Tuesday 9/16 Search for bullion silver
rah1959
Posts: 964 ✭
Spent all day searching for silver in my locale...(Virginia). Visited 5 jewelers, 2 Pawn shops, 2 coin stores.
There is no 10 oz bars available....and if there were...they are running about $3-5 dollars OVER Spot....and can be sold at that in seconds, I was told.
There are no small size bars at all (1, 5, 10, 20, 25oz), found some generic 1oz rounds at $4.00 over spot, and some mix dated common date ASE for $5.00 over spot....all from a dealer with MUCH experience in bullion buy/sell.
I got two 100 oz bars today for .75 cents over spot and am grateful to have paid that. Main reason I got them at a decent price I believe is that I used $700 face of 40% halves to trade for the two big Engelhards and he seemed eager to get them (perhaps to divy out in smaller bag units and mark up the over spot margin....whch is smart since most people walking in the door are more willing to by $50 and $100 face bags....than $1000 face bags???)
What little bit of silver scrap I found at 3 of the jewelers was way over priced...and I passed on it.
One coin store employee was buying 90% US coins from a lady customer at the counter....my ears listened into the conversation and offers and he was both informative, helpful and fair on his offer. (i've always felt it was a fair shop)
Well...that is how I spent my day off.
RAH
There is no 10 oz bars available....and if there were...they are running about $3-5 dollars OVER Spot....and can be sold at that in seconds, I was told.
There are no small size bars at all (1, 5, 10, 20, 25oz), found some generic 1oz rounds at $4.00 over spot, and some mix dated common date ASE for $5.00 over spot....all from a dealer with MUCH experience in bullion buy/sell.
I got two 100 oz bars today for .75 cents over spot and am grateful to have paid that. Main reason I got them at a decent price I believe is that I used $700 face of 40% halves to trade for the two big Engelhards and he seemed eager to get them (perhaps to divy out in smaller bag units and mark up the over spot margin....whch is smart since most people walking in the door are more willing to by $50 and $100 face bags....than $1000 face bags???)
What little bit of silver scrap I found at 3 of the jewelers was way over priced...and I passed on it.
One coin store employee was buying 90% US coins from a lady customer at the counter....my ears listened into the conversation and offers and he was both informative, helpful and fair on his offer. (i've always felt it was a fair shop)
Well...that is how I spent my day off.
RAH
0
Comments
Silver is getting very hard to locate near melt. One must wonder how long it will linger at this price. I found a good source for bullion right at spot when they have it, the trick is catching it in stock. There is a decent bit coming in about a month so I hear, I'll be there.
<< <i> I found a good source for bullion right at spot when they have it, the trick is catching it in stock. There is a decent bit coming in about a month so I hear, I'll be there. >>
My face and name are known in all the places I visit....during "normal" times I may check in once or twice a month.....now I visit once a week and call twice a week. I leave my name and phone number with EVERYONE I talk to and ask them to call me if something comes in........I seldom get a call......but I hear all too often....."oh...silver bars? yeah...had two 10 ounce ones yesterday but sold them".............but I received no call...and my track record proves I will buy.....my "gut feeling" tells me that there really never was "two 10 oz bars" in many cases
Any hooooo...I too think this level is a decent buying level. I have a price I will not pay over spot....and I stick to it. I allow the seller a decent over spot margin.....but no way am I going to pay "ebay" price for silver. I hunt and search....wheel and deal....all with a smile and friendly attitude.
RAH1959
<< <i> ....all with a smile and friendly attitude.
RAH1959 >>
That can often bring savings in many cases. It's surprising how far a good attitude and approach will get you. Not to mention the "stuff under the counter" not everyone sees.
Here is my report:
store 1: don't go there very much and they have nothign. No rounds or bars. nada
Store 2: go there a lot. They were holding 3 silver rounds for me. These were canadian bullion coins (not maples). I liked them and bought them. While I was there, a man came in with 2 10 oz bars. I picked it up that instantly for 12/oz. Sometimes it pays to be there at the right time. While I was talking to the owner, many people were calling in asking if he had silver and he didn't have anymore.
store 3: I usually go there because they deal in jewelry mostly. I am able to get a killer deal on scrap sterling from them and sell it for more!
