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Silver just broke $17, hear the screams..
shorecoll
Posts: 5,445 ✭✭✭✭✭
of all the low-grade mercs, roosies and washingtons... "I'm melting, melting." Won't this be bad for the lower tier/entry-level collectors?
ANA-LM, NBS, EAC
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It's good for those who already own, however
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Just curious...
K
That means the 1968D Half I found yesterday is worth $2.51 in silver or $3.04 face.
Ren
Several years back, the US Mint declared their silver stockpile Officially depleted.
These new Silver Eagles etc have to come from somewhere.
At 99.9% Pure a Troy Ounce, I'm holding and plan to keep on holding, till I feel like cashing in a few chips here and there.
Sure it will clear out the lower grades if silver continues to rise and unlike 1980 where it prices were a blip it could wipe out almost all the circulated grades in the future rather it be franklins, washingtons, merc's, walkers, or Kenndy halves. But this kills the need for most of us collecting the whole series and people in the entry market wanting to build new sets so they may fall the way of the past coins and only be collected as a "type" killing the demand. I think prices will rise on these at first but could drop off due to demand.
If it doesn't these few low grade coins that people didn't sell may increase in value since they aren't out there in number anymore. It's anyones guess what may happen in the future if this metals boom last years. I think this will bring in investors in the ETF's and indeed they will be melted since these companies require physical bars. Flip a coin it could be good for some and bad for the hobby which is getting more and more expensive, which may really kill the classic hobby by the masses in the end.
If one looks at the 19th century coins many of these PO1/FR2/AG3's actually bring big bucks because they aren't out there anymore.
<< <i>Clearing the low grade and damaged junk from the market will be very positive. >>
I agree.
If one looks at the 19th century coins many of these PO1/FR2/AG3's actually bring big bucks because they aren't out there anymore. >>
If they do indeed get melted in high quantities then you may loose some low end collectors but probably gain more "big money" collectors which would be a net gain for the business side of collecting. It could create a bubble effect like the stock and real estate markets. I frankly think the "kid collector" of low grade coins is diminishing anyway no matter what the price of coins are.
I think I will ebay (or locally) sell them...they may get melted or they may not.
I haven't decided if I will open them to check them all or just sell as is....
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>I've got mixed emotions on this:
Sure it will clear out the lower grades if silver continues to rise and unlike 1980 where it prices were a blip it could wipe out almost all the circulated grades in the future rather it be franklins, washingtons, merc's, walkers, or Kenndy halves. But this kills the need for most of us collecting the whole series and people in the entry market wanting to build new sets so they may fall the way of the past coins and only be collected as a "type" killing the demand. I think prices will rise on these at first but could drop off due to demand.
If it doesn't these few low grade coins that people didn't sell may increase in value since they aren't out there in number anymore. It's anyones guess what may happen in the future if this metals boom last years. I think this will bring in investors in the ETF's and indeed they will be melted since these companies require physical bars. Flip a coin it could be good for some and bad for the hobby which is getting more and more expensive, which may really kill the classic hobby by the masses in the end.
If one looks at the 19th century coins many of these PO1/FR2/AG3's actually bring big bucks because they aren't out there anymore. >>
There were so many billions of these minted that even if a few billion get melted there will be plenty of low grade album fillers around, they just might cost a bit more and become an investment as well.
<< <i>I didn't see spot at 17 yet. Are you looking at the futures market? >>
It briefly went above 17 and then back down.
<< <i>
<< <i>I didn't see spot at 17 yet. Are you looking at the futures market? >>
It briefly went above 17 and then back down.
>>
I look earlier and saw 17, it must have been right at that blip. right now it's 16.92.
When This Happens For Silver you can flip right out of
your ever loving gourds! I know I will. I keep hoping that these short lift offs are people with
inside knowledge. And then wake up one morning and see silver hanging 25-30 just for the
psycological lift.
Jerry
This is great news. How long till silver breaks $20.00 an oz?
eddye mack
<< <i>Maybe the local buyer will offer more than 7 times face now >>
Such generosity has it's just rewards.
The way these market usually work is it's a up and down for awhile and then one day it just takes off. I'm really wanting the surge to wait at least another year and a half so I can get my 401k loan paid off which I used to buy gold and silver. I wanted to take some money off the table in the stock market. If it only waits I can have this as all profit and a little nest egg in case I get laid off due to bad times.
<< <i>Maybe the local buyer will offer more than 7 times face now >>
What are dealers paying now for junk silver coins?
Worry is the interest you pay on a debt you may not owe.
www.AlanBestBuys.com
www.VegasBestBuys.com
<< <i>This is great news. How long till silver breaks $20.00 an oz? eddye mack >>
Silver has been "acting" well lately-- I think $20 is do-able sometime this year.
