Anyone buying silver this week October 13th?

[jim4silver]

I got some Mexican Onzas (the .925, 33+grams kind) and one ounce libertads (.999) for 12 bucks today. Also got some Canadian silver dollars (various years, 80% silver, .60 ounce of pure silver per coin) for 7 bucks each.

Over the weekend got some Engelhard one ouncers for 13 per ounce. Hope silver goes up someday.

Jim

 

[BBcardsRI]

It's bound to Jim. Just sit back and wait.

~Dave

 

[tanner]

thats a great deal on the mexican libs....i have 5 rolls directly from the banco de mexico ...my favorite coin by far.....someday ill get a gold one....someday

 

[nyiangelo]

so i was just wondering what everyone's opinion on the silver price is. im always buying so it really doesnt matter what price it is but i think we all know it should be higher. like i said i just bought 2 100oz bars for $1306 a piece a week ago. next day silver dropped $1.50 . im almost tempted to buy some more. but what do you think is causing the stagnation in the price. is our world just different now . with oil going up it shot way up . but with people going broke and losing money it drops. we all know the demand, im on a 3 month wait list for those bars. we all know that people arnt paying spot. so what is it. market manipulation? does anyone think its a bad investment and theres better ones out there? just wanting to know what everyone else is thinking cause no one can deny somethings not right at least traditionally. personally i think its manipulation or we missed the price runup and now its doing what it wants to, but anyway would like to hear some other opinions.

 

[The.Boomer]

I'm with Treasure Tales, I mean I'm buying sterling rings for a hedge. Except I found two sites online that are really awsome. At one I bought ten rings for $38.00 and at the other I found a 6 gram Garnet and sterling ladies ring for $45.00

 

[The.Boomer]

I've never really sold any either, but I thought at melt value I should do ok if silver goes up which it will really quickly now that the stock market is unfixable. MD dog was the one who suggested it to me. He buys allot of gold and platinum this way. He says the rings he buys can sell as is for a profit on ebay or he pulls the stones out then sells the raw gold or plat. to those companies that buy used jewelry plus he still sells the stones in lots on ebay.

 

[jim4silver]

I am curious how the jewelry companies can sell their product for less than spot? I have seen on rare occasion people buy at like a Walmart for 90% off price marked on gold and wind up paying less than spot.

I don't know where I saw it, but I recall reading an article that said that some silver jewelry marked .925 is actually just silver plated.

I would be careful going all in with the jewelry if I were you guys. Perhaps there is a way to test it to make sure it is what it says it is.

Jim

 

[jim4silver]

Hi nyiangelo , Right now you really can't use the spot price as a real guide for what silver is selling for. I've found out that the spot price is mainly for paper traders, who buy and sell silver on lease contracts. You could kinda watch it as a guide, because a lot of the big silver distributors buy and sell according to spot. Now if you look at what silver is selling for, say like a street value, it's way more than what spot is right now. If I had some money I could really get rich right now. OOPS I may have said too much..... Oh well if you find the hidden message in this post on how to make money with silver right now, and you have the money, and make the money. WOOHOO ! ! Look me up and let me know if any of you took my hidden advice.

You are probably talking about going long on a futures contract and demanding delivery. I think many are doing this and we will see when the next contract month closes if people actually get their silver delivered or have to take a cash settlement. I don't know if a cash settlement is allowed here legally, but I have read that it is happening in foreign countries.

I could see defaults taking place on the physical deliveries based on what the "experts" keep saying about the supply not being there. I guess we will see.

Jim

 

[The.Boomer]

I am curious how the jewelry companies can sell their product for less than spot? I have seen on rare occasion people buy at like a Walmart for 90% off price marked on gold and wind up paying less than spot.

I don't know where I saw it, but I recall reading an article that said that some silver jewelry marked .925 is actually just silver plated.

I would be careful going all in with the jewelry if I were you guys. Perhaps there is a way to test it to make sure it is what it says it is.

