FYI I stopped by my local shop to get some 90% junk, I like halves and dollars. He says spot down, so no new stuff coming in. No halves, no Morgan dollars, many Peace dollars. I had been paying $22 out the door for my pick of circulated Morgans. That was when spot was over $20 (currently $19.05). Now, Peace dollars $24, my pick. I was disappointed, so only took four of the nicer. The Peace are hardly ever slicks, but often less than attractive. They just do not wear like the Morgans. He had about 20 or 30 to choose from. This is still cheaper than the big dealers, and no postage. So this is in support of the conventional wisdom that says 'spot low, premiums high'. Still some cheap bullion around online with low premium. Few hard and fast rules with this stuff, as we know.
I started buying silver a few months ago, I'm not sure if I got into this too late or something but the premiums on 90% have always been high. I read so much stuff about buying junk silver and 90% because of the low premiums but the premiums were always higher then the generic, atleast online anyways. I still bought some though just because it is interesting!
The last spot drop is not exceptional. I do see more 90% junk for sale, at a lower price than previous occasions of this price level. I saw this happening at every dive to a new low. In the begin period of $19, you didn't find any junk (and bullion even less) at the same % premium. But gradually, the willingness to sell at the lower price increased. Last year, same price level as now, you couldn't find 90% large silver coins for less than 14-15 euro. Now you see willingness to sell at 12-13. I know some guy that asked 14 last year for a lot. Last week he sold me a lot at 13. And I picked a few 12-12.50's up. So that 'conventional wisdom' is a temporary one. People need to get 'used' to a new price level. Dealers want their old stock sold first, higher premium, as to avoid selling it at a loss, and when they then order new stock, they can normalize the premium.
