Price for silver bullion?

I'm trying to sell some Franklin Mint silver ingots--about 110 ounces--and have been quoted a price of $5.00 an ounce by a local bullion buyer but I notice that the price quoted in the market is around $7.00 an ounce.

I understand that the dealer has to make a profit, but is this a reasonable offer--a 28% discount? Or, should I keep looking for a better price?

TIA

 

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Silver is up and down...also nobody wants many Franklin Mint medals....so I would say that is a good offer.

Speedy

 

I probably would not sell for 5 bucks an ounce, but it's up to you. 110 ounces is a lot of silver, and that's quite a bite... shop them around a little, and I'm sure you can do better than 5 dollars/ounce.

 

well, I don't really know much about Franklin Mint - I will defer to Speedy on that one.


5 bucks could be pretty fair.

 

Rick---I could be wrong but the reason I said that is because most of the time Franklin Mint items don't sell for much...and when your talking 110 ounces...that is some bit of $$$...

What you might want to do is sell is a little at a time...

Speedy

 

I disagree with you Speedy. If someone wants silver for it's intrinsic value only then it is irrelevent who formed the silver into bars (as long as they are reputable and the printed weight and fineness is trusted to be accurate), so a 1oz Franklin mint ingot should be worth ~$7 at current spot prices. As the volume of silver being sold increases then the closer to spot a seller should receive for ingots, regardless of who manufactured them. 28% is way too big of a hit to take for that much volume. If they were mine I wouldn't sell for less than $6.50/oz minimum, and I'd want $6.75/oz for them.

Good luck!

 

I have to agree that the price should be fairly close to spot for 110 ounces. Have you considered selling them on ebay? If you do and you're not ebay experienced watch the following:

1. a reasonable starting price. - start them at or above the best offer you can get "in town".
2. shipping and handling - it will be more than you imagine on that much silver. Check with USPS - insured via priority mail, UPS, FedEx ground -- but always insured.
3. do no accept personal checks or any type of money order other than USPS - don't ship until the money order clears
4. shipment to US only. If you use paypal ship to confirmed address only and
5. make sure shipment requires a verifiable signature for the package.

Good luck.

 

Looking at my website where I have spot prices silver is $6.92---dealers have to make a little bit of $$$ and most people aren't going to pay much for silver from the Franklin Mint----at least Coin Collectors aren't...so if the dealer buys for $5.00 then sells for $6.92 he is only making $0.92 per ouce....that is low when you think about it.

Speedy

 

See what happens when you use modern math?

 

I would almost certainly NOT sell for $5 an ounce. You can definitely do better. Besides, if the dealer buys it for $6.50/oz, then resells it at $7/oz, he/she makes $0.50/oz profit. Times 110 oz. = $55 profit. Hold out for a higher price.

~AJ

 

Sorry OldDan...After math class...I see where I messed up--ok...so the dealer makes $1.96--thats not much when you think of the cost of living these days.

Speedy

 

Speedy,

Most Coin Dealers sell most 1 oz. Silver Ingots and some Silver Rounds for $10 each on average but sell some Ingots for as high as $12 each. The more respected the producer of the Ingot, the higher the price! Engelhard and Sunshine Minting Ingots seem to bring the higher prices.

I also believe that "zoomer" should sell the Ingots on eBay! There are a lot of Collectors of Franklin Mint Silver Bars and I am sure that someone will pay a decent price for them. I would put 10 on eBay in a lot and try to give a variety of them in each lot (not so many repeats). If you look on eBay, most lots of 10 - 1 oz. Ingots/Bars have been bringing $75 or more and that is a heck of a lot better than the Dealer offered! Put them on eBay with a starting price of $1 or less with a low Reseve Price and only put on one (1) picture to hold down the listing fees and "zoomer" should make out okay.


Frank

 

Frank

Your right...most dealers did but have they been doing since silver has gone up and then down and then up and then down??...you see my dealer doesn't deal in this kind of think much so I don't see the market for this...when silver is down and my dealer has bars or round...the price is down...when its up...the price is up.

Zoomer...I agree...Try Ebay...who knows...you might get more!

Speedy

 

I asked my own dealer what he was giving for bullion silver/junk silver, and he qouted me a price of $6.11/oz yesterday where the going value was $6.92/oz. You can definitely do better than $5/oz!

 

I used to work for a company that collected/bought precious metal. That is Au, Pt, Pd and Ag alloys (dental) to all types of jewelry. Silver was always a hot topic as I had a numebr of clients that got caught up in the Hunt Brother's run on silver in the 70's and were sitting on bars of silver they paid anywhere from $15 an ounce to as high as $45 per ounce (thank you sir, may I have another)

Silver was paid at 85 cents to the spot dollar. 85 cents on the dollar was very high compared to most places as some paid only 75 cents to the dollar. Since we did a high volume of scrap, the companies that eventually refined in back into bar or shot form give us a volume break.

As stated, A dealer that buys scrap precious metal has to then sell that metal (by the troy pounds) to a refiner like Handy and Hardman:

http://www.handyharmancanada.com/hbpm/hhstory.htm

They inturn reprocess the metal into the bars you see at Ft. Knox.

This all costs money! So anybody that thinks they can buy gold or silver at spot or sell it at London Fix pricing (universally accepted throughout the business world), they have another thing coming.

 

I might suggest ebay..............
People still collect Franklin Mint. Some people still look for certain Franklin Mint items.
If you just want to unload, and unload fast, I can`t give you advice. I just lost an auction for Franlkin Mint BRONZE medals. I was willing to pay $12.00 for these BRONZE medals. They went for $28.00..........

 

I wouldn't bet on that...I talked to a guy I know that works in Ft Knox and he said that there is no gold in there....

Speedy

 

I was going for a freakin' visual...excuse me for using the Ft. Knox analogy.

Here is a picture of silver bars that are stamped, certified and inventoried. Here is what scrap silver, after processing and refining, looks like:



Happy now??

 

You may want to try to sell it at bulliondirect.com - they offer decent prices (if not quite straightforward procedure
I have bought from them in the past and was pretty happy.

 

Your "guy" is a BS`er and a liar Speedy........