Silver Is On A Tear Today

Oh I believe it. There was a story on the news down here in the 80's about an elderly woman in NJ who never gambled in her life. She went with a friend to Atlantic City just as company but then decided it wouldn't hurt too much to waste a few bucks on the slots. Yeah, first try $90,000.

 

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I called a shop I have dealt with in the past. Buying and selling. Enough that the owner knows me by sight from when he had a tiny 1-man shop, now larger with several employees.

They said they have "a lot of silver" but were still buying and (apologetically?) said they were buying but at $4.50 behind spot and maybe a little more for government-backed coins. With the price where it is, that doesn't seem too bad. Last time I sold was when silver was around $40 and they paid spot for ASEs and like -$1 for Maples and similar and -$2 for generic (iirc).

I might make a drive up there tomorrow.

Rob

 

I stopped by a local dealer and they are only buying ASE and Sovereigns. The smelter won't buy anything else. They won't buy bars etc. He said that he did have another buyer, but that guy would only pay $15 under spot.

 

That's not bad at all...I found a piece of silver that my local shop was interested in but he said he is still $6 back of spot and thinking about lowering his buy prices he says because he called around the area and I guess he figured he was paying strong at $6.

He is 70% on sterling silver and constitutional he said he doesn't have an outlet for it yet so would rather not hold anymore with the volitility in the market.
I'm going to assume not as deep a pocket as some larger shops.

 

Wow that doesn't sound good, maybe we're seeing a top?

 

That is not bad. The big dealers are paying about $7.50 behind spot. BUT will they give you anymore for low mintage or older Stuff? Like englehard stuff is buying back pretty close to spot.

 

From what I heard yesterday, dealers are just hoping for it to level out. They are as scared of a drop off as we are.

 

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