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Gold and silver prices are down

PaulR said:
My co-worker says Silver is going to 50.
He's never been right in 20 years of investing, but lets hope he's right on this one.
Click to expand...

I still contend it is different this time.

High unemployment. Trillions and trillions of free money from the government that debases the currency. Inflation likely coming. China and Russia doing their damndest to hurt the Petrodollar.

Feels like a perfect storm.
 
richc said:
I think that is reasonable.

Are these 100 ounce bars? If so the current market seems to be $4-$5 over spot per ounce. It would seem that there should be some recognition of that in an offer price.

Is this from a dealer of a personal transaction? If a personal transaction I'd think a couple bucks over spot is a good place to meet in the middle.
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Local dealer. I have some 10 ounce bars and he said he'd pay me what spot is at the moment you walk in he'd check online. Sounds fair to me just wondering if buyers are offering over spot currently as the online vendors seem to be sold out.
 
whacko said:
Local dealer. I have some 10 ounce bars and he said he'd pay me what spot is at the moment you walk in he'd check online. Sounds fair to me just wondering if buyers are offering over spot currently as the online vendors seem to be sold out.
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The dealer isn’t a collector/investor so they can’t pay full retail. Spot price is fair for the dealer to pay. You may be able to do better if you find a collector but it’s also more trouble.
 
SALE OFFER OFF THE TABLE at 1455 11 Aug. I am now in a buy mode.


whacko said:
I have an offer to buy some of my bars at current spot ......should I be looking for over spot?
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Over spot is not uncommon. Depends on how fast he can move it.

whacko said:
Local dealer. I have some 10 ounce bars and he said he'd pay me what spot is at the moment you walk in he'd check online.
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I have been able to get spot or spot+ on bars forever. Watch out for the 1099's!!!!!! Bullion versus US numismatics are like on the books payroll vs: under the table. ASK if he will be filing a 1099. It also depends on how many bars. He is IRS locked in on dollar value.

SEE EDIT TODAY
I am taking offers on SE's, removed from the tubes with white cotton gloves and placed in individual plastic containers. F to F, cash, north shore please.

PM and we can talk.
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Last edited:
whacko said:
Local dealer. I have some 10 ounce bars and he said he'd pay me what spot is at the moment you walk in he'd check online. Sounds fair to me just wondering if buyers are offering over spot currently as the online vendors seem to be sold out.
Click to expand...

Post them here in this thread at $2 over spot. That's a good, fair price. You should sell them quickly.

ETA: Just a quick look over at eBay shows the lowest price on these is $325. Offer them up at $310 and I'll bet someone will snatch the up. Cash on the barrel head.
 
whacko said:
Local dealer. I have some 10 ounce bars and he said he'd pay me what spot is at the moment you walk in he'd check online. Sounds fair to me just wondering if buyers are offering over spot currently as the online vendors seem to be sold out.
Click to expand...
Keep them in the NES family and get a little more than spot :) Plus cash sales and nobody needs to know ;)
 
richc said:
100 ounce silver bars are selling for $3300-$3400. Silver Eagles, if you can fine them, are in the high 30's and low 40's per coin.

There's a clear separation between spot and physical PM assets. Supply and demand...
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Retail coins and bars are a fairly small % of the overall market, but they're helping drag up the spot price. The primary driver is the huge inflows to ETFs like GLD and SIL.
 
Even generic rounds are over $35 before shipping/insurance/ and tax...
SPOT + $6 + above
Ugly too...

1597096235917.png
I've seen tollbooth tokens with more 'pizzazz'...
 
whacko said:
I definitely don't "need" the money
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Well due to the high premiums it's not a bad idea to sell at $29 silver. I just think it'll be hard to buy it back any cheaper if that's the plan. The silver market is so small that the constant stream of new money is going to keep prices going up and up.
 
whacko said:
Local dealer. I have some 10 ounce bars and he said he'd pay me what spot is at the moment you walk in he'd check online. Sounds fair to me just wondering if buyers are offering over spot currently as the online vendors seem to be sold out.
Click to expand...
These are screenshots of silver prices in wholesale dealer-to-dealer sales. These deals are generally for at least 500 oz transactions, often up to several thousand ozs. If a local dealer is offering full spot for 100 oz bars, that is a very good offer. Keep in mind that in most of these posted listings the price includes shipping paid for by the seller.
20200810_203335.jpg 20200810_203531.jpg 20200810_203622.jpg 20200810_203653.jpg 20200810_203722.jpg 20200810_203819.jpg
 

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