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Anyone else selling silver right now?
So from what I see, silver is almost $28 an ounce. And I noticed there were some coins priced at melt or lower than melt (because they were posted a few years ago when silver was lower).
I did a screen in my store to find all silver items under a certain price and took down and reposted with new prices. (if anyone wonders why I took them down... for one, to take down everything that's going to be repriced, and take my time relisting it, not mixing up old and new prices, second if something's being watched, people complain if you raise the price then send an offer. New listings mean no one is watching the old price unless they check the old listing to see it's been relisted).
Wondered how others were handling the silver, it seems to have taken a steep rise. I had some coins a while back that were silver and I put at auction, but interestingly enough they didn't really go above melt, even those the catalog value greatly exceeded silver (so I never would expected such low results). I had some scheduled listings i pulled to avoid having a repeat of two weeks of bad auction results. I've revised my strategy on what is auction worthy.
C.
kh-samyak
·9 months agoHi everyone,
Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread if you wish to continue to discuss this topic.
Thank you for understanding.
sin-n-dex
OP9 months agoLOL, thanks folks, I forgot about this thread.
Silver hit $92 CAD this week, I think we were around $35-40 CAD when I started talking about this (but that might have been before I posted this thread).
I returned the silver I had to the brick and mortar store when it hit $50 an ounce because at that point we were better off melting than selling, and everyone wanted silver at less than melt.
I have some coins with a collectible value higher than silver melt still, but those are rapidly diminishing as silver increases in value. I kept anything I thought was collectible and saved it from melting. For melting it was all Bahamas, Liberia, Papua New Guinea and other Franklin Mint stuff.
C.
mozartbach1971
·9 months agoThe last time silver went up around $50 it didn't last long before it quickly fell, this time it's holding it's value and going up.
tools*
·9 months agoYes, it's always quaint to read old news about $28 for an ounce of silver and Bitcoin reaching $1200.
falconcoins
·9 months agoThese replies are wild. There are some absolutely valid points about the industry having too big a spread and too many middle men. However, if you have any connection to what is happening in the macro investment world and the M1 (not to mention the M2) money supply you will know that all commodities are going to rampage. Even though the original post is over a year old when silver was only $32/oz (now its $67) this move has a ways to go (with sharp nasty $12-16 per ounce corrections along the way). Every major holder of US treasuries is not reinvesting them. They used to be 68% of global reserves now they compose only 52%. https://vaulted.com/nuggets/gold-reserves-vs-treasuries/ What are sovereigns buying instead gold mostly, but recently huge amounts of silver. India just bought $680 billion worth of silver and changed the law to allow silver to serve as collateral for loans--essentially remonetizing the metal. Russian made it an official "high quality asset" and added to its reserves. All of the BRIC countries did the same. Then there is the industrial supply and demand conditions. We are in a major 5+ year deficit while the demand use case is meteoric https://www.statista.com/statistics/1398168/global-silver-demand-for-photovoltaics/?srsltid=AfmBOooZSxibC-q4Kp5OBHt-0cNvPJLvtofMrbe-5OIHszPrK7WT-Wrk . (this data doesnt even include 2025). then you have EV's and their charging stations. Significant number of municipalities have made gas powered leaf blowers illegal. Medical breakthroughs are occurring using silver for its microbial properties. Meanwhile there is evidence that the Banking Cartel has intentionally suppressed the silver market for years https://www.reuters.com/world/asia-pacific/jpmorgan-pay-920-mln-manipulating-precious-metals-treasury-market-2020-09-30/ but have recently lost control as the demand for physical silver (i.e. futures traders standing for physical delivery instead of taking cash premium) is skyrocketing.
And to the poster that said "people buy gold because unlike silver, gold doesn't rust," silver doesn't rust either. Tell me you don't know what you're talking about without telling me you don't know what you're talking about. I've been stacking since it was $12/ounce and grateful. Everyone should have at least 1%-2% of their net worth in gold and silver.
slippinjimmy
·9 months agoPretty funny reading this thread (for the first time) all the posters saying silver is not an investment while in the 18 months since this post silver has gone from a little under $30/oz to over $60/oz currently.
Yes, a terrible investment when it takes 18 months to DOUBLE in value!
redlinear
·2 years agoI'm for sure not gonna sell any of my silver.
