@scotty1419 said:
They explained they couldn't offer more than -$10 spot on ASEs because the refiners have dropped their rates. DIDNT KNOW WERE SCRAPPING ASEs NOW!
I say this in the least judgmental way possible and don't mean to upset anyone, but ASE are just objectively bad coins. They were already barely passable before the reverse was changed and the government - in their infinite wisdom - discovered how to make a bad situation worse. The design isn't very good and I don't even own any and likely never will.
This isn't just my own bad opinion either. New collectors really enjoy Britannias and the offerings of the Royal Canadian Mint. New stackers who have never collected coins and who never grew up with Walking Liberty half dollars have no attraction to them. The only remaining redeeming feature was they could cushion the loss if you had to sell and silver went down. The upfront premium helped mitigate losses by a few bucks.
They're 25 years late to the privy game and other mints just do it better. ASE are largely seen as the worst option. We now also have a chicken on our gold coins.
I make a killing on non-US modern bullion and it's basically a part time job doing a little more of the same work I normally do. I paid off 15k in tax debt with it last year. I'd never do that with ASE. And now, with the skyrocketing premiums on the mint site, the government is basically just looting the corpse of what used to be a popular coin.
ASE's are US Mint bullion. Almost all of what you don't like about them does not matter one tiny bit to a stacker. They will ALWAYS be near the top of the 1 oz silver food chain.
Sorry to trigger you guys but ASE are just not good coins. The market speaks for itself. They're being sent to refiners and other coins command better premiums, period. There isn't any valid counter argument to that in terms of value.
@Azurescens said:
Sorry to trigger you guys but ASE are just not good coins. The market speaks for itself. They're being sent to refiners and other coins command better premiums, period. There isn't any valid counter argument to that in terms of value.
it doesn't matter what you think. They will always be top tier. Perhaps YOU triggered yourself?
@Azurescens said:
Sorry to trigger you guys but ASE are just not good coins. The market speaks for itself. They're being sent to refiners and other coins command better premiums, period. There isn't any valid counter argument to that in terms of value.
it doesn't matter what you think. They will always be top tier. Perhaps YOU triggered yourself?
The biggest red flag for me was when I learned the only good money left to be made off them was if you were a big player, got them early, and sent them in bulk to graders. The next red flag was their price dropping off so drastically after the hype died down. Look at morgan and peace reissues; the same thing happens to them.
The next huge red flag was PR70 key dates dropping substantially in value, followed by raw key dates of otherwise perfect coins selling for $50-60 when silver was at $30. 1986 used to be $80+ with silver at $19. 1993 and 1994 were upwards of $150 with silver at $19. The only reasonable answer to why they did this is a decline in popularity.
It then became rare to see 1993-P above $100 and 94-P hovered right around there. PR70 prices continued to drop. They became harder to sell. Recent skyrocketing spot prices are the only thing that saved a whole lot of people from losing a lot of money.
The affordability crisis for now two generations of people who can't earn a living wage anywhere has caused a massive drop in faith in our institutions. The propaganda used to be easier to swallow when people could afford to make babies. American symbology brings a sense of dismay and disdain for a lot of people and I don't blame them for wanting coins that actually look good.
I encourage anyone who is reading this and thinking about going in big on silver eagles to reconsider. The "coin of the realm" thesis is as dead as the dollar. Get out while you can -- like the dealers melting them are doing.
Edit: Additionally, the rise in artificially toned eagles should have been a huge indicator for everyone here. The coins didn't have anything inherently special about them so people had to add a little flavor to make their bad investment attractive to buyers. The coin was allowed to speak for itself and people answered with their wallets.
When you talk about graded ASEs, you are talking about a "value added" proposition that no longer applies in most cases. Buying a monster box of ASEs and paying to have them all graded is a fool's errand in my opinion.
The dramatic rise in the prices of gold and silver have rendered a large swath of graded bullion (and even graded classic coins) to be worth no more than melt - and that's where many of them are headed - to the melt.
Foreign bullion coins are even worse. You may be able to sell them on ebay for now, but I guarantee you that the people buying them will be selling them for melt someday, especially if bullion prices continue to rise.
