Just had a talk with my local coin dealer

[cyberdan]

I hadn't called in a while so I called my favorite coin dealer and he quoted paying 8X for 90% and 2.24 for 40% (silver is at 9.50 now)

that would make a 64 JFK sell for $4.00 and a 65 sell for $1.12
then I went to coinflation and they show $3.44 and $1.40

I immediatly called back my coin dealer and asked if he made a mistake on the 90%

He said no, for the last five weeks they pay over spot on all 90%
I am not going to sell but tomorrow I am expecting a call from someone that has some 90% he wants to sell to me. I will probably start my offer at 5X and budge up a bit. I never say 5X face, takes to much explaining. I say I will pay $50 for ten, sounds so much higher.

 

[jrf30]

Hey, if you get them at 5X face, you can sell them for 7X face and make 40% in one day.

I'd buy them for 7X face. :-)

And even pay shipping...

 

[GMan00001]

I never say 5X face, takes to much explaining. I say I will pay $50 for ten, sounds so much higher.

Umm....it sounds higher because it is....$50 for 10 halves is 10X face....

 

[jim4silver]

I hadn't called in a while so I called my favorite coin dealer and he quoted paying 8X for 90% and 2.24 for 40% (silver is at 9.50 now)

that would make a 64 JFK sell for $4.00 and a 65 sell for $1.12
then I went to coinflation and they show $3.44 and $1.40

I immediatly called back my coin dealer and asked if he made a mistake on the 90%

He said no, for the last five weeks they pay over spot on all 90%
I am not going to sell but tomorrow I am expecting a call from someone that has some 90% he wants to sell to me. I will probably start my offer at 5X and budge up a bit. I never say 5X face, takes to much explaining. I say I will pay $50 for ten, sounds so much higher.

Cyberdan,

This is about what I heard earlier in the week. Seems that demand for 90% is still huge, but 40% is waning big time. I thought about trading some 40% in for gold and was offered 1.20 per coin. I said forget it and just paid cash for the gold. If or when silver goes back up I will sell then. I remember not too long ago dealers were paying over 2 bucks per 40% coin.

In the past few years I have seen how fickle the coin markets are. Not too long ago I was able to buy gold double eagles (liberty $20 gold coins) that were raw and in VF to AU condition for not much over spot. Now they go for 200 or so over spot. You can see the same changes in the prices of graded gold coins. I think this same principle works with different types of silver. 90% is way over spot now when earlier in the year you could buy it under spot. Now it is about the same price as name brand 999 (Engelhard, JM, etc.) with respect to silver content. This was unheard of in the past.

Jim

 

[scrounger d detector collector]

I never say 5X face, takes to much explaining. I say I will pay $50 for ten, sounds so much higher.

Umm....it sounds higher because it is....$50 for 10 halves is 10X face....

im pretty sure he meant 50 dollars for 10 dollars in halves

 

[Ifyndit]

I checked with my local coin dealer last week (silver was at $9.74/oz) and he was paying 9x for 90% and 4x for 40%. There is such a high demand for silver and gold he cannot fill peoples orders and has had to turn down many large orders because it is too hard to find the stuff! That is pretty good since last time I sold silver it was at $17.64/oz and I was getting 11.25 x face for 90% and 4.25 x face for 40%.

 

[Ju8vP3t]

I recently sold off some 40%'ers and bought some Gold

 

[jim4silver]

I checked with my local coin dealer last week (silver was at $9.74/oz) and he was paying 9x for 90% and 4x for 40%. There is such a high demand for silver and gold he cannot fill peoples orders and has had to turn down many large orders because it is too hard to find the stuff! That is pretty good since last time I sold silver it was at $17.64/oz and I was getting 11.25 x face for 90% and 4.25 x face for 40%.

If those prices from your dealer are accurate, you could buy a $1000 face bag of 40% from Apmex today for $3422 and sell it to your dealer for $4000. I dont know how he stays in business buying coins from customers and paying more than other dealers sell prices. He should just buy from Apmex or someplace like that himself and he would be doing better.

Jim

 

[cyberdan]

I never say 5X face, takes to much explaining. I say I will pay $50 for ten, sounds so much higher.

Umm....it sounds higher because it is....$50 for 10 halves is 10X face....

im pretty sure he meant 50 dollars for 10 dollars in halves

Yes, that is what I meant. The guy never called, but he lives in the area where the fire is. I have his number I will call him in a few days, after the fires die down completly.

I live in Brea and it got as close as three miles from where I live. They stopped the Brea fire right at my daughter's high school (Brea-Olinda HS)

 

[mistergee]

HMMM...fire sale maybe