Got one a heck of a werewolf problem around here.
dentalsales4u
·2 years agoI just sold 1200 ounces of silver.
When I purchased it a couple years ago, it cost me $30.93 an ounce after fees.
I sold it for $32 and ounce. I feel good that I was able to sell it and make a small profit.
I wanted out from under the silver.
retrogames10000
·2 years agoSilver has turned out not to be a fun investment either,
I called every dealer around trying to close to spot - yeah right!
Based on my readings when I was purchasing silver I understood that most dealers would offer 95% of spot plus perhaps a $1 premium for an ASE
My experiences with all the hustlers near me is to offer 85% or less lol
I think silver will go back to $50 so don't be in a rush to sell 🙂
I'd rather have Japanese video games than silver so funny how priorities change
sin-n-dex
OP2 years agoAt the start of COVID, silver dropped to about $12 an ounce (forgive me if I'm not remembering the correct amount, I just remember it was at about $20 and dropped to half that).
Anyway try getting a dealer to sell you a round for that price!! They were asking $25-30 for an ounce of silver at all the coin shops (ours included) and they told customers if they want $12 an ounce for silver, go buy stock, they're not getting actual silver for that price.
C.
isaiah53-57
·2 years agoInterestingly enough, a couple days before you posted this I found a bag of sterling silver silverware (International/Rogers) at the thrift store - 4 lbs for $10! Thats always fun!
I read up on future projections and see silver prices are predicted to continue to rise - Many theories, but several good quality sources say $70 to $140 by 2040.
I'm adding this bag to my collection and hanging onto it for the time being - Good luck to all you bullion/metals traders.
amricons
·2 years agoSilver is a commodity. In the real marketplace they are generally priced with very small spreads, ie buy/ask. Even as silver goes up, industry will finds ways to replace the metal . The silver market is so bloated with costs, middlemen, etc it is very difficult to overcome them or overcome the load so to speak. It is like the old days of stock commissions etc. What's the load. I even think that once upon a time eBay had smaller fees for bullion etc. I know some of the big sellers have special fee deals with them or at least they had. I remember yeras ago at the LCD paying about 3% spreads in gold coins. One major player is the US Mint if you need to look at some of the changes in the marketplace. The game has been gamed by the US Mint as they are over producing like crazy, kinda like the Sports cards days of the 90's. or any other bubble. In any case, traditionally the price spread was 2-5% between buy and ask and spreads were even closer in many other commodities. But the mint automatically builds in a higher spread on ASE and then you add in other market players and you have to overcome a huge artificial cost spread. Grading for example used to be rare but now being pushed. There are legit reasons for grading buy generally it just adds several layers of cost and in fact has become more cost than the metal itself. The mint has learned the game card producers play ie multiple versions of the same coin for example or like the 52 covers of the same comic if you get my drift, which get graded at the printer before release. You are actually buying a printed mini poster in a plastic holder stapled to a 32 page book.
If you look around there are deals to be had in the silver market. We , a long time ago set our target gain annually at 7% net. It was an easy target once, but now very difficult to achieve. We stopped buying silver awhile ago . In our opinion the US mint today has become the Franklin mint of old. The collectors market follows . Even as solar technology changes, silver's use as an industrial metal has its upside limits. As a storehouse of value, I think bullets are better. Like the Admiral Ackbar in Star Wars says " Its a trap". Just follow the oil market as a template, and oil has far more utility than silver ever will. LOL
goldxxxsilver
·2 years agoSorry to say that for now "Paper Prices"
have met or exceeded "Physical Prices"
I have never seen this!!
Probably should wait and see if this will stand over the next couple months?
chevymontecarlo88
·2 years agoThere is a lot of interest in Silver right now. Not a bad time to sell.
I hold it and will only sell some if i need cash. IMHO Silver has a lot of room to go up.
-Good Luck
sin-n-dex
OP2 years agoThe coins belong to the coin shop and they're asking me to sell, but they also asked me to raise prices on anything currently listed. (It's not bullion, they're silver coins from Caribbean proof sets).
Was curious if any others were dealing in silver or silver coins on here. I did read the demand for silver and gold is increasing.
