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How much premium on an uncirculated $1,000 bag of 90 % silver ?

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  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭

    @bronco2078 said:

    @fivecents said:

    @bronco2078 said:
    personally I avoid dimes like the plague ( :# ) I always buy halfs or dollars if the dollars look good .

    pre 1921 morgans at $20 or less is a good long term hedge. They will be $20 even if silver drops to $13 but if it goes up they will go up , it will break down above 25 I think .

    I don't need to be buying things to flip next week for a 2% gain

    Looks like a $4 + dollar premium on those morgans. Paying extra for that hedge is not for me. I would love to load up on some modern commems near melt, if possible.

    Oh God no , modern commems are a sell from here to the end of time. Never ever buy another . No one wants those , there is no reasonable exit strategy . no modern proof state quarters either . No premier sets , no prestige sets none of any of that garbage

    I like the Commem silver dollars. Same planchet as a morgan dollar. It's all about the silver with me. I'd rather have a modern silver commem dollar at $14 than a worn Morgan at $20. Not saying it's smart, just what I prefer.

  • bronco2078bronco2078 Posts: 10,228 ✭✭✭✭✭

    better learning to like whats sellable , swimming against the current is tiring

  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭
    edited March 4, 2020 6:24AM

    @bronco2078 said:
    $20 is the retail floor on pre 21 morgans , pay less and you have locked in an instant cushion

    Oh Okay.
    I figured if silver goes nuts and goes to $60 an ounce nobody will care. It will all be desirable high dollar silver bullion.
    I'm not a flipper. I buy and hold.

  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭

    IMO, moderns near melt today - will still be moderns near melt in 5 or 10 years - so the more relevant question will be what melt is at that time.

    Say, I've got these gold spouses...…………...any bets on them, bronco? lol

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • bronco2078bronco2078 Posts: 10,228 ✭✭✭✭✭

    @jmski52 said:
    IMO, moderns near melt today - will still be moderns near melt in 5 or 10 years - so the more relevant question will be what melt is at that time.

    Say, I've got these gold spouses...…………...any bets on them, bronco? lol

    the moderns are all tainted by extreme ugliness or pointless subjects. The coin shop guys will beat you over the head with the .999 spouses , oh too soft got a nick on it uh huh .

    When they sell .999 gold is better than sliced bread , when they buy its basically leprosy in coin form.

    My portfolio is the mirror image of the jmski portfolio , no moderns , no slabs, no platinum, no paladium .

    give me circ 64 kennedys at melt and pre 21 morgans at 20. Give me 20 francs and sovereigns and 2.5 pesos at melt and don't come near me with anything that was ever associated with a felt lined box or slab

  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭

    I'd rather have superb BU and supreb Proof 90% silver dollars over worn possiby cleaned with problems circ morgans. I know it's aginist the grain and I'm OK with that..

    The 50 BU rolls x 13.5 face.

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,294 ✭✭✭✭✭
    edited March 5, 2020 7:34AM

    Great price for Unc stuff. Check Grey sheet on bu rolls. The prices exceed melt value FC.

  • streeterstreeter Posts: 4,312 ✭✭✭✭✭

    Hey 5 cents
    Buying dimes and/or comm dollars might make you happy but those are the slowest of the slow when selling retail.
    1. Merc dimes
    2. Morgan dollars
    3. Tie, 64 UNC Kennedys/vf+ Walkers

    I bought comm at $12 & still couldn't give them away. You might as well put the roos dimes in your coffin & take them with you.

    Have a nice day
  • 1630Boston1630Boston Posts: 13,782 ✭✭✭✭✭
    edited March 5, 2020 11:44AM

    180 ounces,
    Impressive to look at @fivecents :)

    Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb

    Bad transactions with : nobody to date

  • ShadyDaveShadyDave Posts: 2,199 ✭✭✭✭✭
  • MeltdownMeltdown Posts: 8,792 ✭✭✭✭✭
  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭

    My portfolio is the mirror image of the jmski portfolio , no moderns , no slabs, no platinum, no paladium .

    Not exactly a mirror image. 15/70/15 here, mostly in Eagles - but Franklins, Kennedys, Spouses, Maples, Gold Commems, Sovereigns and now a few Beasts are all in the mix. I don't see the attraction of silver dollars or classic gold, never have. Slabs are only for fun & amusement - not so much for serious speculation.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • 1630Boston1630Boston Posts: 13,782 ✭✭✭✭✭
    edited March 6, 2020 12:26PM

    @jmski52 said:

    15/70/15 here, mostly in Eagles

    For us new folks, what is 15/70/15....................I'm assuming 15% gold, 70% silver, and 15% ?????
    thanks :)

    PS is the % dollar value or ounces.

    Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb

    Bad transactions with : nobody to date

  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭
    edited March 7, 2020 1:22AM

    @streeter said:
    Hey 5 cents
    Buying dimes and/or comm dollars might make you happy but those are the slowest of the slow when selling retail.
    1. Merc dimes
    2. Morgan dollars
    3. Tie, 64 UNC Kennedys/vf+ Walkers

    I bought comm at $12 & still couldn't give them away. You might as well put the roos dimes in your coffin & take them with you.

    That's a harsh statement @streeter . You need some love in your life.
    streeter's avatar is ironic.

    He had 500 silver dime rolls and they sold fast. The rolls imaged above were the all he had left.

    Stacking is fun.
    Same guy has 362 Morgans @ $16.50 each. Have to buy them all at once.

  • bronco2078bronco2078 Posts: 10,228 ✭✭✭✭✭

    Its tough love man! :D

    I also know a guy who had rolls of statue of liberty commems , he held them all the way up to 45 and back down again and no one ever wanted them, at whatever he was asking , he tried to get me to pay 18 each in 2010 and I passed. He is still alive as far as I know , not sure if he still has them.

    He had 5 or 10 rolls of german 62.5% 10 DM coins too that I passed on, I just hope he got the help he needed :D

  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭
    edited March 7, 2020 4:50AM

    @bronco2078 said:
    Its tough love man! :D

    I also know a guy who had rolls of statue of liberty commems , he held them all the way up to 45 and back down again and no one ever wanted them, at whatever he was asking , he tried to get me to pay 18 each in 2010 and I passed. He is still alive as far as I know , not sure if he still has them.

    He had 5 or 10 rolls of german 62.5% 10 DM coins too that I passed on, I just hope he got the help he needed :D

    I don't sell retail much at all. I rather sell to dealer's at the coin shows.The dealers don't care, They just run it all threw the coin counter. I've never been that much for trying to get every last penny from someone, I just sell when silver is up, so it's all gravey baby.
    All that talk about coins in OP's coffin is serious talk to me, but i don't sweat it coming from a toilet bowl. lol

  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭
    edited March 7, 2020 4:57AM

    What would be a "cheaper" buy price on the PCGS BST forum for unimpaired in the capsule modern commem silver dollars?
    Would love to top off a full bag I started years ago. Sounds like I can buy at a discount?

  • bronco2078bronco2078 Posts: 10,228 ✭✭✭✭✭

    @fivecents said:
    What would be a "cheaper" buy price on the PCGS BST forum for unimpaired in the capsule modern commem silver dollars?
    Would love to top off a full bag I started years ago. Sounds like I can buy at a discount?

    A more evolved, zenlike, approach would be to sell the ones you have now, then spread the cash out on the bed and roll around in it.

    If they have boxes and papers I put them out at $25 in my booth and they sell at the rate of about 1 a month. Even the ones the mint sold for $60 eventually will sell for $25 :D

  • HigashiyamaHigashiyama Posts: 2,192 ✭✭✭✭✭

    @ShadyDave

    Wow, that’s the type of thing that could inspire an impulse purchase!

    I’m guessing it is original and intact.

    Higashiyama
  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭
    edited March 8, 2020 3:15PM

    Most of these silver dollar modern commemorative I bought at $10 each. Back when that is what they melted for.
    Glad I didn't here the "dont buy...they're worthless" advice back then.
    Rule #1 boys... buy when everyone hates it and sell when everybody wants it. Be a contrarian.

    @bronco2078 said:

    @fivecents said:
    What would be a "cheaper" buy price on the PCGS BST forum for unimpaired in the capsule modern commem silver dollars?
    Would love to top off a full bag I started years ago. Sounds like I can buy at a discount?

    A more evolved, zenlike, approach would be to sell the ones you have now, then spread the cash out on the bed and roll around in it.

    If they have boxes and papers I put them out at $25 in my booth and they sell at the rate of about 1 a month. Even the ones the mint sold for $60 eventually will sell for $25 :D

    Too funny.
    You're blinded by selling your stuff retail.
    All boxes and paper work gets tossed out.
    When I sell these commems, I'll be ripping these coins out of the capsules chunking them in a bag and theyll all be impaired while going through my dealer's counting machine as I laugh (all the way to the bank).
    It's just silver man, don't over think it.

  • bronco2078bronco2078 Posts: 10,228 ✭✭✭✭✭

    @fivecents said:
    Most of these silver dollar modern commemorative I bought at $10 each. Back when that is what they melted for.
    Glad I didn't here the "dont buy...they're worthless" advice back then.
    Rule #1 boys... buy when everyone hates it and sell when everybody wants it. Be a contrarian.

