Newbie wants to get into Silver and Gold

[RadiantBlueLight]

piotr1,

Silver closed on Feb 4 2008 at $16.69. Spot right now is $17.19. Your profit is $.50 an ounce. $1000 in silver on Feb 4 got you about 60 ounces at melt. $.50 * 60 = $30 profit.

 

[piotr1]

I'm sorry to say this but I think you got jacked. Looks like he charged you about 30% over actual value.

27.50 for silver american eagles???? You can get them online for in the 19's each with shipping.

Noooo, the eagles i got for $18.x0 its the middle one.... i can't tell what the x is... what do you guys think? is it a 1 or a 7?

 

[Michigan11]

Noooo, the eagles i got for $18.x0 its the middle one.... i can't tell what the x is... what do you guys think? is it a 1 or a 7?

Well you got the Eagles for $18.70 each. That's good.

The other scribbles I can't read.

 

[IChooseLiberty]

Noooo, the eagles i got for $18.x0 its the middle one.... i can't tell what the x is... what do you guys think? is it a 1 or a 7?

If that's the case then that receipt doesn't make any sense. What did you actually receive for your $1000?

 

[piotr1]

If that's the case then that receipt doesn't make any sense. What did you actually receive for your $1000?

Yea i'm alittle confused too, thats why i made this post ;p

I got 20 eagles, 121 40% half dollars and 55 60% half dollars

How do i compute?

 

[ARealConservative]

Yea i'm alittle confused too, thats why i made this post ;p

I got 20 eagles, 121 40% half dollars and 55 60% half dollars

How do i compute?

40% and 90%?

 

[piotr1]

40% and 90%?

I got 20 eagles, 121 40% half dollars and 55 90% half dollars


ops, your right ;p corrected above.

So how did i make out? :o

 

[IChooseLiberty]

Yea i'm alittle confused too, thats why i made this post ;p

I got 20 eagles, 121 40% half dollars and 55 60% half dollars

How do i compute?

Goddamn. You're going to make me work! Save these formulas for your future reference. All you need are these and the spot price and you can calculate value.

Kennedy Halves = $2.58 * 121ct = $312.18
SAE = spot + $2 = $19.11 x 20 = $382.20
60% Halves.... I'm guessing you mean 90% because I've never heard of 60%s
$6.20ea * 55 = $341.00

Current worth I'd value at $1035.38 melt. Looks like you did well!

---------------------------------------------------------------------

Using the latest metal prices and the specifications above, these are the numbers required to calculate melt value:

$17.11 = silver price / ounce on Feb 08, 2008.
.40 = silver %
$3.4907 = copper price / pound on Feb 08, 2008.
.60 = copper %
11.5 = total weight in grams
.0321507466 = ounce/gram conversion factor
.00220462262 = pound/gram conversion factor (see note directly below)


The NYMEX uses pounds to price copper and that means we need to multiply the metal price by .00220462262 to make the conversion to grams. The silver price is based in troy ounces and that means we need to multiply the metal price by .0321507466 to make the conversion to grams.



1. Calculate 40% silver value :

(17.11 × .0321507466 × 11.5 × .40) = $2.5304566618


$2.5304 is the rounded silver value for the 1965-1970 silver Kennedy half dollar on February 08, 2008. This is usually the value used by coin dealers when selling these coins at melt value. However, the total melt value is continued below.



2. Calculate 60% copper value :

(3.4907 × .00220462262 × 11.5 × .60) = $0.0530995


3. Add the two together :

$2.5304566618 + $0.0530995 = $2.5835561618




$2.5835561618 is the total melt value for the 1965-1970 silver Kennedy half dollar on February 08, 2008.

------------------------------------------------------------

Using the latest metal prices and the specifications above, these are the numbers required to calculate melt value:

$17.11 = silver price / ounce on Feb 08, 2008.
.90 = silver %
$3.4907 = copper price / pound on Feb 08, 2008.
.10 = copper %
12.5 = total weight in grams
.0321507466 = ounce/gram conversion factor
.00220462262 = pound/gram conversion factor (see note directly below)


The NYMEX uses pounds to price copper and that means we need to multiply the metal price by .00220462262 to make the conversion to grams. The silver price is based in troy ounces and that means we need to multiply the metal price by .0321507466 to make the conversion to grams.



1. Calculate 90% silver value :

(17.11 × .0321507466 × 12.5 × .90) = $6.1886168361


$6.1886 is the rounded silver value for the 1916-1947 silver Walking Liberty half dollar on February 08, 2008. This is usually the value used by coin dealers when selling these coins at melt value. However, the total melt value is continued below.



2. Calculate 10% copper value :

(3.4907 × .00220462262 × 12.5 × .10) = $0.0096193


3. Add the two together :

$6.1886168361 + $0.0096193 = $6.1982361361




$6.1982361361 is the total melt value for the 1916-1947 silver Walking Liberty half dollar on February 08, 2008.

 

[ARealConservative]

I got 20 eagles, 121 40% half dollars and 55 90% half dollars


ops, your right ;p corrected above.

So how did i make out? :o

I hate the 40% stuff myself. Here is the costs and current buy back rates for those two items.

http://www.apmex.com/Product/6917/100_Face_Value_40_Silver_Coins_.aspx

121 @ 40% = 361.79 ($255.92 buy price)


http://www.apmex.com/Product/195/100_Face_Value_90_Silver_Coins_.aspx

55 @ 90% = 359.43 (309.38 buy price)

Silver Eagles
20 @ 18.97 = 379.4


19.95 shipping and handling + insurance

total = 1,120.57

 

[piotr1]

COOL!! Thanks IChooseLiberty!!! I'll know how to compute now in the future. 8)

I have a couple questions...

