Anyone Buying Silver?

[toorude89]

I have been having trouble finding silver lately. Anyone out there buying while the price is under $29? If so what, where, how much? My local coin shop just closed up. Told me when I called to see if I could trade 40% for silver quarters.

 

[Wilmingtonsilver]

I can't find any local. I have been buying from the houses online, but it's 3+ weeks to wait, and by the time I get the goods, silver is down $2. It's weird that the demand is there, but the price keeps dropping.
I did read this today.
Silver
Prices Defy the "Law of Supply and Demand"

In addition to what the article said, I also wonder if the Gairisoppa find hitting the market in the last few months, with another haul of equal size expected in the next couple months helped to lower spot?

SS Gairsoppa Shipwreck Nets $38 Million In Silver (PHOTOS)

 

[killian110]

I overheard an older fellow discussing silver prices with the owner of our local coin shop. The old guy was dressed in a shabby white short sleeve tee shirt, a pair of worn overalls and work boots. It was cold out and he wasn't even wearing a jacket. He didn't look like a man with much to invest but he ended up buying almost all the silver bullion the shop had on hand. 500 ounces at $16,000 bucks. I've always heard you should never judge a book by its cover. I wouldn't have believed it if I hadn't seen it myself.

 

[The_EE]

I have been purchasing but from auctions not coin shops. I picked up 7.3996 this week in silver via auction and CRH for $138.50. Not bad if you ask me, $18.72 an oz.

 

[GarouLady]

I have about 1500 dollars finally to play around with for CRHing for the time being, so I have been buying boxes of dimes, searching. Was thinking about doing halves but up here they are hard to cash out and just horrible to carry, so I rather have 6 boxes of dimes to go through then 1 1/2 boxes of halves. Although once spring comes I might try nickels for war nickels and buffalos. I can get 10 boxes at a time and sit out in my car, go through all of them and then dump them at my dumping bank. I have been watching silver prices and have been playing around with the idea of buying 1000 dollar worth of silver bullion, but then, to have cash in my hand for the first times in years just feels way too good. If I have an extra 10-20 dollars in my paycheck after bills and such, I have been saving that up to go to the LCS to buy silver.

Sincerely, Garoulady

 

[OtlFrutiger]

Stupid question time: So I assume that if I can buy Morgan and Peace dollars for spot, I should jump on it?

Buy, Baby, buy!

 

[LuckyThirteen08]

Best place on silver if you shop online is silver towne, you cant beat there prices and once you pass a certain amount,they will usually ship your order for free!! You can expect anywhere from 2-3$ dollars over spot depending on what you buy,Coins,Bullion,Commeratives,or otherwise! Ive done quite a bit of business with these guys and i can vouch for them as far as honsety goes,They have a great customer base an awesome support!

HH John

 

[tlowery04]

I've had luck with ebay in the past, bought 3 peace dollars for 22-25$ and combined shipping at 4.99. Haven't won an auction in months though.

 

[maverick]

I've had luck with ebay in the past, bought 3 peace dollars for 22-25$ and combined shipping at 4.99. Haven't won an auction in months though.

Yup, Ebay has great deals ( If you really look for them) I bought Quarters for spot or .30 over and free shipping, you have to look for these deals though and most will look at a few auctions and say forget it, If you get your bid in for the spot price or just a tad over, typically you will win the auction because the next bid by someone will put it to far over spot for the person that know what to pay for it and you will get it, It is a matter if looking and timing, but you can get plenty of Silver from Ebay at or less than a Dollar over spot. HH, Maverick.

 

[CoinFetcher]

I got half a roll for 307.00 - 2011 ASEs, in the tube! Love that dip, and my LCS.

 

[Jamesabroad]

Quick noob question here if you guys don't mind. I'm looking to buy some silver soon so I'm trying to figure it all out.
What is the difference in Melt value and Spot pricing? I looked at the sticky and it still didn't really clear it up well. I know melt value is the silver content value of a coin. Is spot the pricing as far as numismatic value?

 

[CoinFetcher]

James - spot and melt are the same.

What you are concerned with the premium ( or extra money charged ) for a certain kind of silver.

Generic 1 oz round 999 fine silver coins are the most bang for your buck, and cost generally 1 dollar over melt price. Today, that would be $28.75 + $1

Any brick and mortor business will NEED to charge a little over the melt/spot price. If you buy from a individual, I would want to get it at spot.

$1.40 in pre 1964 dime quarters, halves and dollar coins is equal to one OZ. So, 14 dimes should run you the same price as a 1 OZ generic bullion silver round.


you are welcome!

 

[maverick]

Quick noob question here if you guys don't mind. I'm looking to buy some silver soon so I'm trying to figure it all out.
What is the difference in Melt value and Spot pricing? I looked at the sticky and it still didn't really clear it up well. I know melt value is the silver content value of a coin. Is spot the pricing as far as numismatic value?