    @bronco2078 said:

    @fivecents said:
    What would be a "cheaper" buy price on the PCGS BST forum for unimpaired in the capsule modern commem silver dollars?
    Would love to top off a full bag I started years ago. Sounds like I can buy at a discount?

    A more evolved, zenlike, approach would be to sell the ones you have now, then spread the cash out on the bed and roll around in it.

    If they have boxes and papers I put them out at $25 in my booth and they sell at the rate of about 1 a month. Even the ones the mint sold for $60 eventually will sell for $25 :D

    Too funny.
    You're blinded by selling your stuff retail.
    All boxes and paper work gets tossed out.
    When I sell these commems, I'll be ripping these coins out of the capsules chunking them in a bag and theyll all be impaired while going through my dealer's counting machine as I laugh (all the way to the bank).
    It's just silver man, don't over think it.

    not blinded , I inherited these from my uncle , he had about 40 of the modern dollars but somehow avoided the ones people want , except he did have a baseball dollar.

    he bought wrong on all of them , avoided the buffalo dollar , and always got proofs instead of uncs.

    he bought ugly canadian dollars too. no gold , he bought premier and prestige sets and modern proof sets. I didn't pay for the stuff but I see paper receipts mixed in with outrageous retail prices some have 20 or 30 year old price tags still on them

    The smartest thing he collected was thousands of dollars in forever stamps .

    i loved getting the stuff , I just think it sucks that he got so screwed over by the mint over the years. Such utter trash

  • MsMorrisineMsMorrisine Posts: 33,091 ✭✭✭✭✭

    @bronco2078 said:

    The smartest thing he collected was thousands of dollars in forever stamps .

    a plus only if used for shipping non-first class

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • bronco2078bronco2078 Posts: 10,228 ✭✭✭✭✭

    @MsMorrisine said:

    @bronco2078 said:

    The smartest thing he collected was thousands of dollars in forever stamps .

    a plus only if used for shipping non-first class

    they go up every year. I've sold a few sheets there is a good ebay market and locally business will pay cash for them. They pay better interest than a savings account and its money outside the system generally

  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭

    I'm assuming 15% gold, 70% silver, and 15% ?????

    15% silver, 70% gold, 15% platinum

    Gold has been doing the heavy lifting lately, but the white metals will eventually have their day.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭

    _ I inherited these from my uncle , he had about 40 of the modern dollars but somehow avoided the ones people want , except he did have a baseball dollar.
    he bought wrong on all of them , avoided the buffalo dollar , and always got proofs instead of uncs.
    he bought ugly canadian dollars too. no gold , he bought premier and prestige sets and modern proof sets. I didn't pay for the stuff but I see paper receipts mixed in with outrageous retail prices some have 20 or 30 year old price tags still on them_

    Maybe he sold off all of his good stuff along the way, and what you see is his leftovers. Anyone following me will see some of that as well. Some of this stuff is accurately described as "hey, it's a hobby".

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • bronco2078bronco2078 Posts: 10,228 ✭✭✭✭✭

    @jmski52 said:
    _ I inherited these from my uncle , he had about 40 of the modern dollars but somehow avoided the ones people want , except he did have a baseball dollar.
    he bought wrong on all of them , avoided the buffalo dollar , and always got proofs instead of uncs.
    he bought ugly canadian dollars too. no gold , he bought premier and prestige sets and modern proof sets. I didn't pay for the stuff but I see paper receipts mixed in with outrageous retail prices some have 20 or 30 year old price tags still on them_

    Maybe he sold off all of his good stuff along the way, and what you see is his leftovers. Anyone following me will see some of that as well. Some of this stuff is accurately described as "hey, it's a hobby".

    true he could have left the hard to move stuff behind.

    Lesson for all of us , nothing in a velvet lined crappy cardboard box!

  • ShadyDaveShadyDave Posts: 2,199 ✭✭✭✭✭

  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭

    $29.93/oz. before the outrageous buyer's fee - no thanks.

    Apmex premiums: (new) Silver Eagles in bulk - well over 20% premium (wtf?)

    90% junk silver, $500 face - just over 6% premium

    In light of today's liquidation of practically all types of assets, these premiums have to come down, I would think.

    But, maybe not.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • bronco2078bronco2078 Posts: 10,228 ✭✭✭✭✭
    edited March 12, 2020 6:20AM

    that buyers fee is obscene peak auction

  • ShadyDaveShadyDave Posts: 2,199 ✭✭✭✭✭

    @bronco2078 said:
    that buyers fee is obscene peak auction

    While I agree,GC's fees are more reasonable than 99% of other auction venues. No seller fees for items over $1,000 either.