<< <i>
<< <i>Maybe the local buyer will offer more than 7 times face now >>
What are dealers paying now for junk silver coins? >>
The best I found was 11 times face but silver has gone up about fifty cents since then.
<< <i>
<< <i>Maybe the local buyer will offer more than 7 times face now >>
What are dealers paying now for junk silver coins? >>
Here's what AJPM is paying.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
<< <i>I doubt junk silver will be melted at these prices. you need a higher premium to cover refining costs. >>
You are correct. The only 90% silver coins being melted down right now are damaged and worn slugs.
I just checked a few local B&M shops and they are all out of silver, either it's been bought up or people have been trading gold for it.
The trading gold part surprised me, but it was consistent from store to store. To me the ratio isn't right for that trade, but perhaps people are betting on a silver rise quickly, outstripping any upcoming gold rises.
I think they are both going to rise, but $20 silver would not surprise me at all and it could happen at any time. That's just the nature of silver, when she moves, she often moves in large jumps.
One problem that was consistent as well is that everybody is low on cash flow. That's holding down the melt silver buy prices around Houston.
I found a spread of 10.5 to 10.9 X face across four shops just a few minutes ago.
Seems like the numismatics are taking a back seat to precious metals currently, as far as churning cash flow.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
Nobody's getting my junk silver. What would I do with the cash? Invest in stocks? Nah.
I knew it would happen.
I don't understand the constant "hobby will die" refrain- the hobby will evolve, and people will always collect shiny stuff. If you look at it as a market, then you are wrong headed. Coins will continue to be made of precious metals, and people will buy the good ones.
<< <i>Well it's moving up again in after hours trading. Platinum is the real king right now up $46 due to supply concerns. >>
Yup, it actually got me looking seriously at that 10th Anniversary set, but ... I'm resisting certain temptations. It's not a moral issue..., it's an economic one. This set is looking better, though
<< <i>I doubt junk silver will be metled at these prices. you need a higher premium to cover refining costs. >>
90% junk silver...price isn't high enough. But is high enough for silver used in
photography to be recycled?
Some people believe that photography is a big 'disappearance' user. It's not.
In the 2/4/08 issue of CW (pgs 5 & 42) there was an article about SilverTowne buying silver and gold to melt at the FUN show. It said that More than 100 five gallon buckets of silver coins, ingots and rounds were trucked back to Indiana to be melted from FUN.
Positive BST Transactions (buyers and sellers): wondercoin, blu62vette, BAJJERFAN, privatecoin, blu62vette, AlanLastufka, privatecoin
#1 1951 Bowman Los Angeles Rams Team Set
#2 1980 Topps Los Angeles Rams Team Set
#8 (and climbing) 1972 Topps Los Angeles Rams Team Set
<< <i>I would'nt be too surprised to see 12x face on silver coinage by next week... >>
works for me
<< <i>
<< <i>I doubt junk silver will be melted at these prices. you need a higher premium to cover refining costs. >>
You are correct. The only 90% silver coins being melted down right now are damaged and worn slugs.
I just checked a few local B&M shops and they are all out of silver, either it's been bought up or people have been trading gold for it.
The trading gold part surprised me, but it was consistent from store to store. To me the ratio isn't right for that trade, but perhaps people are betting on a silver rise quickly, outstripping any upcoming gold rises.
I think they are both going to rise, but $20 silver would not surprise me at all and it could happen at any time. That's just the nature of silver, when she moves, she often moves in large jumps.
One problem that was consistent as well is that everybody is low on cash flow. That's holding down the melt silver buy prices around Houston.
I found a spread of 10.5 to 10.9 X face across four shops just a few minutes ago.
Seems like the numismatics are taking a back seat to precious metals currently, as far as churning cash flow. >>
If people are trading gold for silver in even small quantities, watch out!!!
<< <i>so what is value of 90% silver now? Is it up to 11.5 or 12x? >>
APMEX was buying 90% junk at 11.634x when Ag spot was $16.94.
Positive BST Transactions (buyers and sellers): wondercoin, blu62vette, BAJJERFAN, privatecoin, blu62vette, AlanLastufka, privatecoin
#1 1951 Bowman Los Angeles Rams Team Set
#2 1980 Topps Los Angeles Rams Team Set
#8 (and climbing) 1972 Topps Los Angeles Rams Team Set
<< <i>Where can I buy some silver at spot right now? Thanks in advance... >>
Dunno, if you find out let me know. Most dealers put a premium on top of the spot price.
11 times face easy. working its way up to 11.5 and maybe even 12 soon.
In a fast rising market, those premiums will be unavoidable. But, I'd check with Tulving if I were buying now.....
I knew it would happen.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1