Silver - How low will it go?

[snowwolfe]

As I watch Fox News right now silver is down to $14.43. A while back I swore when it dropped to $20 I would buy then chickened out and changed it to $17. Then chickened out again.

I have no idea who low it will go this time around but now my "buy it now" price will be $13. What do you think? How low will it go?

[timspawn]

Who knows? Premiums have gone up quite a bit as the price as dropped. I look at it as a savings account. I just keep buying.

[xacex]

I don't think it will go below $12 so I would buy now, and keep your eye out for any further dip. I bought a bunch of silver about 10 years ago for 12$ an ounce and sold it when it was nearly $50 an once. Did that with gold at $600, and sold at $1300. Made out better with silver, and it financed some needed firearms purchases which ended up panning out well in 13'. This dip should not be happening in my opinion. The world market is down, but being flushed with Chinese silver and gold. I believe this is a whirlwind of economic tinkering to take peoples mind off of the economy for the elections coming soon. In the end it will backfire, and there will be a spike at or around the elections. My prediction is a spike right after the elections.

[John Allen]

I have been watching this myself and trying to decide when to buy but nothing makes any sense.

[John Allen]

Ok, I have a question how are you guys buying silver, in coins, bars, etc?

[Hogtamer]

That is a perfectly impossible question for anyone to answer. Maximum fear of buying is always the low in price and you will know that only in hindsight. The only question you need to answer is, "what is a reasonable price to me?" Then cost average over time. I just bought 3 shotguns for about half of what they were bringing 2 years ago. If they drop some more they still shoot and I might buy more at a better price, but I'm real happy now.

[timspawn]

1oz Silver Eagles and 90% "junk" when it comes my way. Silver is mainly a bi-product of gold mining. There is an historical gold to silver price ratio that is way out of whack right now. Gold and silver are forever linked.
http://www.zerohedge.com/news/2015-08-03/comex-edge-deliverable-gold-drops-record-low-124-ounces-paper-every-ounce-physical

[snowwolfe]

Ok, I have a question how are you guys buying silver, in coins, bars, etc?


My choice is brand name bars because of the lower premiums. And I realize the question is impossible to answer with any accuracy, just looking to start an interesting thread. Just cant wrap my head around why it keeps on dropping.

[fryboy]

Market manipulations ....
It took a lot of effort to not sell my meager stash when it hit $20 it then climbed a lot higher ,fwiw I used to buy a few rounds at gun shows ,paid $5-7 per oz,my investment isn't much but considering how much fiat currency is worth at least the silver has held up
As for how low .... Doubt that we'll see it at $5-7 again

[Bman1954]

I don't think we are at the bottom yet.Keep in mind the precious metal market are all manipulated by the big banks so there is no way to know the true worth of silver.This price manipulation could be doing us a favor by making silver on sale now.In the event of a economic catastrophe it may be a way to preserve your wealth. Craig

[shooter93]

xacex....needed firearm purchases????????????....I'm calling you on that one.....lol.

[Plate plinker]

buy some now then buy more if the price drops further. Cost average my friends.

[JonB_in_Glencoe]

As I watch Fox News right now silver is down to $14.43. A while back I swore when it dropped to $20 I would buy then chickened out and changed it to $17. Then chickened out again.

I have no idea who low it will go this time around but now my "buy it now" price will be $13. What do you think? How low will it go?
Have you checked with your local dealer on what price he is willing to sell ?
When the "spot" price was around $16. I wanted to buy some. I stopped by my local guy and he had very little to sell me. He had some pre-64 mixed coins (no dollars), for $21 per oz of silver and $24 "each" for silver dollars. I didn't buy any. when I got home, I checked out Ebay, and the best price for Silver half dollars was about $20 per oz of silver and you have to buy about $1500 lot ($100 face). I haven't checked now that the price is even lower.

So, just curious, is your "buy it now" price of $13, the spot price or the real price you will have to buy the dealer ?

Personally, my "buy it now" price is $16 Real Price. I suspect it'll have to get as low as about $10 spot price for me to get a $16 Real Price.


edited: I just checked ebay, pre-64 half dollars still at $20 per oz silver content.

