impossible to buy silver at actual spot+ prices right now. opinions?
fc
Posts: 12,793 ✭✭✭
I have been calling around to different coin stores, about 6 of
them, for the past two weeks asking about silver bars or rounds.
Everytime I find a store owner who has some in stock they are
asking 165-170 for engelhard 10 Oz bars. I find this price to be
disappointing and they all say the same things.
1. No silver is coming in, therefore, anything they have is still priced
like silver was 16 an ounce.
2. I go online and check other places and they are getting this much
and often say orders are backlogged.. thus i can justify this price.
3. With silver at 13.50 an ounce i have been paying 15 an ounce
to people coming in with it. (ha!)
I am quickly learning that most B&M owners in this area are sharks
and liars. They look at me like I am a naive 30 something year old
and do not realize I probably know more then they do about certain
aspects of this market.
I always do other tests while I am there in person. For example the
price of morgans in certain conditions that make them basically melt
value.
Asking 25 bucks each for morgan dollars that I would never even
consider buying for 18.
It looks like SLV is the only play in town. I wanted to buy silver
at 15-16 an ounce... but i am finding it is impossible, even online,
for brand name bars.
thoughts?
my opinion is that i should just squirrel away cash and lay low for
a while. let the excitement die down and the dust settles. the spread
is ridiculous.
them, for the past two weeks asking about silver bars or rounds.
Everytime I find a store owner who has some in stock they are
asking 165-170 for engelhard 10 Oz bars. I find this price to be
disappointing and they all say the same things.
1. No silver is coming in, therefore, anything they have is still priced
like silver was 16 an ounce.
2. I go online and check other places and they are getting this much
and often say orders are backlogged.. thus i can justify this price.
3. With silver at 13.50 an ounce i have been paying 15 an ounce
to people coming in with it. (ha!)
I am quickly learning that most B&M owners in this area are sharks
and liars. They look at me like I am a naive 30 something year old
and do not realize I probably know more then they do about certain
aspects of this market.
I always do other tests while I am there in person. For example the
price of morgans in certain conditions that make them basically melt
value.
Asking 25 bucks each for morgan dollars that I would never even
consider buying for 18.
It looks like SLV is the only play in town. I wanted to buy silver
at 15-16 an ounce... but i am finding it is impossible, even online,
for brand name bars.
thoughts?
my opinion is that i should just squirrel away cash and lay low for
a while. let the excitement die down and the dust settles. the spread
is ridiculous.
0
Comments
Lock the price in today, take delivery in about 7 days.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
When silver is climbing, the buy/sell spread increases, sometimes dramatically.
When silver is being dumped (i.e., really dumped - not manipulated down with paper) then the buy/sell spread decreases, sometimes even selling at a discount to spot.
You are only experiencing a volatile market from the outside, looking in. If you were "in", you wouldn't be selling at a small spread, either.
On top of that, there is a very real possibility that the prices will rise fast enough that $170 for a 10 ozer will look like a steal in a week. Or not. It's volatile as heck, and there's nothing to be done about it.
You can't get a bargain in this market. If Storm888 is right and silver craters again anytime soon, buy then without hesitation and don't worry about getting skinned. Otherwise you might be waiting awhile, and that might work out in your favor. But - nobody knows at this point. Nobody.
If you think SLV is a way to make money, I'd sure think twice. I'd much rather pay a premium for physical and ride it out. SLV is a set-up.
Added: One thing I used to do when checking around for prices is to ask the buy/sell spread first, without saying whether I was buying or selling. At least then you know who is dealing with the smallest markups.
In this market, they already know that you want to buy, so that won't really work right now.
I knew it would happen.
I'll bet you can find generic 1 ounce rounds much closer to spot.
<< <i>I have been calling around to different coin stores, about 6 of
them, for the past two weeks asking about silver bars or rounds.
