Wayne, what's the deal on buying scrap silver coins on eBay? Don't do it? Proceed with caution? Good deals? I normally just buy old coins at tag sale and the like, but any tips on getting a sweet deal on eBay? Any other outlets you'd recommend instead? I'm trying to get my hands on as much shiny as possible now, as I believe the prices are going to spike this summer.
Joe
Best prices will probably be at APMEX or Provident metals Joe.
Ebay's fine if you're going to buy junk silver or scrap if you know what you're doing and you can get it close to spot and don't forget the cost of shipping. There are few bargins on ebay as there are so many watching most lots go for way over spot. Try to establish a relationship with a local coin shop near you if for nothing else to give you a handle on what spot + premiums are going to cost you. Go buy 3 or 4 ASEs and pay a few bucks over a few times and most of the LCS owners will start to become human and cut you a few deals. I really advise people to avoid buying scrap silver like flatware unless you can examine it closely first and know what your doing--so much of it is filled and mismarked that buyers that send it to the refinery usually won't pay even half of spot.
Cheapest route to poundage is circulated 90% and generic rounds from the various refiners.
Good move on the timing I think but we've seen the pump and dump many times before and there are alot of people who have lost faith in precious metals that are in the red right now , so expect waves of selling pressure as prices move higher from people trying to get out after being scared.
Joe, check this out Welcome to the Clifton World Money Show Web Site. web site is
http://cliftonworldmoneyshow.com/directions.html
shows are every month at - Show Location: Clifton Recreation Center 1232 Main Avenue, Clifton, NJ 07011
I have picked up a few things here. Check there 2015 Show Schedule there's a show this weekend.
Bob
Bullion in 1 oz or higher categories is the best bet now. I'd choose Provident over APMEX but APMEX smarted up and reduced their minimum quantity buy, so I'd research that. One of the main reasons that fractional junk silver sells for such a premium is just that. It is the divisible form of silver. So you don't have to go cutting up a 1 oz round or bar to make a purchase. NTR has a GOOD (Get Out Of Dodge) silver bullion round and bar that sells for about 45% over spot simply because of this reason. And there are 1 gram sheets available from Gainesville at a hefty amount over spot if you wouldn't want to start cutting up Mercury dimes for bubble gum.
It's not an impossible task. But I personally think we've seen the bottom in PM's for this year. It's a crap shoot to say the least because it is undoubtedly a manipulated market. However, outside market pressures in oil, Petrodollar, UST's and FX in general are, IMHO, going to push PM's to higher levels regardless of manipulation. And it's been a trend for some time.
Never more than 50%. CYA!
And stay away from ebay. Ebay is for latecomers to reality. Go with the dealers.
Ed
T
(01-14-2015 07:33 PM)Dusty Wrote: [ -> ]Best prices will probably be at APMEX or Provident metals Joe.
Ebay's fine if you're going to buy junk silver or scrap if you know what you're doing and you can get it close to spot and don't forget the cost of shipping. There are few bargins on ebay as there are so many watching most lots go for way over spot. Try to establish a relationship with a local coin shop near you if for nothing else to give you a handle on what spot + premiums are going to cost you. Go buy 3 or 4 ASEs and pay a few bucks over a few times and most of the LCS owners will start to become human and cut you a few deals. I really advise people to avoid buying scrap silver like flatware unless you can examine it closely first and know what your doing--so much of it is filled and mismarked that buyers that send it to the refinery usually won't pay even half of spot.
Cheapest route to poundage is circulated 90% and generic rounds from the various refiners.
Good move on the timing I think but we've seen the pump and dump many times before and there are alot of people who have lost faith in precious metals that are in the red right now , so expect waves of selling pressure as prices move higher from people trying to get out after being scared.
