$25 an ounce for AG?

isaiah58

Scottsdale has its base generic 1oz bars and rounds listed for just under $25 an ounce, 5x 1oz buy it now. On one of their few auctions, which just closed, someone bid 127.50 for 5x 1oz bars.

Before the collapse, $19 an ounce was the norm, a few instances of auctions closing around $20.

I think the news is right. The friends we all have been telling to own silver, the ones that ignored us and did not educate themselves, are entering the market. I think one dealer said that over 50% of the inquiries they have begun to receive are buyers that are new to this market and willing to pay whatever it takes.

That is also why there are so many Facebook and Google ads, many offering fake silver products as real.

PerryHall

When things get back to normal, I'll certainly remember those companies that engaged in price gouging during this crisis.

MsMorrisine

that's pretty much everyone

MilesWaits

Yes all of my typical online dealers like provident and bullion exchange and APMEX are hitting it hard on their premiums. Often at least five dollars an ounce above spot on silver with unknown shipping time.
This is a bad time to all of a sudden want to buy. Unless, it just continues to zoom up in price.
It’s a beautiful thing for the dealers when they can sell significantly above spot price for a product they have yet to receive or know when they can ship.
Oh I would be using credit card only purchases at this time. The downside of eBay is the premium tends to be higher but with better insurance.

isaiah58

I was thinking that the dealers that keep perpetual listings, based on X over spot, just updated their premium. When spot plummeted, several of them did not have proper stops in place. The danger of Buy it Now listings from the sellers side. I do not blame them for protecting themselves at this point. Buyers can not be price gouged if they do not actually buy. It is like the old man that puts his old Corvette on the corner every summer. He is not price gouging, he just wants to talk to people. In the case of eBay, when someone buys or bids then they are the market at the moment.

philographer

Bought paper silver. Locked in the low price, easy to exit.

isaiah58

@philographer said:
Bought paper silver. Locked in the low price, easy to exit.

My concern was paying taxes as paper is going to generate a tax reporting document. I'd loose all gains, not sure how people can day trade unless they have tens of thousands of dollars to risk and can make enough to overcome the taxes.

Baley

Every time the world ends, some brand new collectors buy their very first pure silver fetish objects, and they gotta have that kind right there, right now! and they have to pay the asking price, no matter how odd that seems to those of us who already have a lot of different and plenty of such objects from Getting Ready for the last time the world ended 😉

philographer

@isaiah58 said:

@philographer said:
Bought paper silver. Locked in the low price, easy to exit.

My concern was paying taxes as paper is going to generate a tax reporting document. I'd loose all gains, not sure how people can day trade unless they have tens of thousands of dollars to risk and can make enough to overcome the taxes.

Thanks. Couple thoughts.
1. Roth IRA so no taxes 😀
2. With an ETF you can buy near spot, sell near spot. Let’s say you buy in a taxable account, and then lock in a short term profit. The taxes you pay with an ETF transaction could be less than what you pay after you buy for 30% over spot and sell X % below spot.

rte592

@MsMorrisine said:
that's pretty much everyone

It ISNT PRICE GOUGING.....
They put a price on the item....YOU decide if you want to pay the price.
IT'S NOT like you need it to see the sunrise tomorrow.

derryb

@isaiah58 said:

@philographer said:
Bought paper silver. Locked in the low price, easy to exit.

My concern was paying taxes as paper is going to generate a tax reporting document. I'd loose all gains, not sure how people can day trade unless they have tens of thousands of dollars to risk and can make enough to overcome the taxes.

I don't have a problem with paying taxes. It means I'm making profit.

Mesh

@rte592 said:

@MsMorrisine said:
that's pretty much everyone

It ISNT PRICE GOUGING.....
They put a price on the item....YOU decide if you want to pay the price.
IT'S NOT like you need it to see the sunrise tomorrow.

I DON'T GET CAUGHT UP IN THE HYPE, I HAVE ENOUGH SILVER FOR NOW

jmski52

The main reason that I (usually) buy physical instead of paper silver is that it forces me to slow down and go through several extra motions when making a move. With this much volatility, it doesn't pay to churn the account.

Jinx86

@rte592 said:

@MsMorrisine said:
that's pretty much everyone

It ISNT PRICE GOUGING.....
They put a price on the item....YOU decide if you want to pay the price.
IT'S NOT like you need it to see the sunrise tomorrow.

Hes right though. Buying silver from other dealers, we've been having to pay $4 over spot for f'ing 100 oz bars and $5 over on small stuff. I think I saw Gold Eagles trading hands at $80 over. Its not like you can get anyone to sell physical at the moment. Unless they are a dealer who hedges their buys.

derryb

panic buying is the worst kind of buying.

ranks ahead of grocery shopping on an empty stomach.

isaiah58

@derryb said:
panic buying is the worst kind of buying.

ranks ahead of grocery shopping on an empty stomach.

I'd pay a premium for a professional haircut

cohodk

I can't believe ive agreed with 2 of derryb's comments on this thread. He's beginning to understand. Lol

ricko

Panic buying in everything from PM's to TP.... Those of us who ignore the hype, but have common sense, have acquired reasonable resources over time and are comfortably ensconced, watching the human drama unfold. Cheers, RickO

derryb

I'm selling a bit to the panic buyers and I'll buy it back when the panic is over.

jmski52

_I can't believe ive agreed with 2 of derryb's comments on this thread. He's beginning to understand. Lol
_

I've noted this date in history, March 26th, 2020.