Varmint
NES Member
I think some people view it as the cost, not the premium - like 3 years from now when silver is $100 and you paid $18/oz for your silver, you won't care if the premium was $3 or $0.50. Unless you're paying taxes.
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Gold and silver prices are down
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I think some people view it as the cost, not the premium - like 3 years from now when silver is $100 and you paid $18/oz for your silver, you won't care if the premium was $3 or $0.50. Unless you're paying taxes.
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I get that, but I still call anything over Spot, Premium...
If I'm thinking of it wrong, how do you define 'Premium'...?
If I'm thinking of it wrong, how do you define 'Premium'...?
Varmint
NES Member
That's what I meant by premium yeah, price over spot. My point was a lot of buyers just want silver cause they think it's going to $50, and since the spot is only $15, they don't care about the large premium.
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Yeah, makes sense. Silver is X per ounce. X includes spot + premium + shipping + tax.
Lol. "X" is a variable that gets thrown 'out the window' when we sell it...
Lol. "X" is a variable that gets thrown 'out the window' when we sell it...
Varmint
NES Member
Yeah, and when it's $50, you won't care if you paid $18 or $20.
Silver went up 4X after the 2008 crash I think, and this Fed printing bonanza dwarfs 2008.
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Lol. It was pushing on $50 in 2011 and I didn't sell. Store of wealth, blah, blah, blah... ![[rofl2]](/xen/styles/default/xenforo/smilies.vb/035.gif "ROFL2 [rofl2]")
HappyHarry
NES Member
If you can buy 1 oz rounds retail (fewer than 500 at a time) for $3.00 over spot, then you're doing very well. They are currently trading at wholesale levels for $2.65-2.75 over, including shipping.
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Yeah, the $3 bucks over spot was JM Bullion. No shipping no tax in that price.
So, here's a question. Lets say you had 100 1oz generic rounds to sell 'Private Sale'. What would you sell it at per/oz?
I'm not selling, just trying to get a feel for the secondary market ebbs & flows.
So, here's a question. Lets say you had 100 1oz generic rounds to sell 'Private Sale'. What would you sell it at per/oz?
I'm not selling, just trying to get a feel for the secondary market ebbs & flows.
HappyHarry
NES Member
In a private sale, I would say somewhere around $1.50-2.00 over Kitco ask would be giving both parties a better deal than either would get from a local dealer.
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Sounds fair. Thanks for considering my question.
~Enbloc
~Enbloc
Varmint
NES Member
Crunch time for gold and silver, both have broken out over major resistance ($1750 and $16.50) and if they close the week strongly above those levels, that's very bullish. I think the next level is $1900 for gold and $18 for silver, although if gold goes to $1900, silver will probably go to $21.
smokey-seven
NES Member
Premiums are up on Eagles, JM shows $25+ for uncirc random date, $26+ for 2020's. I cannot recall a 66% premium ever.
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Varmint
NES Member
Since the US mint is up running again I expect premiums should start dropping. Silver could be at $18 soon though, having broken out this week.
Silver is dirt cheap and people are starting to realize that. The days of sub $20 silver coins is probably gone for good.
![[crying]](/xen/styles/default/xenforo/smilies.vb/006.gif "Crying [crying]")
I just bought a bunch of random silver (mix of premium and generic bars/rounds) because the price wasn't a disaster at $19/oz. I was going to trade them to a friend for a 1950's S&W revolver and a collectible bottle of wine. I may have to hold off on the trade, and hope that silver keeps on rising and I can score a case of wine instead....
Trading random things is a habit that has turned into a curse for me. But it's a lot of fun and I just can't stop.
Trading random things is a habit that has turned into a curse for me. But it's a lot of fun and I just can't stop.
Varmint
NES Member
Only 3 left, lol. $30/oz for silver eagles.
I don't get why people pay 100% over spot - do they think the zombies are coming?
Is it like stocks - the more expensive they get, the more valuable they must be?
I don't get why people pay 100% over spot - do they think the zombies are coming?
Is it like stocks - the more expensive they get, the more valuable they must be?