Everytime I find a store owner who has some in stock they are
asking 165-170 for engelhard 10 Oz bars. I find this price to be
disappointing and they all say the same things. >>
Have experienced the same thing the last 2 weeks....I started buying at 17 and tried to buy some all the way down....when I could find it.(did find some I was happy to get)..But I am not paying $3-5 over spot...although it may look cheap later down the road....
Here is what I posted on another thread with my search for silver a couple days ago...
>>for a week I have been hitting B&Ms within 50-100 mile radius looking for 10 and 100 oz silver bars......when I go in....I smile...greet the counter people....look around a bit and then ask if they have any 10 or 100 oz silver bars...and what is thier current sell price is?????...they look at me like I am there to rob them....
Had one tell me today...in a pleansant tone, that he pulled all twelve JM 10 ouncers he had since he had too much in them...and could not sell at these levels....I smiled and told him I understood...he was decent about it....but most had body language and voice tones as if I had a black hood on and was carrying a 9mm (it was in the car though)<<
RAH
I've been able to get silver at $13.50 delivered.
No lower unless using the MS/eBay 15% discount and then with the jacked up BIN prices I'm still paying $13 delivered.
About 200 ozs coming in now at an average of $13.25 makes me pretty happy.
Sure $12.50 would be great but I couldn't find any that cheap.
100 oz. Johnson Matthey Silver Bar
$1,464.72 each
Qty
<< <i>teletrade direct has them
100 oz. Johnson Matthey Silver Bar
$1,464.72 each
Qty >>
to be honest, i normally do not lay down that kind of cash on a single
purchase. to put my budget in perspective i am walking around with
about 700 cash in my wallet trying to find a good buy.
i also want 10 Oz bars because that is what I am used to and find
to be a good seller when that time comes.
but you do have a point.. the more you buy the closer to spot you
get.
imagine i have been getting luckier buying old worn commems at
4 bucks a whack at out of the way coin/card stores then .999 fine silver!
go figure!
I am beginning to think it is time to save up cash and find greener
investment pastures or until sane spreads come back. I did not have
this problem two years ago. 1 dollar over spot for 10 Oz bars was
normal. 1.50 at the most. not 5!
<< <i>
<< <i>teletrade direct has them
100 oz. Johnson Matthey Silver Bar
$1,464.72 each
Qty >>
to be honest, i normally do not lay down that kind of cash on a single
purchase. to put my budget in perspective i am walking around with
about 700 cash in my wallet trying to find a good buy.
i also want 10 Oz bars because that is what I am used to and find
to be a good seller when that time comes.
but you do have a point.. the more you buy the closer to spot you
get.
imagine i have been getting luckier buying old worn commems at
4 bucks a whack at out of the way coin/card stores then .999 fine silver!
go figure!
I am beginning to think it is time to save up cash and find greener
investment pastures or until sane spreads come back. I did not have
this problem two years ago. 1 dollar over spot for 10 Oz bars was
normal. 1.50 at the most. not 5! >>
I would have to sell my entire widgit collection to afford that also. I did buy a roll of ASE's from them
Sunday night for 296.00. I thought I was getting taken to the cleaners. But I could not find them anywhere
for under 15.75. My local B@M is still trying to get 19.50...
I quess I did alright though. According to todays price I saved close to 40 bucks buying them sunday..
Local shops here want $21 for an ASE, + or -.
Cull Morgan and Peace dollars for $16, offered $12 he laughed, 13?
I remember just a few years ago cull dollars were 4 or 5 bucks.
Anyone want to sell me a cull roll for $240?
Scott
joe blow off the street....
of course i do not want them at that price either.
i but them at antique stores whenever i see them for 10 bucks.
not very often anymore... 12 at the most.
like i said, i have better luck buying commems at spot :-|
The Exchange manipulation was blantly obvious that these snakes have caused the Exchange to have been given a vote of NO confidence by the holders of physical silver.
Just pretend it is 1872 and you have to buy some silver.
Better Yet, the IDEAL market to guage the price of Silver or even Gold is EBAY!
