If silver closes in the $17.25 range today

How many of the bullion sellers will get innundated with orders and run out of product. Do you think any of them will take them down for the weekend because of the price?

 

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Hey Peace,

Where did the number $17.25 come from? Is this a critical support level or just a example?

Just wondering.

 

I'm thinking that about 2 weeks ago it was at $19.25 range and with a drop of $2, would the sellers be willing to take the loss and restock at a lower cost. While it is totally hypothetical and just a curiousity thing, I'm curious as to what others think the will do.

 

I don't think most smaller dealers will reduce their prices that quickly. And the very large bullion dealers work off of a spread above replacement cost, so it won't bother them.

 

I don't think you will see them come down. Gold has gone up. Silver is low, but was already lower today from where its now at. I ordered some ASEs from Provident today. Apmex has been announcing a weekend gold Maple sale... Maybe local shop dealers can hold back or stay with higher prices but it seems impossible to figure out with the number of dealers out there to say what the consensus will do. Almost one month to the day, PMs dipped, online dealers had been sold out of the more popular bullion products and since then they have mostly replaced inventories. I'd wager that Cloud's comments about the large dealers is correct.

 

I just recently got my order from Provident and what a great company. They do exactly what they say and do it very quickly!

Thanks for the tip Krispy criter.

What kind of ASE do you get the "used" or BU?
I got a couple used ones and they were all cleaned and hashed...not sure if that is a bad thing to be honest. What do you guys think?

 

Here's an update, Provident now has 'out of stock' on the mid priced BU random date ASEs. They were available up to about 30 minutes ago. The off-quality priced lower and the NEW 2010s are still available as of this writing.

For those wondering about the pricing I mentioned, Provident Metals has three prices for basic bullion ASEs, which differ by about .20¢ to .50¢ each:

• New 2010 (or current date) issue ASE
• Unc ASE random dates
• 'off-quality' with random dates

 

Great! Glad to hear you were pleased with the service.

I first bought several of each to get an idea of what they would send. I go for the off-quality. I am hoping for some naturally toned coins to come along. I haven't seen any that look cleaned or dipped, but if I received one with a finger print or PVC I would dip it in MS-70 cleaner. The off-quality are not that bad, not as bad as they picture them from what I have received. The BU coins were clean/white, did have nicks, but no prints, spots or tone. For me these are just bullion with the long long term potential for numismatic premium to develop when the ASE program ends, which some feel it will eventually end or the design changes thus creating collectors of bullion issues.

 

I think that dealers will probably run out of silver to sell. Locally for me, when spot silver was in the mid 18 range, it was very hard to find 1 oz silver bars or rounds.

Since silver has dropped to about 17.30, then silver bars and rounds will still be hard to find and if there is any silver to be had locally, then the premium will probably not go down that much because local dealers are not going to be willing to take a loss for each 1-oz silver round or bar that they sell.

That probably also depends on what price the local coin dealers bought their silver for when spot was in the mid 18's.

 

I actually thought about ordering the mid-priced coins from them earlier today when they were available. This is the kind of thing I was eluding to, them selling out on a quick dip.

As cloud mentioned, the big dealers will just use replacement cost and it won't really affect them. You'd think even if they sold out they would keep them for sale as they are buying on the dip as well.

We'll all see where it closes, but I don't think 17.25 to 17.50 is out of line for today. I'm actually expecting it to go a little lower, just a hunch. (my usual disclaimer is now that I printed it, expect it to rise)

 

PP: I'm curious about your $17 figures that you are citing. Are you referring to the lows of the day? As in how low daily spot can go? So far I have seen Kitco showing today's silver low of $17.26. [The lowest Provident 'off-quality' listed for today was $19.20/oz.]

 

I have been having trouble keeping anything we buy for the last 2 or 3 weeks. I have been seeing a larger number of calls in that time period as well for gold and silver bullion.

 

Krispy thanks for that link I just placed my first order with them! Now I gotta go tell the wife how much money I just spent....:bigeyes:

 

No problem. :thumb: Hope you have good service as many others of us have been experiencing. Let us know when you get your order. :smile

 

Just dreaming, because at that I will buy a little, and it is a hypothetical. I don't know where it will close, hoping for under 17.50 and for me 17.25 makes me a buyer, today.

IE: The question posed was if it closes at 17.25 will there be a major buying frenzy and/or will some of the bullion dealers (larger online type) decline to sell because of price drop, or will they potentially sell out their inventories.

 

Looks like it closed at 17.41 for the weekend. Does that make you a buyer this weekend, or still holding out in hopes of lower.

I'm going to hold out for a bit....mostly because I don't have enough cash to put together a decent purchase.

 

I am going to hold off for a while but only because there are very slim pickings in terms of silver art bars available on the local level.

If the opportunity presents itself, to buy a silver art bar that is on my "wish list" at a decent premium over spot silver from a local dealer, then I will go ahead and do that regardless of where spot silver is at.

 

I bought today. My personal approach has always been to buy in small, regular increments, especially given the chance on a down day. :smile

 

I hear ya!

Generally, I'm the same type of buyer. Now, if somebody wants to offer me something stupid, I will play out of bounds if needed.

I really do want to buy a tube of ASE's, but am trying to make a deal on 50 common Peace dollars for $1.55 over spot. XF and Au coins. I want to make the deal and they keep calling asking me to bump the offer, which I'm unwilling to do, for now.

I also noticed that the lower quality of ASE's that Provident offered are not on the product listing now. Unless I'm blind or overlooked them.

 

so... how much could one sell silver for now?