Is Silver next?

[blain]

Where are others here buying?

I have been buying from Monument & SD Bullion, watching Privident however their "recognized" spot price is always higher than the other 2 & their premiums are not as competitive.

There will be a video interview tomorrow with Kevin Hunt, owner of a new shop... The Coin Hunt, in Indy.
I've always thought local coin shops (LCS), are an important place. Because at some point in a stackers journey they may need to sell some metal, for one reason or another. A LCS is a place where they can do that quickly, if they need some cash/currency.

 

[nonobaddog]

There will be a video interview tomorrow with Kevin Hunt, owner of a new shop... The Coin Hunt, in Indy.
I've always thought local coin shops (LCS), are an important place. Because at some point in a stackers journey they may need to sell some metal, for one reason or another. A LCS is a place where they can do that quickly, if they need some cash/currency.

Buying and selling metal at a local coin shop around here is a losing deal. You have to pay a premium over spot to get the metal and you have a discount under spot when you sell the metal. It just makes the shop richer. It is best to buy and hang on to it and not use it for cash flow at all.
In many ways it is better to buy and sell ammo instead of metals. But that does take more room.

 

[flyingsquirrel]

I bought some junk silver last week and it had some Morgans in it along with some rounds marked ounces. I weighed the ozs. and they were Troys. I started weighing the Morgans and one was 10 grains different. Close inspection on the back was the word copy. Has anyone else ever found this. The guy offered to make it right and I'm sure he will.

 

[nonobaddog]

I bought some junk silver last week and it had some Morgans in it along with some rounds marked ounces. I weighed the ozs. and they were Troys. I started weighing the Morgans and one was 10 grains different. Close inspection on the back was the word copy. Has anyone else ever found this. The guy offered to make it right and I'm sure he will.

There are a lot of Morgan copies for sale on ebay - it seems 1889 is a popular year for copies.
https://www.ebay.com/sch/i.html?_fr...0.m570.l1313&_nkw=morgan+dollar+copy&_sacat=0

 

[blain]

I bought some junk silver last week and it had some Morgans in it along with some rounds marked ounces. I weighed the ozs. and they were Troys. I started weighing the Morgans and one was 10 grains different. Close inspection on the back was the word copy. Has anyone else ever found this. The guy offered to make it right and I'm sure he will.

The seller making it right is great.
Ping that Morgan and the others to get a good sense of how they sound different. It's not 100% verification but it may add another tool for you going forward.

 

[flyingsquirrel]

This was a 1890. The same guy gave me 3 1863 Washington silver dollars for free. Internet says they contain no silver and made in China and India. My Hornady scale will be handy for the next buy.

 

[snorko]

This is why I only buy from known, trusted sources. Any deal on Ebay that is too good to pass up is likely too good to be true.

 

[flyingsquirrel]

This is why I only buy from known, trusted sources. Any deal on Ebay that is too good to pass up is likely too good to be true.

This was not an Ebay deal.

 

[snorko]

This was not an Ebay deal.

Sorry, read ebay in another reply and conflated it. Was this an individual?

 

[flyingsquirrel]

Sorry, read ebay in another reply and conflated it. Was this an individual?

Yes, known to me. At $20 to$1 not a bad deal. Something for my Grandsons future

 

[dieselrealtor]

Big drop

 

[spencer rifle]

...and then big recovery.

 

[DoggyDaddy]

...and then big recovery.

Yeah, I snoozed and missed Philharmonics at 25.32.

 

[blain]

Summer isn't over. There's still plenty of time for the precious metals to drift down in price.

 

[MindfulMan]

Summer isn't over. There's still plenty of time for the precious metals to drift down in price.

... or back up.

My tube of Sunshine Mint buffaloes came today. I'm done investing in my (adult) children's future, for now.

 

[DadSmith]

Don't Tread On Me - 1 oz .999 Fine Silver Round | eBay

This impressive 1 troy oz silver round is produced with the highest standards. This is 1 troy oz silver round. • Reverse: Displays the bald eagle with its wings spread wide, clutching an olive branch in its talons with the texts "1 oz. 999 Fine Silver" and "The Price of Liberty".

www.ebay.com

Nice coin if anyone is interested.
Don't Tread on Me coin. .999 silver.

 

[BigRed]

Don't Tread On Me - 1 oz .999 Fine Silver Round | eBay

This impressive 1 troy oz silver round is produced with the highest standards. This is 1 troy oz silver round. • Reverse: Displays the bald eagle with its wings spread wide, clutching an olive branch in its talons with the texts "1 oz. 999 Fine Silver" and "The Price of Liberty".

www.ebay.com

Nice coin if anyone is interested.
Don't Tread on Me coin. .999 silver.

View attachment 284085

Yet still almost as much over spot as an American Silver Eagle

 

[wcd]

So help me understand the whole silver thing? You buy it at market value? You retain it for a while and hope it has gone up enough to cover the difference when you sell it below current market cost?

 

[nonobaddog]

So help me understand the whole silver thing? You buy it at market value? You retain it for a while and hope it has gone up enough to cover the difference when you sell it below current market cost?

Pretty much.
You have to pay more than spot value to buy it. When you go to sell it you will get less than spot value. So spot value has to go up quite a bit before you can even break even.
It is really a crappy investment if you are looking for short term profit.
It only makes sense to buy it for holding long term or SHTF situations.

 

[rosejm]

And just as you can find low (or zero) premiums when buying, you can find higher or near spot prices when it comes time to sell.
But as mentioned, it's not good for near term speculation. You can start day trading for that kind of chase.