Confusion about silver sales...

[Silver Surfer]

Why is it that junk silver coins are selling like hot cakes (I assume for melt value), but sterling silver is not? Tons of antique SS items for sale on ebay, and no one is bidding on them. Found a similar pair of candle holders such as my wifes that have not gotten one bid (started and still $9.99) and I cannot fathom why, since they are heavy (even discounting weighted) and are .925 pure silver.. I would think they would at LEAST sell for melt value since a dollar coin is around 12 X face value in melt alone

Any theories?

 

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[jim4silver]

Yes I have a theory.

First, as a rule silver investors don't like sterling. Most small time silver investors (like me) want 999 or 90%. Supply vs. demand causes coin stores to not want to pay top dollar for sterling because they know it is gonna sit on the shelves because it is not gonna be sold like 999 or 90%ers.

Which leads to the second theory, refiners don't pay as much for sterling as they would for 999. If coin dealer buys your sterling he sends it to the refiner, who pays coin dealer not near spot for the sterling.

Also, the only reason 90% gets the premiums it does is because investors/collectors are buying junk bags. Thus, a coin dealer can pay you a decent amount for it because he is gonna flip it for a small profit. If coin dealers were sending junk silver to refiners they would not be paying you anywhere near spot for it, because the refiner is not paying the coin dealer as much as they would for 999.

Jim

 

[oroh2o]

Two places to sell sterling. ARA Gold pays 90%, Kitco pays per gram, check their website. I haven't sent in any sterling to ARA Gold, but they pay 98% on karat gold and I had a quick payback (3-5 days). I trust them to be fair and honest. My last shipment came to more than I had weighed by about $25. Am preparing another shipment of gold to go to ARA now.

 

[placerman]

Why is it that junk silver coins are selling like hot cakes (I assume for melt value), but sterling silver is not? Tons of antique SS items for sale on ebay, and no one is bidding on them. Found a similar pair of candle holders such as my wifes that have not gotten one bid (started and still $9.99) and I cannot fathom why, since they are heavy (even discounting weighted) and are .925 pure silver.. I would think they would at LEAST sell for melt value since a dollar coin is around 12 X face value in melt alone

Any theories?

There are A LOT of people on ebay who sell plated items and call them .925 silver.

Lots of thieves...

I would bet fully half of all those auctions are for plated items sold as sterling.

This is why those types of auctions don't get much attention.



If you intend to accumulate silver that way be warned. Don't buy from people with low feedback. Try to buy from someone within driving distance if you can and go there to see the silver and pay for it in cash then. That way they will not be able to cheat you.

I did that once. I bought from someone just 20 miles up the road and when I told him I wanted to meet to look at the silver and pay for it then he disappeared and wouldnt answer emails. I can only assume it was because he knew they were fake and I would see it.

 

[goldsworthy]

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