FUN Show Silver Sales Report (and a bit on gold).
Proofmorgan
Posts: 921 ✭✭✭✭✭
I came with a bag full of BU silver eagles, 90% junk, 90% unc,
And 90% mint commems (newer issues) in boxes or capsules.
Silver was at $75 on day one and I was looking to liquidate as with
the volatility, who knows what would happen.
The show was a frenzy. I’d say 60/40 buying/selling.
I sought out a few sources and was able to get the following:
-50x face for junk silver (UNC/toning had no premium). I was quoted 47-50x when asking about 5 buyers.
-silver eagles were spot plus $1 (silver eagles were king here). They were selling as fast as dealers could buy them. Premiums ranged from $2-$5.
-generic .999 spot -$1
-90% newer commems $50-$55….tough to move. By the 3rd day
Almost no one was buying these.
-I sold a vintage 25oz bar that wouid typically command a premium for spot.
Interesting observations:
-The spread of prices was something I’ve never seen.
-For thrills I was able to buy from one side of the room and sell
To the other for 25% more on certain items.
-100oz bars ranged from spot + 2 to spot -4.
- ALOT of vintage/rare bars were available. The premiums have come way down. Averaging at spot +4. Excluding super rare engelhard, etc.
-Silver buyers were tapped by the end of the show. I think the selling outweighed the buying.
GOLD:
Gold seemed to be slow moving. It was the silver show. That said,
I think some were moving from silver into gold.
Gold premiums seems consistent as opposed
To what was seen with silver.
Hope this helps!
Comments
Great Report! Thank-you.
I knew it would happen.
Very interesting bits.
Thank you for reporting what you saw. I appreciate it.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Nice report. thanks.
Thanks for the report. Very interesting to hear what happened at the big show. The spike in spot prices showed up in the spike in attendance.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
I brought a bag of 51 90% halves with me that was laying around in my sock drawer for years and was able to sell for 48X Thursday when silver dropped $5 to $75. I wasn’t motivated to waste several hours of my time trying to squeeze a few more dollars on my first FUN trip after flying across the country. I also sold a 1987 US Constitution set (silver and gold coin) for $1050. The set is too bulky and takes up too much space and no longer fits in the SDB.
Do you happen to know what the premium was on 1oz American Gold Eagles?
I only know in passing on the 1/10 and 1/4 oz, which were about 500/oz for proofs. I'm sure there were cheaper options but I remember seeing 1/10s for $500 and 1/4s for $1250 posted in cases
I bought about 10 ounces of silver in various forms, all coins, things I liked, not looking at it as an investment. I probably need silver to goto $120 an ounce to break-even.
So many people showed up at FUN 2026 to sell PM's, including silver. Heard a bunch of silver and gold dealers say they did $400,000 in 3 days.
I would think that the price for modern gold had to gravitate towards pre-1933 which was selling at spot in some cases, give-or-take the weight differential resulting from $20.67/oz. calculations.
I remember over a decade ago when the premiums on fractional modern U.S. gold coins was often 20-30%. Didn't see anything like that at FUN 2026. No premiums or single-digit premiums at worst.
Don't you think ETFs have caused the premiums for fractionals to go down?
I think the rising gold price has done that. I don't think ETFs are buying fractionals, they're buying actual bars and/or futures.
That's correct, ETFs don't buy fractionals. However, ETFs are fractionals.
GLD ETF closed today at $443.60. Gold is currently quoted at MONEX at $4,782. I believe the availability of ETFs reduced the need to buy small gold bullion coins.
Maybe for HNW and UHNW individuals who want exposure to gold. My friend just got bought some in his account and it's a waste for him since he buys bullion. He had no idea what the rep was doing until I looked at his holdings.
In recent years, gold price has diverged from ETF holdings. They used to correlate pretty highly, but not since 2022. I'll see if I can find a more up-to-date chart.
GLD has been around since 2004. It's .40% annual management fee over 22 years may account for some of the difference. Currently GLD sells at a .28% premium to the value of it's gold.
Not sure what you are saying with "My friend just got bought some in his account and it's a waste for him since he buys bullion. He had no idea what the rep was doing until I looked at his holdings."
My point was that for most people holding bullion or coins is what they want since they are holding an insurance policy and a piece of paper indirectly holding gold isn't ideal for them. But for HNW and UHNW clients, it's more practical than taking delivery of millions of dollars (or more) in gold.
GLD and IAU stay very close to NAV as an ETF should do. The management fees are reasonable.
I think the rising gold price has done that. I don't think ETFs are buying fractionals, they're buying actual bars and/or futures.
ETFs are allowed to buy futures?
I knew it would happen.
If it's in their governing documents, yes.
GLD (ETF)t seeks to reflect the performance of the price of gold bullion, less the expenses of the Trusts operations. The Trust holds gold bars and from time to time, issues Baskets in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trusts expenses. The Sponsor believes that, for many investors, the Shares represent a cost-effective investment in gold.
% of net assets
Net Assets - 100.00 % Gold
The thread started on January 10th, 2026. Silver spot was said to be $75. Today, January 23rd, 2026 we are at $103.25.
Wow!!! That’s a spectacular run for sure.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
The thread started on January 10th, 2026. Silver spot was said to be $75. Today, January 23rd, 2026 we are at $103.25.
Wow!!! That’s a spectacular run for sure.
Yeah, and we don't even know where this is headed, yet.
I knew it would happen.