This is a washout phenomenon for coin collecting. The whole concept of money is changing. If we are extremely lucky, we might escape the digital prison in lieu of real money that is based on real gold, silver, nickel and copper. Instead of dollars and cents, a system based on ounces and/or grams makes much more sense.
Honest money is the best solution to many of our modern problems.
Q: Are You Printing Money? Bernanke: Not Literally
@jmski52 said:
When you talk about graded ASEs, you are talking about a "value added" proposition that no longer applies in most cases. Buying a monster box of ASEs and paying to have them all graded is a fool's errand in my opinion.
The dramatic rise in the prices of gold and silver have rendered a large swath of graded bullion (and even graded classic coins) to be worth no more than melt - and that's where many of them are headed - to the melt.
Foreign bullion coins are even worse. You may be able to sell them on ebay for now, but I guarantee you that the people buying them will be selling them for melt someday, especially if bullion prices continue to rise.
This is a washout phenomenon for coin collecting. The whole concept of money is changing. If we are extremely lucky, we might escape the digital prison in lieu of real money that is based on real gold, silver, nickel and copper. Instead of dollars and cents, a system based on ounces and/or grams makes much more sense.
Honest money is the best solution to many of our modern problems.
So basically.. always immediately reinvest profits into straight ounces?
Looking back I wish I had harvested every last premium from 2020-22 and just bought bars. Some of my biggest graded gold scores have remained more or less flat from 1800 to 4600 or whatever.
@Azurescens said:
Sorry to trigger you guys but ASE are just not good coins. The market speaks for itself. They're being sent to refiners and other coins command better premiums, period. There isn't any valid counter argument to that in terms of value.
Getting bullion ASEs is good and easy to move.
If you are comparing ASEs to coins, that is not a good thing to do. You'll, obviously, be disappointed. Sure, the TPGs will let you grade them, and there are proof and reverse proof and privy (etc) versions, and people playing registry sets, etc. But, this is a PRECIOUS METALS forum and, from that pureness standpoint, the ASEs are good and convertible to $$$.
Just stay away from graded examples where you pay more (and I say that as someone who collect(ed) them graded as well as raw.
A local shop/pawn shop doesn't want 90% but will give you a don't want it price if you're desperate. .999 coins and bars 5 bucks back of spot, didn't ask about gold. How long before these lofty prices start to fall off a cliff?
@morgansforever said:
A local shop/pawn shop doesn't want 90% but will give you a don't want it price if you're desperate. .999 coins and bars 5 bucks back of spot, didn't ask about gold. How long before these lofty prices start to fall off a cliff?
OR the prices stabilize here and the industry has to get more competitive instead of lazy/fearful margins.
I just bought a MS 61 $20 Lib just above melt on Great Collections. It was in a first generation PCGS holder. I overpaid.
The seller received below melt.
@s4ny said:
I just bought a MS 61 $20 Lib just above melt on Great Collections. It was in a first generation PCGS holder. I overpaid.
The seller received below melt.
I have no idea why someone would sell a common dats DE on GC and eat 10%.
@s4ny said:
I just bought a MS 61 $20 Lib just above melt on Great Collections. It was in a first generation PCGS holder. I overpaid.
The seller received below melt.
I have no idea why someone would sell a common dats DE on GC and eat 10%.
Could it be that the seller bought when gold was $500? and decided to sell now at $4500?
Many reasons why, but I get that the seller probably could have gotten more selling it privately...
Actually having to WORK
Instead of handing it off to the auction house and collecting a check.
@s4ny said:
I just bought a MS 61 $20 Lib just above melt on Great Collections. It was in a first generation PCGS holder. I overpaid.
The seller received below melt.
I have no idea why someone would sell a common dats DE on GC and eat 10%.
Could it be that the seller bought when gold was $500? and decided to sell now at $4500?
Many reasons why, but I get that the seller probably could have gotten more selling it privately...
Actually having to WORK
Instead of handing it off to the auction house and collecting a check.
