When to turn in scrap silver?

Discussion in 'Bullion Investing' started by alucard86, Mar 7, 2019.

  1. alucard86

    alucard86 Active Member

    I have about 1,300 grams of sterling silver scrap (about $580.69 give or take). There scrap pieces from my mother's, grandparents', and my wife's old jewelry. I know spot price is down but I was wondering when is the right time to trade in as "store credit' with my LCS to add some more generic 1 oz rounds, cull ASEs, or Constitutional Silver coins (mainly 64 halves)? I don't really want to hold on to the scrap as a long term hedge, etc. I'd rather use it as a credit towards stackable silver pieces.
     
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  3. RhinoEmpire

    RhinoEmpire Hi-Yo (Ag)

    Nothing wrong with selling low and buying low. If silver hit $20 tomorrow it wouldn’t make much difference.
     
    masterswimmer likes this.
  4. masterswimmer

    masterswimmer Well-Known Member

    ^^^ This

    You can sell scrap high, and buy bullion high.
    Or, you can sell scrap low and buy bullion low.
     
    Legomaster1 likes this.
  5. rte

    rte Well-Known Member

    If its wearable or fixable scrap as you call it.
    It's worth more then scrap to someone else.

    I'm with the sell now and buy now at the same prices is just trading one for the other.
     
  6. Prez2

    Prez2 Well-Known Member

    I'd had silver from when it was under 10 an ounce to over 50 and I'm still holding it. Guess it depends on your needs today versus holding on to them. Paper is soon to be worthless anyway so perhaps it's all for not regardless.
     
  7. Collecting Nut

    Collecting Nut Borderline Hoarder

    I think silver is on the verge of breaking out in an upward move. If you sell now you can buy what you want at a lower price. If you hold until silver climbs higher you will buy what you want at a higher price.

    If you have repairable jewelry pieces then hold them out and do something with them yourself.
     
  8. Prez2

    Prez2 Well-Known Member

    Think Venezuela. Coming soon to your town.
     
  9. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    I would just convert all that to ASE,S or 10 OZ silver bars right now
    As its anybodys guess on where silver is heading...
     
  10. rte

    rte Well-Known Member

    I'll just go out on a limb here and ask, whacha got to get rid of?
    Any pictures?
    Is your local guy going to trade straight up spot for spot???
     
  11. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    looks like just a bunch of scrap, do you want to make him an offer ?
    By the way how did you do on those bars ??
     
  12. rte

    rte Well-Known Member

    I'd like to see a picture of what he considers scrap.
    20190308_220820.jpg
    Here is 46 grams that I'll add to my 500+ grams, mostly useable pieces of 925 silver.
    My local G&S store pays spot (-25%.)

    As for the old pour high loaf silver, I put one on ebay at $600 and in less then 15 minutes had an offer for $450.
    I countered at $550 (because its such a rare and nicely formed bar.
     
  13. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Looks like your in the game at that price :)
     
  14. alucard86

    alucard86 Active Member

    I turned in my scrap pile today. My LCS gave me more than the weight value b/c I did an even trade "store credit". I got $50 FV (@ $12 per Face) of mostly 64' Kennedys and some Franklins when the Kennedys ran out. My scrap was $589.17 (that included a tiny bit of scrap gold), but the owner gave me $600 even for the trade. I've bought several ounces of ASEs, CMLs, and 90% coins from him in the past. I haven't been to his store in about 6 months (I finally paid off the wife's student loan debt), and he remembered my name.
     
  15. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    When your out of everything else
     
  16. rte

    rte Well-Known Member

    Like beans and rice or money?:p
    I have a little bit of scrap....most of it is usable jewlery but spot is going to have to double up before I take the time to cash in.

    That being said, I had 2 pieces checked out the other day and both were junk (even though the bracelet was marked 14K)
    I figured as much but it gave me an excuse to see what IF ANYTHING was new in the shop.
    20190308_221257.jpg 20190308_221307.jpg
     
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