Run a way silver price ?????

[Dozer D]

Any ideas on why silver has jumped so high these past few days, up to $25 this afternoon. Gold at $1939.oz
Is this our time to dump our silver stack, or wait a little longer?

Yes, I'm still around, but unable to get dime boxes from the banks.
Been doing some date sorting of my stack, etc.

 

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[Back-of-the-boat]

Sit tight until it levels out.

 

[smokeythecat]

Dump. I've seen these cycles, and while it may go a bit higher, when it drops it will drop dramatically.

 

[Dannycoco]

It just hit over $26. What do you think would be better to get rid of , junk silver or bars. I’m sitting on a few thousand 40%ers.

 

[smokeythecat]

Get rid of all the 40% ers first.

 

[Dannycoco]

That’s was I was thinking Smokey. They were all CRH finds so I only paid face value. May be time to reap my rewards.

 

[DeepseekerADS]

If I were to sell silver, where would I take it?

 

[Dannycoco]

Local coin shop .?

 

[enamel7]

They are both going up because the dollar is losing value. Look for it to adjust some, but it's definitely going higher!

 

[cougar14]

If I were to sell silver, where would I take it?

Craigslist

 

[Kantuckkeean]

If I were to sell silver, where would I take it?

I called American Precious Metals Exchange (APMEX) on Wednesday, 7/22/20 at around 4:50pm EST, just to get a feel for what their buy prices would be. I've bought from them several times over the years during dips.

I've only sold once, and it was also to APMEX. It was back when silver was on its run up to $40+. I sold some of my 40% Kennedy halves when the spot price was just shy of $30/oz. so that I could take some profit from CRHing and upgrade to .999 when the price dropped, which I later did. I only sold a portion of my 40%ers to see what the market would do and hung on to all of my 90% US silver because I like to have some variety sitting around. All of my transactions with APMEX have been great. Their communication has been clear both on the phone and through emails confirming the transactions and providing shipping information. When I sold my 40%ers, I got 94% of melt value.

I'd bought some 1 oz. .9999 and .999 rounds back in Sept. of 2018. Since they don't sell those types anymore (because RMC went belly-up), I figured that they'd just buy them at the secondary market rate (plus I've got some other secondary market 1 oz. rounds that I picked up here and there over the years). I figured that if I decided to sell, that I'd unload some of those first and hang on to my ASEs and other stuff. The spot price at the time that I requested the quote was $23.27/oz. and their buy price on the 1 oz. rounds was $22.85/oz. or $0.42/oz. under spot. I then asked what their buy price was on 40% Kennedy halves because I figured that maybe I'd just sell some more of those. The guy on the line asked, "How many?" and I figured that if I decided to sell, it would be in $100 increments face value. His quote was $6.19/$1FV or $619.00 for $100 in face value 40% halves. I thanked him for the information and told him that I'd keep an eye on the price for a while and if I decided to sell, that I'd give them a call back.

When I sold to them back in 2011 or 2012, I went with APMEX for peace of mind, following their shipping instructions with insurance and whatnot.

You could try local or Craigslist, but in my experience, I've had better luck finding deals when buying locally. When I've considered selling some and asked local buyers what their buy prices would be, I've never found one that I considered acceptable. Plus, if selling on Craigslist and not to a known, reputable dealer, you'd have to meet them in a safe location (police station parking lot?) and watch your back on your way home or to the bank, to make sure that the buyer doesn't decide to follow you... Even if I could get a decent local price, I don't figure that the extra hassle would be worth it.

Kindest regards,
Kantuck

 

[silveraddict]

Look at the Silver/Gold ratio.
I have played this game a few times.
I traded my gold for silver when it was 87.
It went to 125 but I think I still did good.
For each ounce of gold I got 87 oz of silver.
When the ratio goes to 30-40ish I will trade my silver for gold.
If it goes to 30 and I trade back I will get almost 3 oz of gold for what I traded 1 oz of gold 9 years ago.
I did this 2011
Unfortunately you can only do this about every 10 years.

 

[DeepseekerADS]

Plus, if selling on Craigslist and not to a known, reputable dealer, you'd have to meet them in a safe location (police station parking lot?) and watch your back on your way home or to the bank, to make sure that the buyer doesn't decide to follow you... Even if I could get a decent local price, I don't figure that the extra hassle would be worth it. Kantuck

I live in a very rural area where I'm essentially a stranger, and I do not socialize with the locals. I absolutely limit my public presence - long before Covid came along. We do have good people at our local Farmer's Market. I've considered getting a table there, but have hesitated at that, and it's $25 (last I checked) per occasion. I learned paranoia from a young age. I like people - but not very many, it takes time.