Or just inherited it and got a bad offer locally and doesn't trust ebay. Tons of reasons.
Hit a new shop in West Virgina earlier today. Sold off the rest of my Platinum at spot $2420. Was offered spot -$2 for ASEs, fresh BU rolls from a sealed box. Dealer wouldn't even give me a just give me your absolutely lowest I have to buy it from you price on 90%. Said it's taking weeks and sometimes months to get paid out because refiners are just not accepting it.
They were buying gold fractionals at spot, full ounces spot - $20 for gooberment issued rounds, spot -$40 for .999 bars. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
@jmski52 said:
You probably could've bought some 90% silver at a good price.
I'd be way out of my mind to buy gutter metal at these prices. My dca on junk is just over 13x. No plans to buy more until we return to those levels. Around 15x maybe I would consider starting to ease back in. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Good or Bad....local coin store offered $50 x face for 90% [$70/oz]................"pawn shop" down the street offer $60 x face [$84/oz]. Spot was around $93.50.
JM Bullion...who I like...was at around $53 x Face.
Vermillion Enterprises gets cleared out of generic .999 rounds in a flash sale yesterday. All 3,000 of them. That's what you do when the smelters can't take it.
NOTE - Smelters are beginning to lower their pay out rates for GOLD now as well. NOTE - Smelters are starting to NOT TAKE any post 1964 90%. Even if it's one or two coins. They will send the whole lot back https://youtu.be/cs61F8q3YBA?si=xi2u0IiMwYqiaSmw
Shop 1 not buying 90% junk at all, .999 excluding ASE spot - $10, ASE's spot - $5. Several buyers in the shop, 1 guy bought a roll of eagles, other guy was picking through the .999 bin (pandas, maples, kookaburras, libertads etc.).
Shop 2 paying 53x for 90%, .999 spot - $5, ASE's spot - $2. Ironically this shop was recently paying 51.5x on junk when spot was ~$80. $12 increase in spot, if my math is correct that translates into +8x FV jump yet they only increased offer to buy 1.5x. No buyers, a guy trying to sell 2 Ase's and another guy selling a small pile of 90%.
Shop 3 paying 55x for 90%, ASE's spot - $1. I sold some more ASEs here. Saw a guy buy 3 rolls of ASEs and 2 1oz Gold Maples, told the owner that was his allotment for the year. Another guy trying to sell a bag of clad state quarters and a few rolls of war nickels. He was quoted $1 each on the war nickles. (ouch, I think they currently melt at over $5 each). 2 more guys in line not sure if they were buyers or sellers.
All 3 said the refiners were becoming more selective, taking longer to pay out/receive funds etc. None were happy at all about the $$$$ they are having to tie up just to make small profits. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Yesterday I called 5 places. Two were not buying any silver at all. One was -8 on ASE, One "92% of spot", and another -3. For generic they were doing a dollar less across the board or "90% of spot".
I haven't bothered with 90% as I dumped most if it at FUN for 50x when spot was $75 and I've been selling modern 90% quite well on ebay. Netting 60-65x.
Collector of Original Early Gold with beginnings in Proof Morgan collecting.
@blitzdude, that price offered of 53x for 90% when silver is at $93+ really highlights how tight everything is and how available cash is starting to affect what everyone does. That includes the smallest shops on up to the largest refiners. My belief is that they are all wary of a steep drop.
Back to that 53x price, when silver was at $75 I was paid 50x. I’m sure better prices can be found but they are vanishing.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
I posted on a parallel thread earlier today that one Southeast Michigan coin shop is paying 58x face for 90%, while the other is paying 55x - while melt is a skosh over 69x.
Sold some ASEs and 90% this afternoon. Called the closet shop and they offered $13 back on ASEs (YIKES!®). Needless to say we didn't talk very long and I didn't ask about anything else. Called and went to a shop 10 miles farther away. They were $3 back on ASEs, $6 back on generic .999, and 57 x face on 90%.
It's faster, easier, more efficient and more profitable in the short term to simply melt .999 and pour it into bars, i.e. faster turnaround within the limited capacity to process the metal.
