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I have heard that the major refiners ARE ONLY PAYING 60%

BearBear Posts: 18,953 ✭✭✭
in Precious Metals
OF THE SPOT PRICE FOR SILVER TO BE REFINED like silver tableware

and such odds and ends. Silver bars and coins are probably still OK.

Do they know something about a toppy price for silver

that we do not. For stackers, be careful out there. It may be time

to lighten up your stack and take some profits while you can.
There once was a place called
Camelotimage

Comments

  • gecko109gecko109 Posts: 8,231 ✭
    And which "major" refineries are those Bear?
  • GRANDAMGRANDAM Posts: 8,558 ✭✭✭✭✭
    Well if they are paying 60% that means that they are buying ZERO (0) % image

    GrandAm image
    GrandAm :)
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    If that's the case then silver sales to the refineries would probably cease. One of my contacts who routinely deals with a refinery directly has mentioned no such issue and he was
    buying plenty of silver at a show yesterday. He was paying 88% of spot for sterling 1 ounce rounds. Not sure about the flatware.

    Imagine buying silver for $22 right now. Looks like the medium and small refineries will have to pick up the slack while the big boyz work
    off inventory.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • BearBear Posts: 18,953 ✭✭✭
    I am only telling what a major coin auction house official told me.

    You have to remember that I am only a gullible fuzzy little bear.image

    I did , however, sell a pair of silver candle sticks for 75 dollars. Then

    I took Mrs Bear out to Factors Deli for a Nova Scotia Lox, cream cheese

    and bagel sangmich. It was just a wonderful lunch.
    There once was a place called
    Camelotimage
  • jdimmickjdimmick Posts: 9,706 ✭✭✭✭✭
    The place I sell too, still is paying the same as of today, but wouldnt surprise me if the price backs down a little. No body likes sterling as indicated in earlier threads, has to be refined into something else or wants.. Believe if or not, its the one thing I am not a strong buyer of, but it still comes in the door like mad becuase noboday else in the area even wants it at all unless they can buy it half price. I purchased about 2500 woth today in the store.
  • CaptHenwayCaptHenway Posts: 32,322 ✭✭✭✭✭
    perhaps what was said or intended was that retail buyers are paying about 60% of melt for sterling scrap. We used to pay 70% of melt, and we were high for the area.
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • BearBear Posts: 18,953 ✭✭✭
    Captain, I believe that you are absolutely correct.image
    There once was a place called
    Camelotimage
  • GRANDAMGRANDAM Posts: 8,558 ✭✭✭✭✭
    Uh,,,, I missed the Sterling part image
    GrandAm :)
  • OPAOPA Posts: 17,126 ✭✭✭✭✭


    << <i>Uh,,,, I missed the Sterling part image

    >>



    << <i>I did , however, sell a pair of silver candle sticks for 75 dollars. >>



    20 lashes with a wet noodle for u, for not reading bears thread.image
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
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