Any advice on how to buy sterling

Discussion in 'Bullion Investing' started by medoraman, Feb 8, 2018.

  1. medoraman

    medoraman Supporter! Supporter

    I have been looking to buy sterling, (silverware set most likely). I know when you sell sterling its back of melt due to costs to refine. However, when I talk to companies that buy these older sets, either they never call me back or tell me if they sell me a set they want 10-20% over melt as a minimum price, and even then never call me if they get a set.

    Am I being too cheap? I am looking to get a set around melt, and I thought that would be fair since I know in the business they pay well back of melt. Maybe I am out of line with my expectations. Any advice?
     
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  3. Gilbert

    Gilbert Part time collector Supporter

    If you don't mind eBay, there are many sterling silver flat wear sets listed for auction. All you would have to do is calculate the weight of sterling in a set, determine the market value, and snipe away. Let us know how things progressed?
     
  4. jfscmedic

    jfscmedic Well-Known Member

    The dealer I sell sterling to usually pays 80% of Silver spot Price..usually for flatware and other well marked items.
     
  5. Collecting Nut

    Collecting Nut Borderline Hoarder

    Sterling is .925 fine. Calculate the weight and do the math but I personally buy sterling silverware and related items over spot to keep or sell in my antique shop. To find a complete set will be difficult. I stick to odd pieces.
     
  6. Clawcoins

    Clawcoins Well-Known Member

    Money talks. Remember, like any business they have to pay overhead, salaries, etc etc etc.

    It's like any other industry. They think their product should have a premium. After all, they are not selling just a block of sterling. They are selling a finished product, that may hold value more than what it is made of in their eyes.

    Maybe if you pick the most boring, least demanded pattern sitting in inventory forever then you can get closer to melt.

    When I was rebuilding my silverware starting about 8 years ago I was able to get good deals. As the economy came back prices ran up, now if I want a piece or two I have to pay their premium. No other options.
     
  7. yakpoo

    yakpoo Member

    About 15 years ago, when silver was around $7/oz, I bought a lot of sterling flatware on eBay. At the time, no one wanted partial sets. Partial sets went for about 30% BELOW melt. This seemed like free money to me so I scooped up as much as I could. Eventually, the price of silver began rising again and the bargains dried up.

    Interesting thing about silver...everyone wants it when prices are high. But when prices hit rock bottom, you can't hardly give it away.
     
    Last edited: Feb 22, 2018 at 4:15 AM
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