When .999 becomes scarce you can be sure that 90% silver will have its day.
Q: Are You Printing Money? Bernanke: Not Literally
It's faster, easier, more efficient and more profitable in the short term to simply melt .999 and pour it into bars, i.e. faster turnaround within the limited capacity to process the metal.
When .999 becomes scarce you can be sure that 90% silver will have its day.
I understand about the 999 but I inferred from the post I quoted that smelters would reject 90% lots if they had modern 90% mixed in.
BST references: jdimmick;Gerard;wondercoin;claychaser;agentjim007;CCC2010;guitarwes;TAMU15;Zubie;mariner67;segoja;Smittys;kaz;CARDSANDCOINS;FadeToBlack; jrt103;tizofthe;bronze6827;mkman;Scootersdad;AllCoinsRule;coindeuce;dmarks;piecesofme; and many more
Is it possible for anyone to take bullion directly to a refiner or do they only want amounts of a certain level? When selling bullion to a coin store or pawn shop. does the buyer issue a 1099 to the seller?
Midwest Refineries specifically states it must be mailed, no walk-ups. I would assume most are the same unless you have special arrangements with them.
Sold some gold and silver this afternoon. Local shop was paying 62x for 90%, $12 back for rounds and ASE. Said it's basically all sellers this week. They gave me spot for a couple 1 oz. proof AGEs, which I accepted.
Tried 2 shops in Pittsburgh today to sell a monster box of ASEs. Both said they couldn't tie up that much capital heading into the weekend. Must have been a dozen people in line at the 2nd shop all trying to sell this afternoon. Busiest I have ever seen the place but no one was buying. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
@blitzdude said:
Tried 2 shops in Pittsburgh today to sell a monster box of ASEs. Both said they couldn't tie up that much capital heading into the weekend. Must have been a dozen people in line at the 2nd shop all trying to sell this afternoon. Busiest I have ever seen the place but no one was buying. RGDS!
You brought a monster box into shops unannounced at the current spot price? LOL that has to be the most ridiculous thing I've ever heard lol.
I still think your stories are completely made up though. Never once do you name a shop.
Tried 2 shops in Pittsburgh today to sell a monster box of ASEs.
That's a $50k deal today which is hard to wrap my head around. My old boss used to do deals, typically with regular customers, where he'd lock in with them and with the 3rd party. He'd pay when he received the funds. Just today I texted a friend because Silver made it over $100 and he was in a state of disbelief that the tube of ASE's he had bought for $400 is worth $2,000.
Where will it end!!??!!
Busiest I have ever seen the place but no one was buying.
Can't understand why anyone would buy.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
@pcgscacgold said:
A lot of silver selling on BST so people are buying. Strong demand. Short supply are feeding this rally.
People are absolutely buying. There are so many platforms to do so now. The days of a coin shop or Fee Bay being the end all barometer of the market is long gone.
@pcgscacgold said:
A lot of silver selling on BST so people are buying. Strong demand. Short supply are feeding this rally.
Yep.
I honestly think we will see $140-$150 within next 5 months or so
I may sell some of my silver on the BST since, as Lakesammman mentioned in a thread on the USCF the state we live in just started charging sales tax for PMs, so many shops are calling it quits or paying way low as harder for them to sell...and I have too much silver I found out when doing some cleanup...
@pcgscacgold said:
A lot of silver selling on BST so people are buying. Strong demand. Short supply are feeding this rally.
Yep.
I honestly think we will see $140-$150 within next 5 months or so
I may sell some of my silver on the BST since, as Lakesammman mentioned in a thread on the USCF the state we live in just started charging sales tax for PMs, so many shops are calling it quits or paying way low as harder for them to sell...and I have too much silver I found out when doing some cleanup...
I wouldn't sell anything on this site. Most are old people still looking for $18 silver LOLZ
I wouldn't sell anything on this site. Most are old people still looking for $18 silver LOLZ
Worse yet, he thinks he should be able to sell 90% silver at spot when it's at a historic 15% discount while the spot price is $103+. Crazy times indeed. The biggest winners will be those buying at spot minus 10%.