<< <i>Like I said last week, Paper and Physical have decoupled.
The Exchange manipulation was blantly obvious that these snakes have caused the Exchange to have been given a vote of NO confidence by the holders of physical silver.
Just pretend it is 1872 and you have to buy some silver.
Better Yet, the IDEAL market to guage the price of Silver or even Gold is EBAY! >>
i am not sure ebay is a good place to determine that. too many fees
and ship/handling.
i tend to go by the B&Ms which appear to want 15 an ounce with
a hefty premium on top of that for .999 fine with a brand name.
ebay takes it to ridiculous levels. sometimes/often even more then online
coin dealers are selling it for! that is more then 180-190 a for a 10 oz bar.
I think you must live in a tough area of the country with regards to precious metals. I've noticed for years that there are differences regionally and sometimes they switch around briefly. A few years ago I had to turn down a large lot of 90% from across the country becasue I couldn't move it without a major loss. It was more than I could afford to put away for myself and it was buy it all or none. That sort of thing is rare, but it does happen, even here in Houston where we seem to have the best prices across the board on precious metals. 90% seems to sell high here, while .999 is generally the lowest around the country.
I can buy for spot or just a tad over around Houston. It is beginning to trickle in and the trickle is getting larger.
B&Ms are paying regular Joes .40 to .50 under and they have a list of buyers. My favorite shop, one where I've known the owner well for over a decade can just call me on my cell phone and I'll be right over. If I can't make it right away, my word is good enough. I generally get what he just purchased for very near spot. Off brands for under spot, if I am interested.
I was able to pick up 7 100 ounce Englehards for under $13 an ounce early last week.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
it has me frustrated that I want back in but cannot buy at spot because
the dealers here pimp it like it was rare. They see the news and want to
get greedy.
Part of me enjoys whipping out hundreds of dollars in these dingy coin stores
and when the owner states too high a price i tell him he is insane and walk out.
If that is the way they want to run a business i told him patience is rewarded
and i will spend my money elsewhere!
I have a feeling time will be on my side.
<< <i>dead, those are good deals for PM in hand. I wish i could score that.
it has me frustrated that I want back in but cannot buy at spot because
the dealers here pimp it like it was rare. They see the news and want to
get greedy.
Part of me enjoys whipping out hundreds of dollars in these dingy coin stores
and when the owner states too high a price i tell him he is insane and walk out.
If that is the way they want to run a business i told him patience is rewarded
and i will spend my money elsewhere!
I have a feeling time will be on my side. >>
I think you're right. However, it is becoming somewhat rare and prices are going to have to reflect that sooner or later.
In time all of this will settle down and prices will go back to the spreads we have been used to for the last decade, but probably at higher spot prices.
Right now, it's just bizarre. Who knows how long this madness will last? Shops have a little bullion around, but almost no 90% to speak of, certainly no bags.
I have a standing buy order for Walkers(for another board member) and I've managed to come up with less than 80 pieces in the last several months. That's pitiful. Not many sellers at these prices.
Usually we see a climb and spike starting around the end of August and early September, we'll see if that holds true this year.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
Sure wish I could find such around here.....the local B&Ms spike the price on 10 and 100 oz name bars.....I am in the same boat as fc...I would like to add more silver at these levels and can't find it.....I was lucky to get what I have gotten so far. I am down to calling all the jewelry stores in the phone book and surprisenly have found two 10 bars at a fair price.
RAH
Good question. And we are still in the summer 'doldrums'! Traditionally, the metals start heating up in the fall...... it could get pretty wild before the end of the year.
<< <i>"Who knows how long this madness will last?"
Good question. And we are still in the summer 'doldrums'! Traditionally, the metals start heating up in the fall...... it could get pretty wild before the end of the year. >>
you know, i am thinking about waiting for winter when these people
who are holding metal have to pay their heating bills!!! hehehe
i expect some silver to be let loose to cover these large bills come
the dead of winter, no matter the price. it is a big topic here in NH
where money does not come easy.