Nada.
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
<< <i>Store 2: go there a lot. They were holding 3 silver rounds for me. These were canadian bullion coins (not maples). I liked them and bought them. While I was there, a man came in with 2 10 oz bars. I picked it up that instantly for 12/oz. >>
Super buy!.....and great timing.....10 oz bar for $12oz is just great.....locally...the dealers are paying $1 to $3 OVER spot...and selling at $4-6 OVER spot for 10 ouncers...and selling them as fast as they can get them....if they get them at all...................ebay they are listed at anywhere from $179 to $229 each.....you got it for $120...fanastic.
Keep up the good work!
RAH1959
<< <i>rah congrats!! I am very envious as I want to own a 100 oz engelhard
PM me. I'm sure we can work something out.
Finally back after the hurricane, I'm one of the lucky ones to even have power, much less an internet connection.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
<< <i>Finally back after the hurricane, I'm one of the lucky ones to even have power, much less an internet connection. >>
Glad you are ok and back with us....have enjoyed reading your posts of your adventures buying and selling silver over the past years.
RAH
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
<< <i>
<< <i>Finally back after the hurricane, I'm one of the lucky ones to even have power, much less an internet connection. >>
Glad you are ok and back with us....have enjoyed reading your posts of your adventures buying and selling silver over the past years.
RAH >>
Thanks!
It's much worse down here than the national news is telling folks. They can't count the bodies, can't even find most of them......... not kidding. It was much bigger and stronger than the NOAA predicted and it got stronger, not weaker. 12 straight hours of 112 MPH winds with gusts up to 137 in my neighborhood in west Houston. The western half of Galveston island is gone! No mas! Crystal Beach is gone as well and half of Bolivar Island is gone. There were 30,000 people there alone. Buildings near the coast that were constructed to withstand 200 MPH winds are all destroyed, completely gone!
No power for over 6 million still, no water, no gas, no ice, no phones of any type, no mail, no nothing. FEMA ran out of water, ice and MREs two days ago. Could be a month before power is restored to most of the city, longer in east Texas. I don't think the officials want to admit how badly they underestimated this thing. I've been through a few supposedly worse Hurricanes, but they were nothing like this. The size was ungodly and the sustained winds and surge was just too much for the infrastructure. There were 27 foot whitecaps on top of a 22 foot surge in the Houston Ship Channel!!
I've got plenty of property damage myself including my neighbor's 40 foot oak tree on one of my VR-4s and I'm one of the lucky ones.
It made Carla look like a spring rainstorm.
It will take months to assess this. It's a war zone here.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
<< <i>Thanks!
It's much worse down here than the national news is telling folks. They can't count the bodies, can't even find most of them......... not kidding. It was much bigger and stronger than the NOAA predicted and it got stronger, not weaker. 12 straight hours of 112 MPH winds with gusts up to 137 in my neighborhood in west Houston. The western half of Galveston island is gone! No mas! Crystal Beach is gone as well and half of Bolivar Island is gone. There were 30,000 people there alone. Buildings near the coast that were constructed to withstand 200 MPH winds are all destroyed, completely gone!
No power for over 6 million still, no water, no gas, no ice, no phones of any type, no mail, no nothing. FEMA ran out of water, ice and MREs two days ago. Could be a month before power is restored to most of the city, longer in east Texas. I don't think the officials want to admit how badly they underestimated this thing. I've been through a few supposedly worse Hurricanes, but they were nothing like this. The size was ungodly and the sustained winds and surge was just too much for the infrastructure. There were 27 foot whitecaps on top of a 22 foot surge in the Houston Ship Channel!!
I've got plenty of property damage myself including my neighbor's 40 foot oak tree on one of my VR-4s and I'm one of the lucky ones.
It made Carla look like a spring rainstorm.
It will take months to assess this. It's a war zone here. >>
From the photos I have seen I must agree....war zone...sure hope you and the others down there hold on and things will get better soon. Keep the faith!
RAH