Question on Spot Prices for Silver and Gold

DiggerJim

How much Silver or Gold would I need to receive a full spot price. I hunted around a little and could not find the answer and thought I would ask the experts here.

I do deal a lot in copper. Today's price as of now is about $2.81 per pound of copper and I do know for me to get $2.81 I would need 40,000 pounds of #1 Copper.

Right now Silver is $14.35 an ounce. Do I just need an ounce?

Thanks

DiggerJim

Hemispherical

@DiggerJim

Your welcome. Happy Collecting!

Hemispherical

@DiggerJim said:
How much Silver or Gold would I need to receive a full spot price. I hunted around a little and could not find the answer and thought I would ask the experts here.

I do deal a lot in copper. Today's price as of now is about $2.81 per pound of copper and I do know for me to get $2.81 I would need 40,000 pounds of #1 Copper.

Right now Silver is $14.35 an ounce. Do I just need an ounce?

Thanks

DiggerJim

That would depend on where (source) you would buy silver. Yes, it is possible to get it at spot, though usually it might be combined with other offers/rebates. Such as ebays bonuses.

I recommend giving a call to one of the big distributors to find their price point, rarely is it posted online.

JBK

The question is worded in such a way that it makes me believe that you are looking to sell. Is that the case?

I was not aware you could really ever get spot unless there was a premium attached to the specific form of bullion you are selling (popular bullion coins, for example).

DiggerJim

No not looking to sell just wondering how it works. I have to watch copper prices closely of course to sell at the right time. I deal with around 7 others to combine to get the 40,000. Takes two to three months to accumulate.
But just started to try my hand at coin collecting since I'm getting a little long in the tooth and was always intrigued with coin collecting and did not want to sit idle. I am certain the value of all this is not in the meltdown value.

Hemispherical

@DiggerJim said:
I am certain the value of all this is not in the meltdown value.

Are you a stacker or coin collector?

Stackers are generally concerned with the intrinsic value (bullion: bars, coins, etc.) of the metal. Therefore buy low (as close to melt as possible) and hope to sell for more than what it was bought for.

On the other hand, coin collectors place a numimastic value on the coin. Red book, PCGS price guide or recent auction sales are some place to get an idea of the numimastic value of a coin.

DiggerJim

I would like to think I am coin collector. I have only been at this maybe 4 months and I have bought around 10 boxes of coins to hunt (mostly pennies and nickels). I have bought some silver proof sets online for myself and my 1 1/2 year old grandson. I don't plan on selling anything unless I find something worth selling more than keeping. And then just leave it all for my grandson.
This forum has an amazing amount of good information and helpful people like yourself to make the education of coin collecting much easier. I am sure the amount of my ignorant questions will get less and less.
Thanks Hemispherical for your help!!

DiggerJim