Does anyone know any good containers i can buy online for half dollars?

Also some of the half dollars i got are down right fugly/ dirty or whatever you call it. ;p
Should i try and clean some of them or does it not matter? For my next purchase should i try to avoid the bad ones?

 

[piotr1]

I hate the 40% stuff myself. Here is the costs and current buy back rates for those two items.

http://www.apmex.com/Product/6917/100_Face_Value_40_Silver_Coins_.aspx

121 @ 40% = 361.79 ($255.92 buy price)


http://www.apmex.com/Product/195/100_Face_Value_90_Silver_Coins_.aspx

55 @ 90% = 359.43 (309.38 buy price)

Silver Eagles
20 @ 18.97 = 379.4


19.95 shipping and handling + insurance

total = 1,120.57

I think i understand your post, but could you clarify please?

Also why is the spread so large on the 40%s and the 90%s... ?

 

[ARealConservative]

I think i understand your post, but could you clarify please?

Also why is the spread so large on the 40%s and the 90%s... ?

This is essentially how much it would of cost at apmex today to buy what you bought.

The demand of the 40% coins is so much lower that the buy back rate is way worse.

Personally I would concentrate on gold in the future, but that's just me.

 

[piotr1]

This is essentially how much it would of cost at apmex today to buy what you bought.

The demand of the 40% coins is so much lower that the buy back rate is way worse.

Personally I would concentrate on gold in the future, but that's just me.

If i wanted to sell back to my local dealer do you think he would use a similar spread as apmex?

 

[ARealConservative]

If i wanted to sell back to my local dealer do you think he would use a similar spread as apmex?

Mine buys back at about the same rate but sells higher.

 

[kgiese]

Rule one: on investing in a commodity: Buy low and sell high.
Rule two: Never forget rule one.

 

[piotr1]

Rule one: on investing in a commodity: Buy low and sell high.
Rule two: Never forget rule one.

Did I do something wrong?

 

[piotr1]

I hate the 40% stuff myself. Here is the costs and current buy back rates for those two items.

http://www.apmex.com/Product/6917/100_Face_Value_40_Silver_Coins_.aspx

121 @ 40% = 361.79 ($255.92 buy price)


http://www.apmex.com/Product/195/100_Face_Value_90_Silver_Coins_.aspx

55 @ 90% = 359.43 (309.38 buy price)

Silver Eagles
20 @ 18.97 = 379.4


19.95 shipping and handling + insurance

total = 1,120.57

are those apmex links really the best tool to use online to determine value?
I'm trying to calculate value of this listing, http://cgi.ebay.com/90-Silver-Quart...goryZ525QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

 

[phoenixzorn]

Butting in here.. because I figured I'd just as soon add to this thread than start my own n00bie thread...

I don't have $1500 to spend in one shot, or even $1000... I have $2000 in the bank, and a lot of bills to pay. What I'm looking to do is buy small quantities of silver at a time, and build up my stores over the next couple months. I want to spend about $1000 in total through July, and possibly $2000 by December in silver.

Right now, I have about $200 to spend... I've heard some people say Liberty Dollars are great, and others say they are worthless (besides being $22.00 each for a $20.00 coin) but on their site, they are saying the Liberty Dollar will go 2.5X by May 21st as long as silver stays about $16.00 for 45 days.... that will mean new Liberty Dollars will be struck at a $50.00 face value, and I can exchange my $20.00 pieces for the $50.00 pieces as if they were the same coin.

I know Liberty Dollars are NOT currency in any country, but I like the idea of the face value being basically, what you sell it for.

I'm looking at apmex.com right now, but I don't know where to start. Any help would be appreciated.

 

[piotr1]

Butting in here.. because I figured I'd just as soon add to this thread than start my own n00bie thread...

I don't have $1500 to spend in one shot, or even $1000... I have $2000 in the bank, and a lot of bills to pay. What I'm looking to do is buy small quantities of silver at a time, and build up my stores over the next couple months. I want to spend about $1000 in total through July, and possibly $2000 by December in silver.

Right now, I have about $200 to spend... I've heard some people say Liberty Dollars are great, and others say they are worthless (besides being $22.00 each for a $20.00 coin) but on their site, they are saying the Liberty Dollar will go 2.5X by May 21st as long as silver stays about $16.00 for 45 days.... that will mean new Liberty Dollars will be struck at a $50.00 face value, and I can exchange my $20.00 pieces for the $50.00 pieces as if they were the same coin.

I know Liberty Dollars are NOT currency in any country, but I like the idea of the face value being basically, what you sell it for.

I'm looking at apmex.com right now, but I don't know where to start. Any help would be appreciated.

Wow! Where did you hear that the face value was going to go up??!?!

 

[phoenixzorn]

Wow! Where did you hear that the face value was going to go up??!?!

www.libertydollar.org

When the Liberty Dollar had a $10.00 face value, the price of silver was about $5.60 per ounce... It had to be above $7.xx per ounce for at least 30 days, after which the face value went up to $20.00 in order to cover the rising cost of the silver bullion used to strike the coins. Now, if the price is above $16.00 per ounce for more than 45 days, the price will go to $50.00 face value, even though the price of silver won't get to $50 per ounce until some time this summer... By the time silver actually gets to $50.00 per ounce, your coins and/or certificates will be worth $100 each...