Silver

[Greybeard]

I've got about 30 Oz im going to unload a little soon.

Good luck if you plan on selling to a coin shop. Most are paying $10-$20 back of spot if they are buying at all. The recyclers that they sell their excess to are paying the coin shops way back of spot because they are backed up from the inrush of silver coming in from sellers.
You might be better selling to an individual or just waiting until the market lines out.

 

[TheGrayRider]

Good luck if you plan on selling to a coin shop. Most are paying $10-$20 back of spot if they are buying at all. The recyclers that they sell their excess to are paying the coin shops way back of spot because they are backed up from the inrush of silver coming in from sellers.
You might be better selling to an individual or just waiting until the market lines out.

I saw a line of people waiting in sub freezing temperatures yesterday morning before a local coin shop opened near Indianapolis to sell their silver and gold coins. I don’t know what that local coin shop was paying below spot prices.Interesting times. Happy hunting to all, the GrayRider a.k.a. Tom.

 

[Whiskey Freak]

I saw a line of people waiting in sub freezing temperatures yesterday morning before a local coin shop opened near Indianapolis to sell their silver and gold coins. I don’t know what that local coin shop was paying below spot prices.Interesting times. Happy hunting to all, the GrayRider a.k.a. Tom.

My local guy told me he’s paying $4 back of spot and sell for $3 over spot on bullion. He’s paying 80% of spot on silver coins.

 

[Tradewind]

Demand destruction in silver for industrial use does not start until around 133 oz.
It'll hold at 100 or better and as the dollar loses value it should go higher

 

[SAJ-99]

Demand destruction in silver for industrial use does not start until around 133 oz.
It'll hold at 100 or better and as the dollar loses value it should go higher

Source on that?

 

[Tradewind]

Source on that?

Industry analyst. He could be wrong. It might be higher or lower. But the price of silver has been kept artificially low for so long that it will take a while to find price destruction, or at least elasticity. copper is substitute in some industrial cases, but the cross over will take 3-4 years to complete to take some of the demand away.
The price of silver was kept artificially cheap for a lot of years due to the size of the industrial/military demand. Solar panels, Tesla car batteries and cruise missiles all use a lot of silver.
3 markets it is traded in have differing characteristics. London metals market (LME) is basically a cash market and is trading at an inverse. Comex is futures (paper) trading at a carry. Asian metals market, which the Chinese
are using has been running well ahead of LME and Comex on price. LME inverse says huge demand up front,
Comex says otherwise. If Comex is correct on their pricing then you will see a correction. So far, we have not. The banks did try to step in at around $70 oz but it only paused there. If LME is correct you will not until the LME price gets high enough. LME is usually correct on that as cash markets are seldom wrong.
Banks that are short silver reportedly have had to get huge bailout to meet margin calls.
China has been stockpiling silver and gold for a while now and have a large share of the silver reserves which they are not letting go of. Most analysts agree that for the moment, demand is out running available supply.
There are a lot more subtleties, gray area and conjecture to read into this but this is basically the situation as of now. This is my paraphrasing of several articles i have read on it

 

[Baerman]

I bought 100 oz of silver bars and coins back in 2009 ish timeframe. Average price was around $30/oz. If I had invested $3000 in the S&P, it would have grown to about $20,000 today. Instead, my physical silver is only worth $10,000. I did buy silver high compared to the year before and after my purchase. Had I bought a year prior, my silver investment would have exceeded the S&P performance. If I purchased it a year later, I'd probably be close to the same S&P value today.

Point being, I don't think now is the time to buy silver unless you are looking short term and hope it's going up to $150+. The SPOT pricing can screw your profits with physical. I think I'd go with a metals ETF if I was to do it again.

 

[Chama Grande]

Point being, I don't think now is the time to buy silver unless you are looking short term and hope it's going up to $150+
[...]
I think I'd go with a metals ETF if I was to do it again.

Hope isn't exactly a strategy, but I have been looking to reallocate a little with all the things happening all the time Are you in a metals etf now? I was looking at some and man they got some high expense ratios

 

[Big Sky Guy]

Good luck if you plan on selling to a coin shop. Most are paying $10-$20 back of spot if they are buying at all. The recyclers that they sell their excess to are paying the coin shops way back of spot because they are backed up from the inrush of silver coming in from sellers.
You might be better selling to an individual or just waiting until the market lines out.

Shops here in Montana are paying $6-$6.50 below spot. I traded 56 ounces of silver for a gold ounce I've always wanted. Have some more and will do that trade again if GSR goes down another 5 or more points would like to do a 45:1 or better trade next time. I bought all our silver under $30 between 2020 and 2022. At that time GSR was well above 70 or closer to 80 IIRC so this seems to have worked out, basically got the gold at about 4-$500 discount of what I would have paid for it back then. Silver takes up a lot of space and weighs a lot in comparison to gold of equal value I've discovered.

The below spot buy for gold and above spot sell spread is pretty crazy to me. Individual sales are where it's at, I understand coin shops have to make money but a guy buying gold now has to wait for it to go up over $200 to break even through a shop. Gold buffaloes might be pushing $300 spread depending on the shop.

Wild times.