Is Silver next?

[snorko]

Well I will not be going the Provident route. their quote came in and appears based on generic values. For instance, I was offering 20 Queens Beasts White Greyhound 2oz coins. Currently Provident has these in stock and has them priced at $139.85 each. Their offer was $44.38 for 2oz silver coins (varied condition, any mint). Their offer for 165 ounces of premium silver was as follows:

Total offer $3,687.85. Spot price per Provident $3,747.15. Provident retail prices for all items $6,874.00.

So their offer was 54% of their own retail prices and below spot. Needless to say I will not be following through.

 

[teddy12b]

Well I will not be going the Provident route. their quote came in and appears based on generic values. For instance, I was offering 20 Queens Beasts White Greyhound 2oz coins. Currently Provident has these in stock and has them priced at $139.85 each. Their offer was $44.38 for 2oz silver coins (varied condition, any mint). Their offer for 165 ounces of premium silver was as follows:

Total offer $3,687.85. Spot price per Provident $3,747.15. Provident retail prices for all items $6,874.00.

So their offer was 54% of their own retail prices and below spot. Needless to say I will not be following through.

I had a similar experience back when every empty shop in every strip mall was being filled by "We buy gold" types of places and they offered half of whatever you paid for it or half of the market value. Either way, it was a joke and a slap in the face if I'm being honest.

It's worth discussing because it's easy to get into precious metals, but what's the best way to offload them and sell?

 

[snorko]

If this was a package of generic silver rounds or bars I would totally expect an offer at or just under spot. However given they offered $44 for something they sell for $140 it seems ridiculous. I'll wait till spot comes up a little and go to my LCS. I have had good luck there, especially if I ask for gold as partial trade.

 

[Nugget]

It's worth discussing because it's easy to get into precious metals, but what's the best way to offload them and sell?

I like reading any and all financial related threads on this website, but my "expertise" has always been and will always be stocks, bonds, ETFs, and cash.

That being said, my casual observation of the precious metals market has been as follows: Its really easy to buy PMs from coin shops or online retailers for spot+ and really hard to sell to anyone for spot.

I don't know how many times now I've seen guys list PMs in the classifieds here at or just above spot and then bump, bump, bump that thread while spot fluctuates daily.

It feels like a scam where only the dealers ever make money, but like I said, PMs aren't really my thing.

 

[Mij]

It's worth discussing because it's easy to get into precious metals, but what's the best way to offload them and sell?

I’ve spent years…decades developing my relationship with my broker. I’ve learned one thing in that time. Always ask what the buy back percentage is before you spend the first cent. And I’ll add you should dollar cost average your per oz. cost. At least until you’ve got a grasp of where you are.

It took me some few years to learn the in and out of metals, and I went through many sellers to find an honest dealer. Frankly they are few and far between. I now trade with my guy with complete satisfaction knowing I’m getting the best deal for both of us.

I stopped buying metal with out of pocket money some years ago, now I grow my stacks by trading ratios. The trades come much slower but if you find your personal limit and stick to it, you can grow your metal. The best way to offload them is to pass them to your descendants, Just my opinion.

 

[blain]

It feels like a scam where only the dealers ever make money, but like I said, PMs aren't really my thing.

That's how I feel every time I send in my insurance premium dollars.
They win if I don't experience any calamity, I win (sort of), if tragedy is visited upon me.

 

[bgcatty]

What isn’t next if the Democrats remain in control?
Wake up people!

 

[d.kaufman]

Should see another dip tomorrow.

Email from JM for 10oz at spot, so of course, I placed my order. Was limit 1 deal

 

[ancjr]

Noticed today the 80's ASE look better than the newer ones.

 

[ancjr]

...I looked it up and apparently the US mint has been lowering the stamping relief on coins since 1921. This was done in stages, with 1991 or 1992 being when the coinage really started looking cheap.

 

[Mij]

WOW…gold is hammering and silver is down a bit.

90.75:1

just an FYI, for those interested.

 

[Magyars]

WOW…gold is hammering and silver is down a bit.

90.75:1

just an FYI, for those interested.

 

[Mij]

View attachment 337008

WOW, went parabolic ~4 am the night before. I never expected it to do it again so soon.

Kinda makes me skidish, looks a lot like a pump and dump for paper traders.

But I don’t care I don’t own paper. And it’s great for those that hold physical metal.

 

[Mij]

If folks look, they can see silver being manipulated to follow along. Ratio is now 90.18:1, sooner or later something has to change to bring the ratio back to the traditional ~80:1.

If gold holds some gain, when the window closes silver will have to hold some gain also. JMO

 

[Mij]

These prices are getting crazy, I must have missed some important news. Gold at over 2100.00 Silver following. Wonder what happened?

Time to buy more ammo.

Looking more and more like a pump and dump.

 

[DoggyDaddy]

These prices are getting crazy, I must have missed some important news. Gold at over 2100.00 Silver following. Wonder what happened?

Time to buy more ammo.

Looking more and more like a pump and dump.

I was just coming here to post this. Just checked the prices and was like, "Whoa!"

 

[Super Bee]

Not just gold. Bitcoin and most crypto is going through the roof.

One of our accounts has more than doubled in the past week. Everytime I wake up I see the glow of the wifes phone in bed. . . she is watching our accounts in the middle of the night. Shes sending me 20 text a day updating me. Shes a nut, but shes mine.

 

[Mij]

I was just coming here to post this. Just checked the prices and was like, "Whoa!"

Saw the start last Fri. Whoa! Is right

Not just gold. Bitcoin and most crypto is going through the roof.

One of our accounts has more than doubled in the past week. Everytime I wake up I see the glow of the wifes phone in bed. . . she is watching our accounts in the middle of the night. Shes sending me 20 text a day updating me. Shes a nut, but shes mine.

Did I miss something? Did the FED or some other significant financial outfit make some big (or worse, under the table) announcement?
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I know the copper mines are having difficulty but I don’t see how that could have this kind of effect.

What about the rest of the paper trading world? I don’t follow or deal in that con game.

 

[flyingsquirrel]

Just a FYI I received my Replica Morgan and Peace $ from Amazon. They looked very good but weighed out 6 grams light. I checked Amz. and the price on Morgans had jumped to almost 10$ and no Peace $ listed.

 

[Super Bee]

Did I miss something? Did the FED or some other significant financial outfit make some big (or worse, under the table) announcement?
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I have seen nothing. I follow Zero Hedge and no one has explained it.