Become a Silver Bullion Dealer?

re: silver bullion dealer

You don't. There are only seven primary dealers that the Mint sells to directly. All other dealers must buy the coins from them. They in turn sell to even more dealers and the public. I am referring to the business stike coins.

You can buy the proof version directly from the Mint - cost about $24.95 each I think it is.

 

Sorry to say - but again I do not think it is possible for you - or anybody else - to do this. No matter how much money they have. The Mint has struck their deals and they are not likely to change them.

These arrangements have been in place since the inception of the SAE in 1986 - and quite likely before that even. But for the Mint to add another primary dealer to their list now would be akin to any large manufacturing company making an exclusive deal with a distributor and then to renege on the deal. It's just not good business.

 

As for myself - I have no idea who the 7 primary dealers are. I have never seen or even heard of rumors of who they might be. Don't see that it really matters.

But if you want to find out - I suppose you could. Just write to several of the larger dealers and ask them. When a name continually pops up as the answer - odds are that person or company is one of the 7.

 

The pricing on SAE's varies from day to day with the spot price for silver. As for who has the best price - that varies too. There are any number of dealers out there who will sell not only the tubes of Silver Eagles - they will also sell you the boxes of tubes if you wish. Each tube contains 20 coins - each box contains 500 coins.

All it takes is a simple search to find the best price on any given day. Go visit the various web sites for the dealers and when you find the lowest - there ya go.

 

I would think that the PNG would be a good place to look.
http://www.pngdealers.com/
I don't buy a lot of bullion, though. I've bought a roll here and there of silver or gold eagles, but not often. Maybe a half-dozen rolls in my lifetime. I have almost always picked them up at a show. I might be able to save a dollar or two a roll to buy them from a bigger dealer in bulk, but the shipping cost would eat up any savings over buying at a show.

 

Bill - I did a search for you. About a week ago I found a site selling rolls of 2003 SAE for $6.30 ea. But I have not found it again today. I did find one for 5 rolls at $6.40 ea & if you buy 500 coins $6.30 ea.

http://www.jackhunt.com/silvereagles/

But I'll tell you right now - IF you are willing to search for 30 minutes or so you can find them cheaper. The above site took me about 10 minutes to find.

 

It's a simple reason as to why Canadian bullion is more expensive - the gold anyway. Both American & Canadian silver bullion coins have the same fineness - .999 But with gold it's a bit different. Cnadian gold is also .999 fineness while American gold coins are .9142 fineness.

Of course both coins are supposed to contain 1 Troy ounce of gold - which should make them the same value. But not all dealers see it that way and they charge more for the higher grade of fineness.

 

fusionpunch -

Your post caused me to do additional research on this subject - and I'm glad it did. It has led to quite a few answers for me and it has proven some of my previous research and my previous assumptions based on that research to be wrong. The following information comes directly from the US Mint. It answers all of the questions raised in this thread.

Authorized Purchasers must meet strict financial and professional criteria, which must be validated by an independent and internationally-recognized accounting firm. The minimum ordering requirement for Authorized Purchasers of the American Eagle Silver Bullion Coin is 25,000 ounces. In addition, the Authorized Purchaser must be an experienced and established market-maker in silver bullion coins, as well as provide a two-way market for the coins, have an established broad base of retail customers in which to distribute the coins and must have a tangible net worth of at least $5 million.


The United States Mint currently sells American Eagle Silver Bullion Coins to 11 Authorized Purchasers worldwide. The Silver Eagle Authorized Purchasers in the United States are: A-Mark Precious Metals in Los Angeles, SCB/Mocatta Bullion in New York, Jack Hunt Coin Brokers in New York, Salomon Smith Barney in New York, Prudential Securities, Inc. (New York), The Gold Center (Illinois) and HSBC Bank in New York, with sales domestically and abroad.


The international Silver Eagle Authorized Purchasers are Commerzbank International (Luxembourg), Deutsche Bank A.G. (Germany), Union Bank of Switzerland (Zurich) and Hang Seng Bank (Hong Kong).