What are you paying for sterling?
zski123
Posts: 256 ✭✭✭
I'm curious what others are paying for scrap sterling. I've been buying sterling at what I perceive is a nice discount. And yes...we all know the purity of sterling and how to calculate it against spot.
I've been buying a lot at what I believe to a fair discount. Just wondering what others are targeting as a discount to spot
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I have picked up a couple of pieces at yard sale prices.....just because it seemed better to take it than to leave it....No great windfall, but will not lose anything either. Cheers, RickO
The problem I have selling Sterling is that I have to charge tax on it. Id rather my customers buy 90% and cheap bullion. They can amasses many more ounces that way. Rarely do I get to add to my collection of Sterling, but when I buy from work I do so at melt...plus tax.
@taxmad
Its no laughing matter. In the State of North Dakota I can sell precious metals in 999+ form and charge no taxes. That saves my customer 7.5%, over time thats can add up.
@jinx86 - the lol was for the last part of your post
I buy interesting/intricate items from my LCS at melt. I bought a nice serving fork and a couple of other little things last time I was there. I have a 5 gallon home depot bucket in my basement that I chuck it in and forget about it...
I pay melt at two shops. I usually buy spoons & forks for lost wax casting. Occasionally I encounter a pretty or unusual item like a British sewing box that I keep.
Got quoins?
It's interesting to read most everyone pays melt vs. stating they only buy below melt. I made really good margins buying American coin silver especially southern (pre-civil) war.
I buy it over the counter at 75% flatware, bars, coins,
jewelry 70%
I sell it at 78% Jew & 82% Flat/coin
that's actual weight x spot x percentage Not weight x .925 x spot x percentage
It depends on the deal, but typically 70% of melt is our over the counter bid. Someone brings in a decent amount Ive paid as high as 90%. Really cool things I want 100%.
.40 a gram
75-78% of melt. The cost of chemicals, and the process of getting it back to .999 makes expensive at that price, though.
I gotta say : it is fun in the lab.
I collect this pattern: Orange Blossom by Alvin. Issued in 1905. Would be sad to see it melted. Beautiful example of heavy Art Nouveau.
He who knows he has enough is rich.
I just bought 4 Franklin Mint 1000 Grains sterling Ingots yesterday from LCS . Paid 90% of melt. My LCS guy is very fair. Problem is that FM usually makes stuff in grains not ounces so I'm concerned that when I do want to sell, people wont know how to do the math into Troy Ounce
MIKE B.