[bangerjim]

Ok, I have a question how are you guys buying silver, in coins, bars, etc?

I have always bought OLD solid silver (90-ish%) half dollars. US coinage is easy to trade and is a very solid value Old coins are worth more that those silly 100% silver things the peddle on TV. And you know they are real. Ever try to trade or sell a bar of silver or gold??????? NOT easy! Not easy at all because no one really knows or trusts what you have, even with marks!

Stick with old coins.......Liberty or Franklin silver halves......$20 St. Gaudens gold coins (pre 1934).

[popper]

I agree with BJ, OLD USA coins. These guy (Puerto Rico) are in trouble. Talk about a haircut.
"payment of "debt service on these bonds is subject to appropriation, and the lack of appropriation means there is not a legal requirement to pay the debt, (sic, my bold) nor any legal recourse for bondholders."" $58M was due. Openheimer bond holders get the shaft.

[andremajic]

If you can buy something at a good price, buy it. Just because it becomes cheaper at a later date doesn't mean you didn't get a good deal already.

Greed makes people do strange things.

Considering that your federal reserve notes are intrinsically worthless, and gold and silver are not it makes sense to exchange some of them for the other. Being that our dollars are worth less than they ever were, (and will only get worse) I'm thinking a drop in PMs is and even BIGGER incentive to buy.

[jonp]

I'd start pulling the trigger now and follow it down. I buy silver dollars, maple leafs and British coins mostly because people recognize them and will always take them. Silver bars? How many guys on the street will take them as payment for anything.

[labradigger1]

IMHO silver bars and st gaudens are faked so much I would never buy them.
I stick with 90% U.S. Silver pre 64 coinage.

[snowwolfe]

So, just curious, is your "buy it now" price of $13, the spot price or the real price you will have to buy the dealer ?

The $13 price is the market price. Then add in about another $1.20 an ounce if you buy 100 ounce bars from a place like APMEX. But nothing is in stone. I had one 100 ounce bar in the cart just about an hour ago and wife didn't feel comfortable about buying it so will wait and see.
Got a 50/50 chance I did the right thing, lol.

PS: I never had a problem selling bars since buying my first one in the 1980's. AMPEX will buy their bars back at spot.

[xacex]

xacex....needed firearm purchases????????????....I'm calling you on that one.....lol.
Lol, well there is this thing or things I didn't have enough of so I just figured I would get plenty to go around if needed. Turns out some other people needed them more than I so some went by,by. It all works out in the end right?
On the question about how I buy silver usually I will get some in auction, or from pawn shops but I pay about $1-2 per oz above spot after shipping/dealer. I like 10 oz name brand bars like Amark, and silver art bars. The coins I like the most are the Canadian silver coins. They are 4 9's pure instead of 3.

[xacex]

xacex....needed firearm purchases????????????....I'm calling you on that one.....lol.
Shotter93, your not my wife sneaking into these forums are you?

[dragon813gt]

I stop in as many banks as possible and ask if they have any half dollars. You'd be surprised at how many pre 64 coins I've picked up this way. It's not like I'm picking up a roll at each bank. But a couple coins a week times a couple years has netted me quite a bit. I don't like paying the premiums the dealers charge for junk silver. And you have to buy in large lots.

[Bad Water Bill]

For your information.

It takes $1.25 in silver coins to = 1 oz of silver or it used to.

Silver coins WERE sold in 1,000 oz bags.

Also keep in mind ,when the markets closed Hunt had driven the price to almost $50.00 and when the market opened on Monday the price was about $6.00 because the market caught Hunt and his Arab friends having over extended their credit.

Yes they lost a ton and so did several businesses I had dealt with.

[Merick]

Coin dealer spreads are pretty extreme against a lot of other investments.

Spot price determination now days is far less tied to reality than in the Hunt times.
http://www.zerohedge.com/news/2015-06-29/jpm-just-cornered-commodity-derivative-market-and-time-we-have-proof

[Twmaster]

For your information.

It takes $1.25 in silver coins to = 1 oz of silver or it used to.

No. It's $1.40 face value 90% coins to make 1 troy ounce of silver.

