Silver madness!

[Dogsoldier]

I was just looking at ebay and their are people paying as much as 30 dollars over spot for silver eagles. Are they crazy?

 

[Carson]

I was just looking at ebay and their are people paying as much as 30 dollars over spot for silver eagles. Are they crazy?

Its been kind of weird for a while now. It seems to be selling above what the market quotes everywhere. 30 is way up there though.

 

[Dogsoldier]

Apmex are selling theirs 7 dollars over spot. To me that's BS.

 

[ctiger2]

Checkout these prices:

http://www.ebay.com/sch/i.html?_fro...RRENCY=0&_sop=12&_dmd=1&_ipg=50&LH_Complete=1

 

[Carson]

I think these guy are about average or a little higher. That's the way its been.

http://www.blanchardonline.com/blanchard_products/silver_bullion_overview.php


Someone posted a page with a bunch of dealers compared. I think this is it.

https://comparesilverprices.com/

 

[Carson]

25. The dollar amount over spot sometimes varies over time on your bullion coins. Why is this figure not constant?

If you notice the difference between our buy and sell (the “spread”) is relatively constant but is subject to change with changing trading conditions. The dollar amount relative to spot will vary with the trader’s physical position. This happens because we hold the real coins and bars in inventory. When our trader’s position is too high he charges less and sells for less. When his inventory position is too low he charges more and pays more. That is why the actual price we charge over spot may drift over time. Also keep in mind that the difference or spread between bullion products may change, especially if markets are volatile.

http://www.golddealer.com/investment-guides/questions-answers/

 

[Henry Rogue]

Well, value is subjective and the price will be what the market will bear. (1)Physical possession has more value to those who don't trust a piece of paper that says they own silver. (2)Strong hands prevent velocity of physical. (3)there could be far more receipts of silver ownership than actual silver, meaning spot price is devalued do to fractionation.

 

[Henry Rogue]

Forget what I posted above. It's probably new investors not diligent in finding the best prices.

 

[Carson]

Well, value is subjective and the price will be what the market will bear. (1)Physical possession has more value to those who don't trust a piece of paper that says they own silver. (2)Strong hands prevent velocity of physical. (3)there could be far more receipts of silver ownership than actual silver, meaning spot price is devalued do to fractionation.

I think that was part of what happened back in the 80's. People had to put up or shut up and the price went through the roof. It was about $2.00 and a few years later $48.00.

Some blame the Hunt Brothers. I was cool with them.

Basically the Hunt brothers had this great idea to start buying silver in the early 70's, they started buying silver as low as a 2 dollars an ounce.
As it went up, they kept buying. The bought thru the Futures markets > they'd place buy orders for 5000 oz contracts and then pay in fulll and take delivery of the silver.
In 1979 silver went parabolic, from 6, 7 to 10, 15, and as 1980 began, very rich traders were about to bankrupt in the comex from their short silver positions. The Comex along with the federal gov conspired a plan to demonize and ruin the HUNTs.
Unfortunately for the Hunts, at the end of silvers run, they had become greedy and were using enormous leverage of billions of borrowed dollars to purchase silver contracts. When the silver collapsed, the HUNTS had a billion dollar margin call they couldn't pay. And it was OVER, they were ruined. The FEDS charged them with federal crime and haulded them before Congress to testify and be publically scourged verbally by lawmakers. Silver dropped 10 bucks in one day back on silver Thursday. Vast fortunes were made and lost in that episode.
The short sellers gained the upper hand and reaped billions in profits.

https://www.kitcomm.com/showthread.php?t=76324

More info for you collective Hunt Brothers out there.

https://www.kitcomm.com/showthread.php?t=60292

I remember something about the government freezing trading and messing with the dealing leaving some holding the bag.

Silver Thursday

http://en.wikipedia.org/wiki/Silver_Thursday

 

[Carson]

About the same time the central bank counterfeiting was really kicking in and messing with peoples minds everywhere. Gas prices in the seventies kicked off the new reality.

Timeless.

 

[oyarde]

My local guy had silver Eagles week before last about $5 over spot , he marks them up a buck over his cost , he did not really want to order a bunch , but needed some to sell for regulars that use them for Christmas gifts , I think he picked up a couple hundred , they are gone . I would probably check into the Canadian mint $20 face value price before buying any Eagles at these prices .....

 

[oyarde]

About the same time the central bank counterfeiting was really kicking in and messing with peoples minds everywhere. Gas prices in the seventies kicked off the new reality.

Timeless.

Oil is up nearly $10 here just recent , gas prices will probably start to move up about tomorrow or next delivery .

 

[Seraphim]

Its not BS. It's called market operations.

Since the Indian's banned gold imports the population has turned to silver much more then normal. Silver imports are up 10% and rising.

10% doesn't seem like a lot but silver is one of the tightest, if not the tightest, day to day supply of any commodity in the world.

Silver also has the largest paper to physical spread of any traded commodity. It's ludicrous the amount of paper derivatives created per ounce of silver.

The Indians buy one thing. PHYSICAL.

Supply is tight. Very, very tight.

Apmex are selling theirs 7 dollars over spot. To me that's BS.

 

[pmbug]

I was just looking at ebay and their are people paying as much as 30 dollars over spot for silver eagles. Are they crazy?

for "brilliant uncirculated" bullion, or MS-## graded numismatics?

 

[PaulConventionWV]

I think people are starting to realize the difference between physical silver and paper silver. That's why the prices are splitting. I own plenty of physical silver and I would be willing to sell if for significantly above spot. I've got junk 90% coins and also 99% troy oz shiny coins. I would be willing to let go of them for the right price if anyone wants to PM me. Total value is about $4000 at the current spot price.

 

[Dogsoldier]

"I've got junk 90% coins"....I don't get into the collectors side of it...Silver IS SILVER. Not junk. Silver will sell for whatever its worth.

 

[Dogsoldier]

1 thing is for sure you will pay at least double what its worth on ebay...I just can't figure these people out that are buying it. Don't they realize a Morgan dollar is only worth 14$?...They are paying frikkin 40 dollars for them.

 

[RickyJ]

Apmex are selling theirs 7 dollars over spot. To me that's BS.

No one will sell for spot for coins, they always have a premium over spot. Also the paper market and metal market have been moving apart from each other in price for quite a while. Only a fool would sell their gold or silver for the spot price.

 

[RickyJ]

The Indians buy one thing. PHYSICAL.

Yeah, but where do they get the money to buy physical. Most Indians are very poor.

 

[Dogsoldier]

Well I can understand a few bucks over spot but not frikkin 30.