I cannot believe the price of silver!!!!

[clovis97]

I have lunch with one of my best friends about twice a week.

He is about 20 years older than me, so it is cool to hear his stories of finding silver over the years.

Today, he brought his very small stash of silver that he got many years ago while managing a grocery store. While trying to stay positive, it really didn't look like much silver, and I tried to prepare him for a potential let down on the value.

I told him not to let the silver go for less than 15X face, and told him to let me know next week. I'd either buy it from him to hold, or help him find a better offer. We made lunch plans for next week, and I really thought he sell it to me sometime soon.

He called me about 45 minutes later, and was thrilled!!!! We have a local dealer that paid him 19.5X face, for a grand total of $410.

Wow...Four hundred and ten buckeroos, for a small pile of silver that didn't even come close to filling up a disposable small Glad storage container. This was nearly all dimes and quarters.

I'm thrilled for him too. My friend has had enough bad luck in his life, and I'm happy that something turned out well for him, at least once.

I still can't believe it came to $410. Simply unbelievable to me for such a small amount!!!!

 

[jrf30]

He can get 21X face at bulliondirect.com, so telling him 15X face was quite low. he did okay at 19.5X face, as he didn't have to ship it or wait for the money. So he did well. But yes, that is what silver is worth today. And GOOD reports say it wil be worth a lot more in a year. I am now thinking of selling NO silver before it hits at LEAST $40 per ounce, and then only selling some.

And if the dollar melts down, then it is off to the moon. But that is an unknown. I see $40 EITHER WAY though.

 

[clovis97]

Thanks, JRF.

We've been talking about silver for many weeks, and quite frankly, he didn't believe that a silver dime or quarter could be worth 5 or 10X face. When I told him about an ad I recently saw buying at 19.5X, he argued that I must have read it wrong...and then insisted that it wasn't worth the 40 minute drive to the buyer.

In our area, there are very conflicting reports of what buyers are paying for silver. You'll see one ad for 19.5X face, and then hear that another buyer is paying 15X face, but only if you have 4 or more rolls. And a big city dealer is offering 12X face, and up to 16X face if you bring in enough. It has been very hard, at least locally, to nail down a price. I've found that prices on this forum vary widely too.

I threw out the figure of 15X as a baseline..."Do NOT let this stuff go for 15X or less...that is your absolute minimum...I'll give you 15X anytime you want, and I'll show you how I can easily turn a profit on a chump" I teased him. I also strongly advised that he wait until spring, or even mid summer to sell because prices are likely to jump again. We had several long discussions about that too.

We also had a discussion about shopping around, and getting at least 3 different quotes before selling.

Honestly, he would have sold it at 10X face. He is also THRILLED!!! To him, it was just a handful or two of change that is basically clutter in his life. The best part is that he bought at face many years ago.

 

[clovis97]

Re: I cannot believe the price of silver!!!! (update)

I saw the receipt that my friend had from the coin shop.

It works out that he was paid 20X face on the silver, and maybe just a tiny bit over that...maybe 10 cents per coin over.

My friend reports that he would have sold it all for a $300 offer. "It has been sitting in my closet, getting in my way for years" he said. "Years ago, I was offered 30 cents a piece for the dimes, sight unseen" he added, "and 50 cents each for the quarters."

I think he is still a little stunned by the $410...as am I.

 

[AGninja]

All i have to say is, believe it. and believe its going to go much higher as well. If youre stunned now at 30$/oz, how would you feel about it being 50$/oz or 100$/oz? Seems far fetched for now. give it a couple years. Dont trade your silver in for fed notes just yet or youll be missing out on serious gains!

 

[clovis97]

All i have to say is, believe it. and believe its going to go much higher as well. If youre stunned now at 30$/oz, how would you feel about it being 50$/oz or 100$/oz? Seems far fetched for now. give it a couple years. Dont trade your silver in for fed notes just yet or youll be missing out on serious gains!

I think silver is headed up too.

I tried to talk my friend into keeping it, at least until May, or even later.

It is hard to imagine silver at $100 an ounce. I'm holding onto what little I have, so we'll see.