I buy silver every payday regardless of price fluctuations.

Folks can flap and gas over the prices but nobody buys for spot in the retail market. There is always a premium.

[A pause for the COZ]

Ok, I have a question how are you guys buying silver, in coins, bars, etc?

Just started buying some in small amounts as funds permit. I have made 4 orders from these guys and it went very smooth.

http://www.jmbullion.com/

Not buying as an investment exactly. Just an emergency stash.
If paper money becomes worthless may still be able to buy a meal.
But mainly as a movable asset with no government tracking. ( I hope)

Saw what happened to my Mother after 8 months in a Nursing home. After Medicare cut her off she went on Medicaid.
County locked up all her bank accounts.
The Vultures circle until its gone.

If some thing like that happens to me. At least my Son will get a brief case from Dad.

[dg31872]

One thing to consider...Don't buy on the way down. Wait until the market finds the bottom for you, then when it slowly starts back up, buy.
You don't want to catch a "falling knife".

[MaryB]

With premium right now you are going to be paying $18+/oz right now. Spot goes down, premiums go up... Apmex wants $19.14 for silver eagles right now, $15.24 per $1 face 90% US silver mercury dimes. Miners are shuttering operations and laying off workers, only ones still in production are the ones who have to supply silver per contract.

[Handloader109]

I'm being a bit of a contract and, like that is new. How many millennials do you think know a silver coin vs a plated coin? I'm not talking about showing them and them believing you, how many Know that even difference? I'd bet 5% and getting fewer. So are they going to take that silver coin in exchange for that can of beans? Just saying.... :bigsmyl2:

[jonp]

The $13 price is the market price. Then add in about another $1.20 an ounce if you buy 100 ounce bars from a place like APMEX. But nothing is in stone. I had one 100 ounce bar in the cart just about an hour ago and wife didn't feel comfortable about buying it so will wait and see.
Got a 50/50 chance I did the right thing, lol.

PS: I never had a problem selling bars since buying my first one in the 1980's. AMPEX will buy their bars back at spot.

and how many silver bars have you used as payment for something?

[rancher1913]

for anybody worried about paying to much, go to a pm dealer and try to "buy", there is none to be had at any price. the quoted prices are for "paper silver" and we all know what paper is worth. it may go lower but I'll keep buying as long as I have extra money, rather have silver than a saving account.

[bob208]

price of junk is down too. used to get $400 + for junk cars. now down to 250. lead as dropped too.
I have been to auctions where scrappers were buying new brass bars and chopping them up for scrap. watched a lot of good machines go for scrap.

[Love Life]

Mmmmm silver. I've been buying it since a roll of Mercury dimes was $7.00 at the Jockey Lot flea market. Such a pretty metal.

[osteodoc08]

Does anyone have some sort of reference I can educate myself on silver coinage and how to buy it for the layman? I have always been interested in buying silver coin, but don't know where to start and would like to have a strategic store.

[Love Life]

Go to a reputable seller, and just buy the coins that make you happy. You can also scour banks, flea markets, garage sales, craigslist, etc.

When buying from a company, I prefer Maple Leafs 1st and Silver Eagles second.

Do not buy silver if you may need the money back out of it in the next 4-6 months. Just my rule of thumb.

Also keep in mind, what you buy it for today isn't what you'll get for it today. Example: You buy 10 silver maples for $19.00 ounce. You come to me to buy something, but want to use silver. I google spot and it says $16.43 per ounce. That's all I'm giving you in value is $16.43 an ounce and you will lose money buying the item from me.

Buy and hold until it is selling for a price you are happy selling at. At the end of the day, it's kinda cool to just run your hands through it.

[snowwolfe]

and how many silver bars have you used as payment for something?

None, they were bought and sold as an investment because they carried the lowest premium above spot.

If you don't like bars then buy what you want.

[beanflip]

I just had to have this 308 .999 2oz silver bullet.

145933 145934

[Bad Water Bill]

HI HO SILVER

AWAY[smilie=s:

[bangerjim]

Does anyone have some sort of reference I can educate myself on silver coinage and how to buy it for the layman? I have always been interested in buying silver coin, but don't know where to start and would like to have a strategic store.

