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Question on selling silver.
ajaan
Posts: 17,112 ✭✭✭✭✭
My brother has about 200 ounces of silver he's looking to sell. What percent of spot should he be able to get in this market? TIA
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CU #3245 B.N.A. #428
Don
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depends completely on the form of silver he has. Different products bring different premiums. A check of completed sales of similar items on ebay will give him an idea of what buyers are paying retail. Wholesale will be less and likely below spot.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Mainly 10 oz bars.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
even 10 oz bars have different premiums, depending on the bars. RCM bars are among the best.
Keep an open mind, or get financially repressed -Zoltan Pozsar
sell them for him here on the forum, price them below what they have sold for on ebay.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Check the bst, perhaps you could help him sell there. I would avoid ebay, any or most of the premium you realize is eaten right back up via fees, shipping, packaging costs etc. I've been getting spot +$5 on ASE's, 18-18.5x on 90%, local no fee cash.
The whole worlds off its rocker, buy Gold™.
I agree for you to sell them on the BST on behalf of your brother
Young Numismatist/collector
75 Positive BST transactions buying and selling with 45 members and counting!
instagram.com/klnumismatics
I have bought from ajaan several times over the years on the BST. Always good prices, nice coins and smooth transactions.
However, I do not know what percent of spot ajaan's brother should be able to get for his silver in this market.
even though they are just silver bars, take a quick pic and post it.
The BST is a very good venue.... no fees, never had an issue buying there...Might even sell something there soon. Cheers, RickO
I have never sold any precious metal below spot though I used to buy placer gold nuggets from 1.5 - 3.5 grams for 85% and sell them on Ebay! That was a lot of fun. My buddy and I would buy 6 - 12 oz. At a time. One guy liked it so much he sent me 2 gifts a 1/10 age and 5 liberty!
That sure would be a first
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
Not quite a first....I have sold some Britannia's back when gold was at it's peak...Cheers, RickO
That sounds like a win,win,WIN.
Curious What happened to end that venture.
I've always thought the best place to sell is the end user (Art bar Collector in my case)
Anyone know of any other ways to find Art bar collectors other then social media?
Especially for 10 oz bars. Those FLY off the shelf in most shops.
Any poured bars? I may be interested in those
Ebay got greedy they started making you use paypal plus the one buyer apparently got saturated or died I can't exactly remember what happened to him. I think I've sold less then 6 things on ebay since then, mostly high end guitars, no gold or coins. That must have been 12-15 years ago.
eBay will charge the buyer sales tax based on their state. The most risk is the buyer complains about the product as PayPal will decide with the buyer most of the time. Any extra one might realize on eBay is mostly eaten up by the seller and PayPal fees. If the seller includes shipping, there is a chance to realize a little more after all costs than by making the buyer pay shipping.
On the grand scheme of eBay, buyers bid higher per ounce on smaller lots than larger lots.
Many private sellers are afraid of their items selling too low on eBay, so they start with a high opening bid. This attracts less bidders than just starting at .01 or ,99 and attracting a crowd.
If you LCS is available, even by appointment, ask for an offer over the phone.
Put a list together, otherwise they will make a offer based on generic only. The better you can describe and represent the items, the more confident offers you will receive.
His local coin shop in Syracuse offered him 90% spot.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
90%??!!
sell for him on BST
Unfortunately I don't have the bars in hand.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
How about some pictures of what he has?
Would be better to give a more accurate estimate of what the lot is worth....if anything over melt.
You can get spot +$5 pretty much anywhere right now. His local shop is trying to rip him.
I should have some of the bars Friday and I'll post them either here or on the BST board.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
90% spot sounds way too cheap. That said, I checked Midwest Refineries and they offer 92%, so maybe the local store isn't making a market but selling to a smelter.
I'm in a facebook group and a dude with RCM gold bars (1 oz) was (as in yesterday) being offered $1300-$1500 from the local pawn shops and $1786 from a jeweler who was also going to charge him a fee for filling out an 8300 form. Ugh. I pointed him to APMEX, JMBullion, and even Midwest Refinery. Of course all the facebookers were fussing at him having physical gold and how hard it is to sell. Um no, super liquid, you just need a plan! Unlike that Indian (the country) jewelry I was asking about earlier (which was just a tad more esoteric) there is nothing complicated about a 1 oz RCM bar!
In any case, it sounds like the run up is bringing out the scammers. Your brother is lucky you can try and move them here. I suspect there will be no problem doing so! I might even be interested in one...and if Ajaan does list on the BST thread, he is a stand up guy if you don't know him.
Thanks Stork
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'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
Are bars from Silvertowne, Matthy Johnson, Canadian Mint, and Sunshine considered 'generic'?
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
In my opinion, any bar issued by a government mint would not be generic
I would include bars bearing the name of a major refinery as also not being generic.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Thanks.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
Johnson Matthey is top tier. Engelhard is top tier also.
two of the largest PM refineries in the world.
Keep an open mind, or get financially repressed -Zoltan Pozsar
OK, you guys aren't helping to keep the silver price suppressed
I know were on ajaan time, BUT show us the goods...lol.
I made a run by the G&S store after work and they were gone for the day shortly after 4pm.
Hmmm, used to be open till 6pm.
Summer hours I guess.
Figured I'd check in, see if they recognized me in a mask and look see IF anyone sold off any cool older bars.
These were the good olds days a few years back.
This is the best brand.
You can break off pieces for small purchases.
Not a good time to sell, imho. Wait and you'll be very happy you did.
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Is it appropriate to list silver bars on the US coin BST?
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
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'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
You could use the US BST. But there is an ongoing monthly thread here...August BST. You are more likely to get seen by the interested people. Or post in both.
Mostly newer generics.
A couple that might bring a few more bucks...
The wallstreet bar is nice.
Johnson matthey bar then the Royal Canadian.