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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I get that, but I still call anything over Spot, Premium...
If I'm thinking of it wrong, how do you define 'Premium'...?
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...
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.
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.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?
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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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
SPOT is a Lie, if the selling price doesn't reflect it...
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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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.So much for $16.50 resistance, silver is now almost $18 this morning.
If you buy over $1000 they won't charge MA tax.
I never understood the premiums associated with silver eagles. They are widgets.
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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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 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?
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.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.