<< <i>
You are only experiencing a volatile market from the outside, looking in. If you were "in", you wouldn't be selling at a small spread, either.
This is exactly it. As volatility increases, the spreads widen. For those of us who price options, the prices increase when the volatility of the underlining security or commodity expands. If the market settles down meaning price fluctuations aren't so wild, then the spread will decrease between the price of silver and the price market ups that BM dealers buy and sell it for.
History of the US Constitution Coin Set
<< <i>Might try Kitco >>
FWIW, Kitco is quoting delayed deliveries on many of their products. It seems that demand is exceeding supply.
FWIW, according to The Law Of Supply And Demand, when demand increases and supply does not, prices increase.
FWIW, it is hilarious that certain people expect us "greedy B&M dealers" to purchase huge quantities of precious metals at record high bullion prices just so we can have them on hand to sell when the spot prices crash mightily. I guess we are expected to make it up on volume!!!!!!
advocate and giving us the dealer perspective.
--------------------------------
i thought B&M stores had people walking in to sell silver on a daily basis?
it is that silver people like me want to buy at current spot+. what you do with silver you bought
for 15-16 an ounce is not my problem when spot is 13.33. Should have flipped it faster.
in my experience B&M dealers want all the gravy/meat and none of the bone.
gladly buy at spot or lower but hesitate to sell when prices drop at current spot prices +
reasonable markup.
i call that greed and typical of the breed. any advantage a collector/bullion buyer is negated
by that greed.
apmex does not operate like that because they just want their cut as a middle man. a true
bullion dealer. not an old man behind the counter trying to milk walk in customers.
(and yes, they are always old and the shops usually smell odd. go figure, try getting new
carpet once a decade).
but jokes aside. if silver stays at 13 an ounce for the next 6 months just what exactly
are you going to do with silver you bought at 15 an ounce? sit on it and tie up cash
for that long hoping and praying to the bullion gods that silver will rise and you can
once again make a profit on it?
sigh. of course not. that would be "insane". better to have it sit under a glass case
until a rube walks in an buys 10 ounces of silver for 165-170. that is exactly what i have
come to expect from dealers lately. over priced 90% and bullion. junk morgans for 20-25
bucks! weeee
some days silver goes up and you profit a bit more.
some days silver goes down and you profit a bit less.
it should all average out as long as you flip it fast.
dealers who are sitting on over priced silver got greedy with too high
of sell prices and now are stuck with it... and still trying to get too high
prices for it compared to spot.
-----------
hilarious thought.
fine, you bought 100 ounces of silver at 15 and need to make a profit fine.
silver went down. i feel your pain.
when silver goes up though, you do not mark up your silver again right? right?
hahaha. thought so.
all meat. no bone.
<< <i>edited to add: none of this is aimed directly at CaptHenway. he is playing the devil's
advocate and giving us the dealer perspective.
--------------------------------
i thought B&M stores had people walking in to sell silver on a daily basis?
it is that silver people like me want to buy at current spot+. what you do with silver you bought
for 15-16 an ounce is not my problem when spot is 13.33. Should have flipped it faster.
In quiet times we have a constant traffic in and out. Some days it balances, some days it does not, but in the long run it tends to balance.
In a splunging market most people stop selling because they are waiting for the price to go back up to where it was a day or week or month ago. They tell themselves "As soon as it goes back to 'X,' when I should have sold, I will sell."
Some people carry this to extreme lengths. In 2005 I had a guy say that as soon as it goes back up to $850 an ounce (the January 1980 peak) he would sell. He had been waiting for 25 years.
Conversely, in a splunging market many people try to buy the dip. There is nothing wrong with that, but you have to remember that you are not the only one with this idea. Demand quickly exceeds supply. Premiums over spot go up at both ends of the market.
We are currently selling according to the current spot. However, the premiums have changed. That means that we sell at current spot plus current market premiums.
