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90% Being Pre-Sold. Has Anyone Seen This Before?

Mike59Mike59 Posts: 294 ✭✭✭

Just went on a couple of coin dealer websites and they are offering $100 bags of 90% for 27X BUT it “will be shipped when in stock”. Seems crazy that they are Pre-selling junk silver. I’ve never seen that before. Why lend them your money? Thought’s?
Mike

MIKE B.

Comments

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Interesting... sell at current prices, deliver when melt drops.... Cheers, RickO

  • dcarrdcarr Posts: 7,884 ✭✭✭✭✭

    If you go to a large coin show, you will likely find a better selection and immediate availability (and a better price).

  • FrankHFrankH Posts: 756 ✭✭✭✭✭

    Far easier to get screwed in a rising market.

  • rte592rte592 Posts: 1,382 ✭✭✭✭✭

    Looks like gambling.

  • Mike59Mike59 Posts: 294 ✭✭✭

    Sorry All I should have said. I’m not looking to buy. I’m a holder and always look around to see what 90% is selling for. I was shocked to see 90% on a pre-sale.

    MIKE B.

  • rte592rte592 Posts: 1,382 ✭✭✭✭✭

    @Mike59 said:
    Sorry All I should have said. I’m not looking to buy. I’m a holder and always look around to see what 90% is selling for. I was shocked to see 90% on a pre-sale.

    Always looking to buy.
    Fifty cents on the dollar of spot or face value is a no brainer :)

  • tincuptincup Posts: 4,721 ✭✭✭✭✭

    More than one place doing ' pre-sale ' for 90%..... something seems to be going on.

    ----- kj
  • SurfinxHISurfinxHI Posts: 2,324 ✭✭✭✭✭

    90% is climbing fast

    Dead people tell interesting tales.
  • MeltdownMeltdown Posts: 8,603 ✭✭✭✭✭

    I stopped by a local shop yesterday and they had probably 50-75 face in mostly dimes & quarters and asking 24x

  • CoinHoarderCoinHoarder Posts: 2,374 ✭✭✭✭✭
    edited April 6, 2023 5:43AM

    .

  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    Spread between real silver and COMEX paper silver continues to grow. What does this tell you?

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • HigashiyamaHigashiyama Posts: 2,133 ✭✭✭✭✭

    @derryb said; Spread between real silver and COMEX paper silver continues to grow.

    I’m not seeing this phenomenon. A quick search of the big retailers seems to show that COMEX bars are readily available for about $1.5 above spot.

    Higashiyama
  • jdimmickjdimmick Posts: 9,576 ✭✭✭✭✭

    Wholesaler i sell too, keeps upping price daily. Funnier story than that, a dealer I know down in the Wilmington area, who pays crap prices for stuff over the counter, called me today and asked if I had any, "told him no I sold it last night to the wholesaler" as they were paying strong, he told me He beat it, to get it, he wasnt BS'in.

  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    @Higashiyama said:
    @derryb said; Spread between real silver and COMEX paper silver continues to grow.

    I’m not seeing this phenomenon. A quick search of the big retailers seems to show that COMEX bars are readily available for about $1.5 above spot.

    100 oz. bars, as usual, are the exception . . . at least until COMEX delivery demand accelerates. This tells us that demand for the 100's remains unchanged. Checked the premiums on 90% lately?

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • HigashiyamaHigashiyama Posts: 2,133 ✭✭✭✭✭

    @derryb:

    I’ve always liked 90%, but that’s because I’m (a) a little sentimental and (b) just a small time buyer!

    Higashiyama
  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    @derryb said:
    Spread between real silver and COMEX paper silver continues to grow. What does this tell you?

    The same thing as 9 months ago when premiums were higher. Nothing. Nothing happened.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    @cohodk said:

    @derryb said:
    Spread between real silver and COMEX paper silver continues to grow. What does this tell you?

    The same thing as 9 months ago when premiums were higher. Nothing. Nothing happened.

    Yes it did. The FED jawboned the markets to believe all is well so PMs dropped. Faith in their lies is once again dwindling.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    @derryb said:

    @cohodk said:

    @derryb said:
    Spread between real silver and COMEX paper silver continues to grow. What does this tell you?

    The same thing as 9 months ago when premiums were higher. Nothing. Nothing happened.

    Yes it did. The FED jawboned the markets to believe all is well so PMs dropped. Faith in their lies is once again dwindling.

    You're right...PMs dropped.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • coinnerdcoinnerd Posts: 489 ✭✭✭
    edited April 25, 2023 3:02PM
         I may have found your answer. A large physical order was filled. $27 million in 90% and $23 million in pre 1933 gold. This wiped out the marketplace of 90% so large retailers are having to presell product they may have purchased but don't have on hand yet. You will also see out of stock flags on some items. 
         This order put a big dent in Pre 1933 gold too. This is also why $20 Libs and Saints are selling for more than Gold Eagles. Currently AGEs $2182, AU $20 Libs $2317 at APMEX
    
  • tincuptincup Posts: 4,721 ✭✭✭✭✭

    Hmmm... who had the big pockets?

    ----- kj
  • SlipKidSlipKid Posts: 49 ✭✭✭

    Big online dealers are selling 90% at 31x face - not just $10 rolls either but $500 bags.

  • CrustyCrusty Posts: 1,060 ✭✭✭✭✭

    @SlipKid said:
    Big online dealers are selling 90% at 31x face - not just $10 rolls either but $500 bags.

    I’m still scratching my head on who is paying 31x

  • inkdiverinkdiver Posts: 53 ✭✭

    I remember pre-2020, you could not even give away for free constitutional. Right now, I am buying foreign 90% constitutional since it's at spot in my neck of the woods. A bit less liquid? Sure, but silver is silver.

  • SoldiSoldi Posts: 2,013 ✭✭✭✭✭

    @Crusty said:

    @SlipKid said:
    Big online dealers are selling 90% at 31x face - not just $10 rolls either but $500 bags.

    I’m still scratching my head on who is paying 31x

    I'm seeing $35/ounce or approximately 25x Face,

  • coinnerdcoinnerd Posts: 489 ✭✭✭
    edited April 26, 2023 7:08AM

    __I'm seeing $35/ounce or approximately 25x Face._

    Are you looking at a local dealer? The major dealers, APMEX and JM Bullion, are over 31X retail. Their buy is close to 22.5X

  • SoldiSoldi Posts: 2,013 ✭✭✭✭✭

    Yes, you're correct that's even higher, but I've seen buy prices higher locally $24/per
    That price you have seen and Now, I too, is approx $44.00 per ounce of silver. This is some high price or premium don't cha think?> @coinnerd said:

    __I'm seeing $35/ounce or approximately 25x Face._

    Are you looking at a local dealer? The major dealers, APMEX and JM Bullion, are over 31X retail. Their buy is close to 22.5X

  • coinnerdcoinnerd Posts: 489 ✭✭✭

    I am thinking the premiums are high, but I also think the paper COMEX and physical prices are starting to diverge. This is showing up in the demand for physical an the higher premiums. I also saw that both raised their premium for ASEs.

  • Mike59Mike59 Posts: 294 ✭✭✭

    Not bad for GUTTER metal. 🤔 Huh?

    MIKE B.

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