Interesting times. At alltime highs, you should expect both volatility and supply disruptions. If you can't stand the heat, stay out of the kitchen.
Q: Are You Printing Money? Bernanke: Not Literally
there has been a line of "all time highs" for silver, and for gold, in the last few months.
Some, myself included, think it will continue.
Sure, it will have some dips, but we've already seen dips and then it climbs again.
Time will tell. Not worth arguing about.
Nothing wrong with people buying who believe in it, nor people selling a bit along the way
Buying gen at spot -10% and ase at spot minus 4.00 (currently not buying kilo's and hundreds)
but selling generic at -2.00 to move some, took a sh t load to the refinery last night. Not ase , they sell at spot easily.
90% buying at 50x Im low but other shop in town is lower at 40X ,
I ran out of money thursday afternoon for fri start, put a sign up not buying till some checks came in, had to turn down a bunch first hour. Last night I took 60k to the refinery from wed/thur buy , but they could only give me partial payment, until next tuesday. Had taken another 40k to another place wed am, and just now got check in before close of bank business tonight, it will be credited sat am thankfully.
Selling some of my collector coins to GC to free up more capital for buying, I hate too , but have too. Its intense, and Im a small potato shop.
A dealer friend of mine in Wilmington said he is buying at spot minus 25.00 on .999 and people are still selling like gang busters, he is making a fortune. I told him Id rather refuse to buy then low ball somebody like that. Another pawn gold shop here in town is at half price on anything silver gold.
went back and read last few posts: my comments:
Had a customer call about a monster box, told him Id buy it if hed let me sell it first, then pay him in two days, and Id do it for a 1k profit, he was ok with that and deal was done. If I cant buy it outright, I either do that or send them to a larger firm and hour away.
I have a few buyers, mostly newbies wanting to get in on action, but they buy like 3-10 oz , not anywhere near whats coming thru the door. ASE easiest to sell, then a few nicer clean gen 999, nothing else, cant sell 10 oz bars or larger now, so I dont buy the kilos or 100's as mentioned, the 10's i can , but take them to PCE , but there so busy now, that I have to make appts ahead of time to get in the door, just to drop off.
Comments
ASE's are US Mint bullion. Almost all of what you don't like about them does not matter one tiny bit to a stacker. They will ALWAYS be near the top of the 1 oz silver food chain.
COPPER is gutter !
Sorry to trigger you guys but ASE are just not good coins. The market speaks for itself. They're being sent to refiners and other coins command better premiums, period. There isn't any valid counter argument to that in terms of value.
it doesn't matter what you think. They will always be top tier. Perhaps YOU triggered yourself?
COPPER is gutter !
Thats right....cant even find good counter-parties. Who woulda thought?
Knowledge is the enemy of fear
The biggest red flag for me was when I learned the only good money left to be made off them was if you were a big player, got them early, and sent them in bulk to graders. The next red flag was their price dropping off so drastically after the hype died down. Look at morgan and peace reissues; the same thing happens to them.
The next huge red flag was PR70 key dates dropping substantially in value, followed by raw key dates of otherwise perfect coins selling for $50-60 when silver was at $30. 1986 used to be $80+ with silver at $19. 1993 and 1994 were upwards of $150 with silver at $19. The only reasonable answer to why they did this is a decline in popularity.
It then became rare to see 1993-P above $100 and 94-P hovered right around there. PR70 prices continued to drop. They became harder to sell. Recent skyrocketing spot prices are the only thing that saved a whole lot of people from losing a lot of money.
The affordability crisis for now two generations of people who can't earn a living wage anywhere has caused a massive drop in faith in our institutions. The propaganda used to be easier to swallow when people could afford to make babies. American symbology brings a sense of dismay and disdain for a lot of people and I don't blame them for wanting coins that actually look good.
I encourage anyone who is reading this and thinking about going in big on silver eagles to reconsider. The "coin of the realm" thesis is as dead as the dollar. Get out while you can -- like the dealers melting them are doing.
