$2.50 over spot for silver bullion?

My uncle works at a metal recycling company and can get me generic silver rounds for $2.50 over spot. I'm wondering if i should pick up some. If you guys had the opportunity to buy at that price right now would you?

Any feedback would be appreciated.

 

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i would not

 

$2.50 over spot for Generic silver is rather high. Goldmart has generic for around 99 cents over spot. Out of it for right now.

 

he said he would call me when he gets in some 90% coins to. Would it be worth it then or still no?

and btw thanks for the quick posts

 

Around here you can't find it period. Everyone is "out". So if you want it $2.5 doesn't seem bad.
Others will disagree but in the end it's up to you.

 

As far as the 90% goes, it will be worth it depending on price. Use coinflation.com to check the price before you buy.

 

2.50 over spot isn't too bad. You may be able to find them for a lower premium online, but that doesn't include the shipping.

 

Meaning they do have it, but won't sell for +.99 at today's spot. So you kind of just proved that nobody is selling that low.

 

Some of you really need to look around at what's going on today. I read about a person trading $1.40 face in 90% for an ASE. He traded for 2 tubes. That tells you that 90% is not trading at or close to spot. Want further proof? Take a look at what the online retailers are paying and what they're selling it for, it's not that same as it was a couple weeks ago, that's for sure.

While you're there, take a look at the premiums on generic silver, it's not $.99/oz. While it might say that, they're out of stock, so they're really selling nothing but a maybe.

Today is different than yesterday and tomorrow might be different than today. The real answer is to learn the market you're in, which the OP is trying to do. Why some of you chimed in with bad info, I'll never know.

 

If you are buying in quantity you can do a little better online (this is best price I've seen), 1.89 over on 20+, 1.69 over on 100+, 1.49 over on 500+ at Provident Metals, shipping is reasonable.

http://www.providentmetals.com/bull-and-bear-1-oz-999-fine-silver-bullion-round.html

But 2.50 over is not a bad price with current market conditions, and some people like having the coins in hand immediately.

 

With a drop like this most B&M's have to sell at a loss or wait till new inventory comes in. I think $2.50 is fairly reasonable given the current circumstances and not having to worry about shipping cost or waiting weeks for it.

 

If you really need it. Or if you are speculating on a quick recovery in silver prices. Or you are in panic buying mode.

Otherwise, why not wait until things get back to normal premiums?

 

Premiums are ****ing nuts. I bought a few ASE from provident for $30.43, I think spot was around $28 and some change. The price for an ASE now is $29.78 only $0.65 difference even though spot price is down close to over $4 from when I purchased.

 

My lcs prices are screwy I paid 33 for an ASE, a lot I know but no shipping cost and I like to keep my money in the local community. On another note I only paid thirty for a 2013 freedom girl proof with coa. I don't understand how my shops premiums are figured, I just pay them.

 

Relative Value Of Offerings Dependent On Locale

Purchasing Generic Silver rounds for $2.50 over spot in Minnesota is excessive, but that price for 90% is a great buy, especially if you're buying in less than $1000 Face amounts. Some will tout lower purchase prices, but unless they can supply a viable source, ignore the advice (e.g. "Goldmart has generic for around 99 cents over spot. Out of it for right now") as many suppliers no longer offer for less than $5 over spot..

JMHO as a significant buyer for 90% Silver. :thumb:

 

I just hopped on Provident and made a small purchase. Their Bull/Bear rounds (I like the design, made by Golden State Mint) are about $2 over spot. I also got some of the Canadian Wood Bison for $5 over spot. 1/2 ounce incused Indian design rounds were also about $2 over. Not great, but better than a couple weeks ago for the same pieces. I should also note that all of them were marked as "Stock Delayed", so there is no telling when they'll be at my door. These are the best prices I could find with shipping (shipping was $5) where a retailer actually let me put in the order and guaranteed they would ship at some point. Almost everything on the site is "stock delayed" or flat out not in stock. The places that have everything (APMEX, etc.) have giant premiums.

 

As of writing this, the place I buy mine are paying spot ($23.39) for generic and paying over spot for ASE's.

For 2013 ASE's thier buy price is 25.74 and selling at 28.54

 

Care to share your source, I'm sure they'll appreciation all the business.

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There Is A Reality Disconnect!!

Detecto, I'm sorry but you appear to have a reality disconnect. You probably should have an objective friend read your posts before submission, as there seems to be a plethora of illogic.

You post that the $2.50 figure is unreasonable because a firm that doesn't have any generic 1 ounce Silver coins will sell them for $.99 above spot.

You state that 90% may be worthy of investment if coinflation is viewed. Does coinflation establish a market for 90% Silver coinage?

I believe coinflation merely indicates the spot Silver content value of an uncirculated coin.

Coinflation has a personalized idealistic/outdated final statement that bears witness to the absurdity of it's projected value statement for circulated 90% Silver coins: "when silver is priced at $**.**/ounce, the final total may fall between $*.** - $*.** on eBay." This optimistic wish is followed by the personal statement: "I believe that the old saying, "A coin is only worth what someone will pay for it," is absolutely true. I like eBay because it displays what people are actually paying for coins.

The coinflation final statement is followed by a list of real time eBay auctions, where seemingly the majority are above the stated preferred price range.

I've pity upon reading some of your posts, but ask that you please consider a proof reader prior to posting.

No offense intended!! :thumb:

 

I would tell you but they are not selling to the public right now they are only trading for other metals since they don't have much. Since my uncle works for them he said he is able to buy it and then just sell it to me.