Silver is Going Crazy!!

[Sand Swinger]

Silver crossed $60/oz today and it’s now just a few cents away from hitting $61/oz. It's gonna be a wild ride!

 

[pepperj]

Jewelry like these in the photos a month ago might be priced at a10th the price they're putting on them today. Im sure the employees had been told to look out for anything silver marked .925 and Sterling and mark them HIGH. That bracelet marked only .925 and priced at $124.99 couldn't be more than 10 grams sterling. If it is 10g it would only have a spot value of $28.00, but realistically its probably only 6 to 8 grams sterling.

I consigned some silver and the base price is $10 a gram. I net $6 a gram. Scrap is at $3.11 a gram. It's slow process, though the profit is higher.
This one was 38 grams and it sold in couple of weeks.

 

[ARC]

I consigned some silver and the base price is $10 a gram. I net $6 a gram. Scrap is at $3.11 a gram. It's slow process, though the profit is higher.
This one was 38 grams and it sold in couple of weeks.

View attachment 2241720

I will give you $3.12 per gram.

:P

 

[pepperj]

Gold has had a nice bump. Silver is kind of jumpy.

 

[pepperj]

I will give you $3.12 per gram.

:P

Make it $4.12 and you take it all.

 

[tamrock]

I consigned some silver and the base price is $10 a gram. I net $6 a gram. Scrap is at $3.11 a gram. It's slow process, though the profit is higher.
This one was 38 grams and it sold in couple of weeks.

View attachment 2241720

You selling online?

 

[ARC]

Some major refiners have sent out emails to bullion and coin dealers stating they will be paying lower prices on not only silver but on gold as well due to the massive influx of materials coming in.

Refineries are working 3 shifts 7 days a week... and have been.

 

[ARC]

Some major refiners have sent out emails to bullion and coin dealers stating they will be paying lower prices on not only silver but on gold as well due to the massive influx of materials coming in.

Refineries are working 3 shifts 7 days a week... and have been.

Also... refiners are not excepting general public submissions... OR small submissions.
5000 ounce minimums.

 

[pepperj]

Some major refiners have sent out emails to bullion and coin dealers stating they will be paying lower prices on not only silver but on gold as well due to the massive influx of materials coming in.

Refineries are working 3 shifts 7 days a week... and have been.

I spoke to a buyer up here and they don't have requirements what they post is what you get.
For an increase on value you do need to have quantity

Gatewest Coin Ltd. - Current Buy Prices for Scrap Gold & Silver Bullion

I have read some requirements from actual refineries and the premiums are getting higher and higher for melting.
The big question is when the dust settles what will be the actual price given.

When a refinery tries to screw a customer over and they try to do it on the basis of they're the experts and on my end I have the XRF and weight tests then it makes me wonder.

 

[pepperj]

I spoke to a buyer up here and they don't have requirements what they post is what you get.
For an increase on value you do need to have quantity

Gatewest Coin Ltd. - Current Buy Prices for Scrap Gold & Silver Bullion

I have read some requirements from actual refineries and the premiums are getting higher and higher for melting.
The big question is when the dust settles what will be the actual price given.

When a refinery tries to screw a customer over and they try to do it on the basis of they're the experts and on my end I have the XRF and weight tests then it makes me wonder.

Proof of trying to pull a fast one over on me.
I sent a sample into the refiner. They finally replied with a 🤣 quote.
I said basically how did they arrive at this laughable figure.
Fire assays
So you melted off the .999 and you had a Tungsten contact left.
Yes was the answer.

What did your chemical assays state?
Please hold.

We'll get back to you.
Crickets chirped

Too hard to leach, then it was another reason.
My problem is that the offer was last fall.
And even at today's buying price they're 10% of the actual value of these contacts.

Zero cadmium in the silver

Here's my proof of what they actually are.

2 scratch acid test results after 15 minutes.
The right-side is the Tungsten side
The left-side is the .999 silver side.

The XRF is the reading of the contact inner property value.

Its one thing to have only a few items and then there's a case where it involves a couple thousand pieces.
Each contact weighs 15.03-15.30 grams each.

So what options does one have.
Melt the 2000 grams off the Tungsten
Break each of the them into little pieces and leach the silver out with nitric acid.

It would take 8 gallons of nitric to do the process properly. 1-1ratio .
1 gram of silver for 1 mil of nitric acid.

More testing is needed to be done.
As breaking up the contact that has been cleared of .999 silver top coating.

Get a sample of nitric acid to leach out a few buttons, fire, weigh.
It's then I will 🙂 or just and except the results.
Not complaining on the 2000 grams if .999.

