Question on silver

Discussion in 'Stock Market' started by LordBrownTrout, Sep 9, 2010.

  1. LordBrownTrout
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    LordBrownTrout Gold Member

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    Two years ago, I bought two bags of pre 1965 silver coins, quarters, 715 ounces per bag. I bought them when silver was approx 10 dollars an ounce. I don't plan on selling them anytime soon but I was wondering about the bid and ask price. When selling back to a dealer will they be buying at bid price or a commission of some sort?
     
  2. Oddball
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    Oddball BANNED Supporting Member

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    Depends upon the dealer.

    Some have lower premiums and commissions than others.

    You'll have to shop around.
     
  3. Jos
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    Jos BANNED

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  4. Charles_Main
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    Charles_Main AR15 Owner

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    Isn't a purity rating important as well. Admittedly I do not know much about silver.
     
  5. Oddball
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    Oddball BANNED Supporting Member

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    Safe assumption that it's heavily circulated "junk" coin.

    Dealers price that accordingly.
     
  6. Paulie
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    Paulie Platinum Member

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    Oddball was right, there's no absolute. One dealer might be firm on only the bid price, and another might want it so bad that he'll pay a premium to get it.

    Personally I like to sell physical metals on ebay if it's small amounts. You can usually get more than spot for your metals. Right now silver is breaking out, so the demand will probably lend itself to some premiums over spot.

    1400 oz of silver at $10? You're up 100% right now. Even though I think silver has higher to go, take some off the table.
     
  7. syrenn
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    syrenn BANNED

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    It all depends on the coins. Are they being sold for the silver value in weight alone? If you don't know anything about coins have them all looked at, you may have a winner in the bunch.

    Generally when you sell them back to a dealer it will be for less then market prices...as the dealers must make a profit as well.
     
  8. LordBrownTrout
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    LordBrownTrout Gold Member

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    Thanks alot, fellas. I took one bag off the table and sold it. Precious metals isn't my forte and am pretty ignorant in the trading of it. I have educated myself somewhat but the dealer that I bought from a couple of years ago took me for a little too much profit, about 500 dollars worth, but oh well, that was my fault for not doing my homework. Im into entrepreneurial start-ups, always been terrified of the market due to not being able to control monies, lol. Anyway, I walked away with about an 80 percent profit from two years ago. I've heard of silver prices reaching 100-200 dollar range per ounce in the near future. However, if that's the case I'd really hate to see what the economy would be looking like at that point. Thanks again for the advice.
     
  9. william the wie
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    william the wie Gold Member

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    Take the advice of Syrenn and do it quickly. By the way junk silver is 900 fine (90% pure). Precious metal by the foot or inch is also a good way to go but it is a totally different market. Rhodium is so shiny that it looks fake if you are worried about safety and most people have never heard of it. (It's a platinum group metal used in reflectors.)
     
  10. Paulie
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    Paulie Platinum Member

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    Silver at $200 an ounce?

    In a situation like that, you'd probably rather have the silver to use for purchases instead of liquidating it for what would probably be pretty worthless Dollars at that point.
     

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