What would be a fair price on a 10 ounce silver ingot/bar? looks like a bar of soap with the silver stamped on by whoever made it and .999% pure silver ect. If you walked into a store what would be a reasonable price you would expect to pay right now? And yes I don't know didly about silver except now is probably not the time to buy.
All you will ever need to know about the price of silver/gold/etc... http://www.kitco.com/ Today's price is $17.65/ounce, making your ignot worth $176.50. An honest dealer would probably offer you between $165-$170. About the price of a nice 1882/1883/1884 Carson City silver dollar in it's original GSA holder certified by NGC as MS-62. Less silver, more history. Looks great on your mantel too.
thanks,I found a link after posting this but wasn't sure what kind of sellers charges they would add on if I was buying. One guy told me 5 dollars an oz. and i thought that didn't sound right to get charged 50 bucks to buy one peice of silver,so he was asking spot price + 5 bucks an oz. just didn't seem fair to me.but I don't know how it normally works,just trying to educate myself thank again!
Yes if you take it to a dealer they will give you just above spot price on silver even though now it is running a premium. if you do go to sell it i wouldn't sale it for anything below 150 at the worst. silver like gold is looking to go higher.
I just checked lme, so a fair price to pay would be a couple of dollars better than spot, so about 175 or so for a ten oz bar, maybe a bit more but not much
I would ask the seller if he meant 5 dollars over spot, for the whole ten ounces, that is close to what I have seen, usually a little bit more for rounds, but then it is CHristmas so he may be more willing to deal if the silver is still there in a few weeks.
You'll get over $200 if you sell it on The Ebays, but then you also have to figure in shipping, listing fees, and transaction (paypal) fees. I've sold a bunch of them on Ebay, shipped Priority (w/insurance), and haven't had any problems. You should most definitely get above spot, even selling to a dealer, but that won't always be the offer. There's a place near me that would probably give you $12/oz right now, and another down the street that would likely give you at least 5% over spot. Dealing with actual physical silver, especially in small quanities will always put you above spot price, but right now, with a "shortage" of physical silver, even moreso. If I was in a position to buy right now, I'd be more than happy to pay $185, but I'm currently selling things aka broke ; )
thanks again guys,yeah he was asking 5 dollars per ounce over spot so 10 ounces x 5 dollars= 50 bucks, too much from what I've seen.he explained that pretty clearly,I have just recently gotten into looking at silver as a investment,can't afford gold,lol. Another question,would it be better to own a 10 oz. bar or 10 1oz. bars?easier to sell 1 oz.? or just buy what I can afford in bigger bars? Personally I've been studying the market fluctuations ,and it seems that silver should go down in price here soon,then shoot back up for a possible new record,and that it may drop here and there but will continue to climb over time steadily. Of course I could be way off the rocker,just learning,wishing I had bought gold and silver back when gold was under 300.00 an oz.. Have a friend who is itting on a safe full of gold that he payed under 50 bucks an oz. for long ago,he's all smiles lately.
Sounds like you're prretty well on top of things. You're right -- $5 per ounce over spot is too much -- you can do better elswhere. As for 1oz bars vs 10oz bars, there's not much difference. But if you go up to 100 or 1000 ounce bars, you should be able to get them a little cheaper per ounce, but you will also get slightly less for them per ounce when you go to sell them. Don't rule out gold as an investment -- there are 1/10 ounce and 1/4 ounce sizes available in the Gold American Eagles, which may be affordable to you.
if you are going to invest in silver look at american silver eagles. they contain 1 oz of .999% pure silver. they are great to look at and easier to move as well. fractional gold coins is alway a good possibility as well and some of them even carry a premium.
I agree, go with silver eagles. In my experience they are easier to sell and you can get them, at least here in st. louis, for less than a dollar above the silver price per ounce. The reason they are easier to sell is because people colect them for the numismatic value, not just silver value. And finaly, if silver were to drop dramatically, they are still legal US tender of $1, so they will never be worth nothing. LouieLot