Lot of 10 2020 1 oz American Silver Eagle $1 Coins GEM BU SKU59439 | eBay
Of. 999 fine silver. These spectacular 2020 1 oz. These ungraded bullion coins feature a full, gorgeous luster as expected on an uncirculated coin, with the strike quality, nearly perfect surfaces and exceptional degree of design detail traditionally seen on a coin earning a grade of 65 or...
www.ebay.com
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SPOT is a Lie, if the selling price doesn't reflect it...
smokey-seven
NES Member
Only 3 left, lol. $30/oz for silver eagles.
I don't get why people pay 100% over spot - do they think the zombies are coming?
Is it like stocks - the more expensive they get, the more valuable they must be?
Lot of 10 2020 1 oz American Silver Eagle $1 Coins GEM BU SKU59439 | eBay
Of. 999 fine silver. These spectacular 2020 1 oz. These ungraded bullion coins feature a full, gorgeous luster as expected on an uncirculated coin, with the strike quality, nearly perfect surfaces and exceptional degree of design detail traditionally seen on a coin earning a grade of 65 or...www.ebay.com
In addition to the $30 price, ebay will charge you MA sales tax! At least he is shipping them for free! 2020 SE's are getting harder to buy.
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Varmint
NES Member
just remember retail demand for coins and small bars is huge, but industrial demand (the bigger portion of silver use) is lower, so it balances out, since the mints can buy silver cheaply but can't produce coins fast enough.
Silver mine production is also low but should increase soon.
I'd expect a flood of retail silver to hit the market soon from restarted mints. It may all get gobbled up though.
Varmint
NES Member
If you buy over $1000 they won't charge MA tax. Thankfully most vendors fixed that now.
Varmint
NES Member
So much for $16.50 resistance, silver is now almost $18 this morning.
Finally it broke out. I'm sitting on a fair amount I bought about two months ago for an average of $15.50 per ounce. Hoping my speculation will pay off and I can trade/sell for some stuff or cash toward a gun purchase.
Win
NES Member
I never understood the premiums associated with silver eagles. They are widgets.
smokey-seven
NES Member
I went round and round with Ebay on this and they said they will charge MA sales tax on everything. If you have newer info, please cite the location I can read their statement that over 1K they won't charge.
2020 is a different animal. It's the last year of this design and 2021 will be the first year of the new one. I too do not understand the current scalp price for eagles, but they are getting the dollars, so who am I to tell them they are wrong to sell at a high price? Spot is just a number, not what stuff sells for.
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Varmint
NES Member
Go to MCM, add enough of one item to get over $1000 and the tax goes away. Works on Apmex too. I don't think it's EBay it's the vendor that has to do this.
richc
NES Member
I just poked around eBay.
The cheapest 100 ounce silver bar is $2100, with most at $2150+.
Same prices for PCGS rated St Gaudens $20 gold pieces.
Premiums still seem quite high for physical gold and silver.
The cheapest 100 ounce silver bar is $2100, with most at $2150+.
Same prices for PCGS rated St Gaudens $20 gold pieces.
Premiums still seem quite high for physical gold and silver.
Varmint
NES Member
I heard recently about OUNZ, a stock where you can exchange your shares for physical gold. The fee is $500 per exchange plus $55 per oz for Australian gold coins, or $115 for Eagles.
VanEck Merk Gold Trust (OUNZ) - Fees
www.merkgold.com
Nice option for people doing like 10 oz or more.
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The real issue with the huge premiums is what has it done to the buy/sell spread (round trip back to the market maker/seller with no change in the underlying metal value). Does Apmex and the like now pay a higher premium when buying Eagles and rounds, or has the spread widened?
Varmint
NES Member
The correction is finally here, but the hard part is how far down will it go? $16.50 is support for silver and $1700 for gold.
richc
NES Member
I think it comes down to knowledge is power. Dealers will make lowball offers to most. Those who know the reality of the current situation can push back or walk out.
Or, if you find dealers who have a ready supply of buyers, they're more likely to make a reasonable offer over spot so they can flip the coins quickly and make a profit. If they don't buy they can't sell.
Depends...
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The big boys (Ampex, etc.) have standard buy prices and don't play the college tuition or car price game when making a buy offer.
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