I have a question about selling 90% silver. Currently silver is sitting at a little over $45 an ounce and I thought about selling but I tried what few local coin shops we have and some pawn shops and the best anyone will do is 27 X face which would make 2 Kennedy halve 90% a little over 32 per dollar. Is it normal for people to buy so low? It seems lower than what it should sell. I know they need to turn profit but $5 under? Maybee I'll hold and ride the rollercoaster lol.
Well... A couple things. Of course a dealer has to make a purchase that will allow him to make a little money when he sells.... But I think that the silver roller coaster ride lately probably has the guys you tried to trade with a little conservative minded. If you been watching the charts they are so danged sporadic of late and it wouldn't take much of a swing for that dealer to lose money..... But yeah, when things are more stable you can usually do a little better.
I've heard many reports the wholesalers that dealers sell to, pay less than melt value for most gold and silver currently. Combine that with the massive amount of customers selling their silver right now and usually fewer retail buyers than before.
You're cashing out because you think now may be close to the peak. They are taking all of the risk. It's the whole bid vs. ask dichotomy
And it depends on what quantity you have to sell. A large quantity all in one lot is better...then find someone who has enough capital to either wait for the uptick or has it sold already.
Melt right now on a 90% Kennedy half is $16.31 Times TWO $ 32.61 Is your math correct?? on 25 grams? 31.1 to the ounce and it's 90% silver.
You also have the question of "full sized lots." The 90% silver coins are sold in lots of $1,000 face value. Lots which are smaller than that bring less money.
I thought the same. I didn't think of it too much but yes, his math seems rather flawed. Too lazy to check it, myself......
Reminds me of the 80's when Nelson and Bunkie were trying to buyout the silver market we were selling g-f Morgans and peace dollars for $28.00! Same year I sold via Christie's 1877- 1883 (7) proof trade dollars to the Hunt bros. for $9000 each! worth 1/2 that now! Makes us feel smart. Not just a cog in the wheel!
I may have said it a little weird but I said at $45 an ounce that put 2-Kennedeys $1 face value at a little over $32 for 2 of them, right now $1 face value would be $32.84. They were only offering $27 per dollar which seems low to me but I talked to them again and they moved up to 28X face and they said basically what @Mr. Numismatist said about selling to wholesalers under spot because nobody wants to take the risk of it dropping in which I understand. I'm probably just gonna hold because I think it will hit $50 by next week. If I'm wrong I'm wrong I'll still have the silver lol.
I really don't know how much junk 90% I have. I'd have to go through it but if I was to guess I'd say around $500 face value. Not a big chunk like I use to have, I've sold so much during the time we were waiting for the wife's disability to go through. I've been stacking since it did and planned to hold but it's getting close to that $50 mark so it's tempting to sell and wait for the drop to reinvest.
Many a dealer went out of business when silver went up to almost $50.00 an ounce. That’s makes today’s dealers cautious. Silver keeps rising so why sell? Silver is needed to make solar panels, which are just starting to grow. Supply is low and demand is getting higher. Again, why sell?
I think thats a smart move, may want to consider buying more before prices go up even more but that a depends what your goals are.
