I recently inquired on how much local coin shops are willing to pay for 90% coinage and most are way lower than actual melt value, if they even bought at all. Don't get me wrong I know they got to pay for overhead and also worry about risk factors such as price dropping but most in my area are only offering 65% of what current melt value is. How long do you all think it will be before LCS and bullion buying places will up what they are willing to pay if silver stays at the current price.
Last I heard the refineries were swimming in 90% and couldn't take anymore. If the refineries won't take it, that means the local coin shop will get stuck with it for a period of time and as volatile as things are right now, no shop wants to tie up money in junk silver until they know they can move it..... I think it is a temporary thing myself. I hope it is anyway, I sure do have a lot of 90% in my safe.
Yeah, I was thinking to sell off a good bit at our big June show if spot held over $100. It didn't, but I was thinking I still might go through with it at current spot levels (around 55x FV). Right now, though, even Money Metals is offering only 43x, and show dealers are usually well below the online dealers. I'd still be in the black, even for the stuff I was buying during the 2011 spike - but I kinda feel like buy prices still have more room to come up before spot prices get too much lower. And, of course, sitting on the stuff is always the easiest choice. It's not really crowding me, and I don't really need the cash. That just leaves the fear of watching spot drop back to the $20s, or having a storage mishap (theft, fire, Armageddon - actually after that last one my regrets would be elsewhere...)
Sometime later this year I think. It’s only been a few months since it dropped from going up so high. Just give it time.
Until the past few years, I wasn't able to hold onto bullion or even culls long enough to see really any profit. I have gotten lucky at times, I would be in the black on all my 90% this time around but I really don't have a need to sell any of it. I think we need a few more months of stable prices. Sems that mid to high 70's is the new normal we'll see!
Interesting - next time I am down at the local shop I am going to ask how they buy 90% silver. See if they buy back more than silver ask price and if so why? I think I have a few 90% silver coins I ran into recently - I need to look through my coin jar where I put all wheat cents or pre - 1960 nickels.
I did have to grab one of my ounce bars the other day to pay off a Bay Bridge Commem. I asked him his best price and was $13 short. He let me go on a loan and I remembered the ounce I stashed in the truck that I was gonna trade a couple weeks ago for some constitutional. He gave me 70 for the ANA bar. Had to agree to his terms to make the deal. I didn't make out but I didn't lose, bought the bar for $45.
The dealers in my area are still loaded with 90% silver and don't really wish to add more right now. They probably would at the right price but I'm just going to wait.
I was checking through my invoices. I sold some on Jan 5 and for 7 ounces I got like 73.75 when I do not remember what silver was exactly as I sold. About all I remember is it was up 3 or 4 more dollars by the time I got home about 1 hr later. Now my 1 oz bar I had bought when silver was in 20's several years back - never really tested the weight - I only got 72.20. I guess it could have been slightly less than an ounce. My dad 1 1964 silver quarter and 1 common date low grade silver morgan - between those 2 he got 68 dollars. Still I want to confirm how they buy 90% silver and what do they do with it. And probably ask them about gold also.
