to sell and a 1 oz. Silver coin should always buy a meal for 2.
I bought 500 oz. of silver in March and sold it last Thursday for +$12.60/oz. I didn't get greasy or have to buy any new tools.
Plus 2 of my kids use me to fix/service their family's vehicles so I still get my fix. No profit involved but still fun.
I've been thinking about what else I can invest in. Metals are easy to sell and a 1 oz. Silver coin should always buy a meal for 2.
The excitement over silver making new recent highs is because of silver's low market price when compared to gold, which means it is more accessible to more individuals than gold.
As to why we are drawn to precious metals, who knows. Historically, even before the markets, people were drawn to gold. And one thing about gold is that it is pretty corrosion proof. I feel gold still has ways to go.
What? You sold it last Thursday for 12.60 per oz wow it was up to 30 per oz a few days back. Why would you let it all go at the lowest silver has been in years?
Some think it’s going to sky rocket in value which very well may happen some day. 10 years ago it was up in the 50 per oz range. It has its highs and lows. Problem is most people hear the excitement while it’s high and want to get in while it’s of coarse best to buy while low.
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