If silver closes in the $17.25 range today

I have visited many dealers in the past few weeks. Same story American Silver Eagles are $25 no matter what spot says. Seems dealers are paying $3 over spot , compared to $1 or so a year ago.. At least that what they say

Seems very unlikely that they would sell for less than they have purchased them for.

However, seems as though a few are paying $1 over spot for sellers bringing them in. So maybe the $3 over spot is correct then.

Claw

 

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One of my local dealers was charging $25 for 2010 American Silver Eagles. I do not know what he was charging for earlier common date silver eagles but it is probably about a $1-$2 less than the 2010 Silver Eagles. I do not buy Silver Eagles but that dealer was telling me how much he as charging for them. I guess that he thought I was going to buy one. $25 is the highest price that I have heard of for Silver Eagles (excluding 1996).

 

If you are willing to place an order online, you can have them land at your door in about a week for about $21 each. Depends on how you pay and how many you buy.


http://www.providentmetals.com/bullion/silver/us-slv/ase.html

 

I just placed a dummy order and paying with a card is $21.03 each if you buy 10.

 

Oh, I was wondering per ounce what I could get.

 

I would not sell any shorts on it for sure. Gold took the jump, market took the hit and Silver followed just a bit. Tuesday might be a day to sell some though. I may rid myself of junk jewelry next week. Or so the wife tells me. LOL

 

Before I hit the sack, I read on Providents payment policy that they will ship immediately and without the 2.3% charge if you pay with a postal money order. So for grins I placed a small order and will take the 100 steps, 50 there and 50 back to see how much of a difference it makes in delivery time. I'm guessing 3 days.

Another reason I did this is I ordered the "not good enough for our BU" standards ASE coins and am hoping they get a good run on these and have no choice but to send me BU coins. Maybe I'm dreaming, but either way I don't really care.

 

Placed an order with apmex, 1-10oz Silvertowne silver bar. Came out to be 198.35$. I figure even though this is high, I can always sell it on ebay for like 210$ anyway

 

Just to give you an update. I placed an order very early Sat am and mailed a Postal Money order on Saturday. I had a busy day today and did not check my email until now and it seems they have recieved the Money Order and shipped the goods today. That equates to a 1 day delay vs me paying with a credit card and paying 2.3% or whatever it is, to a $1.15 postal money order. I think I'll keep that $9 on a $500 order for myself and get the same basic service.

Krispy, (I'm sure you'll read this) I have a small retail jewelry store, sterling silver and gemstone, but not faceted stones, more along the lines of jaspers, agates and lapidary type stones. I got into coins as the, casting, smithing, chains etc just made me gravitate towards them. I'm not some high roller or anything, just a regular working guy that's trying to invest intelligently for my kids, and for me to have a little fun later on in life....I hope...lol.

 

I don't know how places like Provident work, but the two shops I frequent sell one ounce rounds for $22 and $24. If silver exceeds that price, I'm sure they will sell them for more, but they won't lower the price if silver goes down.

 

What kind of 1oz rounds are you talking about?

It's really pretty simple. Just go to their website and check out their offerings. If you're interested, move forward, if not, do what you've been doing. In my mind, it makes sense if you buy more than $200 to do it online, because of shipping charges. It makes a lot more sense if you get into larger purchases.

 

I called a dealer yesterday to see what they were buying scrap gold at. I was asked some stupid questions about karat, etc. I finally nearly demanded the current buying price. He told me $13.31 a gram. Instead of offering him $20 for all the gold he had, I hung up..............stupid. Especially when it closed at $39-40 range.

I don't think I will even ask about silver. LOL

 

Volume sales and carefully monitored inventory that can be sold at competitive prices even when PMs are experiencing a few percent daily fluctuation in price.

While an online bullion dealer must also maintain a physical address for operations, their overhead for rent could be considerably less than a brick and mortar retail shop based on running that business in a commercial space in an office building in an industrial park rather than a store front property for customer accessibility.

 

PP: Thanks for the background about your shop! It's nice to hear of someone who is able to run a business and relate it to their other interests.

Thanks for the update on your orders as pertains to the differences of payment by CC vs. MO vs. delivery rates.

Everyone should really consider these factors because the convenience of the CC and the surcharges therein are something which one's patience can certainly save the smaller investor a bundle on over time. A few orders with CC surcharges thrown in from a bullion dealer adds up quickly to ounces one might have obtained for themselves.

I've tried both forms of payment as well with Provident and other online dealers to get a feel for the services and delivery times involved. I have found the same results and patience in this pays off in the end. :smile

CC surcharges are in place simply to offset the dealers costs of being charged by the CC company to use this service and to provide the customer with the convenience of CC payment. The business just passes the surcharge on to the customer if they so choose to pay with CC.

 

My parents being Depression Children never used a Credit Card for anything. In fact, they never paid fees or interest on anything at all. Dad was going to finance a house once until he saw the costs, then he wrote a check for the total. I often think they had money because they spent it on the actual items they bought, instead of for "services". I am still amazed at how much they saved, given their income. Over time, it became a very considerable amount. Your money has a greater capacity for earning than you do.

 

I knew many of my elder family members who lived through the Depression era. They were savers and hoarders and full of similar advice. What you said is perhaps the best possible advice and best route out of the current economic problems that many people are faced with now. We have to be responsible and know what we are paying for, what we are getting for our money and to save for tomorrow. I know the advice I learned has always been to avoid debt, pay off any 'credit' used that could accrue interest against you before that happens and save, save, save. It's a hard situation to right if anyone finds themselves overwhelmed by debt, but the feeling of accomplishment and feeling of freedom from the credit card fiefdoms cannot be measured. :high5:

 

My mom passed a few years ago, so my dad got the household finances. He has figured out how to pay most of his bills with a creditcard that gives him a 5% rebate for each use. Somehow he funds an account each month with this card. Pays the bills and remits the payments before he is being charged any interest. The bank even called him on it "misuse of the card" sort of thing. He said "you want me to use a different bank ?" And of course everything is fine. (He does have some deposits. LOL). At his age (90) about all he has to occupy his time is to figure out how to keep his money. LOL But he has the security we all dream of.

 

That's great!

And so typical of banks today, misuse??? Good grief! Admonished for doing right.

 

Well, quite frankly, they didn't realize what he was doing with all the accounts. I mean, no one wants to pay him 5% to handle his money that goes to his expenses each month. LOL It's higher than he gets on his CD's. I have no idea what all it entailed and he has explained it 3 times. LOL It almost parallels a laundering scheme or something. But, the old man is sharp ! You do not get the best of him in a trade.

 

Just to give you an update on the order I placed with Provident. I ordered 20 of the "not up to BU standards" ASE's and got a tube of 1987's. I did not get a mint tube, some aftermarket tube, but if there are real problems with these, I don't see them. In fact, they look better than the mixed date ASE's I got about a month ago.

The more I deal with this company, the more I like them.

Now, if only silver would drop back to 17 or so in a couple weeks.....