I have a bunch of generic silver rounds that i want to sell back to my dealer and use the $ for ASE. How much underspot do i let them go for? Silver closed at $16.87 on friday and i understand they need to make profit i would think no less then $15.25 but would love some input on this. thanks.
Rather than sell them back to your dealer, see if you can find someone looking to invest in silver. Sell it for melt, and minimize your losses. Even I look for local deals like that, but usually people act fast when the word gets out.
Do not sell them to a dealer. Post them on local online classifieds (kijiji or craigslist), or here on cointalk, or even eBay. I would go to a dealer as a very last resort.
IF you DO go to a dealer (or your dealer), don't just sell your silver, instead, first ask at what price the dealer might give you for a trade and if you can get ASE in that trade. Do the leg work on this instead of selling to the dealer for cash and taking that cash elsewhere to buy ASEs. Otherwise just sell them elsewhere like the others are suggesting you might try to do. eBay will be too full of fees to bother with, so cointalk, craiglist sort of suggestions are probably the best.
Like said previously look to someone that wants to invest they will Give you more then the dealer will for sure!!
If you must, Sale them at spot. That is still about 59.cents less than most generic rounds go for. The other option is to wrap them up for Christmas, and consider your shopping done. Either way, you still lose a bit by letting go of the rounds. If possible, keep the rounds, and cut corners someway else to accommulate the ASE's desired.
From a financial perspective, I don't see an advantage for a move like this if you are talking about bullion ASEs. Of course if you like the ASE better because of looks for some other reason then it's up to you. It's not as if the ASE will go up much from a numismatic point of view as there are literrally 10s of millions of them out there. There were 30M ASEs sold in just 2009. If you are planning to continue to purchase PMs I would keep the rounds for now and make future purchases in ASEs.
On Selling Silver I did a lot of selling and a little buying this week. I was offered 11.7X face at local coin dealer; up the road, offer was 11.9X. Coin World "wanted" buyers were offering over 12X. Silver Eagles top offer--over $20 each in a monster box. Shipping registered and insured is expensive. A bird in the hand is worth two in the bush. I picked up two 1/10 ounce certifieds at a pawn shop for $265. One was NGC MS70 the other a PCGS PR69. The first had some pink dots on it (contamination?)
Photos of Coins I would be glad to. But I would have to be walked through the process. I have a camera on my cell phone, which was not much use to take useable pics vis-a-vis my earlier thread on the possible "Branch Mint Morgan Proof" dollar. I took a bunch of pictures of that coin at the New Hampshire dealer's shop, and forwarded them to a member here--but they were too hazy.
I think you are on the right track. The important thing to notice is that rounds generally sell at a discount to spot. If you were selling ASEs, you would probably get about $1 more than spot. If you can sell them for something like $1.75 or less under spot, it is probably a fair deal if you don't want to go through the trouble of selling on EBAY. I would never advertise locally since that is just asking for a burglary. ASEs are a sleeper as far as numismatic value is concerned. Someday, the Mint will discontinue the series and there is a reasonable chance that ASEs will immediately begin to develop at least some numismatic premium because the supply will be frozen but demand will continue to rise.
Selling silver rounds Apmex is buying silver rounds for 25 to 50 cents under spot price. I sold a bunch to a local dealer for $16.90 when spot was $17.80. I prefer not to ship. I sent a $1000 bag of 90% and paid around $100 for the reg/insured cost. Again, Apmex seems to be paying top dollar.
The shipping and insurance is a major cost of selling by mail that frequently makes it more economically to take the lower local dealer price.
Absoultely! Either hang onto them or sell to a private party. I was at a store a couple of weeks ago and the dealer paid only $13.47 per round. While I was there a customer was selling, terrible deal for the seller. At the time I don't know what the price of silver was but I wouldn't let my 2 rounds go for that cheap. dd:
It pays to be cautious about selling locally to private parties. Around me, advertising silver rounds is like hanging a sign on the house, "Burglars Welcome!" Collectors should always do whatever they can to protect their privacy. The fewer people who know you collect gold, silver or coins in general, the safer you will be.
A friend of mine sold his 90% silver when it briefly went up to $20 to The Money Changer (Franklin Sanders) and got the daily spot price for it. BTW, where is Pale Ridder, who started this thread? I really miss his humor