If my price increases don't result in sales and silver keeps going up, I'll likely return the coins to the shop and let them do what they want with them. Initially they were going to be melted back at $20-22 an ounce, so by having hung on to them this time they've become more valuable.
C.
femmefan1946
·2 years agoIf I have bread, why would I accept useless silver for it? I would rather have apples. Or seed potatoes. Or a few metres of cotton.
If you can't use silver, neither can the baker.
And silver and gold, as Sin points out, fluctuate in value.
Constantly.
Gold is pretty and doesn't rust.
chariot_badges
·2 years agoThe baker would accept silver for his bread because he can use the piece of silver to purchase flour from the mill who will use the silver to obtain sacks to pack his flour in. The baker will give that quarter to the farmer for eggs to make more bread, and the farmer will buy feed for his chickens. Silver is not an investment .. it IS money.
And, yes, silver fluctuates in value ... so does paper money. It is fluctuating down right now at about 3% because of inflation.
Never sell silver or gold. Trade for it when you MUST.
Don't trade it for paper. Trade it for a commodity.
farmalljr
·2 years agoSociety does not function that way. It's not 1824, it's 2024. People having the wet dream that silver and gold will soon return to being currency, need to see a shrink. It's not going to happen. Stick all the money you want in metals, it's your money. When CBDC's are the replacement for money, you'll have lots of silver that will be worthless.
chenz62
·2 years agosilver bug here........but im now realizing decades later this startling revelation: crappy paper is CURRENCY. It makes trade easier. I love precious metals, but the GOVERNMENT doesnt make them LIQUID!! Buying is easy. Selling involves all kinds of crap. To the point of the Baker accepting a silver quarter: He will be out of business because the BANK wont accept silver or gold coins/bullion to pay the rent. The baker will be GONE
chariot_badges
·2 years agoNEVER sell silver.
It is not an 'investment'.
If you want an investment buy Uber stock and become one of the hated stockholders.
Silver will keep you fed and alive when the US dollar collapses and is worth nothing. You'll be able to take a pre '64 quarter to the baker and buy a loaf of bread and not be hungry, like the 'millionaire' that has stacks of worthless paper.
A silver dollar may fill up your gas tank.
That one-ounce silver round may pay your utility bill for the month, so you can stay warm.
The ten-ounce silver bar may pay the doctor to take your appendix out and save your life.
NEVER, EVER SELL SILVER OR GOLD.
It's not for profit, its for when the **bleep** hits the fan. (SHTF)
luckythewinner
·2 years agoLong before the US dollar collapses, the millionaires will have stocked up on guns and canned goods and fuel and tools and medicine in their bunker.
They will have no use for your silver, just as the baker and doctor will not either.
chenz62
·2 years agoI now wholeheartedly agree with this. Problem: where to sell a silver stockpile without getting screwed/taxed up the yin yang
farmalljr
·2 years agoExcuse me while I LAUGH at that foolish dream statement. No bigger lie has ever been perpetuated. Walmart, your electric company, the "baker" and all the like, will NEVER take your silver or gold as payment. That is the dumbest idea I have ever heard. You know why? Because you can't move gold and silver electronically. Walmart owns stores ALL OVER the US. You think they are going to take your metals and just move it like sacks of potatoes? LMAO.
If the dollar ever goes away, you will use CBDC's. Your "money" in the future is digits on a screen, no more physical anything you can hold and hide. No one will accept your metal as payment. Mark my words.
Gold and silver today have a VERY limited place to be used as money. There will be NO place for the common person to use it at ALL as payment in the future.
broto_64
·2 years agoI don't see the electric or water company accepting silver as a form of payment.
If the dollar collapses you'd still have to sell the silver first, for dollars, then use those to pay the utility.
A doctor maybe, but a rural country one whom you know personally for sure.
Your local small town baker may accept silver as well, but definitely not your big city Walmart one.
Other than that silver won't be worth anything when SHTF either.
Silver isn't as much an investment as it is a storehouse of value.
It will be worth more in the future, but in terms of inflation it's about equal to the day you bought it.
But it doesn't lose value like fiat, and to use it you still have to sell it.
toysaver
·2 years ago"Silver will keep you fed and alive when the US dollar collapses and is worth nothing."
Being kept fed and alive is noteworthy in any economy.