  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭

    90% junk silver, $500 face - now 9.3% premium.

    Never let a good crisis go to waste.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭

    @jmski52 said:
    $29.93/oz. before the outrageous buyer's fee - no thanks.

    Apmex premiums: (new) Silver Eagles in bulk - well over 20% premium (wtf?)

    90% junk silver, $500 face - just over 6% premium

    In light of today's liquidation of practically all types of assets, these premiums have to come down, I would think.

    But, maybe not.

    The cardboard flap cut to determine date. Kinda kills the cool factor.> @ShadyDave said:

    The cardboard flap cut to determine date. Kinda kills the cool factor.

  • MsMorrisineMsMorrisine Posts: 33,091 ✭✭✭✭✭

    this is a good question for these times.

    what is the current premium on $1000 bag of silver coins?
    how about avg. circ?

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭

    what is the current premium on $1000 bag of silver coins?
    how about avg. circ?

    42.2% seems high.

    Is that right? I was anticipating something like !0% to 15%.

    Based on Apmex sell price of $15,615.60 and silver @ $15.35/oz. x 715 oz./bag

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • cohodkcohodk Posts: 19,147 ✭✭✭✭✭

    @jmski52 said:
    what is the current premium on $1000 bag of silver coins?
    how about avg. circ?

    42.2% seems high.

    Is that right? I was anticipating something like !0% to 15%.

    Based on Apmex sell price of $15,615.60 and silver @ $15.35/oz. x 715 oz./bag

    Depends if you are buying or selling. Kinda like the used car market.

    Physical metals would get so much more love if buy-sell spreads werent so wide.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭

    Physical metals would get so much more love if buy-sell spreads werent so wide.

    Maybe real people are tired of the games being played at Comex.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • taxmadtaxmad Posts: 980 ✭✭✭✭

    @cohodk said:

    Physical metals would get so much more love if buy-sell spreads werent so wide.

    Yes - how dare those dealers want to make a little money and protect themselves from market risks...

  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭

    Fox Business News shows Gold price at almost $20 higher than kitco live market quotes. FBN's Gold price was always the same as kitco until recently. What's up with that?

  • cohodkcohodk Posts: 19,147 ✭✭✭✭✭

    @taxmad said:

    @cohodk said:

    Physical metals would get so much more love if buy-sell spreads werent so wide.

    Yes - how dare those dealers want to make a little money and protect themselves from market risks...

    Yup. like used care salesman, right?

    How can those market makers and specialists trade stocks with spreads of only a cent or less? Those poor people.

    Or imagine if IBM was trading at 110 bid and 125 offer. You think that would attract investors?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • cohodkcohodk Posts: 19,147 ✭✭✭✭✭

    @jmski52 said:
    Physical metals would get so much more love if buy-sell spreads werent so wide.

    Maybe real people are tired of the games being played at Comex.

    Comex is where the most money goes and spreads are narrow.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • derrybderryb Posts: 36,828 ✭✭✭✭✭

    @cohodk said:

    @jmski52 said:
    Physical metals would get so much more love if buy-sell spreads werent so wide.

    Maybe real people are tired of the games being played at Comex.

    Comex is where the most money goes and spreads are narrow.

    Like with oil futures?

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • jmski52jmski52 Posts: 22,863 ✭✭✭✭✭

    Comex is where the most money goes and spreads are narrow.

    Yes, they love when their HFT programs can search out your position and trigger a loss for you, pretty much on demand.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • cohodkcohodk Posts: 19,147 ✭✭✭✭✭

    @jmski52 said:
    Comex is where the most money goes and spreads are narrow.

    Yes, they love when their HFT programs can search out your position and trigger a loss for you, pretty much on demand.

    Is that how it works?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • cohodkcohodk Posts: 19,147 ✭✭✭✭✭

    @derryb said:

    @cohodk said:

    @jmski52 said:
    Physical metals would get so much more love if buy-sell spreads werent so wide.

    Maybe real people are tired of the games being played at Comex.

    Comex is where the most money goes and spreads are narrow.

    Like with oil futures?

    Do you know why those futures went negative?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • fivecentsfivecents Posts: 11,207 ✭✭✭✭✭

    @cohodk said:

    @derryb said:

    @cohodk said:

    @jmski52 said:
    Physical metals would get so much more love if buy-sell spreads werent so wide.

    Maybe real people are tired of the games being played at Comex.

    Comex is where the most money goes and spreads are narrow.

