Spot prices for silver closed below $30 last Friday, yet Ebay, Teletrade and Heritage bid prices don't seem to reflect the lower close. For those on the forum with experience, how quickly do the auctions react to changes in spot prices and/or melt values?
Spot price rarely affects coins sold at auction except those that are valued at or near melt. For example, if a silver dollar in a given grade typically sells for $350, nobody cares if the spot price of silver goes up $1 an ounce or $10 an ounce. It simply doesn't matter. So the answer to your question is never. In most cases anyway.
Ebay auction prices trial spot prices' but in scenario you have improving economy would increase bidder activity which would drive up prices. IMO that is what is happened right know too much money in the system and it is no suprise auctions are hitting all time highs. Commerative coins that sold for spot prices, are now starting to go for premium due to excessive demand...
GDJMSP - what about junk silver and common date silver dollars in circulated condition. Does a 1921 Morgan auction price have any sensitivity to spot price? I get it that a coin that sells for $350 due to its scarcity would not. By the way, thank you for great answers to my rookie questions. They are appreciated.
Individual pieces of junk silver and coins, that sell at spot, are rarely found in auctions. The buyer and seller premium makes doing this a waste of money. Ebay would be a situation where the volume of pieces in a single auction might make it feasable. Large auction houses wouldn't even offer it.
