Gold and silver prices are down

Twigg said:
Inquiring minds want to know ! [wink]
I'm looking for a good source in NH.
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I bought a bunch of Silver Eagles from Gate City Coin in Nashua a couple of years back. He was downtown, but I believe he has moved up to Merrimack.

His prices were equivalent to APMEX at the time. I generally bought the 20 coin tubes from him. He also sometimes had a box of circulated Eagles, or other odd rounds that he sold for $1 over spot.

It was nice to be able to hand him a wad of $100s for a tube of Eagles without any paper trail.
 
APMEX raised their 'fee' or 'over spot' price by $0.40 overnight. Yesterday I bought 100oz, $0.99 over spot, today the price is down but the over spoit is $1.39 so the $21.22 item yesterday is $21.50.

Might be running out of physical silver and capitalizing on the spot price reduction due to paper trading?
 
GM-GUY said:
APMEX raised their 'fee' or 'over spot' price by $0.40 overnight. Yesterday I bought 100oz, $0.99 over spot, today the price is down but the over spoit is $1.39 so the $21.22 item yesterday is $21.50.

Might be running out of physical silver and capitalizing on the spot price reduction due to paper trading?
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Yea. From what I have heard the supply of physical silver has been low for some time. I usually buy from Gainesville and they have been charging a hefty premium above spot for physical silver for some time now.
 
GM-GUY said:
APMEX raised their 'fee' or 'over spot' price by $0.40 overnight. Yesterday I bought 100oz, $0.99 over spot, today the price is down but the over spoit is $1.39 so the $21.22 item yesterday is $21.50.
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sadly, this is pretty common. When silver tanked a few months back, they jacked the spread so high it cost most to buy silver at 19 than it did at 23. Last year you could buy junk silver at 0.69 or so over spot, and over the past few months it's been as high as $5(maybe higher, that is what ive seen).

It maybe isn't a monopoly, but it's pretty close to a cartel. The dealers get their cut no matter what the price is, and people seem willing to pay it.
 
Horrible said:
Yea. From what I have heard the supply of physical silver has been low for some time. I usually buy from Gainesville and they have been charging a hefty premium above spot for physical silver for some time now.
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Thats where I buy my silver too but their spot price has for some time now always been 99 cents over spot for generic rounds/bars.
 
mclina said:
I bought a bunch of Silver Eagles from Gate City Coin in Nashua a couple of years back. He was downtown, but I believe he has moved up to Merrimack.

His prices were equivalent to APMEX at the time. I generally bought the 20 coin tubes from him. He also sometimes had a box of circulated Eagles, or other odd rounds that he sold for $1 over spot.

It was nice to be able to hand him a wad of $100s for a tube of Eagles without any paper trail.
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More useful would be able to sell without a paper trail. I scrapped a ring a couple years ago and they required ID to do so... He made a copy of the info, no doubt communicated to the government. Imagine if I brought actual bullion.
 
Prepper said:
More useful would be able to sell without a paper trail. I scrapped a ring a couple years ago and they required ID to do so... He made a copy of the info, no doubt communicated to the government. Imagine if I brought actual bullion.
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Some places have to do that and keep the paperwork for 30 days so that the police can check for stolen jewelry.
 
Rob Boudrie said:
Do they do the same when you are selling commodity gold (Eagles, Buffaloes, etc.)?
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No, not as far as I'm aware, but with jewelry they want/need an ID. I've talked tot he guy before about it and he says the police make him. I believe the place I've been to asks for your name to put on the check if you're selling, and don't need anything if you're trading coins/bullion.

Actually, now that I think about it, the last time I was there they asked for a name to put on the receipt when I was buying, but apologized and repeatedly mentioned that they don't check ID, and I can give them any name at all, which I did. [smile]
 
Ahh, the circle of life. I have been watching silver and gold come down over the past couple of months (with APMEX spamming me daily to remind me to Save Now!)

I see that with silver dipping under $19 APMEX is charging an astonishing $6 spread on Eagles. I'll wait a while, thanks.

A lot of folks thinks that metals are at the low end of their range at the moment, but if the markets stay strong and the idiots mismanaging the country can avoid saying or doing anything stupid, I'd guess prices can come down some.

With gold, keep in mind that the marginal cost of production isn't much lower than where gold is now, so if it comes down a lot more, producers may slow production at higher cost operations.

creepy, Infowars is reading my posts now...

Silver is a by-product of other mining operations and has lots of industrial uses, so it could potentially go lower.
 
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ProGun said:
I know they trade cheaper, but otherwise am I better of buying Maples or Eagles? Any thoughts from those of you buying silver?
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The real issue if you are investing, rather than preparing for post apocalyptic doom, is the buy./sell spread. Looking at 100oz quantity, the Apmex buy/sell spread on Eagles is 9.1%; maples 7.9%; Apmex Rounds 7.5%. Spreads go down a couple of points if you buy 500oz; and up a few if you buy under 100. One can expect a bigger discount if selling proprietary rounds to a vendor other than the original market maker.

Plus, capital gains on sale or precious metals is treated as a collectible - i.e., ordinary income.

Compare to stocks where there is long term capital gains, and you lose a fraction of a percent, rather than 5-10%+, in round trip transaction fees.
 
enbloc said:
I buy both Eagles, Maples and Generic. Depends on what is in stock and what the premiums are. I have been staying away from bars. Seems like a lot of fakes showing up these days, and more are in bar form...
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Lots of tungsten bars coated in silver. There were some fake eagles in the news not to long ago also. I buy maple leafs and eagles because I have some confirmed real ones I can compare them to. Also, if a guy offered to trade me a generic round I would decline because I wouldn't be able to tell if it was real.
 
In God We Trust said:
Lots of tungsten bars coated in silver. There were some fake eagles in the news not to long ago also. I buy maple leafs and eagles because I have some confirmed real ones I can compare them to. Also, if a guy offered to trade me a generic round I would decline because I wouldn't be able to tell if it was real.
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Tungsten had a density almost identical to Gold ... I wasn't aware it was also being used to plug silver bars.
 
Just bought some 1922 peace dollars from Apmex, took advantage of their cyber Monday free shipping. They are really nice in uncirculated condition.
 
In God We Trust said:
Lots of tungsten bars coated in silver. There were some fake eagles in the news not to long ago also. I buy maple leafs and eagles because I have some confirmed real ones I can compare them to. Also, if a guy offered to trade me a generic round I would decline because I wouldn't be able to tell if it was real.
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I'm going with Maples. If I ever end up using them as currency during/after the SHTF scanario, I think I'll be better off with Maples than generic rounds. And Eagles look to have a premium right now.
 
ProGun said:
I know they trade cheaper, but otherwise am I better of buying Maples or Eagles? Any thoughts from those of you buying silver?
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It comes down to why you are buying. Eagles and Maples are universally recognized, and prepper type folks say the Eagles will be more readily traded if bad things happen because they are issued by the mint. I might now know what your dealers rounds are.

That said, it's worth reading through this and other threads to see what Rob, In God, and the other house experts say about metals in general and Eagles specifically.

You can also consider junk silver, but spreads on that have blown out this year and availability snt what it used to be.
 
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I purchased some silver last night... I purchased a variety of maples, eagles, sunshine mint and generics. I have more generic than maples/eagles but think all silver is going to be valuable if shtf.
 

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