    Like with oil futures?

    Do you know why those futures went negative?

    No storage space to hold all the oil.

  • derrybderryb Posts: 36,828 ✭✭✭✭✭
    edited April 24, 2020 7:16PM

    @cohodk said:

    @derryb said:

    @cohodk said:

    @jmski52 said:
    Physical metals would get so much more love if buy-sell spreads werent so wide.

    Maybe real people are tired of the games being played at Comex.

    Comex is where the most money goes and spreads are narrow.

    Like with oil futures?

    Do you know why those futures went negative?

    Paper buyers who had no place to put the oil except in their basement faced having to take delivery. The music was nearing end and they had no chair. So they basically paid buyers who had storage capacity to take if off their hands before delivery time. Or maybe they sold it to others who also have no storage capacity who thought oil would recover before they have to put it in their own basement.

    My point was that you never know what can happen when it comes to buying and selling promises that are supposed to eventually end with a delivery. Futures participants are so used to handing off their paper to the next guy that actually holding until the day of delivery is just something you don't do. The oil sellers who took the loss never had any intention of taking delivery. With the precious metals it is more likely that buyers who have full intention of taking delivery will eventually force a default when there is not enough to deliver.

    Think about those savings account passbooks. They're just promises. What happens when the majority of savings account holders all show up on the same day wanting their money back? "Quick, somebody call the FDIC." lol

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • cohodkcohodk Posts: 19,147 ✭✭✭✭✭

    How many contracts actually traded?

    This event is more akin to a bake sale with leftover donuts. After everyone has had their fill, the last 3 donuts get thrown away. There were no buyers because they had already left for the day.

    Natural gas has traded in the negative before also.

    And those producers who had sold these contracts 6 months or a year ago can buy them back. Those left with negative value contracts...and there were none at the end of the day...would rather have no taken the oil anyway.

    Trying to extrapolate this into "the entire banking system is gonna fail and the FDIC is screwed" is dangerous, and can influence behavior and critical thinking.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • taxmadtaxmad Posts: 980 ✭✭✭✭

    @cohodk said:

    Yes - how dare those dealers want to make a little money and protect themselves from market risks...

    Yup. like used care salesman, right?

    How can those market makers and specialists trade stocks with spreads of only a cent or less? Those poor people.

    Or imagine if IBM was trading at 110 bid and 125 offer. You think that would attract investors?

    Selling cars - selling metals - selling antiques - all require the buyer to know the market and buy right. Stock traders can operate on a penny or so per share as they usually trade in large lots, have transaction fees outside the price delta and have a lot of other revenue streams related to client services. As for large deltas, thinly traded stocks have some fairly healthy spreads. Take a look at BRK/A...

  • shorecollshorecoll Posts: 5,445 ✭✭✭✭✭

    I have been inside 5 of the 12 Federal Reserve vaults, there is no shortage of cash. If everyone in a town showed up with their passbooks (if they even still have those), they might have to wait for a truck to get there, but that's it. The average Walmart has a staff of 3-5 people just to count cash, which is why their check-cashing fees are low and they push cashback with your purchase, at least during normal times. And that doesn't include the Brinks, etc. cash processing facilities.

    ANA-LM, NBS, EAC
  • BLUEJAYWAYBLUEJAYWAY Posts: 9,154 ✭✭✭✭✭

    @derryb said:

    @cohodk said:

    @derryb said:

    @cohodk said:

    @jmski52 said:
    Physical metals would get so much more love if buy-sell spreads werent so wide.

    Maybe real people are tired of the games being played at Comex.

    Comex is where the most money goes and spreads are narrow.

    Like with oil futures?

    Do you know why those futures went negative?

    Paper buyers who had no place to put the oil except in their basement faced having to take delivery. The music was nearing end and they had no chair. So they basically paid buyers who had storage capacity to take if off their hands before delivery time. Or maybe they sold it to others who also have no storage capacity who thought oil would recover before they have to put it in their own basement.

    My point was that you never know what can happen when it comes to buying and selling promises that are supposed to eventually end with a delivery. Futures participants are so used to handing off their paper to the next guy that actually holding until the day of delivery is just something you don't do. The oil sellers who took the loss never had any intention of taking delivery. With the precious metals it is more likely that buyers who have full intention of taking delivery will eventually force a default when there is not enough to deliver.

    Think about those savings account passbooks. They're just promises. What happens when the majority of savings account holders all show up on the same day wanting their money back? "Quick, somebody call the FDIC." lol

    Calling in your real silver. Kind of like Wimpy in the Popeye cartoon: "I will gladly pay you Thursday for a hamburger today".

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
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