Buy prices in my area are not as good as they used to be. I talked to a dealer and he said there is just a lot on the market. Buy used to be melt but now Melt-$.25 per face.
I agree absolutely that this is correct - there's so much supply out there, it's bordering on ridiculous. So why do so-called "numismatic investment consultants" and that guy on TV who "think(s) silver is going to $200" keep saying that there's a shortage? Oh yeah, I forgot - either they're stupid or they think YOU are. Let's get this straight - if you take coins and medals out of the demand side (it's just "parked" supply), industrial demand for silver is in slow freefall. Sorry, bullion hawkers, but that's just the fact.
I'm apparently having a failure to communicate/understand. Am I to understand that your purchasing $100 Face for $5?
Yep. A Jewelry Store/Coin Shop had way to much junk silver in stock. I helped them set up the Coin part, so they called me and said 5% over face. I bought $500 worth for $25 over face. Wish I had more cash to get more.
Their normal mark-up is 10% for regular customers and they ask (but will bargain) 15% for strangers. I like gold sovereigns. I pay 5% over melt for them there. I just picked up one for $316.
Oops, you're right, I just looked at the receipt. It was 5% over melt not face. I don't normally buy junk silver, normally buy gold, which I pay 5% over melt for foreign and 7% over melt for modern.
That's the sound of everybody slowing down, turning around, and starting to stampede back toward their homes.
"What are you all paying for 90% junk?" Zip, zero, nada. All my silver says .999 or better. Its bulky as is without throwing in dead weight.
I'll find out what the local shop is buying at tomorrow. There was an elderly woman in the shop today when I was checking out the .999 selection (that hasn't changed much in 3 months) She was selling quarters and dimes, had 3 bags on the counter that the guy was digging into and stacking up to count. I was going to ask How Much???, but the lady was still dealing on some gold jewlery she was looking to sell as they were plucking out the stones.
Oh yeah, that extra 11% will kill you. I'm still more confident in the composition of pre-1965 dimes, quarters and halves than the composition of random bars or rounds. I don't think I've ever come across a base-metal counterfeit being sold as 90% junk, but I've come across plenty of silver-plated rounds and bars.