The investment was low, forgot about the items actually. 25 yrs later it might be a bit of a windfall.

Like anything do one's research, be knowledgeable in what one has and if warranted the result will be better.

 

[ARC]

I spoke to a buyer up here and they don't have requirements what they post is what you get.
For an increase on value you do need to have quantity

Gatewest Coin Ltd. - Current Buy Prices for Scrap Gold & Silver Bullion

I have read some requirements from actual refineries and the premiums are getting higher and higher for melting.
The big question is when the dust settles what will be the actual price given.

When a refinery tries to screw a customer over and they try to do it on the basis of they're the experts and on my end I have the XRF and weight tests then it makes me wonder.

The answer will be ... eventually... 98% of spot will be the norm .. WHEN the dust settles as you say.
Once the flow of incoming metals starts to wain due to less and less out there being sold in.
This is an "ebb and flow" now... but the ebb is more than the flow... so its out of whack / balance...
But once the tides turn and its less coming in and more going out and NEED becomes the new way then the prices will reflect that... once the scale is level again.
Right now the scales are tipped toward the inflow primarily... and the process is time consuming.
There are not enough refineries out there to handle the flows.

 

[ARC]

The answer will be ... eventually... 98% of spot will be the norm .. WHEN the dust settles as you say.
Once the flow of incoming metals starts to wain due to less and less out there being sold in.
This is an "ebb and flow" now... but the ebb is more than the flow... so its out of whack / balance...
But once the tides turn and its less coming in and more going out and NEED becomes the new way then the prices will reflect that... once the scale is level again.
Right now the scales are tipped toward the inflow primarily... and the process is time consuming.
There are not enough refineries out there to handle the flows.

NOW...
No one out there will be getting that 98% from them directly without being a wholesaler of metals.
One will get one a retail consumer rate... far less.

Most MAJOR LARGE SCALE dealers NEVER pay more than 90-94 % TO ANOTHER DEALER... EVER> !

Not unless they are stupid or bad at business.

People should expect NO MORE THAN MAX of 90% EVER... from anyone and that would be the VERY BEST case scenario one should ever hope for.
Realistically... that is even way too high when selling to a middleman.

 

[pepperj]

The answer will be ... eventually... 98% of spot will be the norm .. WHEN the dust settles as you say.
Once the flow of incoming metals starts to wain due to less and less out there being sold in.
This is an "ebb and flow" now... but the ebb is more than the flow... so its out of whack / balance...
But once the tides turn and its less coming in and more going out and NEED becomes the new way then the prices will reflect that... once the scale is level again.
Right now the scales are tipped toward the inflow primarily... and the process is time consuming.
There are not enough refineries out there to handle the flows.

The .999 brings a set of requirements.
Government picture ID
SIN# FOR SELLING. 999.
Above board is what the refiner/buyers want..
I see that the $$$ washers are in the business of buying now.
So the main places want accountability for their protection.
Because the main refineries requirements are squeaky clean or they don't want the business.

 

[pepperj]

NOW...
No one out there will be getting that 98% from them directly without being a wholesaler of metals.
One will get one a retail consumer rate... far less.

Most MAJOR LARGE SCALE dealers NEVER pay more than 90-94 % TO ANOTHER DEALER... EVER> !

Not unless they are stupid or bad at business.

People should expect NO MORE THAN MAX of 90% EVER... from anyone and that would be the VERY BEST case scenario one should ever hope for.
Realistically... that is even way too high when selling to a middleman.

I asked and the reply was a...
"The price you see on the screen is what we payout to you, all assey fees included "
Phone them if you think their business plan sucks.
Figure out spot vs payout.
Now let's go on 10,000 grams.
(For the Max payout)
ARE THEY MAKING BREAD?
Yes.

 

[Sand Swinger]

Some major refiners have sent out emails to bullion and coin dealers stating they will be paying lower prices on not only silver but on gold as well due to the massive influx of materials coming in.

Refineries are working 3 shifts 7 days a week... and have been.

It will be interesting to see them shift once they get caught up and need new material to refine. They're flooded now so they think they're in the driver's seat. But once they get caught up, they can be humbled quickly if they don't have material to process. They'll raise their prices and will be begging for people to sell them material. Supply and Demand, as always is in effect. And at that point, those who hold the physical metals will be back in the driver's seat. Take a breath, chill, and wait this chaos out.

