Coin show report

nyiangelo · Sep 12, 2009

Well the annual coin show was this weekend. They were paying $3.90 per $1- 40% and $11 per $1 90%. Also paying $15 per Oz and selling $16 per Oz. I've been trying to find the best way to trade my 40% for 90%. The best price I got there was trade 40% at $3.90 for 90% at $12. Still I think somehow I can be more profitable.

jim4silver · Sep 12, 2009

nyiangelo said:
Also paying $15 per Oz and selling $16 per Oz.

You saw silver ozs selling for 16 bucks? That is about 75cents UNDER spot. I would have loaded up the truck on that deal.

Jim

nyiangelo · Sep 12, 2009

Yeah I'm kind of leary on buying right now. Especially general silver rounds. I'm actually trying to get out of rounds & 40% and into 90%. I didn't sell any there but I did trade 3 Oz for a nice Texas Treasury Warrant.

jim4silver · Sep 12, 2009

nyiangelo said:
Yeah I'm kind of leary on buying right now. Especially general silver rounds. I'm actually trying to get out of rounds & 40% and into 90%. I didn't sell any there but I did trade 3 Oz for a nice Texas Treasury Warrant.

I am not adding to my positions either, but one of my coin dealers would pay me spot to 25 cents over for nice generic silver rounds. I would buy a bunch and flip it or trade for gold.

I have some 90% myself, but I actually prefer .999. If the price ever shoots up, I feel the premiums on 90% will fall quicker than .999. Myself, I don't forsee a "barter" type of situation that some do who like to hoard 90%. Other than that scenario, I cannot think of a good reason to have a bunch of 90%, other than the coins themselves are cool.

Not that it would ever happen again, but the gov could put a ban on melting silver currency (like they had in the late 60s), and I believe that would affect junk silver prices in a negative way. There is no reason for them to do that, but you never know. I guess I think it would be easier for them to exert control of some sort over US currency as opposed to private bullion.

Jim