Thanks, Dusty! Makes sense. Coin shops are good, but, I hate paying a middleman. I'll look into APMEX. I used to have a classified ad I ran a few years ago in our local pennysaver, with the headline "CASH for Silver Coins". It pulled so-so. Over about 3 months, I got maybe 10 phone calls. 5 of which were pranks from kids or something, 2 from morons asking me if I wanted to sell MY stuff, and about 3 legit inquiries. I made a deal with 2 people for small lots of scrap silver coins, so it wasn't a bad deal. I tried it again last year, and not a single call...not even a prank, lol. I found the best ones were if they recenty lost a parent/loved one, and wanted to haul off all non-necessities, or people needing some quick $$$. Desperation offers a GREAT bargaining tool
(01-14-2015 08:12 PM)bulletbob Wrote: [ -> ]Joe, check this out Welcome to the Clifton World Money Show Web Site. web site is
http://cliftonworldmoneyshow.com/directions.html
shows are every month at - Show Location: Clifton Recreation Center 1232 Main Avenue, Clifton, NJ 07011
I have picked up a few things here. Check there 2015 Show Schedule there's a show this weekend.
Bob
Very interesting. Even better, right in our neck of the woods
I bookmarked it! Thanks.
(01-14-2015 08:26 PM)Ohio Dirt Fisher Wrote: [ -> ]Bullion in 1 oz or higher categories is the best bet now. I'd choose Provident over APMEX but APMEX smarted up and reduced their minimum quantity buy, so I'd research that. One of the main reasons that fractional junk silver sells for such a premium is just that. It is the divisible form of silver. So you don't have to go cutting up a 1 oz round or bar to make a purchase. NTR has a GOOD (Get Out Of Dodge) silver bullion round and bar that sells for about 45% over spot simply because of this reason. And there are 1 gram sheets available from Gainesville at a hefty amount over spot if you wouldn't want to start cutting up Mercury dimes for bubble gum.
It's not an impossible task. But I personally think we've seen the bottom in PM's for this year. It's a crap shoot to say the least because it is undoubtedly a manipulated market. However, outside market pressures in oil, Petrodollar, UST's and FX in general are, IMHO, going to push PM's to higher levels regardless of manipulation. And it's been a trend for some time.
Never more than 50%. CYA!
And stay away from ebay. Ebay is for latecomers to reality. Go with the dealers.
Ed
Ed, do you feel a spike coming on? I do, possibly this summer, though, that's obviously a gut call. It's already almost in the shitter, do you think it's at the bottom, yet? I got a funny feeling
Joe
I agree with Dusty here Joe
APMEX is a good direct/immediate order online venue with good pricing
and
it's priceless to also establish a good ongoing relationship with your local coin dealer as he will usually start cutting better and better deals as time passes until you're basically buying at "dealer to dealer" pricing.
Usually you're going to fare better with APMEX for the bulk/junk/silver coin and bullion but an established relationship with your local dealer is invaluable if you ever decide to purchase "investment grade" coins --- he will be the one you'll get the best pricing from on those (by far)...
Ebay is not a good place to "buy" coins from per se unless you're bidding on "true/freestyle auction" type coin lots and get them at spot or less (if we're talking junk/silver/bullion) type coins... Most coins there sell for premiums because of so many bidders and/or because the sellers price them high to begin with.
(01-14-2015 10:05 PM)MichiganRelicHunter Wrote: [ -> ]I agree with Dusty here Joe
APMEX is a good direct/immediate order online venue with good pricing
and
it's priceless to also establish a good ongoing relationship with your local coin dealer as he will usually start cutting better and better deals as time passes until you're basically buying at "dealer to dealer" pricing.
Usually you're going to fare better with APMEX for the bulk/junk/silver coin and bullion but an established relationship with your local dealer is invaluable if you ever decide to purchase "investment grade" coins --- he will be the one you'll get the best pricing from on those (by far)...
Ebay is not a good place to "buy" coins from per se unless you're bidding on "true/freestyle auction" type coin lots and get them at spot or less (if we're talking junk/silver/bullion) type coins... Most coins there sell for premiums because of so many bidders and/or because the sellers price them high to begin with.
