How do coin shops figure spot price on silver?

I have been using coinflation.com to figure spot price on silver when deciding what to pay for ASE and ML's on ebay.

Today coinflation.com says silver is $34.15

I called a coin shop this morning that I will be visiting later this week to see how much they get for a roll of ASE's.

They tell me a $1 above spot. He says let me check. Come back to the phone and says $1 above spot would put them at $33.10 each for a roll of them.

Sounds fair to me, but I'm just wondering what do coin shops go by for spot price? I'm guessing it's not coinflation.com

 

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The spot price is the same no matter where they get it. Most dealers I know, including myself, use kitco. I only use coinflation for junk silver. Now if they are only charging 33.10, thats a deal. They must be using an unupdated spot price, not sure from where. But 1.00 over spot, even if their prices are accurate, is a good deal for ASEs. Dealers around hear charge 5.00 over spot or give you a "deal" at 4.50 over spot if you buy a roll. But also if you get to know a dealer and do business both buying and selling frequently you can usually get good deals. One of my dealers wil sell them to me for only 1.50 over spot, even though he advertises at 4.50 over spot. So, I guess what I'm saying is 1.00 over spot is a great deal for ASEs.

 

Interesting, I don't get any special deals. I only go there once or twice a year as its not very close to home. Heading that way for some other business so I will stop in and buy something. Wish I was a lot closer to some coin shops.

Don't mind buying online, but there seems to just be something special about doing business face to face along with the cash and carry thing.

 

I too prefer face to face transactions with a dealer. I wish I had a local dealer willing to sell ASE's for $1 over spot. We now have three dealers selling ASE's in Bozeman. They sell for $5, $4.50 and $4 over spot. There is a dealer in Helena that sells for $3.50 over spot and a dealer in Billings that sells for $10 over spot.

As for your original question, I don't know where the $5 over spot dealer gets his spot price from, but I've seen Kitco pulled up on the $4.50 over spot dealer. The $4 over spot dealer is the new guy in town and while I don't know where he gets his spot price for ASE's from, I know that he checks coinflation when buying and selling junk silver.

The guy up in Helena has some sort of streaming app that displays the spot prices of Gold, Silver and Platinum in very large numbers that take up the entire screen.

 

I normally just buy a few ASE from the display case at the coin dealer I'm talking about. Never questioned his price until last time I was there.

At that time the single ASE in the display case had a price of $33.00

I bought a few and asked how much for a roll. They were $1 less each for a roll of them and for 100 oz another $1 less each. Don't recall what the spot price of silver was at that time, just the price difference between singles, a roll and 100 ounces.

The dealer has been around for as long as I remember. He advertises that he has been in the business since 1970. I recall him being in the same mall since 1988 when I moved to South Dakota.

He is the closest dealer to me and is still a couple hours drive one way.

 

Reading what I just posted don't make any sense if he told me $1 above spot for a roll of them.

Seems at 100 oz he would be selling them at the price of spot unless the pricing changed a bit from last time he priced 100 oz for me.