Silver Spot question????

ksboy

Saturday October 18, 2008 10:35 AM (NEW!)



I am seeing a lot of comments on the difference in paper silver and what people are asking.....my question is if i take silver today to the local B&M and try to sell it as junk silver will he pay me over silver spot for it or will they try to buy it back of silver spot? If so then why would anybody be expected to pay a premium over silver spot for coins here or in any other medium? Just one of those questions that comes up in my silly little brain.....

rgCoinGuy

Depends on the dealer, and what you have. You can buy silver Shot for about 50 cents over spot. A lot of dealers are offering 2-3 dollars over spot for most silver bars and rounds, and in some cases a lot more, depends on the demand they have. If your guy offers you back of spot right now, it is probably time to find a new guy.

CoinOnTheCob

<< <i>Saturday October 18, 2008 10:35 AM (NEW!)
(W)hy would anybody be expected to pay a premium over silver spot for coins here or in any other medium? >>


That's what is happening all around. I was talking with Tassa and she said that it is very hard to buy silver at spot even though the price is falling. I wish I'd have talked to her sooner because, last month, I pulled a bunch of junk silver out of the safe. According to Coinflation.com, the silver was worth $1,076.00. I listed it on Craigslist for $1,000.00 even. I had an immediate response asking to meet right away.

I wish I’d have looked into it a little better. In a nutshell, why are people paying over spot? Because that’s the way it is industry wide. Buyers expect to pay a premium and sellers surely expect it.

66Tbird

<< <i>Depends on the dealer, and what you have. You can buy silver Shot for about 50 cents over spot. A lot of dealers are offering 2-3 dollars over spot for most silver bars and rounds, and in some cases a lot more, depends on the demand they have. If your guy offers you back of spot right now, it is probably time to find a new guy. >>




It's time for me to find a new guy. He didn't have any for sale but offered 10% below spot for what I had.

abitofthisabitofthat

I would say that it depends on what you mean by junk. Anything that is re-salable will probably go for a premium. But not stuff that people do not want to buy. If you are selling quality bars and rounds, they should go for a premium and be resold quickly. If you are selling bent sterling forks - i.e. true junk - then there is really no resale market and they will be packed off to a refiner. This should not get a premium over spot in most cases.

derryb

For the current true market value, just do an ebay search of completed items. I wouldn't take anything less than what it is selling for on ebay.

CoinOnTheCob

I have about 33 bucks worth of silver coins bid up on eBay to $51.00. It's all AU/BU and mint set odds and ends.

Silver coins that have no numismatic value I call junk. That may not be a colloquialism that everyone uses though.