Edit: Additionally, the rise in artificially toned eagles should have been a huge indicator for everyone here. The coins didn't have anything inherently special about them so people had to add a little flavor to make their bad investment attractive to buyers. The coin was allowed to speak for itself and people answered with their wallets.
When you talk about graded ASEs, you are talking about a "value added" proposition that no longer applies in most cases. Buying a monster box of ASEs and paying to have them all graded is a fool's errand in my opinion.
The dramatic rise in the prices of gold and silver have rendered a large swath of graded bullion (and even graded classic coins) to be worth no more than melt - and that's where many of them are headed - to the melt.
Foreign bullion coins are even worse. You may be able to sell them on ebay for now, but I guarantee you that the people buying them will be selling them for melt someday, especially if bullion prices continue to rise.
This is a washout phenomenon for coin collecting. The whole concept of money is changing. If we are extremely lucky, we might escape the digital prison in lieu of real money that is based on real gold, silver, nickel and copper. Instead of dollars and cents, a system based on ounces and/or grams makes much more sense.
Honest money is the best solution to many of our modern problems.
I knew it would happen.
So basically.. always immediately reinvest profits into straight ounces?
Looking back I wish I had harvested every last premium from 2020-22 and just bought bars. Some of my biggest graded gold scores have remained more or less flat from 1800 to 4600 or whatever.
Getting bullion ASEs is good and easy to move.
If you are comparing ASEs to coins, that is not a good thing to do. You'll, obviously, be disappointed. Sure, the TPGs will let you grade them, and there are proof and reverse proof and privy (etc) versions, and people playing registry sets, etc. But, this is a PRECIOUS METALS forum and, from that pureness standpoint, the ASEs are good and convertible to $$$.
Just stay away from graded examples where you pay more (and I say that as someone who collect(ed) them graded as well as raw.
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
Your #1 right after me 😉
A local shop/pawn shop doesn't want 90% but will give you a don't want it price if you're desperate. .999 coins and bars 5 bucks back of spot, didn't ask about gold. How long before these lofty prices start to fall off a cliff?
OR the prices stabilize here and the industry has to get more competitive instead of lazy/fearful margins.
FUN 2026 was nuts with silver buyers/sellers.
I just bought a MS 61 $20 Lib just above melt on Great Collections. It was in a first generation PCGS holder. I overpaid.
The seller received below melt.
I have no idea why someone would sell a common dats DE on GC and eat 10%.
Could it be that the seller bought when gold was $500? and decided to sell now at $4500?
Many reasons why, but I get that the seller probably could have gotten more selling it privately...
Actually having to WORK
Instead of handing it off to the auction house and collecting a check.
Or just inherited it and got a bad offer locally and doesn't trust ebay. Tons of reasons.
Hit a new shop in West Virgina earlier today. Sold off the rest of my Platinum at spot $2420. Was offered spot -$2 for ASEs, fresh BU rolls from a sealed box. Dealer wouldn't even give me a just give me your absolutely lowest I have to buy it from you price on 90%. Said it's taking weeks and sometimes months to get paid out because refiners are just not accepting it.
They were buying gold fractionals at spot, full ounces spot - $20 for gooberment issued rounds, spot -$40 for .999 bars. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
You probably could've bought some 90% silver at a good price.
I knew it would happen.
I'd be way out of my mind to buy gutter metal at these prices. My dca on junk is just over 13x. No plans to buy more until we return to those levels. Around 15x maybe I would consider starting to ease back in. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Return to 13x ... ya, good luck with that dusty old mindset. 75 cent per gallon gas too? lolz
COPPER is gutter !
Good or Bad....local coin store offered $50 x face for 90% [$70/oz]................"pawn shop" down the street offer $60 x face [$84/oz]. Spot was around $93.50.
JM Bullion...who I like...was at around $53 x Face.
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
Vermillion Enterprises gets cleared out of generic .999 rounds in a flash sale yesterday. All 3,000 of them. That's what you do when the smelters can't take it.