TD
i understand your problem as a store owner. my parents both owned
a store and a restaurant for 25 years (still own the store) and i know
where you are coming from.
But! I have seen my mother sell things on "sale". For lower then she paid
to buy it. Why? She does not want money tied up in a stale product and
wishes to prepare for the next round (season). She was smart enough
to know that everything sold 3 months prior covered these sales item's
loss.
Obviously a coin store is different then retail in many ways. But if you mark
prices up as silver goes up.. it is only fair to your customers to do the reverse.
Replacement and the costs surrounding it are a pain for dealers... i just think that
the customer should not care about such things. I always hear dealers saying they
will pay a premium for name brand bars, but the dealers i was talking about in my
thread, the local B&Ms, i call and ask what they will pay. They say right around spot
and then turn around and mark it up significantly. It is bullion they say. It has no
special value beyond what the market says.
But when you try to buy right now.. oh how the story changes. It is a rare commodity.
Tough to find. They quickly raise their prices up to the point where it sits and sits!
One guy I bought a few bars from before silver bottomed out is still sitting on his
half dozen engelhard bars, 1 and 10 oz. Still! I bet if i called him today he would still
have them at 17+ an ounce. Why? because i think he is greedy and will wait until
a rube comes in to sell them. I would have bought them all at a slightly more reasonable
price. for example 15-15.50 an ounce.
Right now, i have been picking up single bars here and there at antique/collectible stores
for 14.50 an ounce. Patience is the key and these B&Ms will not get my business.
<< <i>splunging. heh. i like that term. need to remember it.
i understand your problem as a store owner. my parents both owned
a store and a restaurant for 25 years (still own the store) and i know
where you are coming from.
But! I have seen my mother sell things on "sale". For lower then she paid
to buy it. Why? She does not want money tied up in a stale product and
wishes to prepare for the next round (season). She was smart enough
to know that everything sold 3 months prior covered these sales item's
loss.
Obviously a coin store is different then retail in many ways. But if you mark
prices up as silver goes up.. it is only fair to your customers to do the reverse.
Replacement and the costs surrounding it are a pain for dealers... i just think that
the customer should not care about such things. I always hear dealers saying they
will pay a premium for name brand bars, but the dealers i was talking about in my
thread, the local B&Ms, i call and ask what they will pay. They say right around spot
and then turn around and mark it up significantly. It is bullion they say. It has no
special value beyond what the market says.
But when you try to buy right now.. oh how the story changes. It is a rare commodity.
Tough to find. They quickly raise their prices up to the point where it sits and sits!
One guy I bought a few bars from before silver bottomed out is still sitting on his
half dozen engelhard bars, 1 and 10 oz. Still! I bet if i called him today he would still
have them at 17+ an ounce. Why? because i think he is greedy and will wait until
a rube comes in to sell them. I would have bought them all at a slightly more reasonable
price. for example 15-15.50 an ounce.
Right now, i have been picking up single bars here and there at antique/collectible stores
for 14.50 an ounce. Patience is the key and these B&Ms will not get my business. >>
I think we are talking about very different animals here. Those being the small local dealers and ones like us who are considerably larger. We have held our premiums as close to stable as possible but for things like 100 Ozers our premium has gone up significantly on both the buy end and sell end. I would be very comfortable paying 50 cents over on a moderate quantity of eng/jm bars whereas 6 months ago I was paying in the 50 cents back to around spot for them. I don't know who these dealers are that you are talking about but it seems like there are generalizations being made in regards to dealers based on small time dealers. During the splunge I bought 5 100s on spec at around 1700 and with premium I sold them for 1550. I did sell them for a loss because Spot plus Market Premium was lower. I wasnt going to sit on them until I could sell them for 1700. The only reason to ever sell this material at a loss is if this condition is met. However, if we have to sell it for less than replacement cost we just won't sell it. Replacement cost can be very different than what we paid for it.
carpet to the strip mall/main street types.
one out of six, i find to be honest and fair in my area. the rest are
very sketchy to say the least.
the rest of the stores i call once a week lately are too far out of my
range to visit them on a whim.
