Monthly coin show

[TreasurePirate69]

Went to the monthly coin show today. I think I'll try to update this thread every few months with my findings so that I can keep a general history of premiums and availability. Being a coin show there is usually quite a bit of junk silver but eagles and rounds are harder to come by.

4/21/13

Silver Price = 23.25
Availability = Lots of junk silver available. No silver eagles or rounds available.
Prices = Junk silver 21x face = $29.05/ozt

 

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[jim4silver]

Went to the monthly coin show today. I think I'll try to update this thread every few months with my findings so that I can keep a general history of premiums and availability. Being a coin show there is usually quite a bit of junk silver but eagles and rounds are harder to come by.

4/21/13

Silver Price = 23.25
Availability = Lots of junk silver available. No silver eagles or rounds available.
Prices = Junk silver 21x face = $29.05/ozt

Interesting to see what prices are around the country. That's quite a bit over spot for junk silver. Were people looking or buying?

Jim

 

[coinguy*matthew]

Interesting to see what prices are around the country. That's quite a bit over spot for junk silver. Were people looking or buying?

Jim

Its because dealers are not willing to lose their shirts on silver just yet although the price of gold and silver is low try and locate some at spot. If you find it let me know? If you check provident metals they are selling at 22.54x face......

 

[Herb Boyd]

I had a table at a show in S Florida today...bought junk silver at 18X, sold all I had at 21X...lots of interest in ASE, I sold a hand full to a regular for $28.50...not much generic silver being sold by the public, silver dollars hare trading well and at a premium. Much interest in silver, gold so so.....

 

[jim4silver]

Its because dealers are not willing to lose their shirts on silver just yet although the price of gold and silver is low try and locate some at spot. If you find it let me know? If you check provident metals they are selling at 22.54x face......

That's due to the overall lack of general supply. I don't think the situation is going to get better anytime soon. I personally believe buying junk silver at such premiums is a bad buy.

Jim

 

[AC1955]

Silver rounds were selling for $27, Eagles for $30 and Maple Leaf $32. This was at a Boston area show. Only one dealer had rounds.

 

[TreasurePirate69]

Interesting to see what prices are around the country. That's quite a bit over spot for junk silver. Were people looking or buying?

Jim

I saw a lot of people looking but I didn't see anyone buying. I'm sure there were some but I didn't see any. This is in contrast to several months ago when you couldn't even get close to a table that was selling junk silver because the people were counting out huge piles of coins and paying up cash.

 

[coinguy*matthew]

That's due to the overall lack of general supply. I don't think the situation is going to get better anytime soon. I personally believe buying junk silver at such premiums is a bad buy.

Jim

Yep somehow the price is low but the supply is even lower, what happend to supply and demand here? Wouldn't one think that if supply is low enough where you can easily sell for more than spot why has the price of spot not surged upward?

 

[AC1955]

People were buying at those prices ($27, $30, $32).

BTW, you use the term "junk silver". What does that mean? Thanks.

 

[jim4silver]

People were buying at those prices ($27, $30, $32).

BTW, you use the term "junk silver". What does that mean? Thanks.

Any pre 1965 US halves, quarters and dimes that lack any numismatic value. They are 90% silver. Most show wear and are bought and sold without any regard to dates, mint marks, etc.

Jim

 

[TreasurePirate69]

Yep somehow the price is low but the supply is even lower, what happend to supply and demand here? Wouldn't one think that if supply is low enough where you can easily sell for more than spot why has the price of spot not surged upward?

Two reasons:

1) Supply and demand is an Econ 101 simplification. It does not always hold true. All else being equal it will give one reason why a price might be where it is today. But there could be other reasons.

2) The Supply and demand effect is not instantaneous. When the price drops (which it has done for over a year now), people run in to catch the falling knife. This causes a temporary increase in demand. So in this case, price drives demand instead of the other way around. This increased demand may eventually lead to termporarily higher prices but that all depends on why the price fell in the first place.

 

[Herb Boyd]

Investor sentiment is extremely positive right now...especially in silver, everybody expects a flat price line and the supply situation to improve.

 

[Herb Boyd]

West Palm Beach show was well attended...paid 16X on junk silver, other dealers paying more for awhile...most sold @ 22X which is an increase in Premium. Pre 04 XF plus Morgans sold at $36, circ peace dollars at $29. I saw some 08 ASE sell at $31.50, cheapest price in 2 weeks. Most customers expect lower silver prices ahead, they are well aware of the high premium situation now...the talk about "When silver hits a hundred an ounce" has disappeared: if premiums and spot both drop there will be some profits for the little investor if silver goes to $28/oz.Some fresh 1 oz gold on the market at ok values, very little pre 33 US. The situation with 2013 1/10 oz US gold is raising premiums on Canada and Rand 1/10's and 2.5 & 1 gram suisse credit gold bars. Good business in collector coins...

 

[TheCoinKid]

West Palm Beach show was well attended...paid 16X on junk silver, other dealers paying more for awhile...most sold @ 22X which is an increase in Premium. Pre 04 XF plus Morgans sold at $36, circ peace dollars at $29. I saw some 08 ASE sell at $31.50, cheapest price in 2 weeks. Most customers expect lower silver prices ahead, they are well aware of the high premium situation now...the talk about "When silver hits a hundred an ounce" has disappeared: if premiums and spot both drop there will be some profits for the little investor if silver goes to $28/oz.Some fresh 1 oz gold on the market at ok values, very little pre 33 US. The situation with 2013 1/10 oz US gold is raising premiums on Canada and Rand 1/10's and 2.5 & 1 gram suisse credit gold bars. Good business in collector coins...

Thanks Herb, Nice "lay of the land" update.

TCK

 

[TreasurePirate69]

Went back to the monthly coin show today. The show was a lot busier in terms of buyers for junk silver and gold. I followed a guy around and listened in on the pricing information. Most dealers were asking for 20X-21X. Those asking for 20X had very little left to sell. Those asking for 21X had boxes of stuff. The guy was complaining to the dealers and saying that he knew of other coin stores having junk silver for 19x. The dealers would respond that they were selling out in their brick and mortar stores at 24x so they wouldn't go any lower. Both sides were obviously lying. All part of the game I guess.

5/19/13

Silver Price = 22.22
Availability = Not as much available but still enough to meet apparent demand. Some rounds but mostly junk silver. Some dealers were selling worn out Barber quarters as junk just so that they could have something to sell.
Prices = Junk silver 20x face = $27.97/ozt

 

[Marchas45]

Still some hefty premiums for junk. The lowest I've seen lately is x 18.5

 

[skeeterd]

Thanks for the update, TP69. Wish we had a coin show around here. I haven't been to my LCS yet this month. Hoping to next week. Been trying to pickup $1.50 in face every month from him just to stay in as a regular customer and pick his brain on coin and PM's.

 

[jim4silver]

Wow 20X face is a lot and people were eating that up. Thanks for the report TreasurePirate.

Jim

 

[DeepseekerADS]

Counterfeits are getting more and more prevalent.

If buying silver, I'd go coin silver right now, quarters and below. I'm hearing counterfeit halves are surfaciing...

 

[Herb Boyd]

Hollywood Fl. Coin show saw lots of 10 oz silver bars sold at spot plus$2...ASE spot plus $4. I paid 14.5 times face on some clean junk silver...sold a 1/10 oz plat eagle for $175. Not much gold around...was offered 5
$5 libs at 425 each....well attended,50 dealers. Everybody expects flat silver and lower gold, premiums are falling. Good business in collector coins.....