Find a local reputable coin and/or metals dealer. Or one of the coin mongers on TV....the big guys. I would not trust Craig's list or ebay at all!!!!! Or swap meets. And you can spend the rest of your life visiting every bank you see trying to find the one-off real sliver coin. If you buy older USA silver coins from a reputable precious metals dealer, you will know they are real because of the wear and condition. The dates tell you all you need to know to avoid the newer sandwich garbage we now mint.

Bullion ( new 1oz coins and bars) is easily faked. Even foreign coins. Stick with older Franklin or Liberty halves or Morgan silver dollars. Trading/using bars of silver or gold is not for the normal precious metals "hoarder" like us. Unless you want a nice door stop. Most will never recognize the touch marks or assay marks on bars of precious metals.

The key to future value and usefulness is verification. Whatever you buy, be sure it is authentic and verified. All my gold is in coinage and each is verified, sealed in plastic cases, and clearly marked by an authorized rating organization. Silver is all half & silver dollars (very old ones) from USA mints and are the real thing, not maple leaf or polar bear shiny things off TV. (no offense to our northern buddies).

Do your research, and find a good trustworthy dealer locally. You will NEVER buy at the spot price you see on the ticker!

Good luck!

banger

[osteodoc08]

banger,

So what is the difference, value wise, from a newly minted coin of 1 Troy ounce silver (maple silver coin or minted eagle silver dollar from, say, jmbullion as listed above) compared to equal Troy ounce of an older silver dollar?

[waksupi]

and how many silver bars have you used as payment for something?

Bought a set of new tires two years ago.

[Four-Sixty]

Since the title of this thread asks "how low will it go", I would offer up a couple of things to consider.

1) I wonder if we'll see any impact from the aging baby boomers? I imagine that older folks have more experience with silver coins, than younger ones. I think they hold way, way more silver coins than younger folks. A lot of those older folks are doing what older folks due, pass away. I think that the interest in silver will 'pass', to some degree, with them. I've knew an older guy who've had 5 gallon buckets full of junk silver. I bet there is a lot of that stuff salted away that is going to come back on the market. Supply will increase.

2) Another risk is China. Things over there continue to slow. I think their demand will wane.

3) I also hear a lot about how big the derivatives market has gotten. How much of the support/demand for silver exists because of this market?

4) Another risk is deflation. There are a lot of people on the globe today, but they have a lot of stuff. And, a lot of the folks earning a decent wage are having that wage threatened by folks who'll accept a lower wage. There is also the risk of automation/robots as well. I know pretty much everyone says were going to face inflation in the future. I think, however, there is a risk we'll see deflation.

I think it is a good idea to hold some silver/gold to barter with. I would not hold a lot though. I expect silver will go down in price further.

[Cord]

“Does anyone have some sort of reference I can educate myself
on silver coinage and how to buy it for the layman?”

http://www.coinflation.com/ (http://www.coinflation.com/)
Is a very helpful site for news and reference information.
Always be aware of the down/up bias of the PM haters and the PM lovers.

The Coinflation site has an extremely helpful melt value calculator:
http://www.coinflation.com/coins/silver_coin_calculator.html
You can work with that and get a feel for the silver metal content of singles and rolls.

I use it to make myself a fresh “cheat sheet” on a small card before going to
a shop or show. It helps me remember the expected range of prices for
singles, rolls and bullion coins - you never know what you will see at a show.

For instance, a "Morgan Dollar contains 0.7735 troy ounces of silver
and is valued at $11.28 when silver is at $14.58 per ounce"

But I don't think you will find a Morgan for sale anywhere near that cheap.
.

[deepskyridge]

Here are some sites that I have found helpful:

1. http://www.bullionstacker.com/index.php - lots of discussion of different types of PM's (you may have to create a account)

2. http://www.realcent.org/ - similar site , (you may have to create a account).

3. There are lots of youtube videos on PM's.

Good Luck
Gary

[bangerjim]

banger,

So what is the difference, value wise, from a newly minted coin of 1 Troy ounce silver (maple silver coin or minted eagle silver dollar from, say, jmbullion as listed above) compared to equal Troy ounce of an older silver dollar?

