So lets see if we can help ourselves if we thinking about buying/selling silver. Call your local/favorite dealer and find out what they are paying for bags of silver in (x face). Locally our dealers are paying 10.5x and 11x.
While I don't necessarily disagree, I am curious on what you are basing your opinions on (both the 'goodness' of 12.5x and the 'fairness' of a his spread). Thanks.
My local guy only quoted me on 40%s and this was about a week ago but he said 1.75 a coin. I called apmex, they offered 2.42.
if you can muster up the 1k minimum for apmex, sell to them vs a dealer all day long. their prices are much better than the dealers usually are. apmex offered me spot last week for silver but i didnt have 1k worth. i got offered almost nothing at the coin show i went to. dealers wanted to give 10 and 11 dollars an ounce when it was 17.50.
My dealer was paying 1.75 for 40% and 5.79 for 90% (with more than $100 face value quantity) when silver was a dollar less than it is today. Definitely shop several dealers and quantity bumps the price.
10 or 11 dollars per ounce OR 10x face. Remember that $1 in 90% silver is not an ounce of silver..even the dollars sorta look like rounds While I accept that (1) dealers want to make a profit, and (2) there is 'cost' associated with converting 90% silver coins into 100% bullion, my recent experience has been that local dealers don't adjust their "times face" numbers up as fast as they adjust their spot prices up. Silver can move as much as a $1/oz and they were still paying the same 11x face where as their bullion price adjusted up. When you are dealing with the equivalent to 50 oz, it an extra $50 they keep and you don't get. I had one dealer try to pay me 11x face for war nickels when the actual ratio of silver to face was more like 17x. For that reason, I won't buy anything other than 100% silver bullion for silver investing purposes.
this was per ounce. i had bullion, not 90% coins. i was trying to trade 4 10oz bars and 7 1oz bars for 90% coins. i took a hit, but i would have paid more to buy them from apmex. i bought the coins at 12.5x face.
i got more than that... i would have never sold for 10 bucks an ounce. apmex offered me spot. it did really upset me that the dealer that gave me the 50 dollar bag of dimes had 5 dollars in FV of clad dimes in there! boy did i drive back there and call him on it. apparently they bought them from a guy that morning and didnt check them. they gave me 5.25 in quarters to make up for it.
At the Melville, NY show two weeks ago, I got 11.7x for 90% and 4.4x for 40%. That was from a silver/gold buyer, not a coin dealer.
While APMEX differentiates between what they pay for Morgans/Peace (15.5x - 17x, depending on date) and 'bags' at 12.8x; most dealers around here do not. Is that consistent with what others are seeing?