I dont hold period!
<< <i>By the way, I feel another drop coming very shortly~ >>
agreed. that is why i did not order hundreds of ounces of silver
from sunshine or northwest mint today. if delivery is 8 weeks away
i think i can risk being patient for a large drop.
<< <i>By the way, I feel another drop coming very shortly~ >>
Mid to late September. We see it every year.
BTW, I see it slowly climbing back from that and a spike in late November and early December. Continued rises through the early part of next year.
The scarcity factor is going to rear it's head, it's real and it's going to dictate prices in time. Let's say no more than 12-18 months at the outside and I expect prices to eclipse anything most of us are thinking.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
That goes for gold too. I found some common MS60ish Morgans, for $35 each, I'll pass.
One shop had 08 ASE's for $20 each, no deal on a roll, offered $350, denied.
Another shop had a few slicked up 21 Morgans, offered $12.50 each, denied again. Owner wanted $16 a piece.
So I had a very unproductive day trying to locate some silver, and had to BS my boss to do it, in the form of a doctor's
appointment
Anyone want to sell me some cull rolls of 90% dollars, Morgan or Peace?
Have some rectangular pieces of paper with ink on it, and will trade for silver.
Scott
months from now we may have more then enough.
No 1oz, 5, 10s, etc!
I did find 1 silver round that I bought for 14.74 but thats it. Sure hope some people start letting go so I can stock up.
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<< <i>In my area, there are no silver bars at all except for maybe a 100 oz bar which I don't have the money to buy.
No 1oz, 5, 10s, etc!
I did find 1 silver round that I bought for 14.74 but thats it. Sure hope some people start letting go so I can stock up. >>
Hi...where are you located?
RAH
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<< <i>RAH, I am in Northern California. >>
Drats.....was hoping you were near by and that I could possibly look into the 100 ouncer you knew about....thanks though.
I got to look at the 100 oz today but no cash for that. lol Only had enough cash for a 1 oz silver round
But no other silver bullion, everything is gone. I will check another place near my area to see but seems like everyone is buying up and noone wants to sell.
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<< <i>splunging. heh. i like that term. need to remember it.
From Monty Python.
<< <i>In my area, there are no silver bars at all except for maybe a 100 oz bar which I don't have the money to buy.
No 1oz, 5, 10s, etc!
I did find 1 silver round that I bought for 14.74 but thats it. Sure hope some people start letting go so I can stock up. >>
That is exactly the point, the stuff is not out there. Dealers are pricing it through the teeth and they can't keep it in stock. That means that the market is dictating the higher price. The physical market is dictating one price while the paper market is saying something else. Someone said that a few months from now the madness will be over. Maybe and in that case so be it. But until the market hits an equilibrium as it was before, you have to either pay up or stop complaining and not get anything
<< <i>rah, thanks for the welcome!
I got to look at the 100 oz today but no cash for that. lol. >>
I am way out here on the east coast...you mind me asking what the asking price was on the 100 oz you saw today?
Today the one I saw at another place, I believe they wanted 1475 for it.
Mike
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<< <i>
<< <i>In my area, there are no silver bars at all except for maybe a 100 oz bar which I don't have the money to buy.
No 1oz, 5, 10s, etc!
I did find 1 silver round that I bought for 14.74 but thats it. Sure hope some people start letting go so I can stock up. >>
That is exactly the point, the stuff is not out there. Dealers are pricing it through the teeth and they can't keep it in stock. That means that the market is dictating the higher price. The physical market is dictating one price while the paper market is saying something else. Someone said that a few months from now the madness will be over. Maybe and in that case so be it. But until the market hits an equilibrium as it was before, you have to either pay up or stop complaining and not get anything >>
one could call silvertowne right now and load up on "junk bullion"
rounds for all they want at 14ish. silver is easily available if you goto
the people who have it. it is the form of bars in well known names
is the problem.
there is no shortage. that is pure hype. silver is out there for the buying if you really want it in unusual forms. paying more then 15
an ounce right now is not doing yourself any favors.
it took me a few hours of research and some phone calls to realize
my thread topic should be changed to: impossible to buy silver
at actual spot+ prices from coin stores.