 

[jeff of pa]

consider selling in early November would be my suggestion.
if there is a changing of the guard, you may wanna hold onto it for survival.

if the status quo stays the same listen for an announcement about a virus cure.
sell before it is released to the public.

My Uneducated opinion

 

[jrf30]

I called American Precious Metals Exchange (APMEX) on Wednesday, 7/22/20 at around 4:50pm EST, just to get a feel for what their buy prices would be. I've bought from them several times over the years during dips.
s,
Kantuck

I've used APMEX numerous times in the past. But not right now. I called last week. They had a monster box of 2015 Eagles for sale for $18,340.
I wanted to see what they would pay. I know they have to make a living, so I expected maybe $16K or even $15.5K for a buy side, so they could make the spread. They offered me $12,200. $24.40 per coin. While they are asking $36.70 per coin for their same stuff. HUGE spread.

I didn't sell to them. Told them I could sell it for $16K through Craigs list and undercut their prices and still be WAY higher than their offer. PLus not pay shipping on a heavy box.

They used to be close to realistic on their buys. Right now they are working on too high of a spread, and not worth selling to. IMHO.

 

[islamoradamark]

When a large country decides to dump a large amount of there precious metals the price will drop

 

[Johnnybravo300]

My lcs sent a 40 lb box to one of the big dealers, said it was a total nightmare and took him almost a month to get his money. He said he wont do that again.

 

[DeepseekerADS]

I don't need the money, so why the heck should I sell? That's what keeps me sitting on it, and besides - with my Hunt Brothers era silver, it doesn't look like I will ever retrieve my losses. I've told my son where to look for it when I pass and he's the smarter of my three.

 

[Kantuckkeean]

I've used APMEX numerous times in the past. But not right now. I called last week. They had a monster box of 2015 Eagles for sale for $18,340.
I wanted to see what they would pay. I know they have to make a living, so I expected maybe $16K or even $15.5K for a buy side, so they could make the spread. They offered me $12,200. $24.40 per coin. While they are asking $36.70 per coin for their same stuff. HUGE spread.

I didn't sell to them. Told them I could sell it for $16K through Craigs list and undercut their prices and still be WAY higher than their offer. PLus not pay shipping on a heavy box.

They used to be close to realistic on their buys. Right now they are working on too high of a spread, and not worth selling to. IMHO.

I didn't sell either. APMEX used to have deals that were "As low as $0.69/oz. over spot (if buying 500 or more oz.)" or "Any quantity $0.69/oz. over spot." I used to watch the dips and when APMEX would have a deal like that, sometimes I'd buy. Even then, I knew that if buying and selling from the same business, silver would need to make a significant price move upwards before I'd be able to sell and turn a profit (but then again, I wasn't buying with the intention of simply flipping it for a profit). I figured that their buy price would be below spot at a dollar or less so that they would profit from buy and sell transactions, so the $0.42/oz. below spot quote for secondary market 1 oz. rounds didn't surprise me and I thought that it was pretty reasonable. The problem right now is that their premiums are way too high, and have been since the pandemic hit. I checked last night and even if I wanted to buy 1 oz. APMEX .999 rounds in quantities of 500 oz. or more, the premium was $4.09/oz., so each round was $28 something and over $30/oz. if you only wanted to buy a hand full. That’s a much more difficult spread to cover ($1.11/oz. vs $4.51+/oz.).

You're in a bit of a different situation with the Eagles. Being produced by the government, they've always carried a fairly high premium, which makes the situation worse with the much higher premiums of the current market conditions. In that situation, you definitely might be better off selling them locally. When checking local sites similar to Craigslist, I always see Eagles carrying a significant premium when compared to Silvertowne, APMEX, or other brands. Locally though, the premium is usually nowhere near the $11.50 or so per oz. premium that APMEX is asking even for monster boxes right now. That’s just nuts. I suppose that the crazy premiums must have something to do with the supply chain issues and what the market will bear. When silver plummeted during the initial COVID-19 outbreak, I checked the inventories of APMEX, Provident, and a couple of other places and they were sold out of virtually everything that wasn’t a limited edition collector type coin. Generic stuff, ASEs, Maple Leafs, bars, rounds, even 90% stuff was gone. Everything was on delayed order status and the premiums were still around $4.00 - $5.00/oz., depending on what you wanted to buy so you were still looking to pay $16+ for even the secondary market stuff and standard 1 oz. APMEX rounds (which were not available).

Kindest regards,
Kantuck

 

[smokeythecat]

Silver is down to $22 and change and gold to $1888 just after noon today.