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Can some one tell me if and when silver was sold at $3 per oz.

CasmanCasman Posts: 3,935 ✭✭
in Precious Metals
Hi there:

First post in the pm forum...working on a case wherein a claim has been made that a large quantity of silver was purchased years ago for exactly $3 per oz.

I am confident I know where the purchase was made but doubt the dealer would keep any sort of records back that far. Client guestimated 25 years ago?

Thanks

Comments

  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    Had to be before 1984 Scroll down to YEARLY SILVER CHARTS. Check each box for the years 1984 through 2014. Then click the "view data" button.

    There was a 1984-2014 low of $3.56 on 3/9/93.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • rawteam1rawteam1 Posts: 2,472 ✭✭✭
    silver yearly

    go here then click yearly 1883-1999
    keceph `anah
  • rawteam1rawteam1 Posts: 2,472 ✭✭✭


    << <i>Had to be before 1984 Scroll down to YEARLY SILVER CHARTS. Check each box for the years 1984 through 2014. Then click the "view data" button.

    There was a 1984-2014 low of $3.56 on 3/9/93. >>



    also if a dealer then .50 or so behind spot would be a true purchase at that time period...
    see 1990 -1994 5 year silver chart at same link as above...
    keceph `anah
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    based on yearly averages from rawteams link looks like sometime in 1972 or 1973. Since these are yearly averages it is possible that a later year saw a daily dip to $3 but without daily data before 1984 no way to tell. Daily data that is availabe after 1983 tells us there was no three dollar silver spot price. Dealer prices are a different story.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭
    I have receipts from 1991 stating $3.15 / ounce. The bar was gifted to me by my grandfather, still have it.
  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭
    Since the Ag market collapsed in 1980,
    silver has stayed in the range of about
    $3.00+ to $6.00+ for 20 years. I remember
    purchasing Ag bars in the early 1970's for
    $2.00 +.
    Timbuk3
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    I have Coin World clippings from the early days 30-40 yrs ago) with the lowest listed price at $3.40/oz. Silver rallied from around $1.20 to $2.40/oz from 1962 to 1967. And if you go back to the lows during the 1930's I think it was as low as 25c/oz. $4/oz was the cheapest it was in the last 15 years. It's quite possible a dealer buying in the 1999-2001 period could have paid $3/oz while silver was worth $4/oz. At the bottom of that market there were probably people trying to give it away figuring it was dead forever after that 20 year collapse/consolidation 1980-2001.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • VanHalenVanHalen Posts: 3,993 ✭✭✭✭✭
    I remember selling some of my dad's 90% in the late 1970's for 3X face and that was under melt ($4) at that time. This website might help you out: Silver Institute

    My guess would be 1972 as the last time silver was widely available <$3.

    Cut and paste this if the link doesn't work: https://www.silverinstitute.org/site/silver-price/silver-price-history/1971-1978/
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭


    << <i>Since the Ag market collapsed in 1980,
    silver has stayed in the range of about
    $3.00+ to $6.00+ for 30 years. I remember
    purchasing Ag bars in the early 1970's for
    $2.00 +. >>



    30 years is 1980-2010. What ever happened to silver from $6 to $50 from 2004 to 2011?
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭
    Your right roadrunner, should have been 20 years.
    Timbuk3
  • cohodkcohodk Posts: 19,137 ✭✭✭✭✭


    << <i>Your right roadrunner, should have been 20 years. >>



    Yeah, buts whats 20-30 years for a stacker?

    I remember selling a 100oz bar in the early 90s for about $4.50/oz. That was after holding it for about 6 years--and a 40% loss. Sure glad history doesnt repeat.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • DeepCoinDeepCoin Posts: 2,781 ✭✭✭
    Before it was allowed to float, I do believe silver was $1.29 in the 60s, so there has to be a $3.00 point in there somewhere.
    Retired United States Mint guy, now working on an Everyman Type Set.
  • CasmanCasman Posts: 3,935 ✭✭
    The purchase would have been made at Abbott's in Birmingham Michigan. I suppose we could call them but what are the odds they would keep and or have any sort of records from so long ago?
  • derrybderryb Posts: 36,824 ✭✭✭✭✭


    << <i>

    << <i>Your right roadrunner, should have been 20 years. >>



    Yeah, buts whats 20-30 years for a stacker?

    I remember selling a 100oz bar in the early 90s for about $4.50/oz. That was after holding it for about 6 years--and a 40% loss. Sure glad history doesnt repeat. >>


    It will as long as the same mistakes repeat.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    How large of a buy? more you buy cheaper it is sometimes. Especially if someone is motivated.
    Avid collector of GSA's.
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