<< <i>
<< <i>
<< <i>In my area, there are no silver bars at all except for maybe a 100 oz bar which I don't have the money to buy.
No 1oz, 5, 10s, etc!
I did find 1 silver round that I bought for 14.74 but thats it. Sure hope some people start letting go so I can stock up. >>
That is exactly the point, the stuff is not out there. Dealers are pricing it through the teeth and they can't keep it in stock. That means that the market is dictating the higher price. The physical market is dictating one price while the paper market is saying something else. Someone said that a few months from now the madness will be over. Maybe and in that case so be it. But until the market hits an equilibrium as it was before, you have to either pay up or stop complaining and not get anything >>
one could call silvertowne right now and load up on "junk bullion"
rounds for all they want at 14ish. silver is easily available if you goto
the people who have it. it is the form of bars in well known names
is the problem.
there is no shortage. that is pure hype. silver is out there for the buying if you really want it in unusual forms. paying more then 15
an ounce right now is not doing yourself any favors. >>
You are right. It is the name brand bars. But there is really nothing we can do about it. About 4 months ago with silver high, I had 2 102 oz unknown bars I was offering to one of my silver guys at spot. We bought them in cheap (relative to JM/ENG) because they were ugly and were trying to give the guy a deal. He passed and took a few Eng 100s at .60 over. Someone has convinced people that they need either Engs and JMs. Considering I dont think either is producing them anymore this is a real problem. I offer my customers US90 reasonably and they would rather pay what amount to insane premiums for the 100s. The people on this board are angry and frustrated because they are being forced to pay a big premium for the big bars. It is not Us (the people who are coin people) who are driving the price up, it is the investors who are told they have to get something specific. Coin people should just buy whats cheap and not complain. Bags of US90 are readily available at $1 per ounce or less (depending on availability) over spot. Those of us who are complaining are just being stubborn and not using the knowledge that we have and 99.9% of the world doesnt. If you want ENG/JM 100s fine, be like everyone else and put up with insane premiums. If not stick to what you know, learn to multiply by 715 and get your silver.
Edited to add... It should be from SOME coin stores
David
and JM as thee standard for bar form silver when they cannot get
a continued supply for it? It is very self defeating when you think about
it. I think the last time JM and Engel made a 10 oz bar was 1982ish.
you have a point though. some coin stores... especially the ones
in my area :-|
like silver was 16 an ounce.
Its funny how I have never paid a few dollars UNDER melt for silver at a shop because the dealer happened to have bought that "stock" when silver was much cheaper!
<< <i>1. No silver is coming in, therefore, anything they have is still priced
like silver was 16 an ounce.
Its funny how I have never paid a few dollars UNDER melt for silver at a shop because the dealer happened to have bought that "stock" when silver was much cheaper!
Actually, I have. Depends on your relationship with the B&M shop. There have been times when they were overstocked and since they paid well back of spot, and they needed to move inventory, select customers have been offfered .999 at below spot. I've purchased it several times like that and I know I'm not the only regular the store called.
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fc,
As far as Englehard and J&M, they are the ONLY two bars produced that are recognized as authentic by COMEX.
That's the reason, they are the only two.
Certainly the generic brands, take your pick there, are authentic. Still, it's the "seal of approval" given by COMEX that is what makes the difference.
Of course, Englehard has been out of business for many years and while J&M still produces bars, it's in exceedingly low quantities.
For better or worse, that's the reason. Been that way for decades and it isn't going to change.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff