.75 over spot for ASEs from a brick and mortar?

morbidsteve · November 10, 2014 1:40AM

I just got off the phone from a dealer in VA who said they sell ASEs for .75 over spot (he quoted me $16.35 just now). Anyone ever hear of anything this low?

OPA · November 10, 2014 1:43AM

<< I just got off the phone from a dealer in VA who said they sell ASEs for .75 over spot (he quoted me $16.35 just now). Anyone ever hear of anything this low? >>

Nope

What's the dealers name and does he have a web site?

As the saying goes, "if it's to good to be true" etc. Could be milk spotted pocket pieces.

morbidsteve · November 10, 2014 1:52AM

<< 

<< I just got off the phone from a dealer in VA who said they sell ASEs for .75 over spot (he quoted me $16.35 just now). Anyone ever hear of anything this low? >>

Nope

What's the dealers name and does he have a web site?

As the saying goes, "if it's to good to be true" etc. Could be milk spotted pocket pieces. >>

PM sent to you. I don't want to dog out the company as I don't know anything other than what was discussed on the phone.

bestday · November 10, 2014 1:57AM

<< 

<< 

<< I just got off the phone from a dealer in VA who said they sell ASEs for .75 over spot (he quoted me $16.35 just now). Anyone ever hear of anything this low? >>

Dealer may charge high shipping, ship weeks later.... pass on this
Nope

What's the dealers name and does he have a web site?

As the saying goes, "if it's to good to be true" etc. Could be milk spotted pocket pieces. >>

PM sent to you. I don't want to dog out the company as I don't know much of the story. >>

Dealer may charge high shipping, ship weeks later.... pass

bronco2078 · November 10, 2014 2:29AM

Milk spotted pocket pieces are fine they are only worth spot anyway

CaptHenway · November 10, 2014 2:34AM

<< Milk spotted pocket pieces are fine they are only worth spot anyway

>>

How many do you have to sell at spot?

bronco2078 · November 10, 2014 2:43AM

<< 

<< Milk spotted pocket pieces are fine they are only worth spot anyway

>>

How many do you have to sell at spot? >>

I'm a long term stacker I'm not selling any for a decade or 3

I mostly buy them at spot though when I get a chance.

I have a pretty good pile of former painted ladies that I pick up at spot and plop in acetone shortly thereafter.

I've never bought into the ASE premium . Paying a 3$ premium per ASE when silver was $6 an ounce so I could reclaim a $1 premium at $40 an ounce is the sort of math that is destroying our country. I'll stack ounces and let other folk stack premiums

DeepCoin · November 10, 2014 3:12AM

Given that is less than the Mint sells them to the resellers for, it is a bargain!! Now I have not idea about condition as they are sight unseen.

Type2 · November 10, 2014 3:14AM

<< 

<< Milk spotted pocket pieces are fine they are only worth spot anyway

>>

How many do you have to sell at spot? >>

Ya

BAJJERFAN · November 10, 2014 4:05AM

<< Milk spotted pocket pieces are fine they are only worth spot anyway

>>

Really? Then why doesn't the mint sell them for spot?

Overdate · November 10, 2014 4:18AM

If my ASE has two spots, can I sell it at double spot?

CaptHenway · November 10, 2014 4:23AM

<< 

<< 

<< Milk spotted pocket pieces are fine they are only worth spot anyway

>>

How many do you have to sell at spot? >>

I'm a long term stacker I'm not selling any for a decade or 3

I mostly buy them at spot though when I get a chance.

I have a pretty good pile of former painted ladies that I pick up at spot and plop in acetone shortly thereafter.

I've never bought into the ASE premium . Paying a 3$ premium per ASE when silver was $6 an ounce so I could reclaim a $1 premium at $40 an ounce is the sort of math that is destroying our country. I'll stack ounces and let other folk stack premiums >>

If the shops should be selling problem silver eagles at spot, how much under spot should people be willing to accept for them when selling them to the shops?

DeepCoin · November 10, 2014 4:27AM

To answer the question of why the Mint does not sell ASEs for spot, they have to make the coin, including buy the planchets, stamp them, package them and sell them. There is a cost to all of this. I think the current sales price to the resellers is $2 over spot. That is a number from when I worked at the Mint.

TwoSides2aCoin · November 10, 2014 4:29AM

The phone is kind of like the internet. I read it but believe none of it, even when I hear it.

morbidsteve · November 10, 2014 4:41AM

<< To answer the question of why the Mint does not sell ASEs for spot, they have to make the coin, including buy the planchets, stamp them, package them and sell them. There is a cost to all of this. I think the current sales price to the resellers is $2 over spot. That is a number from when I worked at the Mint. >>

This is also the price that is depicted on the usmint.gov website, $2 per coin, minimum 25,000 coins.

bronco2078 · November 10, 2014 6:19AM

If the mint makes the coin they are entitled to charge whatever they feel they need to for the work. They took an ounce of silver and made a coin from it , they added value . If they ask too much sales will fall I suppose .