A troy is a troy. The difference is in proving the authenticity and the verification when/if you ever want to move them. There is so much fraud today, old US coins are far more reliable than newly minted bullion.

It is all still silver.

I doubt if there is any confiscation risk with silver bullion like there potentially could be with gold bullion. Pre-1934 gold is "private" sale and is not confiscatable.......if it ever got to that!!!! Elect Hillary and find out!

banger

[Cord]

It seldom happens, but always be ready to buy from someone you know who mentions it.

My local coin shop has 1# coffee cans of loose coins you can pick through to get nice ones
or certain dates, and they charge by the roll. They are generally a little bit high.
They have a tray of "generic rounds" that sometimes contains good collectibles.

A local coin show has competition; the best screaming deals are gone within the first hour
but you can still do well a little later on. The show is 2/3 numismatics and 1/3 bullion or
“junk “dealers, and right now the action is on bullion. Sounds like a gun show, yes?

Third is online dealers with good reputations- You can get very good prices even with
shipping costs, many times you can beat the LCS and the show to buy a dip in price.
Be careful and look for reviews before ordering. Provident, JM Bullion, Goldmart, APMEX,
SD Bullion are good places to start. Compare shipping and C.C fees on all of them.

Fourth is eBay, you can waste a lot of time following auctions only to find that
people will pay crazy amounts sometimes. There are definitely sellers of fake or plated
bars and coins who will carefully word their ads to mislead you, or outright lie to you.
But APMEX sells on eBay, sometimes with special prices lower than their website.

Fifth is Craigslist or Armslist, buyer beware all the way! You can list a firearm on Armslist
and specify that you will take silver coins in trade. If someone responds with interest,
quote them a rate well below spot just like a coin dealer would offer them for the coins.
Call a local shop , see what they offer you, and quote the same or slightly less to the buyer.
People who don’t have enough fiat to buy may have some old coins they don’t care about.

Lastly, Dealers who advertise on TV and radio have very high overhead expenses
and I would not even consider buying from them. Obviously, buy as close to melt as possible.

Make no mistake, ASEs are being counterfeited and you can learn online how to spot them.
Smart people count their stacks in ounces or pieces, not in dollar price - present or past.
At present, silver is very seriously undervalued, in my opinion.
JMHO -YMMV
.

[fatelk]

I bought some silver back in the late '90s when it was well under $5, and think I paid something like $350 for an ounce of gold.

The ironic thing is that my income back then was pathetic, and I would buy a little silver just for fun when I had a little extra money. Over the years I bought a handful of silver and an ounce of gold. Then around 2000 I got a much better job and had money to burn for a while. I stopped buying metals completely by then because it had gone up too much. Five bucks an ounce for silver? Too much!

[rondog]

I love silver, have owned a bunch over the years but have none right now and am too broke to buy any. Hopefully, that may change soon.

I've always bought mine locally from coin shops, I prefer 1oz. .999 bullion rounds and bullion bars, up to 10oz. I had a 100oz. bar once, it was awesome! I'd love to have a stack of 'em.

I wish the price would go back up, I'm holding a bunch of shares of Silver Wheaton (SLW), and it's been taking a beating lately.

[JimmyTheDentist]

For roughly 210 years and with few exceptions prior to the current craziness starting near 2005, the market value of silver has always wobbled around between $1 and $6.

We’ve gone through a Civil War and World Wars and Cold Wars and market crashes, recessions, depressions, assassinations of Presidents and even the fear of nuclear Armageddon . . . none of this, not even abandoning the Gold Standard, was enough to permanently push the value of silver much outside of that five-dollar range.

But something has changed. People - especially people who are presently paying even a little bit of attention to conditions around the whole world - instinctively sense that since about 2005 there’s been something askew . . . something essentially wrong with what we traditionally trusted as reliably valuable.

Silver has never been worth “zero”. And, especially in recent decades, has proven to be a much better store of value than arguably any other "traditional" investment.

