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?
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?
The dealer I sell sterling to usually pays 80% of Silver spot Price..usually for flatware and other well marked items.
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.
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.
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.
Sterling silver is the most neglected part of my diversification plan. I haven't looked lately, but even a couple years ago I couldn't find any at spot price. I know a guy who has some, but I have no idea what he wants for it. I figure I'll stick to coins for now. If the price starts going up, then maybe premiums will drop a bit.
There is quite a bit of sterling silver bars out there from Franklin Mint. I have a complete set of 100 1000gm bars, together with the case it came in back in the '70s. I got it for less than melt back when silver was around $13-14.
Gainesville Coins has lots of sterling for sale . Mostly in rounds & bars no sterling sets . Depends on how much & how you pay . If paying by CC there is a 3% charge . So much cheaper for qty. buys to pay with cheque .
