Silver Spot Price

[KIR]

I consider myself lucky as my jobs put me in a position to purchase silver at low prices and immediately turn around and make a profit. During the 1970's, silver spot was at $3/oz. I was manager of a bar and a guy came in with a bag of coins, quarters and dimes. He wanted to change them at face value. When I opened and spread out on the counter I found all silver. I immediately offered him $60 as I knew I could turn around and get $90 for it, but I kept some of the older coins, like the flying eagle and sold the rest. My first EZ transaction. While working in the cage of a casino, a man tossed me a coin on the marble counter. It did not sound like a normal $1 token and after examining it, turned out to be a $5 Sterling Silver Token from a different casino. However the best deal I ever made was when a woman came up and asked for $700 for some Morgan Silver Dollars. That casino paid once every two weeks and during the year there was a month when it would put out 3X a month where I did not have to spend to pay rent or bills, etc. and that was the day when I offered the woman only $500 for the Morgans. Silver may have risen to 5X then. Over there years I have collected more silver coins now and then. My last big haul was when someone came in with a bag (usually $500 of quarters placed in there) of all silver quarters to run through our coin machine as the man wanted currency for the amount in the bag. I don't know if he didn't know what he had or was untraceable coins? After going through the bag and the half filled previous one, I called my wife to come down with our checkbook so I could buy the quarters. After separating the quarters, I wrote out a check for a tidy profit.
I have since sold all the quarters and dimes with exceptions. Working in the cages of several casinos, I have also collected foreign coins, some valuable and others not so, but still interesting: a dime size that has a silver Queen Victoria from the mid 1800's; a 1968 dollar sized coin from the Mexico Olympics with probably only 72% silver in it rather than .99% like our Morgans and many others. So, I have been very lucky. I still have the Morgans and while I started collecting at 3X face value, they recently hit $93.
What I wanted to pass along, naturally gold is even more valuable. However if there ever was a SHTF scenario, how would one break down/receive change, for any you would want to buy? The silver not being worth as much would be a better deal as you would not have to lose so much. Just a thought. I hope there are others who have been as lucky and can share such stories...

 

[Joe Chartreuse]

However if there ever was a SHTF scenario, how would one break down/receive change, for any you would want to buy? The silver not being worth as much would be a better deal as you would not have to lose so much. Just a thought. I hope there are others who have been as lucky and can share such stories...

I have been dealing in gold, silver, and copper (the three traditional currency metals) for many decades. Since I am also sort of a "prepper lite" the question of use as currency has always been in the equation. What I have done since the beginning is as follows:
Gold- I buy bullion in bar form, but always in small denominations for ease of transaction. The smallest I have is 1/2 gram (they actually make even smaller, but that's when I go to silver) then 1 gram, 2 gram (a few) and 5 gram sizes. Not everyone has thousands of dollars for a 1oz ingot. All are in Assay ( meaning carded with info on mint, purity, and serial number- even the smallest.

Silver: I buy this in bullion rounds ( they look like coins but are not government mintage). I have found that these- with their many designs. I buy in 1 oz. 1/2 oz, 1/4 oz, and 1/10th oz, as well as breakaway 100 gram bars.

Copper- old pennies up to 1980

More than 12 states now legal to use as currency.

 

[chm270]

I recently got the idea to buy 50$ bags of pennies just to go through them. The first bag I got had 49 Indians, 8 rolls of wheaties and about 2500 pre '82 copper coins. (Yes, I know about the '82's and I weigh every one, so the ones I saved ARE copper.
The second and third bags had no Indians, just a few wheaties and about 1k coppers.
So, altogether, I got about 5000 coppers. Not a bad haul! The Indians are going for at least $2 each, wheaties are going for about 15 per roll, and copper are worth about 3 cents each. So I did pretty well.

 

[krw]

Looks like Spot is about to break $100. Wonder what ASE's can be sold for?? I understand lots Silver 'paper' being traded. I don't think 'refiner's' are buying from what I gather.

 

[Sugar River]

The dime size Queen Victoria is likely a sixpence (half a shilling).
There was also a silver four penny piece but they're noticeably smaller than a dime.