Contrast that with our current Federal Reserve Note which is backed by the “full faith and credit” of the U.S. government . . . whatever the heck that really means . . . how much is that worth to you these days?

Today what is needed is an alternative to what we’ve long considered “normal”.

If you can find “junk silver” - regardless of wherever you might find it - then buy as much of it as you can afford - at any price - and rest easy with your decision.

Jimmy the Dentist

[Handloader109]

I just had to have this 308 .999 2oz silver bullet.

145933 145934now that might be worth buying!

[dragon813gt]

now that might be worth buying!

They make a one ounce version that is a 45acp round as well.

[jonp]

Bought a set of new tires two years ago.

Somebody took silver bars for new tires? No kidding!

[jonp]

One thing to consider...Don't buy on the way down. Wait until the market finds the bottom for you, then when it slowly starts back up, buy.
You don't want to catch a "falling knife".

Trying to guess the bottom is a fools game. Dollar cost average on the way down.

[mold maker]

Been my experience that the price will be stable till I buy some. Then it will drop even farther. If I turn down a deal, it will dramatically rise the next day.
I'll do you a favor and report the next time I'm gonna ignore a deal.
No point in both of us missing out.

[tygar]

I used to buy silver when it went under 4 & sold when it went over 5, buy 20$ St. Gaudens at 48-49 & sell at 55.
Times sure have changed!

I've been sitting on a bunch of silver & gold & just havn't been able to talk myself into selling much of it. I did sell a lot of numismatic gold & silver during the climb up but as it turns out - way to early.

[Blacksmith]

For roughly 210 years and with few exceptions prior to the current craziness starting near 2005, the market value of silver has always wobbled around between $1 and $6.

We’ve gone through a Civil War and World Wars and Cold Wars and market crashes, recessions, depressions, assassinations of Presidents and even the fear of nuclear Armageddon . . . none of this, not even abandoning the Gold Standard, was enough to permanently push the value of silver much outside of that five-dollar range.

But something has changed. People - especially people who are presently paying even a little bit of attention to conditions around the whole world - instinctively sense that since about 2005 there’s been something askew . . . something essentially wrong with what we traditionally trusted as reliably valuable.

Silver has never been worth “zero”. And, especially in recent decades, has proven to be a much better store of value than arguably any other "traditional" investment.

Contrast that with our current Federal Reserve Note which is backed by the “full faith and credit” of the U.S. government . . . whatever the heck that really means . . . how much is that worth to you these days?

Today what is needed is an alternative to what we’ve long considered “normal”.

If you can find “junk silver” - regardless of wherever you might find it - then buy as much of it as you can afford - at any price - and rest easy with your decision.

Jimmy the Dentist

For most of that time the price of silver was controlled by the government same as gold. Not until we stopped printing Silver Certificates and a paper dollar was no longer redeemable in silver was the price allowed to float.

[Four-Sixty]

http://www.monex.com/images/charts/SB_LINE_1825DAY.PNG

This is the five year price of silver per Monex. Man, look at that trend line!

I would say that the market views silver as just another asset class - one whose luster has become tarnished. (I could not resist, sorry!)

[waksupi]

J.P. Morgan and a couple other big money concerns have been manipulating the silver market a lot the past few years. Why? Because on paper that they have backing their business, they have billions in silver. In reality, they don't. There was no way they would ever be able to spend assets to catch up on their shortfall, so they continue to drive down the price, and attempt to cover their asses before some has them thrown in prison.

[MaryB]

Yeah the so called "investigations" that found no manipulation were a total joke. Watch for the 8:30AM(CST) Bounce or fall, usually the day of the jobs reports they drop the price by flooding the system with fake orders then turn around 2-3 days later and use fake orders to force the price back up!

[rush1886]

Been my experience that the price will be stable till I buy some. Then it will drop even farther. If I turn down a deal, it will dramatically rise the next day.
I'll do you a favor and report the next time I'm gonna ignore a deal.
No point in both of us missing out.

I'll be waiting!

[popper]

Oil isn't even a good safe bet. "The ruble has depreciated about 43 percent against the dollar in the past 12 months" due to falling prices. Only reason the USA isn't in the same shape is we allow the gov. to 'take' our assets to cover theirs.

