So tomorrow night I will have my own table to sell Silver at my coin club. I'm going to bring some ASE's, Superman Maples, Generic Rounds, Zombucks and $40 face in 90% Junk. I am trying to figure out what my mark up will be. I was thinking spot + $1.25. Any suggestions? Also I know silver took a tumble the last week so I will be selling stuff that I bought when it was around $14.00.
Silver is going through a small market correction. The lower is goes, the better the buying opportunity. Why would you sell at a loss? You'll just get yourself caught up in a buying spree when is goes back up. Sell other coins that you can make a small profit on. At $1.25 + spot, you'd probably be almost the cheapest dealer in town.
As I thought about it, it would be a bad time for me to start. I bought a lot at $19.43 recently. Will wait it out. As far as the $1.25 over spot I know of one dealer that sells at that price.
Then, I'd buy what I could and cost average my higher costs so my overall costs will be lower. Then, when it goes up, it doesn't have to go as far to become profitable.
I'm about tapped out on what I can afford on Silver. Gotta save for a big purchase. I started Coin Roll Hunting again to get my cost average down. I had some success there as I found 20oz in 4 months. It's a lot of work though.
You mentioned cost averaging, so it doesn't matter if you sold what you bought at $14 or what you bought at $19, because the average price is fixed, until you buy more or sell some. Personally, I'm a buy and hold guy, for the most part.
Interesting that you mentioned this. I chickened out and didn't sell at my club tonight because silver dropped. Some of the old timers said DCA applies to selling too not just buying. You just confirmed that, thank you. I still want to Coin Roll Hunt again to get my cost average down on my silver. I had a good run a few months ago.
ASE - $3 over spot Zombucks - $2 over spot Mapleleaf - $2.50 over spot Generic - spot to $1 over spot depending on condition and type of silver
Thanks for the input. On the ASE I would go $2.75 (This is better than Provident Metals) over, Superman Maples $3.00 over (these guys retail for $4-$5 over), Generic $1.25 over. Zombucks are weird. I paid $8.00 over on the common ones and $12.00 on the Morgue Anne. Probably a dumb purchase on my part but I saw two dealers with the exact prices over spot on them. Never got the Zombuck Walker becuase it goes from $55.00-$65.00.
Zombucks are valuable if you have the whole collection and sell it as a whole or if you are selling one that someone else needs to complete their collection. Aside from that it is just generic silver.
I'm running an Excel Spread sheet for all my silver purchases. My average cost per ounce is $17.03. I am trying to decide whether I should sell the stuff I got cheap first or the stuff I paid the most first? I'm not to mathematically inclined so that may be a dumb question. I was thinking of getting some positive cash flow right away. That would be my ASE's I bought at $18.00 an Oz and $13.50 face of 90% Junk.