If Joe Blow , the 15th owner sells them to some nameless 16th owner what value did he add? None at all.

Premiums are constantly changing in percentage terms . A $2 premium on $20 silver is a tenth of an ounce you could have bought . If you are talking about 10% wasted on premiums when I buy 1000 then the the choice is obvious 10 years from now . I would choose to have an extra 100 ounces rather than the future expectation of whatever people think a fair premium is.

Premiums repaid in 2025 dollars worth half of today's dollars shouldn't impress anyone .

3 shops within easy driving distance of me sell painted or scuffed up ASE's out of the generic round box when they choose to. If they have them I will buy them , if they don't I'll buy 90% . My eagles can be scratched or painted they can be mixed dates , to me they are just 1 oz rounds . Some future buyer will pay the same as what they feel 1 oz rounds are worth if they are smart. If they are dumb they will return to me a premium I never paid. Wheres the downside?

How many ASE's have been minted? 300 million ? They are not rare now and never will be in my lifetime , they rate no premium, they are bland and boring and liquid. When everyone agrees there should be no premium then we will be close to where we need to be. It's coming , sooner or later why not get ahead of the curve?

LochNESS · November 10, 2014 7:02AM

Well said, bronco. If people are collecting proof ASE's for their numismatic value (who doesn't love a gorgeous proof) then that's one thing. BUT when you start talking about spot and premiums, you are talking about bullion. And the bullion game is simple. Pay as little as you can now in order to maximize your profits later.

If my local B&M was selling milk spotted, ugly toned ASEs for 75¢ you better believe I'd walk in and buy every single one. I don't care how ugly they are, if they are indeed genuine ASE.

Now bronco I'm going to have to disagree about the acetone bath. Too much trouble IMO not worth your time investment. Just stack and move on. Who cares if they are ugly. When you sell in 30 years, if the buyer wants pretty ones, then you can dip or shoot with your acetone laser gun.

CaptHenway · November 10, 2014 8:11AM

If dealers are supposed to be selling problem silver eagles cheap,
how much less should they pay for problem silver eagles when they buy them?

morgansforever · November 10, 2014 8:26AM

I would snap em up, that's just me.

morgansforever · November 10, 2014 8:30AM

Maybe the dealer is trying to raise some cash, from ASE's that were purchased 10 years ago. I would snap em up.

morgansforever · November 10, 2014 8:33AM

bestday · November 10, 2014 8:34AM

If a Silver Eagle coin isn't Gem BU .. then they buy at spot or even under spot..

TwoSides2aCoin · November 10, 2014 8:55AM

Anybody can get bullion. Try paying $1000+ for a cent. That's when the palms start getting sweaty.

bronco2078 · November 10, 2014 9:03AM

<< If dealers are supposed to be selling problem silver eagles cheap,
how much less should they pay for problem silver eagles when they buy them? >>

I assume they would pay generic round prices. I just buy them if they are in the bucket. I don't trouble myself over their business model. If they are still around I assume it works out for them.

I'm sure when selling ASE's dealers like to talk or act like they are worth a premium but why would they really believe it?

As a dealer , after 100,000 of them have passed through your shop can you still pretend there is something special about them?

ASE's are just junk silver in disguise. Junk silver minus the history , minus the tradition.

BAJJERFAN · November 10, 2014 9:38AM

<< Maybe the dealer is trying to raise some cash, from ASE's that were purchased 10 years ago. I would snap em up. >>

Almost every place I've seen that is selling prior year silver eagles, is charging more for them than they are for the current year 2014 coins.

morgansforever · November 10, 2014 10:00AM

morgansforever · November 10, 2014 10:02AM

I have no idea how or why I triple posted.

Mission16 · November 10, 2014 10:25AM

I'd be on these like a fat kid on cake.

CuKevin · November 11, 2014 4:43AM

<< If dealers are supposed to be selling problem silver eagles cheap,
how much less should they pay for problem silver eagles when they buy them? >>

I think this question sums it up well. Sure you can buy ugly ones at spot, but why would you expect a premium or even spot later from someone else?

Also, isn't part of the reason people pay a premium for bullion because a reputable company or government (if you're paying a premium you better think the co/gov is reputable) has attested to the weight/purity/etc. and done work (added value) to protect you the consumer. Otherwise, why not just buy Mad Marty's Cheap Silver and hope it's actually silver? It is probably a lot cheaper.

