Intresting local observation about silver

jdimmickjdimmick Posts: 7,911 ✭✭✭✭
edited August 12, 2017 10:09PM in Precious Metals

I open up on sat from 10 to 3 and put coins and bullion out for sale. I only do this on sat, as normally during the week , we just buy anyhow, For the past 3-5 weeks, each Saturday am I am bombarded and have several waiting for me at my door for us to open to buy silver. We sell generic at spot, buy at spot minus 1.00, And usually run slam out the first hours or so. Today , with the price of silver over 17. the normal buyers showed up, but very few buyers actually buying at the current price. Most had a wait and see attitude

Comments

  • derrybderryb Posts: 24,424 ✭✭✭✭✭

    one in the hand is better than two in the bush

    Just because a Ponzi scheme is run by a government doesn’t mean it won’t collapse

  • OPAOPA Posts: 14,590 ✭✭✭✭

    That's understandable....with the recent volatility in silver, silver will have to remain at this or higher level for several weeks or more to make your bullion buyers less apprehensive.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • 291fifth291fifth Posts: 15,272 ✭✭✭✭✭

    Just wait for the next "newsletter" >:)

    All glory is fleeting.
  • rickoricko Posts: 53,196 ✭✭✭✭✭

    Just a temporary run up in response to the geopolitical situation. IF it calms down, or is seen as stable, rates should drop again. Of course, a black swan event could send it skyrocketing....Cheers, RickO

  • Mission16Mission16 Posts: 1,211 ✭✭✭

    This is interesting. Usually I am a stacker. But this weekend I had 2 folks that o frequently buy from call and wanted to buy from me!

  • bronco2078bronco2078 Posts: 4,399 ✭✭✭✭

    @Mission16 said:
    This is interesting. Usually I am a stacker. But this weekend I had 2 folks that o frequently buy from call and wanted to buy from me!

    If only one of them was bigsleezeee you could make your money back on the other deal :#

  • Mission16Mission16 Posts: 1,211 ✭✭✭

    @bronco2078 said:

    @Mission16 said:
    This is interesting. Usually I am a stacker. But this weekend I had 2 folks that o frequently buy from call and wanted to buy from me!

    If only one of them was bigsleezeee you could make your money back on the other deal :#

    Lol, No doubt.

    ...but I'm not done with that peckerwood yet.

  • rte592rte592 Posts: 112 ✭✭✭
    edited August 14, 2017 12:38AM

    @jdimmick said:
    I open up on sat from 10 to 3 and put coins and bullion out for sale. I only do this on sat, as normally during the week , we just buy anyhow, For the past 3-5 weeks, each Saturday am I am bombarded and have several waiting for me at my door for us to open to buy silver. We sell generic at spot, buy at spot minus 1.00, And usually run slam out the first hours or so. Today , with the price of silver over 17. the normal buyers showed up, but very few buyers actually buying at the current price. Most had a wait and see attitude

    Obviously you need more of a spread.
    $1 under - $1 over is a good start.
    Double your income with the same labor costs.
    My local haunt is $2 under -$3 over.

  • cohodkcohodk Posts: 14,455 ✭✭✭✭

    All these years folks were saying they were always able to sell their silver for spot. Has this changed?

    Master of Puppets
  • VanHalenVanHalen Posts: 2,644 ✭✭✭

    Did the same thing happen during the four other $1+ increase in the last year?

  • BAJJERFANBAJJERFAN Posts: 27,794 ✭✭✭✭

    @cohodk said:
    All these years folks were saying they were always able to sell their silver for spot. Has this changed?

    You can almost always sell your silver at spot to somebody [if you're patient] but not everybody. My guess is that a lot of the folks in his area are of the "a fast nickel beats a slow dime" persuasion.

  • rickoricko Posts: 53,196 ✭✭✭✭✭

    Looks like it is dipping again... or maybe just Monday profit taking.... Cheers, RickO

  • cohodkcohodk Posts: 14,455 ✭✭✭✭

    @BAJJERFAN said:

    @cohodk said:
    All these years folks were saying they were always able to sell their silver for spot. Has this changed?

    You can almost always sell your silver at spot to somebody [if you're patient] but not everybody. My guess is that a lot of the folks in his area are of the "a fast nickel beats a slow dime" persuasion.

    I get that, but I think most stackers hold for an emergency. How patient is one going to be in an emergency?