As far as I know, spot is the current price of Silver, the melt value will be the value of a particular coins Silver content, but the melt value of a coin should be the same as spot price when you have enough of a certain denomination to eqaul an once of Silver. Someone may be able to explain it better than me. HH, Maverick

 

[maverick]

James - spot and melt are the same.

What you are concerned with the premium ( or extra money charged ) for a certain kind of silver.

Generic 1 oz round 999 fine silver coins are the most bang for your buck, and cost generally 1 dollar over melt price. Today, that would be $28.75 + $1

Any brick and mortor business will NEED to charge a little over the melt/spot price. If you buy from a individual, I would want to get it at spot.

$1.40 in pre 1964 dime quarters, halves and dollar coins is equal to one OZ. So, 14 dimes should run you the same price as a 1 OZ generic bullion silver round.


you are welcome!

Lol, like I said, someone will be able to explain it better than me. HH, Maverick.

 

[FloridaFinder]

I'm too cheap to buy silver anywhere near melt. I don't want to reduce my bank roll for CRHing, and to me buying Ag above USD face value reduces the amount I can use to search rolls.

To me volume has been the only way I could get the skunk boxes away from me and get the loaded boxes into my possession. I've only been at it for 4 months but have found some great finds once I maintained a high volume.

 

[TimZim]

Yes I picked up $5000 worth. And sold $1600 for a large gain.90% for $14 and $13.50 This is the 3rd time I got my silver at the bottom.If I didn't have some money tied up in my other business venture I would have picked up a monster box. I will not sell my 4000 40% under $5 each.

 

[Jamesabroad]

James - spot and melt are the same.

What you are concerned with the premium ( or extra money charged ) for a certain kind of silver.

Generic 1 oz round 999 fine silver coins are the most bang for your buck, and cost generally 1 dollar over melt price. Today, that would be $28.75 + $1

Any brick and mortor business will NEED to charge a little over the melt/spot price. If you buy from a individual, I would want to get it at spot.

$1.40 in pre 1964 dime quarters, halves and dollar coins is equal to one OZ. So, 14 dimes should run you the same price as a 1 OZ generic bullion silver round.


you are welcome!

Wow, thanks! That really breaks it down into terms I can grasp. I'm really glad there are people on here that are willing to deal with the "new guy questions". Thanks again.
Maverick, thanks to you as well. You have answered several of my questions in the past. Now, I just need to nail down a good source for silver rounds!!!

 

[Thorne]

I've considered buying on these lows. And reselling back to the lcs. On the highs. If i buy 100 @ roughly 30$ apiece that's 3k and if silver hits 35 again ill Mae a quick 500$. Problem is if it drops even more.

 

[ArkieBassMan]

I only buy on the rare occasion that I stumble across a bargain. Generally 75% of melt or less. That is what I personally am comfortable paying as I am just not convinced that the price of silver will definitely rise. Don't get me wrong, $45 silver by the end of the year wouldn't surprise me...but neither would $15 silver.

 

[releventchair]

I overheard an older fellow discussing silver prices with the owner of our local coin shop. The old guy was dressed in a shabby white short sleeve tee shirt, a pair of worn overalls and work boots. It was cold out and he wasn't even wearing a jacket. He didn't look like a man with much to invest but he ended up buying almost all the silver bullion the shop had on hand. 500 ounces at $16,000 bucks. I've always heard you should never judge a book by its cover. I wouldn't have believed it if I hadn't seen it myself.

Yep. I don,t look like money either. especially at the coin shop!.
Will visit again this week as i will be in the area randomly for other business.
Leave with some pretty junk.

 

[SilverForBrains]

Buy, buy, buy! I have been getting everything I can get my hands on lately as long as I can spare the cash. By the way, if you are buying now, the best bang for your buck is junk silver coins. When it comes time to sell, you are usually paid per coin—not by weight. Your percentage of what you are getting vs. what you are paying is better on junk silver coins. Therefore, your return should also be better when you go to sell. I know the Eagles and even the Morgans and Peace dollars look and feel cool to hold in your hand; but, for the most part, you are paying some kind of premium for those coins that you will never recoup when it comes time to sell. Buy halves, quarters, and dimes, the more worn and ugly, the better. This way you are primarily only paying for the silver value (assuming your coin shop owner is a straight shooter). I know it's not as much fun; but, when you are rich someday, you can have lots of other kinds of fun. :-)

I agree that junk silver is great because you are paid per coin - well, depending on where you sell. Pawn shops weight them (one more way of ripping you off), but provident metals pays per coin, regardless of wear.

However, I disagree that silver dollars are a bad investment. Morgans in particular are a great way to hedge against potentially bearish silver. they will always be worth at least $20-30 bucks, even if silver tanks. The premium you can usually recoup as well, especially if you sell on ebay or craigslist. I try to get Morgan's off craigslist, that way I rarely pay a large premium. I shoot a low (not too low) offer, which they usually turn down, and weeks later if they haven't sold they take me up on it (well, it's worked once I guess)