LochNESS · November 11, 2014 5:14PM

<< Sure you can buy ugly ones at spot, but why would you expect a premium or even spot later from someone else? >>

I would not expect a premium, but I would expect - and I would receive - spot because they are bullion! There's a reason the "price guide" for ASE is always more than spot. Never sell ASE or any (pure) bullion for less than spot unless spot is very high and it's a fast bulk sale.

<< Also, isn't part of the reason people pay a premium for bullion because a reputable company or government (if you're paying a premium you better think the co/gov is reputable) has attested to the weight/purity/etc. and done work (added value) to protect you the consumer. Otherwise, why not just buy Mad Marty's Cheap Silver and hope it's actually silver? It is probably a lot cheaper. >>

It probably isn't a lot cheaper, because Mad Marty would have to spread his overhead costs over much less product. And he'd probably have to buy his silver at higher prices than the Mint. But ... if my local B&M is willing to sell ASE for only 75¢ above spot who am I to argue?

Like I said before. Buy it as cheaply as you can today (whenever that is) so that when the time comes for you to sell, you can maximize your profits. The more premiums you pay now, the less profit you make later. Nobody can predict the future but this is a good rule of thumb.

bronco2078 · November 11, 2014 7:22PM

<< 

<< If dealers are supposed to be selling problem silver eagles cheap,
how much less should they pay for problem silver eagles when they buy them? >>

I think this question sums it up well. Sure you can buy ugly ones at spot, but why would you expect a premium or even spot later from someone else?

Also, isn't part of the reason people pay a premium for bullion because a reputable company or government (if you're paying a premium you better think the co/gov is reputable) has attested to the weight/purity/etc. and done work (added value) to protect you the consumer. Otherwise, why not just buy Mad Marty's Cheap Silver and hope it's actually silver? It is probably a lot cheaper. >>

The other silver thats guaranteed by a government is halfs , quarters, and dimes aka junk silver

If they keep spitting out 30 million ASE's a year or more then pretty soon there will be half a billion of them . I feel like they are probably more common than 90% already how much of that has been melted is tough to figure .

Anyone who plans to reclaim the 3$ premium in a decade or thereafter needs to think again.

$15.62 each at the moment is what they are worth , BU or proof , painted pretty colors ,scratched , slabbed or sitting on a window sill wrapped in a taco bell napkin

LochNESS · November 11, 2014 7:28PM

<< … … or sitting on a window sill wrapped in a taco bell napkin

>>

Something I still have yet to try, surprisingly! One of these days.

ibex66 · November 19, 2014 5:05AM

<< 

<< … … or sitting on a window sill wrapped in a taco bell napkin

>>

Something I still have yet to try, surprisingly! One of these days. >>

As of today same shop $1.75 over spot and add 4.5% VA tax to them. Now not that great

TopographicOceans · November 19, 2014 5:57AM

As the base price drops, the premiums increase so maybe he's selling a hoard from 2003?

SoCalBigMark · November 19, 2014 6:09AM

<< 

<< … … or sitting on a window sill wrapped in a taco bell napkin

>>

Something I still have yet to try, surprisingly! One of these days. >>

My only nice result, it may have been a Starbucks napkin.

LochNESS · November 19, 2014 8:35AM

That's better than I expected, Mark! Lovely blue hue. I'm a sucker for blue toning.

OperationButter · November 29, 2014 1:49PM

While Id love to grab ASE's with little to no premium, my time and effort is still worth something (as well as cost of gas). Driving around to multiple shops to buy a few ASE's is not worth it to me. Others may feel differently, but cost (of gas; as well as intangible cost, time/effort) associated with obtaining those near spot eagles needs to be added to the overall cost of those eagles purchased. If you are able to get some quantity in those purchases then driving around starts to become worth it.

crypto79 · November 29, 2014 10:15PM

<< 

<< 

<< … … or sitting on a window sill wrapped in a taco bell napkin

>>

Something I still have yet to try, surprisingly! One of these days. >>

My only nice result, it may have been a Starbucks napkin.

>>

What's the holder say?

CoinZip · November 29, 2014 10:43PM

I start them for 99¢, Free Shipping, & No Reserve when I have them............

LindeDad · November 30, 2014 12:57AM

Simple bought at x dollars.
Spot is now x-y dollars.
Trying to get z which might = rent.

ricko · November 30, 2014 3:13AM

Many talk about the volatility of silver, especially when spot is high. However, if stacking ASE's, that high spot is not nearly as profitable as junk silver. Cheers, RickO

.75 over spot for ASEs from a brick and mortar?

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