Silver Is On A Tear Today

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I haven't purchased any Silver since the spot hit $82.00.. Some say it cheap now... just wait... others say different. I am staying put and riding and not selling. yet....... I am just wondering what will come along and mess with the Silver going up? NOTHING, OR POLITICS, someone will, Economic conditions... Interest rates, OR a government reprice so they can keep the usd from collapsing completely.

 

I glad it's jumping, yet again. Hope we all make a lot of money since we sure waited long enough for it.

But it sure don't smell right.

 

I had accumulated $100 face 40% half dollars over the years; traded a while back straight up for a $10 Indian, seemed like a good deal at the time, I think I got $4 for each half dollar!

 

Well, the LCS I sold to said they're not buying sterling (aka 92.5% silver items) and other lesser purity stuff.

But they are only buying 'pure' silver items (bullion bars, coins, etc) and 90% silver coins.

And they are buying pretty much any high purity gold items ~24karat+

Apparently, the refiners are way behind on processing stuff and this dealer is sitting on A/Rs of $100,000s and months of wait time. They're nervous about all that capital being logjammed.

Glad I sold the last of my 40% dollars/halves/quarters in Sept 2025 when there was still a reasonable wholesale market.

 

Are the refiners melting items such as ASE silver eagles, or just whatever 999 silver they can get, all just to make the big 1,000oz bricks for delivery into COMEX vaults ?

 

I bought ten BU Washington quarters for a roll I'm putting together eight days ago. Their value surpassed what I paid for them (shipped) while they were in the mail. Today their bare melt value is $2.59/a piece more than I paid for them eight days ago.

While it is interesting I don't know that it's reason to celebrate. Whatever we had going before is completely off the chain now. At what point do people start getting nervous? Looking big picture, I fear this may be foretelling inflation to massive price increases that will put people under. Maybe it has already happened and metals are just catching up? There's no way you can risk selling anything until you see an actual pull back at this rate.

 

Watched a video over the weekend that said massive amounts of collectable Morgan and Peace dollars have went to the refiners already. Could see lower value collectibles perhaps not become rare but at least more scarce than they were in the past as this continues. There are common date MS-64 Peace dollars in slabs that have melt value surpassing numismatic on them that could be sent to the refiners in a pinch.

 

Yeah, my overall take on this price action is that it sucks. There's no question of shopping for the modest silver or gold coins I prefer. In theory, I'm sitting on a pile of profit in the junk silver I already have, but nobody's buying at anywhere close to spot. And coins I'd love to collect are going into the pots.

 

Something is brewing for sure...
I'm looking at the chart and can't get my eyes off that 11% for the day thing.

 

We've seen 10% daily gains numerous times in the past.

We've also seen 20% daily losses. Don't think we won't see them again. (And after a couple of those, just try to find anyone willing to sell you stuff at the new prices...)

 

People are buying 40% halves at those high prices. They just do it when they can’t get any 90% or they don’t have the 90% money. I sell 40% in my antique shop but only when I haven’t restocked the 90%.

 

I’m selling 50% halves at $16.50 with no problem and for 90% I’m getting over $41.00. I can’t keep it in stock and I can’t price it fast enough to keep up with silvers price. One coin dealer in the mall is in 3-4 times a day to replace his stock and keep up with the price increases in silver. He must live close but I’m 18 miles one way away. I’m not going to drive twice a day let alone 3 or 4.

 

Yes They pick the low hanging fruit first. If you don’t have to shake the tree or even bend down to pickup the fruit, guess what!
No refining needed

 

Does anyone know why this is happening to silver right now? I can’t believe how quickly it’s going up.

 

There will be some profit taking later this week crazy what's happening today........

 

Educate me, where do you sell silver, like 10 oz bars

 

That's part of the reason that I'm presuming from the market news. It's much easier to melt and re-form than melt, refine and re-form.

 

I was wondering too how this might affect collectors down the road with Morgan/Peace, commems, etc being sent to the refiners.