Buying bulk silver from people

Cakes

Some people in my circle of friends have mentioned they have silver to sell. I explain I am a novice and only buy at spot prices. I would generally print from the following site the day of a sale:

http://www.coinflation.com/

what percentage under spot do you pay, 10%?

Justacommeman

<< <i>Some people in my circle of friends have mentioned they have silver to sell. I explain I am a novice and only buy at spot prices. I would generally print from the following site the day of a sale:

http://www.coinflation.com/

what percentage under spot do you pay, 10%? >>




spot minus $.50 to $1.00 depending exactly what it is. MJ

Bigrig52

Doesn't matter what you pay for it but when you go to sell it to make a profit the dealers will screw you anyways

19Lyds

<< <i>Some people in my circle of friends have mentioned they have silver to sell. I explain I am a novice and only buy at spot prices. I would generally print from the following site the day of a sale:

http://www.coinflation.com/

what percentage under spot do you pay, 10%? >>

10% sounds reasonable.

skeeterhawk

<< <i>Doesn't matter what you pay for it but when you go to sell it to make a profit the dealers will screw you anyways >>



Sounds like somebody needs a nap...............

NumbersUsacom

<< <i>Doesn't matter what you pay for it but when you go to sell it to make a profit the dealers will screw you anyways >>



Try Apmex they usually buy at $1.00 behind spot for generic and pay above spot for engelhard and Johnson Matthey

Justacommeman

<< <i>

<< <i>Doesn't matter what you pay for it but when you go to sell it to make a profit the dealers will screw you anyways >>



Try Apmex they usually buy at $1.00 behind spot for generic and pay above spot for engelhard and Johnson Matthey >>



CNI will buy at $.40 to $.60 back of spot. There have been times when I've sold to Silver Towne or a local dealer at spot. MJ

AUandAG

CNI will buy at $.40 to $.60 back of spot. There have been times when I've sold to Silver Towne or a local dealer at spot. MJ


OP is buying silver not selling. Makes no sense to buy at .40 back of spot to sell at spot. OP is an individual not a B&M.

bob

Justacommeman

<< <i>CNI will buy at $.40 to $.60 back of spot. There have been times when I've sold to Silver Towne or a local dealer at spot. MJ


OP is buying silver not selling. Makes no sense to buy at .40 back of spot to sell at spot. OP is an individual not a B&M.

bob >>



I agree Bob. I wasn't quoting the OP. I was quoting the poster above me and answering him. I already gave my answer in the second post.
spot minus $.50 to $1.00 depending exactly what it is. Otherwise his friends should just sell to CNI, APMEX, etc for $.40 to $1.00 back of spot depending of of on quantities. MJ

WTCG

<< <i>Doesn't matter what you pay for it but when you go to sell it to make a profit the dealers will screw you anyways >>



Sounds like this troll needs to back up his statement with some evidence.

Buy prices depend on resale demand. If 90% can be easily sold then 10% back is reasonable. If the bags are not selling then something farther back from that.

sumnom

I tried to sell some bulk silver, 40% halves and the like, and the dealer I went to wouldn't do any better than 40-60% of melt.

I still have the silver.

2Old2GrowUp

<< <i>Some people in my circle of friends have mentioned they have silver to sell. I explain I am a novice and only buy at spot prices. I would generally print from the following site the day of a sale: >>

Get an average of the last two weeks then 5-10% back then sell on the up swing.

Justacommeman

<< <i>I tried to sell some bulk silver, 40% halves and the like, and the dealer I went to wouldn't do any better than 40-60% of melt.

I still have the silver. >>



40% silver is very very tough. The market for these is sleepy, very sleepy. 40-60% of melt on 90% is nuts if 90% was indeed part of your bulk silver example. On 90% silver you could get close to spot or spot on the BST or 96% of spot or better from most of the big PM dealers. Again, some dealers have minimums. The BST does not. MJ

Twinturbo

Certain types of 90% sell for over spot...
10% back is fair, 5% back is too tight

Hayden

Personally, whenever friends want to buy/sell silver, I just pass on whatever prices I get, but that's just a personal preference. Acquaintances are a different story. The market is weird right now, everything in the coins, rounds and bars category is going over spot except for 40%, war nickels, some sterling, and foreign junk.

droopyd

There's a guy here in LA who regularly pays $2 back of spot, as of today that's 6.4% back.