NOTE - Smelters are beginning to lower their pay out rates for GOLD now as well.
https://youtu.be/cs61F8q3YBA?si=xi2u0IiMwYqiaSmw
NOTE - Smelters are starting to NOT TAKE any post 1964 90%. Even if it's one or two coins. They will send the whole lot back
COPPER is gutter !
Hit 3 shops today (Western, PA)
Shop 1 not buying 90% junk at all, .999 excluding ASE spot - $10, ASE's spot - $5. Several buyers in the shop, 1 guy bought a roll of eagles, other guy was picking through the .999 bin (pandas, maples, kookaburras, libertads etc.).
Shop 2 paying 53x for 90%, .999 spot - $5, ASE's spot - $2. Ironically this shop was recently paying 51.5x on junk when spot was ~$80. $12 increase in spot, if my math is correct that translates into +8x FV jump yet they only increased offer to buy 1.5x. No buyers, a guy trying to sell 2 Ase's and another guy selling a small pile of 90%.
Shop 3 paying 55x for 90%, ASE's spot - $1. I sold some more ASEs here. Saw a guy buy 3 rolls of ASEs and 2 1oz Gold Maples, told the owner that was his allotment for the year. Another guy trying to sell a bag of clad state quarters and a few rolls of war nickels. He was quoted $1 each on the war nickles. (ouch, I think they currently melt at over $5 each). 2 more guys in line not sure if they were buyers or sellers.
All 3 said the refiners were becoming more selective, taking longer to pay out/receive funds etc. None were happy at all about the $$$$ they are having to tie up just to make small profits. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Up in NH/ME:
Yesterday I called 5 places. Two were not buying any silver at all. One was -8 on ASE, One "92% of spot", and another -3. For generic they were doing a dollar less across the board or "90% of spot".
I haven't bothered with 90% as I dumped most if it at FUN for 50x when spot was $75 and I've been selling modern 90% quite well on ebay. Netting 60-65x.
@blitzdude, that price offered of 53x for 90% when silver is at $93+ really highlights how tight everything is and how available cash is starting to affect what everyone does. That includes the smallest shops on up to the largest refiners. My belief is that they are all wary of a steep drop.
Back to that 53x price, when silver was at $75 I was paid 50x. I’m sure better prices can be found but they are vanishing.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
Curious about this. Smelters are melting, right? What's the issue with modern 90% ?
I posted on a parallel thread earlier today that one Southeast Michigan coin shop is paying 58x face for 90%, while the other is paying 55x - while melt is a skosh over 69x.
Sold some ASEs and 90% this afternoon. Called the closet shop and they offered $13 back on ASEs (YIKES!®). Needless to say we didn't talk very long and I didn't ask about anything else. Called and went to a shop 10 miles farther away. They were $3 back on ASEs, $6 back on generic .999, and 57 x face on 90%.
Philippians 4:4-7
I am encouraged when I see spot ripping higher and yet everyone is selling. Sitting at $4952 and $98.80 tonight.
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
What's the issue with modern 90% ?
It's faster, easier, more efficient and more profitable in the short term to simply melt .999 and pour it into bars, i.e. faster turnaround within the limited capacity to process the metal.
When .999 becomes scarce you can be sure that 90% silver will have its day.
I knew it would happen.
I understand about the 999 but I inferred from the post I quoted that smelters would reject 90% lots if they had modern 90% mixed in.
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omg
wow
They may have FOMO but they've already missed out on the best part
Is it possible for anyone to take bullion directly to a refiner or do they only want amounts of a certain level? When selling bullion to a coin store or pawn shop. does the buyer issue a 1099 to the seller?
Midwest Refineries specifically states it must be mailed, no walk-ups. I would assume most are the same unless you have special arrangements with them.
Sold some gold and silver this afternoon. Local shop was paying 62x for 90%, $12 back for rounds and ASE. Said it's basically all sellers this week. They gave me spot for a couple 1 oz. proof AGEs, which I accepted.
Tried 2 shops in Pittsburgh today to sell a monster box of ASEs. Both said they couldn't tie up that much capital heading into the weekend. Must have been a dozen people in line at the 2nd shop all trying to sell this afternoon. Busiest I have ever seen the place but no one was buying. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
You brought a monster box into shops unannounced at the current spot price? LOL that has to be the most ridiculous thing I've ever heard lol.
