Intresting local observation about silver

jdimmick · August 12, 2017 3:08PM

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

derryb · August 12, 2017 4:12PM

one in the hand is better than two in the bush

OPA · August 12, 2017 4:31PM

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.

291fifth · August 13, 2017 7:18AM

Just wait for the next "newsletter"

ricko · August 13, 2017 10:17AM

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

Mission16 · August 13, 2017 11:23AM

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!

bronco2078 · August 13, 2017 1:13PM

@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

Mission16 · August 13, 2017 1:49PM

@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.

rte592 · August 13, 2017 5:37PM

@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.

cohodk · August 13, 2017 6:00PM

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

VanHalen · August 13, 2017 6:14PM

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

BAJJERFAN · August 14, 2017 6:07AM

@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.

ricko · August 14, 2017 7:20AM

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

cohodk · August 14, 2017 7:22AM

@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?

BAJJERFAN · August 14, 2017 7:32AM

@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.

BAJJERFAN · August 14, 2017 8:05AM

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?

MorganMan94 · August 14, 2017 9:43AM

@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.

cohodk · August 14, 2017 6:35PM

@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.

BAJJERFAN · August 14, 2017 7:57PM

@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.

jdimmick · August 18, 2017 6:14PM

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

VanHalen · August 19, 2017 4:54AM

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

TwoSides2aCoin · August 19, 2017 5:36AM

Happy days are here again.

1630Boston · August 19, 2017 6:58AM

Where is your shop, may be worth a trip

jdimmick · August 19, 2017 4:27PM

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

Buyers didn't come like previous weeks

cohodk · August 19, 2017 7:18PM

@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.

jmski52 · August 20, 2017 7:09AM

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.

MorganMan94 · August 20, 2017 8:42AM

@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?

Intresting local observation about silver

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