Cakes

more like acquaintances to semi friends but either way I have a much better guage on what to pay.

Thanks,

BC

sumnom

<< <i>

<< <i>I tried to sell some bulk silver, 40% halves and the like, and the dealer I went to wouldn't do any better than 40-60% of melt.

I still have the silver. >>



40% silver is very very tough. The market for these is sleepy, very sleepy. 40-60% of melt on 90% is nuts if 90% was indeed part of your bulk silver example. On 90% silver you could get close to spot or spot on the BST or 96% of spot or better from most of the big PM dealers. Again, some dealers have minimums. The BST does not. MJ >>



Thank you for your comments. The lot I had was mostly 40%. Maybe that's why the guy wouldn't pay much for it. There was some 90% in there though. I may go back later with the information you've given me and think more kindly of a low offer for the 40%-ers.

MsMorrisine

<< <i>

<< <i>I tried to sell some bulk silver, 40% halves and the like, and the dealer I went to wouldn't do any better than 40-60% of melt.

I still have the silver. >>



40% silver is very very tough. The market for these is sleepy, very sleepy. 40-60% of melt on 90% is nuts if 90% was indeed part of your bulk silver example. On 90% silver you could get close to spot or spot on the BST or 96% of spot or better from most of the big PM dealers. Again, some dealers have minimums. The BST does not. MJ >>




true true


90%, sterling and "pure" are what we are talking about.

40% is a totally different animal. Because of it's low purity, there is lower demand for it and prices are not nearly as strong as the 90%, sterling, "pure."


sell the 40% separately from the rest.

hammered54

use Kitco for up to date selling prices.
https://online.kitco.com/refining/refining_USD.html.

20 x face for 90%.
8 X face for 40%.
as of right now.
works for me.... and it seems it's what most of the B&M's around me will use.

Justacommeman

<< <i>

<< <i>

<< <i>I tried to sell some bulk silver, 40% halves and the like, and the dealer I went to wouldn't do any better than 40-60% of melt.

I still have the silver. >>



40% silver is very very tough. The market for these is sleepy, very sleepy. 40-60% of melt on 90% is nuts if 90% was indeed part of your bulk silver example. On 90% silver you could get close to spot or spot on the BST or 96% of spot or better from most of the big PM dealers. Again, some dealers have minimums. The BST does not. MJ >>



Thank you for your comments. The lot I had was mostly 40%. Maybe that's why the guy wouldn't pay much for it. There was some 90% in there though. I may go back later with the information you've given me and think more kindly of a low offer for the 40%-ers. >>



There is about $4.70 worth of silver in 40% half. I would expect to get around $4- $4.30 per half from a larger dealer depending on his inventory and size of the deal. I don't deal in 40% that often but I just did a back of the envelop calculation based off of CNI's buy price at $8550 a $1000 face bag and lowered it for a smaller amount........Hope this helps. MJ

USMarine6

I love buying in bulk. You never know what you will come across. I recently purchased $75 face value worth of junk silver and it had a 62 and 63 frankilin half cut out of their mint sets and they were still in the plastic.

AUandAG

<< <i>I love buying in bulk. You never know what you will come across. I recently purchased $75 face value worth of junk silver and it had a 62 and 63 frankilin half cut out of their mint sets and they were still in the plastic. >>



Welcome!

bob

Cakes

<< <i>I love buying in bulk. You never know what you will come across. I recently purchased $75 face value worth of junk silver and it had a 62 and 63 frankilin half cut out of their mint sets and they were still in the plastic. >>



Welcome to the forum Marine, my son is currently in boot.