Jim

The problem with buying precious metals of any kind right now is that it's in short supply so the spot prices say one thing but the street price is another. Try going to e-bay and buying any at spot price or for that matter try buying it anywhere at the $12-$13 price per ounce they say its worth. You can't find it that cheap, so if you buy it as jewelry at least it can still sell as jewelry or at melt value which will catch up with street value pretty soon. So availability is what makes it a good deal.

 

[jim4silver]

I am curious how the jewelry companies can sell their product for less than spot? I have seen on rare occasion people buy at like a Walmart for 90% off price marked on gold and wind up paying less than spot.

I don't know where I saw it, but I recall reading an article that said that some silver jewelry marked .925 is actually just silver plated.

I would be careful going all in with the jewelry if I were you guys. Perhaps there is a way to test it to make sure it is what it says it is.

Jim

The problem with buying precious metals of any kind right now is that it's in short supply so the spot prices say one thing but the street price is another. Try going to e-bay and buying any at spot price or for that matter try buying it anywhere at the $12-$13 price per ounce they say its worth. You can't find it that cheap, so if you buy it as jewelry at least it can still sell as jewelry or at melt value which will catch up with street value pretty soon. So availability is what makes it a good deal.

You are right that it is difficult to get PMs near spot. I never buy online or on ebay, but shop the various coin stores in my area. I was able to find a nice amount of libertads and onzas for less than 1.75 over spot, which is a good deal I think in this day and age.

The coin stores here don't pay spot when they buy old jewelry, since it is not .999 and requires proper refining, etc. to be made into something like .999. Nor will they pay melt.

If you are buying it at a yard sale or somehow getting it for less than melt, you are doing great. If you are paying over melt hoping the spot price of silver will go up so you can cash in, then why not do the same with .999 silver or 90% coins which are much more in demand?

Most of the time I see the guys who work at the coin stores cracking the stones out of jewelry with a hammer and pick and putting them into little jars. They don't pay the customer extra for the stones unless they are very nice diamonds those they take out carefully to remount or resell.

Here is that article to help make sure you are getting good .925 silver.

http://news.silverseek.com/SilverSeek/1223955057.php



Jim

 

[The.Boomer]

Considering it looks as though our economy may actually be headed into the shitter, we should all consider buying more PMs. IMHO of course. One reason I thought of about why buy PMs in jewelry is that, if you buy say a bar of silver 100 ounces. Then we are actually faced with a doom and gloom breakdown of society. How do you buy say a loaf of bread ? Do you pull out your bar of silver and guesstimate a shaving equall to the cost of that loaf of bread ? Or do you pull out that small sterling eyebrow ring ?

 

[The.Boomer]

Treasure Tales, I went to this site I saw in another thread called APMEX.COM
They have something really affordable and intriguing, called silver shot. It comes in little $1 increment bottles

Just in case my link doesn't work you should just go to the site and look around for it.
http://www.apmex.com/Category/185/Unique_Silver_Items.aspx

 

[Shake-N-Bake]

Hello all,
I am no expert but here is my opinion on the whole silver price matter, information is what i have gathered online and in news articles.. As of a few years ago the federal mints (the ones who strike coins) ran out of silver reserves in the vaults, which caused them to buy silver on the market just like us. Think of the millions of ounces that go into making silver mint sets, Silver eagles, and silver commerative coins. So very soon the price of silver should rise again do to the mint is RIGHT now looking for a contract price for silver, and gold for that matter for the 2009 coins. Look at what happened with the 2008 silver eagles, the mint halted the production and sale of silver eagles half way throu the year, due to a contract dispute with an unnamed supplier on the price of silver. I feel the price is going to keep going up due to companies that have the quatities to sell to the mint for coin production are not going to sell it cheap to them as long as the STREET price is way over spot (which is the case right now).
Again this is my opinion but do a little research online about the buying of silver for the production of US coins and you will want to go out and buy up all the silver you can get your hands on.
P.S. by the way the West Point vault in NY is just about out of GOLD at this time, also an aduit in July revieled the inventory to be off a few tens of thousands of ounces. OPPPS

Take care,
Jason