 

[gunzo]

It's tempting to sell the small amount I have, but unless a solid purchase is made with the cash, the silver is best left alone to do exactly what it's doing right now.
OTOH, a runaway train is bound to crash or at least run out of steam sooner or later. Silver prices have gone crazy before but the one biggest events wasn't so much the economy, just the Hunt brothers were trying to corner the market. This time it's different, above my pay grade to know or even guess why.

 

[DGW1949]

Looks like Spot is about to break $100. Wonder what ASE's can be sold for?? I understand lots Silver 'paper' being traded. I don't think 'refiner's' are buying from what I gather.

Myself, mine ain't for sale, but like you, I was curious so I've been checking around.....As of this post; The places I've checked online are paying $85-$94 for ASE's that are in uncirculated, untarnished condition. Some places will buy whatever amount you have, some have a minimum dollar amount that they'll fool with....By contrast, my local con man say's he won't pay more than $60 each, and the "We buy gold" type places that are within driving distance are around $70-$80.
FWIW, this outfit seems to have good reviews:
https://www.moneymetals.com/sell-to-us

I don't have a crystal ball, but I wouldn't be surprised to start seeing resistance when/if it does hit $100.

Edited to add:
I just looked and it has in fact, hit $100 just as you predicted.

DGW

 

[Watchman]

It will be interesting to see where it goes from here. Could go either way.

What I think it really signals is declining confidence in our dollar. People want hard assets. Not debt notes.

 

[DGW1949]

It will be interesting to see where it goes from here. Could go either way.

What I think it really signals is declining confidence in our dollar. People want hard assets. Not debt notes.

I think you are right....It seems to me that more folks are starting to catch on.

DGW

 

[The Preacher]

$103.34 per oz. as of of 4:25 PM... Is it real or will there be a big correction?

 

[Joe Chartreuse]

Looks like Spot is about to break $100. Wonder what ASE's can be sold for?? I understand lots Silver 'paper' being traded. I don't think 'refiner's' are buying from what I gather.

It did today- $103+

 

[Joe Chartreuse]

It's tempting to sell the small amount I have, but unless a solid purchase is made with the cash, the silver is best left alone to do exactly what it's doing right now.
OTOH, a runaway train is bound to crash or at least run out of steam sooner or later. Silver prices have gone crazy before but the one biggest events wasn't so much the economy, just the Hunt brothers were trying to corner the market. This time it's different, above my pay grade to know or even guess why.

At this point- and for awhile- there is no way I would sell precious metals for unstable dollars. If you want value, trade it for goods and services at fair prices. You will probably come out well farther ahead of dollar value anyway.

 

[DGW1949]

$103.34 per oz. as of of 4:25 PM... Is it real or will there be a big correction?

Whatever it does, I doubt that we'll be seeing it in the $25-$35 range ever again. Our fiat dollar simply is not healthy enough to allow that.

DGW

 

[Watchman]

$103.34 per oz. as of of 4:25 PM... Is it real or will there be a big correction?

There could be. I think it's a better gamble than US dollars.

 

[Big John]

I collected pennies as a kid, started holding the coppers as an early adult. I've got 66 pounds of copper. Rolls of late 40's. And Steels. Kids don't seem interested in things like that these days.

 

[GasGuzzler]

It will be interesting to see where it goes from here. Could go either way.

That's what I thought at $50 per ounce.

 

[rcs9250]

Hope I’m not hijacking this thread. Back in, I believe 2005, a friend laughed at me for paying $500/oz for gold. Current spot price is $4999.30. Who’s laughing now.

 

[GasGuzzler]

Yeah there's a difference in overpaying and buying too early.

 

[donut757]

Ive got about $100 (face value) or so the 90% quarters and dimes… Called the coin shop Friday just to see what they said and was shocked when they told me $52 per $1 face value.

I dont know how the coin business works but i reckon in my mind they were gonna tell me something in the $70-80 range.

 

[DGW1949]

Hope I’m not hijacking this thread. Back in, I believe 2005, a friend laughed at me for paying $500/oz for gold. Current spot price is $4999.30. Who’s laughing now.