[JonB_in_Glencoe]

I bought some silver today. I worked out a deal with the pawn shop in Hutchinson on $30 face value of mixed pre65 half dollars...for a price that beat anything on fleabay. It's nice to handle them ...and pick out the ones I want, before I pay for them.

[Bad Water Bill]

For another learning experience drop your SILVER coin on the floor and then drop the sandwich on the floor.
Can you hear the difference?[smilie=s:

[MaryB]

$30 face is steep unless they are in really good shape... and have some wanted years.


I bought some silver today. I worked out a deal with the pawn shop in Hutchinson on $30 face value of mixed pre65 half dollars...for a price that beat anything on fleabay. It's nice to handle them ...and pick out the ones I want, before I pay for them.

[JonB_in_Glencoe]

$30 face is steep unless they are in really good shape... and have some wanted years.
I guess I worded that poorly. as I didn't say what I paid.
I'll try again :)
I bought 60 half dollars (aka $30 face), and paid 14x face plus MN sales tax.

[JonB_in_Glencoe]

For another learning experience drop your SILVER coin on the floor and then drop the sandwich on the floor.
Can you hear the difference?[smilie=s:
I have owned silver before ;) and am familiar with the ring.

[MaryB]

AHHH now that is much better! $14 face is not bad at all! They have much more? I am planning a buy in the next 2 weeks...


I guess I worded that poorly. as I didn't say what I paid.
I'll try again :)
I bought 60 half dollars (aka $30 face), and paid 14x face plus MN sales tax.

[JonB_in_Glencoe]

I believe I bought all the halves that he had.
He had Quarters on display.
I didn't see any dimes, but I imagine he has some.
This family owns several pawn shops (Security Pawn), the Father runs the one in Wilmar(if that's closer to you) and in my 20 years of dealings with them, I have found the father is usually the best to deal with, although I was happy with my deal with the son yesterday. If I didn't get the deal I wanted, I was kinda planning a trip to Wilmar...saved me some Gas :)

[sparky45]

The $13 price is the market price. Then add in about another $1.20 an ounce if you buy 100 ounce bars from a place like APMEX. But nothing is in stone. I had one 100 ounce bar in the cart just about an hour ago and wife didn't feel comfortable about buying it so will wait and see.
Got a 50/50 chance I did the right thing, lol.

PS: I never had a problem selling bars since buying my first one in the 1980's. AMPEX will buy their bars back at spot.
So will Lear Capitol.

[MaryB]

Running to Wilmar on Friday so I can stop in and see what they have... hopefully picking up a largish check that day but have to do the deposit it and wait thing.


I believe I bought all the halves that he had.
He had Quarters on display.
I didn't see any dimes, but I imagine he has some.
This family owns several pawn shops (Security Pawn), the Father runs the one in Wilmar(if that's closer to you) and in my 20 years of dealings with them, I have found the father is usually the best to deal with, although I was happy with my deal with the son yesterday. If I didn't get the deal I wanted, I was kinda planning a trip to Wilmar...saved me some Gas :)

[dtknowles]

I guess I worded that poorly. as I didn't say what I paid.
I'll try again :)
I bought 60 half dollars (aka $30 face), and paid 14x face plus MN sales tax.

Why did they charge you sales tax, you exchanged legal tender seems sales tax does not apply but I don't know MN tax laws. Here I don't think I am charged sales tax for coins, even Silver Eagles, they are legal tender. If I had to pay dealer premium and sales tax I would be more than 20% in the hole on day one.

Tim

[JonB_in_Glencoe]

It's a Minnesota thing...I am not aware of any other state that has this tax law.
If you go on fleabay and search out a Minnesota coin vendor, they'll state they have to collect MN sales taxes from MN residents.

[snowwolfe]

Cant stand it anymore. Spot price has dropped to $13.99 so I am buying. Now watch it fall like a rock, lol.

[GhostHawk]

I bought 650$ worth of pre 65 coins. Will wait and see if I got took.

[dragon813gt]

I bought 650$ worth of pre 65 coins. Will wait and see if I got took.