    Master of Puppets
  • BAJJERFANBAJJERFAN Posts: 27,794 ✭✭✭✭

    @cohodk said:

    @BAJJERFAN said:

    @cohodk said:
    All these years folks were saying they were always able to sell their silver for spot. Has this changed?

    You can almost always sell your silver at spot to somebody [if you're patient] but not everybody. My guess is that a lot of the folks in his area are of the "a fast nickel beats a slow dime" persuasion.

    I get that, but I think most stackers hold for an emergency. How patient is one going to be in an emergency?

    Most likely not very unless they have buyers lined up on a just in case scenario. "Were" always able [which means in the past] does not mean/guarantee that one will [which means in the future] be able to get spot for one's silver. Like any investment things are subject to forces/circumstances beyond one's control.

  • BAJJERFANBAJJERFAN Posts: 27,794 ✭✭✭✭

    Who here specifically has said that they can ALWAYS get spot for their silver? OR is that some perceived sentiment amongst those who reside here?

  • MorganMan94MorganMan94 Posts: 735 ✭✭✭✭

    @BAJJERFAN said:
    Who here specifically has said that they can ALWAYS get spot for their silver? OR is that some perceived sentiment amongst those who reside here?

    I rarely sell silver now but there is no reason (unless you really need cash) to sell for below spot.

  • cohodkcohodk Posts: 14,455 ✭✭✭✭

    @BAJJERFAN said:
    Who here specifically has said that they can ALWAYS get spot for their silver? OR is that some perceived sentiment amongst those who reside here?

    I've always thought one would get spit or less, but have been corrected many times by those (whom I suspect pay lofty premiums) who say they always get spit or better. I've always found this suspect.

    Master of Puppets
  • BAJJERFANBAJJERFAN Posts: 27,794 ✭✭✭✭
    edited August 15, 2017 1:07PM

    @cohodk said:

    @BAJJERFAN said:
    Who here specifically has said that they can ALWAYS get spot for their silver? OR is that some perceived sentiment amongst those who reside here?

    I've always thought one would get spit or less, but have been corrected many times by those (whom I suspect pay lofty premiums) who say they always get spit or better. I've always found this suspect.

    If you sell to a dealer who doesn't pay spit then obviously you're not going to get spot.

    Then again, as a non-dealer who buys very little generic silver I'd be happier than a pig in a new mudhole to buy at spot if I was in the market to buy some generic rounds or bars. Also, buying at spot $16 is a whole lot better than buying at spot when it's $24.

  • jdimmickjdimmick Posts: 7,911 ✭✭✭✭

    Ok folks: Silver fell just below 17.00 oz. I got a bunch stocked up for sat am opening. Will be pricing .999 generic at spot. and 90% at 11.5x, lets see how much I sell in the am. Ill report back sat evening.

    Please don't PM to buy it, I am not shipping it at those prices, its for my local customers, whether they buy it or not

  • VanHalenVanHalen Posts: 2,644 ✭✭✭

    By my calculations 11.5x on 90% is about 4% under melt.

  • TwoSides2aCoinTwoSides2aCoin Posts: 38,391 ✭✭✭✭✭

    Happy days are here again.

    Practice makes perfect, and nobody is perfect. So practice being nobody, and you will be perfect.

  • 1630Boston1630Boston Posts: 3,171 ✭✭✭✭✭

    Where is your shop, may be worth a trip :smile: :smile:

    Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN,

    Bad transactions with : nobody to date

  • jdimmickjdimmick Posts: 7,911 ✭✭✭✭

    We only sold about 30 rounds, and about 20 face, as well as about 18 junk $

    Buyers didn't come like previous weeks

  • cohodkcohodk Posts: 14,455 ✭✭✭✭

    @jdimmick said:
    We only sold about 30 rounds, and about 20 face, as well as about 18 junk $

    Buyers didn't come like previous weeks

    Hmmmm....bottoms like apathy.

    Master of Puppets
  • jmski52jmski52 Posts: 18,158 ✭✭✭

    Prices on Platinum Eagles are fairly enticing from several of the major players these days. Some of the dates that were previously over-priced are now bargain-priced. It must be time to "raise cash" in some segments of the market.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • MorganMan94MorganMan94 Posts: 735 ✭✭✭✭

    @jdimmick said:
    We only sold about 30 rounds, and about 20 face, as well as about 18 junk $

    Buyers didn't come like previous weeks

    Now are you ready to ship? ;)

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