That's why I took a long-term position, as long-term allows me the benefit of not worrying or being affected by daily market chaos. If everyone's having difficulty finding a refiner to sell their Silver to, doesn't affect me because I'm holding for the long-term. IMO, those who are looking to make a quick buck, or who are constantly worried about selling and constantly getting in and out of the market could be in danger of making the biggest mistake of their lives by selling before we experience the biggest boon in precious metals history. Those who react based on emotions, i.e. FOMO, are in the biggest danger of being manipulated into selling before they have the opportunity to experience mind-blowing profits.

 

[Sand Swinger]

I spoke to a buyer up here and they don't have requirements what they post is what you get.
For an increase on value you do need to have quantity

Gatewest Coin Ltd. - Current Buy Prices for Scrap Gold & Silver Bullion

I have read some requirements from actual refineries and the premiums are getting higher and higher for melting.
The big question is when the dust settles what will be the actual price given.

When a refinery tries to screw a customer over and they try to do it on the basis of they're the experts and on my end I have the XRF and weight tests then it makes me wonder.

I think the refiners' heads have swelled ($$) since they're slammed with material. Suddenly, the small individual customer that they welcomed with open arms a year ago is now a knat flying in their face that they need to swat. Kinda reminds me of that machine you can get in that blows dollar bills all around and you try to grab as much as you can, pure chaos, lol. They've got so much business that they're now instituting minimum amounts they will handle. If you're a small fry, go away, we're only working with major holders.

That's why I'm HOLDING, in for the long-term. If you try to sell during all this market chaos, you risk becoming one of the sheep that will wind up getting screwed by only getting a fraction of what you'd get during a calm market. You'll get a lower price, pay higher premiums, your stress level goes through the roof, and you have all kinds of new hoops you have to jump. They win and you lose. And you'll be standing in line waiting along with all the others trying to sell during the chaos. In their eyes, you're just one sheep in the herd, they've got more customers than they can handle, so they can pick and choose who they want to deal with. Kinda like all those people who get to a store on Black Friday at 3am and camp out there for hours so they can get a chance at getting a TV on sale, or that new doll that every kid's been asking for. Once in, the crowds create chaos, people start grabbing and fighting over stuff, just pure insanity. No thanks, lol.

Don't be a sheep, be the sheep herder. For those of us who are holding and taking long-term positions, all this chaos and craziness doesn't affect us. We're not selling so we can sit back and watch all this craziness unfolding in real time. At some point, the market chaos will calm down, refiners will get caught up and back to needing more material to process. And when they reach the point of needing more material, I have a feeling they will regain their humility and their arms will once again open up wide for the "small fry" holders, lol.

The law of Supply and Demand can do strange things to people.

 

[ConceptualizedNetherlandr]

PM getting dumped because fear of overvaluation, at least temporarily. No one wants to get caught with overpaid holdings. Paying under-market is some amount of hedge. Is it enough? I need to be looking at good reward to take risk.

Refiners could offer that service for a charge(s). When all is done they could offer on the pure at then current rates and turn it around quickly or give it back to you. Your choice. Would they do this? Would you?

 

[ARC]

We are in a calm before the storm... IMO
The swings are in full swing...
Lets see what tonight... tomorrow... and Friday bring.
And again IMO... we might just see that 100 I have spoken about by the weekend...
even with all this / the dumping going on.

 

[pepperj]

We are in a calm before the storm... IMO
The swings are in full swing...
Lets see what tonight... tomorrow... and Friday bring.
And again IMO... we might just see that 100 I have spoken about by the weekend...
even with all this / the dumping going on.

Here I just though t it was Thursday and it's only the middle of the week.
I guess here's time for it to move yet, but I hope it dips first.
Selfish reasons.

 

[ARC]

Here I just though t it was Thursday and it's only the middle of the week.
I guess here's time for it to move yet, but I hope it dips first.
Selfish reasons.

If it dips...
I will buy some of what you have...

also selfish reasons :P

 

[Sand Swinger]

I really like the way that John AG (Asian Guy) presents Silver & Gold market information. But there’s been speculation about who he really is, and some have said that he’s spreading false misinformation. He apparently has been seeing comments about all this, so he did a special video to explain who he is, and that his channel has been getting spoofed by a lot of copycats. This video is on his official channel, and he explains safeguards that he’s made so that we can be sure we’re watching the real John AG, and not a copycat ripping off his likeness, layout, etc.

Now I know why I keep seeing large numbers of new videos with his likeness and voice many multiple times per day. Nobody on earth could produce that many videos every single day, on so many topics, so hearing that he’s being copied and impersonated by others explains the large daily volume of videos I’ve been seeing that look like they’re coming from him, but they're not. Looks like a case of other people trying to cash in on his work & likeness to get clicks and try to make some $. Typical low-life's trying to cash in on another person's work.