Buying Silver today...what should I pay?
rmpsrpms
Posts: 1,896 ✭✭✭✭✭
I'm going shopping at B&Ms today for Silver. Not sure what I might find. My preference would be BU 64 half rolls, or Circ Morgans and Peace $. Going to spend $5k. What should I expect to pay for these items?
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Why pay above spot price for at least two of the items listed (circ morgan & peace)? Unless, of course, you can buy either of the three you mentioned for spot or less.
As little as possible
Use coininfo.com as a good, current buying guideline.
You might see what they will do in 90%. I wouldn't buy generic in this market. If silver tanks you may be selling it for less than spot.
<< <i>I'm going shopping at B&Ms today for Silver. Not sure what I might find. My preference would be BU 64 half rolls, or Circ Morgans and Peace $. Going to spend $5k. What should I expect to pay for these items? >>
Not trying to be a jerk but if you need to ask this question you may want to search a little and never get into a hurry. Most B&M's will charge way to much. Look online for deals,
good luck
Not trying to be a jerk but if you need to ask this question you may want to search a little and never get into a hurry. Most B&M's will charge way to much. Look online for deals,
good luck >>
That...
As the saying goes..."A fool and his money are soon parted."
"… as little as possible, for as much quantity as you can afford."
But what is your objective ?
Knowledge is the enemy of fear
Generic 1 oz rounds should be available at 1.00 over spot
Silver 1 oz American eagles will be around 3-3.50 over spot
90% silver melt is right at 12X face value.
Morgans and Peace Dollars do not sell at melt.
Anything near the above prices is reasonable. Folks on the boards can do better on Silver Eagles. Now go to the shop/show and make a day of the hunt. You will know right away when you walk in the shop if you see eagles at 6-8 dollars over you are in the wrong shop.
Happy hunting
Tom
<< <i>Cmon Guys....Eight comments and not 1 answer to his question......
Generic 1 oz rounds should be available at 1.00 over spot
Silver 1 oz American eagles will be around 3-3.50 over spot
90% silver melt is right at 12X face value.
Morgans and Peace Dollars do not sell at melt.
Anything near the above prices is reasonable. Folks on the boards can do better on Silver Eagles. Now go to the shop/show and make a day of the hunt. You will know right away when you walk in the shop if you see eagles at 6-8 dollars over you are in the wrong shop.
Happy hunting
Tom >>
Cmon Guys....Nine comments and not 1 INFORMED answer to his question......
In big quantities you might be able to get old holiday rounds and beat up stuff. The major sellers are backed up several weeks even for top tier buyers. For immediate delivery of fresh product will cost you more.
Silver Eagles are also hit or miss right now due to demand and the mint not producing 2014s. Wholesale is about $2.25-2.45 so if you buy enough, the seller may be willing to make room for 2015s. Also, mixed older rolls may be close to 3.
The wholesale buy on US90 by several guys is +2 which equates to 13.2X face. If they don't know or are lazy you might get close to 12 but expecting it would be plain uninformed.
Dollars even culls are huge premiums (hey you can't get everything wrong)
Wholesale on new 5 or 10 oz bars is about 65 cents over for the big buyers but shipments are delayed 3+ weeks. Hundreds are a little cheaper but also delayed.
As far as 6-8 over on Eagles, if you are buying one ya you will pay up. Remember the labor of selling 1 piece is pretty much the same as selling 100 or 500. Even at 6-8 over they are losing money selling 1.
"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
<< <i>Cmon Guys....Eight comments and not 1 answer to his question......
Generic 1 oz rounds should be available at 1.00 over spot
Silver 1 oz American eagles will be around 3-3.50 over spot
90% silver melt is right at 12X face value.
Morgans and Peace Dollars do not sell at melt.
Anything near the above prices is reasonable. Folks on the boards can do better on Silver Eagles. Now go to the shop/show and make a day of the hunt. You will know right away when you walk in the shop if you see eagles at 6-8 dollars over you are in the wrong shop.
Happy hunting
Tom >>
Right now you can get 2014 ASEs for $2.59 over from Pinehurst [1 roll minimum] with free shipping. $18.91 ea = $378.20 a roll so $5000 will buy you 13 rolls. Agree with Greeniejr that $6-$8 over may be a loss for a B&M depending upon the purchase price. Hardly worth the effort to sell at $1 over cost unless you can sell 500 a day.
I would guess that the local B&M is always going to be more expensive, except when he might be stocked up and need to generate some cash. There's a value in being able to walk out with what you want right on the spot, no waiting, no insurance costs and no S&H.
Nevertheless, if you can spare the time and have confidence in the dealer there's a better chance of getting what you want from a major dealer, both in terms of the product and in terms of price.
I knew it would happen.
A person can check some of the mail order dealers, but most local stores will not price match, if it is not in their ballpark. A person can try another local dealer or a show. However, as outlined, a person going down to one local store has limited choices.
Local prices can be all over the map. No one knows if the particular store being visited has competitive prices, or high prices, or really high prices. If prices at the store are high, the main option is to go home empty handed. If the original poster was a good steady customer, they probably wouldn't be asking the question, they'd already know what the local dealer is charging, or at least have a good ballpark idea in mind.
<< <i>Buy stuff that makes you smile.....you'll never lose. >>
Should I pay $56.61 per Oz? It will make me smile!
I haven't pulled the trigger because I will probably never get what I paid for it (if I buy it)
Alex
<< <i>
<< <i>Buy stuff that makes you smile.....you'll never lose. >>
Should I pay $56.61 per Oz? It will make me smile!
I haven't pulled the trigger because I will probably never get what I paid for it (if I buy it) >>
Ha! Smiles to me are priceless and worth it. If it's not a deal it will detract from that to the point that holds the value. I'll stick by that comment, so yeah spend that $56 or less if you can.
Sometimes you have to say WTF
HOWEVER, they have not come down much either.
When I can get AU-sliders, I do.