Spot price silver

Yes there are fakes but I am certain these are all engelhard & AMark. Either way I was just throwing it out there as it is under spot and this guy did not seem to pay fair market value.

 

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Thanks desertgem and slider
That cleared a whole lot up for me. I'm just going to wait until I go to a coin show in a couple of weeks. I'm hoping the price drops a little between now and then. I should also be able to pick a couple up closer to spot there than dealers that have the overhead that goes along with having a B&M shop.
Thanks Again, I really appreciate the insight.

 

One of my LCS yesterday had some SAE's and CML's for $6.50 over spot. Maybe 15 or so of each. Rounds at $5 over. CA wildlife, maybe a dozen total, and a handful of 2011-2013 pandas all at $40-$50 depending on milk spots or year. T-wolves were $80. None of it was worth it to me since I can get cheaper metal online even with shipping fees as long as I buy at least 10 ounces.

 

most dealers have foreign silver coins at melt thats the closest you will get silver at melt

 

This is true, and foreign silver can even be purchased on ebay at or near melt. In fact, I have a friend who currently buys foreign gold near melt prices.

For anyone who wants to buy ASE's right now but can't stomach the inflated margins, their alternative to hedge against the rising price of silver is to buy foreign or junk (when junk can be found) US coin silver as a way to park their money in the metal. Should the price of silver rise, you're gains are built into the existing metal. When the margins on ASE's do finally come down (and they will), you can convert your spot priced metal into ASE's for the new, smaller margin, regardless of the current spot value of the metal.

The only way that hedge doesn't work is if you believe that the new margins on eagles are a permanent change and are here to stay. That is doubtful, considering that they've minted about a half billion of them and show no signs of stopping.

 

I got some war nickels at melt last week. Only 35% purity but I'll take it.

 

Yeah, i'll have to go to some of those foreign coin dealers this week. I think one of them by me is having a sale this saturday actually.

 

The price is going down again today. I guess the dollar is much stronger against the yen, and that has set up another round of commodity crushing. I think it's a buying opportunity. I'm going to look around and see if I can find some at 16x face like I did last weekend. Maybe even lower. I sure hope silver comes back up some time... It's a gamble, but one I think I'll take.

http://www.zerohedge.com/contributed/2013-05-10/two-drivers-lift-dollar-pressure-yen

 

It lowerred again? It seems pretty even to me though.

 

Gold tumbled a bit. Silver was down all day but turned slightly positive by close.

 

Oh. Now i see that. I hadn't checked the chart the first time.

But gold and platinum did go down.

 

Ok i'm replying to my previous post. I went into the LCS today and got an up date on premium prices.
ASE's are now 6 over spot
Maples are 5 over spot
Generics/off quality are 3 over spot
They didnt have any foreign besides maples.

 

I just got a panda and a koala for $30 each. I guess that's about $6 over spot. They are both .999 silver and were in nifty plastic holders, so they look mint.

 

When you buy silver for close to spot for non reputable dealer or online, just be sure to do your due diligence and verify they are real. There are plenty of fake Pandas, Maple out there..

 

What would be considered reputable or non-reputable? And why is online bad?

Also, it's not exactly a simple matter to verify that they are real, especially without destroying them in the process...

 

i just got a 1 oz round today for $25. and a different coin shop was asking $33 per 2013 ase.
i picked up a 2013 ase for $32 when spot of $28

 

Online isn't always bad, but it makes it easier for scammers. If you buy something from a dealer with a brick and mortar presense, you can inspect the item in hand before purchasing it, and if it isnt' what it was promised to be, at least you know where to find him. Online dealers, not so much.

As far as what dealers are reputable, just search around here for the various which dealers are best/would you recommend threads. There have been at least ten of them since I've been a member here.

 

Most of the fakes can be caught without performing non destructive tests: Do the magnet test, check the coin thoroughly for any signs of plating (Loupe) and see if it matches the image and strike match up and then check the measurements and weight. Granted there are high quality fakes that pass all this but are relatively rare.

 

Only the worst fakes are magnetic. The magnet test is usually good for nothing more than a false sense of security. Maybe the others work more often, but I don't have a loupe.

 

I'm not sure if you are doing the proper magnet test. Silver is diamagnetic. To do a proper magnet test you need a rare earth magnet and slide it across the coin at a 45% angle. Real silver slides slow. Fakes slide like plastic or don't move at all.

Here's a video about it I found on youtube. It's for silver bars, but same thing applies to coins.

http://www.youtube.com/watch?v=NgSXg-WOEVY