Silver Proof Sets for Below Melt?

Artist

Was thinking of selling some of my silver proof sets - until I saw what they are going for on Ebay - less than melt in most cases!

Why is this? Most are selling for around $50 which is about $4 less than spot at the present time - plus you get an additional $1.06 in spending money.

Very odd.

RedTiger

It may seem odd, but a good many coins sell for below melt value. Most all coin collectors that wanted those sets bought direct from the mint, so demand is low. There are plenty that need to raise cash or got the set as a gift and are looking to cash out, so the supply is relatively large. Large supply, and small demand, often translates to a price less than melt value.

RGJohn

Sell them here on the BST. While you won't receive a premium you should be able to get melt easily and you save all the fees.
It IS disappointing though and I think that other items have been similarly affected by the rising silver prices.

BigRick

Think about it. The higher the price of silver, the less likely you'd be to get melt or higher as the risk to the buyer for a nominal value drop increases on a per set basis - i.e. more & more risk.

pursuitofliberty

prices relative to spot on 90% have dropped over the last three months IMO, to where I think a 3-5% discount (or more) is the norm, instead of the exception

my take from talking with my B&M yesterday was that more people are chasing gold ... often selling silver to do so

jdimmick just posted an interesting observation from his retail business, which confirms what we discussed yesterday in my local shop

funny, because I was actually in to ask about the opposite trade (gold for silver), and get a feel for where they would be on the splits if some of my targets are hit

those who follow the GSR and have trading points established will probably want to be mindful in the coming days / weeks of possibilities if this continues to play


just my humble opinion

Overdate

<< <i>prices relative to spot on 90% have dropped over the last three months IMO, to where I think a 3-5% discount (or more) is the norm, instead of the exception >>


When the discount gets large enough, there should be some actual melting going on. Does anyone here know whether 90% silver coins are currently being melted in large quantities?

ricko

Many fear a mass melting, however, from those I have talked to (dealers, and a smelter), there does not seem to be a mass melting at this point. Business is steady, but many appear to be holding the silver, or trading for gold. Cheers, RickO