Wayne, asking from a perspective of "buy low & hold till it peaks" perspective, am I better off going in on silver scrap coins, bullion or maybe even old servingware & that kinda stuff?
Joe
(01-14-2015 10:13 PM)NjNyDigger Wrote: [ -> ]Wayne, asking from a perspective of "buy low & hold till it peaks" perspective, am I better off going in on silver scrap coins, bullion or maybe even old servingware & that kinda stuff?
Joe
Out of all listed Joe
"bullion" is the strongest/best resale and highest % on return
"servingware" is too risky unless you really know your xxxx and even then - it would be better to buy the high quality stuff (Tiffany type stuff/etc) as investment and steer clear of the "scrap" type stuff
90% junk silver coin is just that = "90%" and is not as desirable as the silver eagles or silver bars, etc but either is a good investment for gain as long as one buys it low enough to where it can go high enough to make a profit/gain from!
I myself won't buy " bulk" silver again (as investment) until I see it fall at least another 25/30% of what it is now but that's just me personally (I may croak before it happens) but oh well
I was buying way back in 1999 - 2003 at $4.50 to $6.50 or so per oz --- I had 3 full bags ($1000 face each) of silver coin saved up = 2496 ounces) but I sold too soon (early/mid 2009) when it was like $14/15 per oz and basically only tripled my $$ -- basically I had about 15k invested and sold out for 45k
but
had I waited another yr (2010) when it shot to nearly $50 per oz
I would've sold at around 10xs my investment cost and been a LOT better off!
There's just no crystal ball unfortunately
Dusty beat me too it...APMEX. Maybe place a local ad looking to buy silver...Ive thought about doing that,but dont like tweakers.
(01-15-2015 12:17 AM)MichiganRelicHunter Wrote: [ -> ] (01-14-2015 10:13 PM)NjNyDigger Wrote: [ -> ]Wayne, asking from a perspective of "buy low & hold till it peaks" perspective, am I better off going in on silver scrap coins, bullion or maybe even old servingware & that kinda stuff?
Joe
Out of all listed Joe
"bullion" is the strongest/best resale and highest % on return
"servingware" is too risky unless you really know your xxxx and even then - it would be better to buy the high quality stuff (Tiffany type stuff/etc) as investment and steer clear of the "scrap" type stuff
90% junk silver coin is just that = "90%" and is not as desirable as the silver eagles or silver bars, etc but either is a good investment for gain as long as one buys it low enough to where it can go high enough to make a profit/gain from!
I myself won't buy " bulk" silver again (as investment) until I see it fall at least another 25/30% of what it is now but that's just me personally (I may croak before it happens) but oh well
I was buying way back in 1999 - 2003 at $4.50 to $6.50 or so per oz --- I had 3 full bags ($1000 face each) of silver coin saved up = 2496 ounces) but I sold too soon (early/mid 2009) when it was like $14/15 per oz and basically only tripled my $$ -- basically I had about 15k invested and sold out for 45k
but
had I waited another yr (2010) when it shot to nearly $50 per oz
I would've sold at around 10xs my investment cost and been a LOT better off!
There's just no crystal ball unfortunately
30 G's is damn good, but I think I would've blown my nuts off if I missed it at 50!!! However...
Look at it this way, the 50 wasn't real yet, non-existent. You took what WAS there at that time, and still made out pretty well.
Geez, this is too much fu$@ing work. Maybe I'll just stick to finding them, lol!!!!!
(01-15-2015 12:48 AM)deathray Wrote: [ -> ]Dusty beat me too it...APMEX. Maybe place a local ad looking to buy silver...Ive thought about doing that,but dont like tweakers.
I have the APMEX info bookmarked, Ray, gotta look into further. See my post above. I tried the Cash for Silver ads already. Too many lookie loo's, prank calls, tire kickers & dip shits. Very few actual, good prospects. Yet, I did score some good deals. However, I'm talking a bit more weight for buying now.
Joe