I still think your stories are completely made up though. Never once do you name a shop.
COPPER is gutter !
Nobody is getting this runup right.
If somebody predicted $100 it's because they guessed right.
There is something going on with global demand/supply. Domestic reports are anecdotal IMO.
Tried 2 shops in Pittsburgh today to sell a monster box of ASEs.
That's a $50k deal today which is hard to wrap my head around. My old boss used to do deals, typically with regular customers, where he'd lock in with them and with the 3rd party. He'd pay when he received the funds. Just today I texted a friend because Silver made it over $100 and he was in a state of disbelief that the tube of ASE's he had bought for $400 is worth $2,000.
Where will it end!!??!!
Busiest I have ever seen the place but no one was buying.
Can't understand why anyone would buy.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
A lot of silver selling on BST so people are buying. Strong demand. Short supply are feeding this rally.
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
People are absolutely buying. There are so many platforms to do so now. The days of a coin shop or Fee Bay being the end all barometer of the market is long gone.
COPPER is gutter !
Yep.
I honestly think we will see $140-$150 within next 5 months or so
I may sell some of my silver on the BST since, as Lakesammman mentioned in a thread on the USCF the state we live in just started charging sales tax for PMs, so many shops are calling it quits or paying way low as harder for them to sell...and I have too much silver I found out when doing some cleanup...
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
I wouldn't sell anything on this site. Most are old people still looking for $18 silver LOLZ
COPPER is gutter !
you buying up here?
NOT HERE. But I am buying!
COPPER is gutter !
I wouldn't sell anything on this site. Most are old people still looking for $18 silver LOLZ
Worse yet, he thinks he should be able to sell 90% silver at spot when it's at a historic 15% discount while the spot price is $103+. Crazy times indeed. The biggest winners will be those buying at spot minus 10%.
Interesting times. At alltime highs, you should expect both volatility and supply disruptions. If you can't stand the heat, stay out of the kitchen.
I knew it would happen.
there has been a line of "all time highs" for silver, and for gold, in the last few months.
Some, myself included, think it will continue.
Sure, it will have some dips, but we've already seen dips and then it climbs again.
Time will tell. Not worth arguing about.
Nothing wrong with people buying who believe in it, nor people selling a bit along the way
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
Buying gen at spot -10% and ase at spot minus 4.00 (currently not buying kilo's and hundreds)
but selling generic at -2.00 to move some, took a sh t load to the refinery last night. Not ase , they sell at spot easily.
90% buying at 50x Im low but other shop in town is lower at 40X ,
I ran out of money thursday afternoon for fri start, put a sign up not buying till some checks came in, had to turn down a bunch first hour. Last night I took 60k to the refinery from wed/thur buy , but they could only give me partial payment, until next tuesday. Had taken another 40k to another place wed am, and just now got check in before close of bank business tonight, it will be credited sat am thankfully.
Selling some of my collector coins to GC to free up more capital for buying, I hate too , but have too. Its intense, and Im a small potato shop.
A dealer friend of mine in Wilmington said he is buying at spot minus 25.00 on .999 and people are still selling like gang busters, he is making a fortune. I told him Id rather refuse to buy then low ball somebody like that. Another pawn gold shop here in town is at half price on anything silver gold.
went back and read last few posts: my comments:
Had a customer call about a monster box, told him Id buy it if hed let me sell it first, then pay him in two days, and Id do it for a 1k profit, he was ok with that and deal was done. If I cant buy it outright, I either do that or send them to a larger firm and hour away.
I have a few buyers, mostly newbies wanting to get in on action, but they buy like 3-10 oz , not anywhere near whats coming thru the door. ASE easiest to sell, then a few nicer clean gen 999, nothing else, cant sell 10 oz bars or larger now, so I dont buy the kilos or 100's as mentioned, the 10's i can , but take them to PCE , but there so busy now, that I have to make appts ahead of time to get in the door, just to drop off.