I sold and bought silver last Tuesday

[packerbacker]

Last Monday I called the coin shop and he said he was offering $2.25 each for 40%ers and $5.50 for 90%ers. When I went in there with some coins on Tuesday, the price had dropped. Silver was down to $16.32 so he gave me $2 each for 40's and $5.25 for 90's.
Now, pay attention:
I sold 1007 of the 40's for $2,014
I sold 40 of the 90% 64's for $210
That's a total of 1047 coins for $2224.00.
The coins cost me $523.50 at 50 cents each
I bought 117 ounces of .999 silver at $17 per ounce and a total cost of $1989.00 (no tax if you buy $1000 or more worth of bullion)
I put the remaining $235 in my pocket.
$523.50 (my total investment) minus the $235 I put in my pocket leaves $288.50. So, the 117 ounces of silver that I bought for $1989.00 actually cost me $288.50 or $2.4658 per ounce of MY money......This IS fun!
btw, silver was at $16.32 during that transaction and it is at $17.42 right now.

 

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[Immy]

Nice going Mike! What form of .999 silver did you get, bars, rounds?

At the rate silver's going up (15%+ so far since Jan. 1st) investing at any point looks like a great deal.

BTW, if silver hits $17.78 a war nickel reaches $1 in bullion value, or 20x face. Woo hoo!

 

[packerbacker]

That's another score I made Immy. I had gotten 11 each of the 10-oz. bars, 1 each 5-oz. bar and 2 each 1-oz. rounds to make up the 117 ounces. I could have gotten a 100-ounce bar but I figured, if silver really does skyrocket, it may be difficult to get rid of a 100-ouncer in one shot. As we were leaving, my friend noticed a beautiful, huge 1-kilo coin in a clear, plastic holder. It is a 1-kilo (32.15 ounce) coin minted by the Perth mint in Australia. The dealer said it was last years coin (in proof condition) and he gets a premium for them from collectors but he would give it to me straight-up for 32 ounces back. I said ok and made the trade. I got on the internet and found it going there for $801! It cost me $544 worth of silver at $17 per ounce but, remember, I only paid $2.4658 per ounce for my silver so my out-of-pocket cost for this coin was $78.91.

 

[Immy]

A score is right! What a great guy that dealer is. Congrats on some savvy deals.

I wonder how many of those Australian 32 ouncers come in a roll? Definitely a Coinstar nightmare!

 

[packerbacker]

Here is a link to one of the kilo coins
http://www.pandaamerica.com/sresult.asp?keyword=Aust 2007 Pig&sortby=datedesc
The one I have is the first one listed here at $832

 

[thurmownator]

A good bit of "horse-trading" there PB, kudos.


Another way to look at it is we're paying $3.50 per oz of silver when using 40%er halves. ....
...and $1.50 per oz when using 90%er halves; by virtue of CRHing (time and gas are obviously not factored in).

 

[theeteetotaler]

A good bit of "horse-trading" there PB, kudos.


Another way to look at it is we're paying $3.50 per oz of silver when using 40%er halves. ....
...and $1.50 per oz when using 90%er halves; by virtue of CRHing (time and gas are obviously not factored in).

I think its actually $3.38 per toz of 40%ers and $1.29 per toz for the 90%s, your 3.50 and 1.50 are exactly what i use (rounding up for gas and incidentals) when i figure what i pay per ounce of silver.

 

[packerbacker]

I rarely go out of my way to get halves. I'll stop at banks that are in my travel route although I have "occassionaly" gone out of my way. Now, if I were to figure out how much fish cost me when I go fishing, I'd be in serious debt; especially when I take the boat or fly to Alaska.