A Reliable Sign When Silver Spot Peaks
- Thread starter leon1998
- Start date
Jim4silver
Well-Known Member
One national wholesaler I follow has been lowering their BUY prices on US junk silver. Just a few weeks ago they were paying 4.00 + spot x .715 for each 1.00 face of average junk silver. Now they are paying $1.50 + spot x .715. Further, it seems some large online US dealers are offering cheap specials now on ASEs and other things. Plus my local stores are all full of most kinds of silver and except for Maples, the silver premiums are back to NORMAL levels. My local stores are not selling anywhere like they were just a month or so ago, so local demand has pretty much dried up it seems.
All that ramped up silver coin production over the past couple of months should mean plenty of supply for the coming near future, irregardless of how low silver drops in the near term. Maybe if they get it below $14 US we will see more buyers coming out of the wood work?
I am still buying when I get good deals. I picked up some nice prospectors for $1.50 over spot and got a 2004 Kook for $21 the other day. No "stacking" for now though.
Jim
All that ramped up silver coin production over the past couple of months should mean plenty of supply for the coming near future, irregardless of how low silver drops in the near term. Maybe if they get it below $14 US we will see more buyers coming out of the wood work?
I am still buying when I get good deals. I picked up some nice prospectors for $1.50 over spot and got a 2004 Kook for $21 the other day. No "stacking" for now though.
Jim
Jim4silver
Well-Known Member
Silverpv said:
I dumped several tubes of sealed Britannia's horse privy right before the FOMC and did good. I realized all the coins would be spotted when I opened one tube and saw they were spotted- all came from the same "monster box" or whatever they call them in the UK.
Been putting the proceeds into other (better) coins as the price has been dropping. I had a dealer booth at a recent local coin show and sold some of my semi numis stuff and bullion there so I have that $$$ to play with as well. Hoping as we drop though supply stays good.
Going to get some BU older style libertads (82-85) today that are offered to me at $2.50 over spot. I sold the crap out of these at the show for much more than that.
Jim
Jim4silver said:
The libertads are pretty hot right now, but I can't get into them.. Yes their mintages are low but other than that the design stays the same. I guess if popularity is good and mintage is low, that drives up the price. I'd load up on that too. I swapped out my bullion for some graded fractional pandas and a few graded morgans. Not sure if that was the right thing to do or to just hold onto cash. I do feel like since demand is down in general, there's less competition for stuff.
SilverPete said:
That those are cool but for many years those are the same designs. That's the same as the 50 peso. It looks good and I wouldn't mind having one, but some people are putting ridiculous premiums on them. It probably is justified since the mintages are so low, but I can't do it since the market is small, but as with any collection, its not the size of the niche its how deep the pockets are in that niche. I couldn't take a gamble just on mintage alone, but on the reverse pandas are high mintage with a single year. The way I see it, pandas are more consistent with easy liquidation even with higher mintages but with libertads the appreciation on certain pieces could be a higher multiplier, esp. in gold and large silver pieces but a lot slower to sell. I didn't want to speculate. and my wife preferred panda's over boobies.
Jim4silver
Well-Known Member
I am gearing my "collection" in part based on what I know is popular here. I sold out of my older (and newer) libertads, except for the rare years I was selling. I also sold out of my prospectors. People were willing to pay $6+ over melt for both of those coins (sometimes a bit more). Nobody touched my Koalas in presentation cards or rarer Kooks (I guess because they didn't want to fork over ebay level money for them that I was charging), etc.
I plan to do two shows a year minimum just as a diversion from my day "job" and to make a little extra $$$. Once I decide to do ebay I will dump the rarer Australian stuff, etc. for full value.
Personally, I like the older libertads because they don't milkspot (at least that I have ever seen) and I like the "compact" nature of them for some reason. SilverPete has quite the collection.
PS I am fortunate in that I have some local guys who treat me like a fellow dealer and I can get stuff at wholesale (or less). If I had to pay full retail I would not be getting this type of stuff. I do well on US commem's as well which sometimes sell for multiples of their melt value.
Jim
I plan to do two shows a year minimum just as a diversion from my day "job" and to make a little extra $$$. Once I decide to do ebay I will dump the rarer Australian stuff, etc. for full value.
Personally, I like the older libertads because they don't milkspot (at least that I have ever seen) and I like the "compact" nature of them for some reason. SilverPete has quite the collection.
PS I am fortunate in that I have some local guys who treat me like a fellow dealer and I can get stuff at wholesale (or less). If I had to pay full retail I would not be getting this type of stuff. I do well on US commem's as well which sometimes sell for multiples of their melt value.
Jim
Jim4silver said:
Wassup dude! How about a small hookup on some older libertads?
I don't want/need much, just to put into the collection. A few pieces here and there to justify shipping. You and SilverPete have caught my eye. I have to say, silverbugs and goldbugs are the worst when it comes to influential purchases.Jim4silver
Well-Known Member
Silverpv said:Jim4silver said:
Wassup dude! How about a small hookup on some older libertads?
Sorry Silverpv but I only do cash transactions face to face. That is why I have been so reluctant to sign up for ebay because I don't like the idea of doing transactions via mail. I don't think I will sell my libertads and such until some time next year, hopefully after silver has recovered a bit.
Jim
Jim4silver
Well-Known Member
leon1998 said:Don't you think this smackdown went too quickly and too far?
Silver is below 15 USD, and 21 AUD now
I think it went (is going) as planned. Probably further to fall, but curious to see tomorrow's COT release. I don't know if it will make a new low (since 2011) or perhaps bounce off support again? Some of the pundits are talking about Friday's job market report, which might cause a reversal or even faster drop for PM's. Will have to wait and see.
I don't mind buying some at these levels even if we have a bit further to fall. I read that Yellen just mentioned the "possibility" (not probability) of NEGATIVE interest rates here (should factors dictate their necessity). If we ever get to that point, PM's should at least stop falling and perhaps take off again. When you have to pay to have the bank hold your money (negative interest rates), I would assume the barbarous relic(s) that simply are buried and pay no dividends (PM's), would be better than cash in the bank? But really I have no clue anymore- that is why we rely on Leon's prognostications.
Just my opinion.
Jim
Golden ChipMunk
Well-Known Member
leon1998 said:Another Smackdown takes silver spot to US$14.7x area, Banksters are furious wow :lol:
Too bad AUD tanks as well, I guess no soup for Australians
Yes, Leon can have bone soup. :lol:
You are half correct leon. Silver is going sub US$10