Selling precious metal

[johngalt]

Any comparisons between a local coin shop and the big online dealers?
There are many 'stacker' youtube videos, sometimes they call around to various coin shops. There is a huge range of what they will pay.

 

[THE PILGRIM]

Have watched a number of those YouTubes whether they call buyers and compare prices. Pawn shops are often the lowest.
Since I'm a buyer, not a seller, the sell price interests me more than the buy price.
But if I was in Utah, I would just have to test that Pawn Shop that pays spot.
I would love to lay a 100 ounce of Plata on his counter, and say them words -I come here to sell you some Silver.
I hear that you pay spot?

 

[Retired W4]

At current spot price this morning, 20 Walking Liberty halves, (one roll), have a current melt value of just over $200...They are 90% silver, sometimes called 'constitutional" or "junk silver".

A roll of 20 US Silver Eagles is just over $600 melt value...They are one ounce each and .999 fine or pure silver.

Two totally different animals.

Well, I guess I took that one in the shorts.

Here is something I picked up in the Republica de Panama back in 1986 (pre-Just Cause). 20 Balboas in .925. Green back dollars were the local currency. This big boy will rip a hole in your pocket. It weighs about 4 oz. I brought home a bunch more Panamanian silver, mostly .900. It was cheap so I'll do my dollar cost averaging.

 

[THE PILGRIM]

My local dealer is usually competitive to the big online dealers.
The only two onlines I have bought from are APMEX and SD Bullion.
The biggest disadvantage to the local shop is he don't have the inventory of the big boys. Not even close!
Somebody mentioned Silver Eagles. They are only sold direct to 9 US Dealers and one German Dealer??
They are usually priced with large premiums and often hard to get.
So many times my Dealer won't have any!
But I bet APMEX does!

 

[Golddollar]

Well, I guess I took that one in the shorts.

Here is something I picked up in the Republica de Panama back in 1986 (pre-Just Cause). 20 Balboas in .925. Green back dollars were the local currency. This big boy will rip a hole in your pocket. It weighs about 4 oz. I brought home a bunch more Panamanian silver, mostly .900. It was cheap so I'll do my dollar cost averaging.

I wonder what they would think of that down in Bolivar, WV?

 

[Retired W4]

I wonder what they would think of that down in Bolivar, WV?

They might use it as a plinking target.

 

[oldman10mm]

I'm up in northern Ohio in Euclid, a Lake Erie shoreline city. I do the coin shows, mainly 4 of them. Mainly look for collectible coins (have no interest in Morgan silver dollars, Peace silver dollars, and 100% silver eagles, they're all overvalued and overpriced), bullion, and 90% rolled coins. I stopped buying bullion when the price went above $26.
The 4 shows I do are Westlake show, a small show of about six vendors and only do it when I'm in the area to hit a Cabellas, Fairview Park show, a small to medium size of about 24 vendors, not much in collectible coins and mainly for 90% rolls, Cleveland Coin show of about 36-48 vendors mainly for collectible coins and rolled 90%ers, and the Columbus- Hilliard show for collectible coins.
I don't spend much on collectible coins and mainly lately it's been for 90% rolls.

 

[smoothshooter]

The only person that makes any money selling precious metals is the dealer. He makes money coming and going without having to actually buy anything.

 

[NYlakesider]

The only person that makes any money selling precious metals is the dealer. He makes money coming and going without having to actually buy anything.

Sort of like ''The Float" that banks do by holding on to your money for a while when you do certain transactions!

 

[Skeet 028]

I made good money in the Hunt Bros debaclegot as much as 28 to 1on one bag. Used to take it to NY on either a bus or the train. Right now I have a couple hundred Morgans and a few peace dollars I am going to sell. I also have some good heavy Tiffany Sterling flatwear my wife wants to sellHer mother got it all in the 20s. e don't use it... I also have some chunks of quartz with ribbon gold in them I picked up in the mountains out here. Never could find the vein.

 

[MelvinWalker]

.... I stopped buying bullion when the price went above $26.

I don't spend much on collectible coins and mainly lately it's been for 90% rolls.

Much of this depends on premiums...If you can get Morgan and Peace dollars with a decent smaller premium, it would be considered top shelf 90%...

I am not really worried about $26 or $36 or even $16 on a dollar cost average...i am more worried about extreme premiums on anything..

 

[JMD999]

And this is the problem with investing in tangible precious metals. There is no set anything. It's like buying and trading your car. Stocks, bonds, and interest baring accounts are SOOOOOO much easier.

Some investors want to put some of their wealth in tangible assets with no "third" party risk.
"dont put all your eggs in one basket" otherwise known as "diversify"
Know how to test metal before you start buying, weights/ measures, Nitric acid, Neodymium high Gauss magnets - silver is "dielectric".
Some GB dealers take bullion at spot.

 

[JMD999]

Worst investment ever. This cost $760 ($720+$40 assay fee) in 1981. 43 years later and it is barely 4X. And if things go terribly wrong like the "bunker builders" are preparing for the only "precious metal" will be lead. Joe

ENGLHART 100 oz bar 6/21/2024= $3,000+

Engelhard 100oz Silver bullion bar 999+ fine Serial # W129253
$3,300.00
+ $20.00 shipping
2264 mi from 03867-4657
Seller with 99.9% positive feedback

 

[noonster]

The different dealers will make different offers generally. They have overhead, etc. they, in turn, sell the stuff off to wholessalers. Like with any "buyer," you get different offers from different guys. I ran into that bigtime selling junk rifle brass. Got offers from twenty to a hundred twenty cents per pound. I'd suggest get an offer from your local dealer, add ten percent and run an ad in the classifieds here. That'd work for "junk" coins, and probably a number of sterling etc medals (franklin mint, etc).

 

[Golddollar]

ENGLHART 100 oz bar 6/21/2024= $3,000+

Engelhard 100oz Silver bullion bar 999+ fine Serial # W129253
$3,300.00
+ $20.00 shipping
2264 mi from 03867-4657
Seller with 99.9% positive feedback

That would definitely hurt if it dropped on your foot.

 

[THE PILGRIM]

The largest piece of Silver that I ever held was a 1000 ounce Comex Bar.
Big heavy ugly rascal! My Buddy had it in the bottom of his Gun safe.
Biggest Gold I ever held was a Kilo Bar with the end cut off.
About 1+ Pounds.

 

[YeshuaIsa53]

Many commercials entice, or try to, us to buy gold now. Lot of talk about profits. Buy gold today and sell it today: how much to expect to lose?

 

[noonster]

Ballpark: $100 to $130 per ounce for "regular" bullion coins (maple leafs, Am. Eagles, etc). Around four percent. At a wholesaler. A bit more at the local guy's establishment.

 

[JMD999]

Ballpark: $100 to $130 per ounce for "regular" bullion coins (maple leafs, Am. Eagles, etc). Around four percent. At a wholesaler. A bit more at the local guy's establishment.

Your way high, check Scottsdale silver, apmex,
Spot silver price 7/1/24 - $29.36 per troy oz (31.1 grams)
Buy 999 silver you can scratch for a nitric acid test if suspect.
Lots of fake stuff,

Best advice I can give is go to a "silver stacker forum" read, ask, learn.

 

[noonster]

I'll stand corrected only in that the OP was talking "silver." Note that Jeshua in #57 (above my #58) asked about gold $ loss on rapid resale. Golddealer.cm has been my "go to" for info etc for decades and their instant sell-back on silver is about $4 on a $32 item (ounce). Gold is about a hundred on a $2300 item. Different animals. And I'm not recommending them (golddealer) to anybody - I'm just too lazy to look around at other wholesalers.