Premium

cars

For as long as I've been buying silver, Which is not long there has been a premium on all types. Has silver ever sold for spot? If so will it again?

Cladiator

I have not once bought silver for spot. Came darn close a couple times with the live.com cashback thing though.

cars

I got lucky about a month back and bought 200 ounces for spot but I knew it was a fluke, Didn't even use the cashback.

RedTiger

Depends on what kind of silver. Foreign coins can sometimes still be found for spot, though most dealers will offer below spot if you try to sell to them. When silver was higher, I bought some common U. S. commems such as the Statue of Liberty coins for about spot. The three piece set sometimes has traded for the price of the gold coin content only.

40% halves and war nickels have also sometimes traded for less than spot, but again, dealers will often offer much less for these kinds of coins than 90% silver.

After a run up in price, many seem willing to sell for spot or less as long as they lock in what they see as a high price for their silver.

coynclecter

Has silver ever sold for spot?

With the COMEX manipulations going on its not likely to happen anytime soon.

Then again, what is spot?

Theoretically, If you were in London and at the exchange and had authorization then you could get spot, however, someone has incurred the cost to get it to you so the "premium" is compensation for the shipping and handling and the converging into smaller pieces as well as a profit and risk premium. I bought 100oz bars (JM) in 05 for 734, that was about a 30 buck premium per bar. For most of the last 30 years that was around normal. Eagles were a 1.50 premium and 90% was real close to spot because the premium was offset by the inferred cost to refine them to "pure".

Its all out of wack now with all the manipulations. If you wait for spot you might have a long wait, I wont sell at spot until its over 20.

TrustNo1

I once bought a roll of 05 Eagles for 225 delivered priority from a woman who didnt seem to add any premium on...silver was about 10 and change an oz...that was my best deal ever.

CaptHenway

The law of supply and demand has seen times when supply has exceeded demand. About a year ago we were buying $1000 bags of junk silver coins at 90-92% of melt and selling them for 96-100% of melt. That was the market then.

Around the same time we would buy in 100 oz. bars at 50c-$1 under spot and call up the one customer we had for them and pray that he would take them off our hands at melt. Sometimes he did, and sometimes he didn't.

A year from now the market will be different. I have no idea different which way, or how much.

TD

MoneyLA

I remember back in the early 1960s (before the silver crisis of 1964) you could buy and sell silver for "about spot." there was a little mark up on the buy side, and a little discount on the sell side. of course there was plenty of silver in our coinage then. and I am talking about pennies here for the differerences on buy and sell.

I remember selling my silver certificates in the days before the cut off and getting slightly above the price for an ounce of silver-- and that "premium" was attached to deadline for the redemption of silver certs. If I remember correctly, at the end of the sale period, I got double face value for silver certs.