Yeah, I went through that too back in 2008-2009 or so....The cheapest gold that I remember buying was 1-oz Krugerrands for $480-$495. Adjusted for inflation, that would be about $750 or so today.
Most folks called me crazy.....Oh well..LOL.

DGW

 

[DGW1949]

Ive got about $100 (face value) or so the 90% quarters and dimes… Called the coin shop Friday just to see what they said and was shocked when they told me $52 per $1 face value.

I dont know how the coin business works but i reckon in my mind they were gonna tell me something in the $70-80 range.

Coin shops are probably the last place you'd want to sell to.
Here, let me put that into perspective:
https://www.ebay.com/itm/2960110745...q8WgF53WqM19GdEz6NuNfK5JK8zhp_uwaAuRQEALw_wcB
Quite a bit of difference, eh?
and yeah, with "10 sold" and "2 available", it does look like "someone" is paying that.

Here's current pricing by "face value" from an online PM dealer:
https://www.moneymetals.com/pre-1965-silver-dimes-and-quarters/35
Just to be clear, those are the prices that they sell for, not that they buy for. Still though, it gives you something to go on when trying to sell yours.

DGW

 

[Joe Reilly]

Hope I’m not hijacking this thread. Back in, I believe 2005, a friend laughed at me for paying $500/oz for gold. Current spot price is $4999.30. Who’s laughing now.

The wife wanted to buy gold at $800, I said no. Kept resisting, seldom mention anymore. Should have listened. I do have some $3.00 silver though.

 

[rcs9250]

The wife wanted to buy gold at $800, I said no. Kept resisting, seldom mention anymore. Should have listened. I do have some $3.00 silver though.

Funny story, last January 2nd my resolution was to clean up my basement workshop. Was distracted within seconds. I had made a stainless steel cylinder that is fire and waterproof for the coins. 20 years ago I thought I bought ten coins for five grand. I open the cylinder and discover I had twenty coins. One of two things explains twenty coins, they either reproduced or my memory is poor. one year ago gold was $4200+ or -. Quick math showed $82k. It’s no longer in the basement or my house for obvious reasons.
Spot price and reality are two different worlds. And then there’s capital gains taxes. I suspect most silver and gold is transferred privately. I also believe, for me anyway, my son will benefit from this investment, good for him.

 

[donut757]

Coin shops are probably the last place you'd want to sell to.
Here, let me put that into perspective:
https://www.ebay.com/itm/2960110745...q8WgF53WqM19GdEz6NuNfK5JK8zhp_uwaAuRQEALw_wcB

Quite a bit of difference, eh?
and yeah, with "10 sold" and "2 available", it does look like "someone" is paying that.

DGW

Yeah i did a little looking before i called. I get they are a business and have to make money, but laughed when he said $52.

Guess ill just keep holding onto them

 

[Star43]

I think you are right....It seems to me that more folks are starting to catch on.

DGW

I Hope you are right....Silver had always been undervalued but I am stunned (and happy) that it had hit over $100....Who would have thought that would happen. For years I have thought it was under valued, and now look what's happening. The part that makes me nervous is: "Why Now".

 

[DGW1949]

I Hope you are right....Silver had always been undervalued but I am stunned (and happy) that it had hit over $100....Who would have thought that would happen. For years I have thought it was under valued, and now look what's happening. The part that makes me nervous is: "Why Now".

Why now?....Because our fiat currency is entering it's last stages, that's why.
The actual value of silver is roughly 95-cents per 3/4 OZ and always has been...It's our so-called "dollar" that has changed, not the silver.

DGW

 

[ArizonaTea123]

The "experts" are saying $700 by midterms.

 

[Star43]

DWG, I know what you are saying, but right now things are almost going too fast. I agree about the dollar, but again this is happening real quick, and if one thinks too much about this, it will make anyone feel a bit nervous...

 

[The Preacher]

Rest assured that the "Big Boys" will "adjust" things....

 

[Star43]

The "experts" are saying $700 by midterms.

I am pretty sure it will go to $120 and maybe $125.....but hopefully it will stabilize at about $110 - $115....well I hope so....