Made my first invest today at +$1 over spot on maple leafs. Is it too good to be true?

Discussion in 'Bullion Investing' started by chungt, May 25, 2020.

  1. Michael K

    Michael K Well-Known Member

    If I am paying cash I am walking away with silver in hand.
    If you have to wait for delivery, you pay with a credit card, so you can
    challenge the payment if it doesn't show up.
    This guys reputation means nothing to me during a global pandemic.
    Beefer518 and Stevearino like this.
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  3. FryDaddyJr

    FryDaddyJr Junior Member

    yeah this pandemic is very scary. Sir, Please
  4. chungt

    chungt Member

    That would normally be the protocol but there is always room for deviation considering the circumstances. And this was one of those circumstances for me. I cant ignore the fact that risk exists but it would be quite a coup in current climate if all turns out okay in the end.
  5. chungt

    chungt Member

    What is a normal premium when not in climate we are in now? I am speaking for silver rounds, sovereign mints and bars?
  6. myownprivy

    myownprivy Well-Known Member

    Government issued silver bullion coins should range from spot to 12% over.

    A normal premium on the highest end government silver coins (Eagles and Maples) is typically 5-12% over spot. A "deal" would be 5% or less over. A no discount typical premium would be 12% or so.

    Seminumismatic stuff like Pandas or Libertads will be more (so I don't really include them here).

    Less desirable government issued Kangaroos and Britannias will be less.

    Philharmonics will typically be the lowest.
    chungt likes this.
  7. FryDaddyJr

    FryDaddyJr Junior Member

    Maples are usually pretty low, lower than ASE
  8. Kentucky

    Kentucky Supporter! Supporter

    So, taking a nominal $17/oz price for silver that would give $17.85-$19.04
  9. chungt

    chungt Member

    So technically, i paid last week a normal rate or non inflated rate at $19/oz.
    Kentucky likes this.
  10. FryDaddyJr

    FryDaddyJr Junior Member

    that's why people are skeptical. and yeah you paid, but where are your coins?
  11. myownprivy

    myownprivy Well-Known Member

    Yes, paying $19 per ASE when silver is $17 is a pretty typical 10.5% over spot.
  12. chungt

    chungt Member

    scroll up and read. Its on its way. Should be a lesson to you that if you work hard and do it right, deals are out there ;)
  13. chungt

    chungt Member

    Interesting. So i even overpaid for my maple leafs under a normal circumstance (which we are not in currently).
  14. FryDaddyJr

    FryDaddyJr Junior Member

    "the check is in the mail"
  15. chungt

    chungt Member

    The guy is local. Should strive to break the cycle of mediocrity in life ;)
  16. losthomer

    losthomer Active Member

    I don't think you overpaid given the current relationship with spot vs actual cost. You can make an immediate profit selling locally. Since you probably aren't looking to flip it, you could make more in the long run with the current trajectory. Of course the current trajectory is subject to unpredictable and dramatic change without warning.
  17. fretboard

    fretboard Defender of Old Coinage!

    I hope I'm wrong, but all indications show PM's on the rise, both silver and gold! It's been this way for awhile now, there may be no return to normal coming! Even if silver was to go down a few bucks, retail prices would still be high! JMHO

  18. ArthurK11

    ArthurK11 Active Member

    Any updates? Hope it all worked out.
  19. chungt

    chungt Member

    Called me last week and told me it would be here Wednesday. I will post some pictures when i receive it :)
  20. chungt

    chungt Member

    Got my first delivery of philharmonics. Did the magnetic, magnet slide, dimension, and weight test on the spot. All turned out well. A lot to be desired in terms of visual as they all have milk spots and have been circulated but does the trick for me to accomplish my ultimate objective. Still awaiting on shipment of maple leaf and krugerrand promised by next week.

    Attached Files:

  21. medoraman

    medoraman Supporter! Supporter

    Wow, bad milk spotting.

    Deal makes a little more sense I guess. You got milk spotted coins, which have lost any real numismatic premium, and basically sell as junk bullion.

    Fair enough, nothing wrong with that if you simply wanted ounces of silver and didn't care about appearance. If they will end being melted, who cares anyway, right?
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