Junk Silver

Oh Jeff…… That hits close to home!! LOL

 

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Current melt is $11.99 basically $480 - .40 cents.
Now they have to buy under spot, and sell over spot,
but maybe they are keeping a little too much meat on the bone.
$400 I think is a little fairer.

 

NOT THAT I'M POINTING FINGERS

 

Thanks for all the feedback, I knew this was the right place to ask.

 

Saw this post was 9 days ago. Hopefully Christmas kept you from selling yet! I know the dealers are taking a huge risk but as silver keeps skyrocketing they have to be getting rich.
I watched a popular pawn shop video on youtube yesterday where some guy found a bag of old 90% in a house he was tearing down and couldnt wait to get to the pawn shop to cash it in. They paid $X face value whatever it was. He had no idea how they calculated it but the big number "sounded good to him!"

I calculated it. They gave him $56/oz on it. This wasn't that long ago and the transaction was about 5 minutes. If the silver's still sitting in their shop, that pawn shop is UP about $3,600 on that single, 5 minute transaction as of today.

 

...and they're living dangerously. I've seen at least as many sharp, sudden drops as sharp, sudden spikes over the last 15 years.

 

Can it go below $50? I think it will be $100 before it goes to $50.
I think the days of $25 silver are over.

 

I agree. I know a pawn shop owner who is banking and hedging on his silver surplus being his retirement ticket. Nothing in life is guaranteed, but I believe this is a very safe bet. He doesn't even like selling his inventory, and tells employees to not even discuss large sales.