That's pretty vague. What's the actual face value, the breakdown of coin types and total ounces bought. I know silver is silver but there is a huge range in prices when it comes to junk silver.

[GhostHawk]

"$1.00 face value genuine U.S. Mint silver coins

All coins will be 90% silver and will have been minted prior to 1965
Your lot could contain half dollars, quarters, and/or dimes"


Still waiting to see just what I got and it probably not worth what I paid for it.
But at least I have something stashed away. I also have a fair collection of Morgan silver dollars and old dimes from my grandfather.

[JonB_in_Glencoe]

Well, silver is starting to climb. I snagged a few more bits of silver in the last week.
I got lucky and sniped some mercury dimes on fleabay for about 14 times face.
and paid "yesterdays" going price (15.7 times face) for a two rolls of walking halves.

After I bought the above, I found a Minnesota fellow on craigslist (a two hour drive away) advertising Walking halves for 15.0 times face, but in 5 roll lots only....I already spent more than I should have.

Anyone else buying silver this week ?

[rancher1913]

would love to, but summer is big expense time for me, just bought 10 foot of drive chain for the one spreader and it was 150 bucks, a guy would think it was made out of silver.

[dtknowles]

I am kind of stocked up on silver but I did buy a one ounce Gold Eagle last week and am saving to buy another before the end of the month.

Tim

[Jedman]

Right around Christmas I bought a lot of silver bullion for .50 over spot price. i think it averaged about 14.40 a Troy ounce. I plan to just sit on it and wait as I made out well back in 1980 and if shtf, it may rise to crazy levels again.

Jedman

[dtknowles]

Yeah, I am unlikely to sell mine. It is for just in case. If I get too old and too poor I guess I might have to let it go to pay the bills then. More likely a decision my wife will have to make after I am gone.

Tim

[dragon813gt]

I've been looking to buy junk silver but haven't found any at a reasonable cost. Paying a premium for this type of silver is not something I will do. I'm waiting for the mint to release the silver proof set and silver eagle for this year. I buy PF70 eagles since they are easy to sell and have a known value. I have no problem paying a premium for numismatic coins.

[snowwolfe]

I am a happy camper:) But don't have any plans to sell unless the price gets in the mid $20 range or higher.

[Bad Water Bill]

I may be OLD but my memory of the HUNT deal is still fresh in my mind.

Silver closed Saturday at around $40 per ounce.

IIRC it was the securities and exchange folks that exposed the game Buckie and his sheik friends were pulling.

When the market opened Monday mourning silver had dropped to around $6.00 per ounce and MANY folks were suddenly broke like an OLD rotten egg.

[MaryB]

I keep buying mercury dimes. $15 face is the going rate for bulk purchases of 50 or more. I won't sell unless it is a major emergency.

[GhostHawk]

Bought mine mostly back in November and December.

I have some pre 64 coins, but mostly bought 1 oz rounds and silver eagles.
The 1 oz rounds had a better price, lower premium so I tended to buy more of those.
Bit of everything, some Canadian Birds of Prey Series, Provident Prospector, Buffalo, walking Liberty.
Towards the end the premium dropped on the US Mint Silver Dollars so I picked up some of those.

Waiting now for the big money boys to quit selling paper silver at low price driving the real silver price down.
It will happen. Seeing it hit 18 was fun.

[Blackwater]

For me, it doesn't matter how high or low it goes. I didn't buy it to sell in either case. I bought it "just in case." It's always had value through history, no matter what conditions exist. That doesn't mean it'll ALWAYS have value, of course. Some scenarios include being caught with it to get the death penalty! So in some instances, it has to be well hidden. It can't draw interest, of course, when buried, for instance, but it won't be devalued either, like paper money so easily can be. Silver in hand is, in the economic sense at least, like a loaded and cocked gun in the hand - just plain ol' security, or at least all we can have in this topsy turvy world. There's really NO true "security," but mostly just preparation. That's my view, at least, and YMMV. If anyone here has it all figured out, PLEASE let me know! I don't, and I doubt any of us can prepare for every eventuality. I'd sure hate to get caught naked, though!