Gold and silver prices are down

re Silverware... If it is sterling, use it for the day to day eating utensils. Toss out the stainless steel stuff and just use it. Silver is good for you.

The previous reference to the hollow knife handles is correct. Frequently the blades are stainless steel as well. When I guesstimate a knife weight, I price it like less than a small teaspoon.

If it is English there are plenty of online hallmark ID's out there, look up "online encyclopedia of silver marks" The walking lion is the mark for sterling.

 
I found a refinery today and here is what they offered

refinary quote.JPG
9292 grams is equal to 298.7 troy ounces and it is Sterling Silver so times .925 = 276.xxx ounces pure silver listed above. What say this board? Is this a fair deal?
 
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I found a refinery today and here is what they offered

View attachment 366693
I see a problem with the math. 9292 grams is equal to 298.7 troy ounces and they quote the spot price of 17.67 troy oz/dollar. That should have the gross melt value at $5265, $383 higher than they quoted. I understand they take 12% for their services. What am I missing? Is my math wrong. I'd rather be corrected here than at the refiner.

Thanks for you help
The gross weight is 9292 grams, but sterling is 92.5% pure silver. So actual silver content is 9292 x .925 = 276 oz of actual silver (or 298 x .925 = 276; numbers rounded). Their math is correct. This is a much better offer than you'll get from a pawn shop or cash-for-gold place.
 
The gross weight is 9292 grams, but sterling is 92.5% pure silver. So actual silver content is 9292 x .925 = 276 oz of actual silver (or 298 x .925 = 276; numbers rounded). Their math is correct. This is a much better offer than you'll get from a pawn shop or cash-for-gold place.
Yes I missed that at first but have corrected the my above post. Is a 12% commission a fair price?
 
Yes I missed that at first but have corrected the my above post. Is a 12% commission a fair price?
Very fair, especially for an over the counter buy from a one-time customer. They would probably be at about 4-6% for large volume wholesale accounts. Those large volume wholesale accounts would be the pawn shops and cash-for-gold places that would be offering you around $11-13 per oz for sterling, maybe less.
 
Yes I missed that at first but have corrected the my above post. Is a 12% commission a fair price?
It's more than 12% since spot is already discounting it below what you could buy it for, but it sounds like an honest deal. If you think their cut of the action is only 12%, try buying some silver at spot while you are at their facility.

You'll never find one of those "cash for PMs" places being up front about what % of spot you are being offered for the metal.
 
anyone do any business with bostonbullion? how has your experience been?
I bought most of my gold and silver coins from him about 12 years ago. Back then the counterfeit coins weren't that good and you could easily spot a fake by measuring the weight, OD and thickness. Ken would do that in front of you with a Fisch tool.
Now with the gold plated tungsten coins it is difficult to identify the fakes just by measuring them.
I don't know if Ken stepped up his game by buying a Sigma Metalystics Tester.
 
I bought most of my gold and silver coins from him about 12 years ago. Back then the counterfeit coins weren't that good and you could easily spot a fake by measuring the weight, OD and thickness. Ken would do that in front of you with a Fisch tool.
Now with the gold plated tungsten coins it is difficult to identify the fakes just by measuring them.
I don't know if Ken stepped up his game by buying a Sigma Metalystics Tester.

that's why i only buy from reputable sellers and only US mint or Canada Mint coins. too many fakes.
 
I think Ken is honest and reputable. He gets most of his coins from dealers that get them from the mints, but he also buys from the public, and if he doesn't have a metal tester then he might not know what he is buying and selling.
Maybe give him a call and ask him if he has a metal tester.
 
I think Ken is honest and reputable. He gets most of his coins from dealers that get them from the mints, but he also buys from the public, and if he doesn't have a metal tester then he might not know what he is buying and selling.
Maybe give him a call and ask him if he has a metal tester.
i will do that. he is a 30 min ride south for me so i figured why not give some business to a local guy. i will reach out
 
i will do that. he is a 30 min ride south for me so i figured why not give some business to a local guy. i will reach out
You might also want to check with HappyHarry on this forum. I think he owns a coin shop on the North Shore, but I don't know if he only deals with numismatic coins.
 
Crazy to see what I paid for buffaloes back in 2008 vs now and also that they’re out of stock on JM except for the ‘20’s. Even so it’s still a bargain!

MCM has some for $1947

 
As for silver tea sets. My mother always told me our set appraised for $20k (1980’s) I got it after she passed. Looked on ebay. Asking price for virtually the same set... $695.

Same with a few other “priceless antiques”.

We did have a “real”
silverware flat set. But that was stolen. But I remember that the knives could barely cut the turkey on thanksgiving. So I’m guessing cheap also.
 
I've never understood having things grossly overappraised for insurance. You can only collect actual worth, and sometimes the insurance company will offer to buy @ wholesale and replace the item - so overappraisal just means paying extra premium for nothing.

My wife lost a diamond 10+ years ago - the basket with the stone broke off her ring. The insurance company sent her to a replacement jeweler that started with "I will make you happy and the replacement will meet or slightly exceed every GIA spec of the lost ring". She was not offered retail cash value for the loss. The jeweler delivered on his claim and she was made whole, as the attorneys like to say.

A friend was burgled (his Colt detective special is still out there but we had his 1911 rescued from the NYPD property room) and his wife had a lot of gold chains taken - think of a female Mr T. The insurance company offered either a replacement or cash at what it considered their replacement cost, but would not pay the retail he could expect to pay if he went out to buy similar.

You know it's a scam when retailers can guarantee their stones will "appraise for double what you paid".
 
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Article says if the gold swap dealers can't keep gold under $1750 then a massive short squeeze could happen as they are forced to cover their short positions. The same thing in 2010 caused gold to rise 55%, and the conditions today point to a much greater squeeze. Since March the dealers have been forced to put on more gold short positions to keep the paper gold price down and protect their existing shorts. They seem to be losing control of the paper price.

This event could start next week if gold closes the quarter above $1750.

Must read article for anyone considering buying gold or gold miners.


3605901-15928268607514403_origin.png
 
Article says if the gold swap dealers can't keep gold under $1750 then a massive short squeeze could happen as they are forced to cover their short positions. The same thing in 2010 caused gold to rise 55%, and the conditions today point to a much greater squeeze. Since March the dealers have been forced to put on more gold short positions to keep the paper gold price down and protect their existing shorts. They seem to be losing control of the paper price.

This event could start next week if gold closes the quarter above $1750.

Must read article for anyone considering buying gold or gold miners.

3605901-15928268607514403_origin.png
The best reason to make sure your portfolio has a good percentage of gold miners and gold stocks right now.
 
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A para from the article:

A financial regulatory official told Caixin that previous investigations of loan fraud cases involving fake gold pledges found there was often collusion between borrowers and financial institutions.

It makes me think of The Sting where you're in a room full of people and every one of them is in on the scam.

Perfect analogy! The whole country is corrupt and 90% of the deals are fraudulent. Copper bars coated in gold. o_O

Outfit says I have 100 tons of gold, I want banks to lend me money as gold is my collateral. Bank says sure as long as it's insured. Insurance company says sure we will insure it. (nobody tests anything), only tests are done by the original outfit. Outfit takes the loan money, buys a corrupt business and has a problem getting it straightened out due to corruption and loses cash flow requiring payment to the bank. Suddenly the gold is not gold. Banks demand insurance pay them, insurance says only policy holder can be paid. Insurance company says no claim has been filed, plus they only pay for accident, disasters, robbery and theft. They don't pay for fraud.

The whole tower of Babel falls in October this year. It's going to be fun to watch. Personally, I think this is funnier than hell.
 
A para from the article:





Perfect analogy! The whole country is corrupt and 90% of the deals are fraudulent. Copper bars coated in gold. o_O

Outfit says I have 100 tons of gold, I want banks to lend me money as gold is my collateral. Bank says sure as long as it's insured. Insurance company says sure we will insure it. (nobody tests anything), only tests are done by the original outfit. Outfit takes the loan money, buys a corrupt business and has a problem getting it straightened out due to corruption and loses cash flow requiring payment to the bank. Suddenly the gold is not gold. Banks demand insurance pay them, insurance says only policy holder can be paid. Insurance company says no claim has been filed, plus they only pay for accident, disasters, robbery and theft. They don't pay for fraud.

The whole tower of Babel falls in October this year. It's going to be fun to watch. Personally, I think this is funnier than hell.

Yeah I too think it's funny whenever someone can pull off such a huge scam. Hell, our Fed does the same thing - the Fed balance sheet is as phony as copper gold bars - buying junk bonds with it is not legal either but nobody cares.
 
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