louie088
Elite Member
Just curious if anyone has taken advantage of the drop in silver prices? Its hanging out around $12 dollars an oz!
I bought some stuff online.
I bought some stuff online.
Silver is at $12 an oz
- Thread starter louie088
- Start date
achaios
Forum Supporter
I really don't buy bullion, except for some silver eagles (reverse proofs, other special issues), but one dealer I know of says that it's hard to get PHYSICAL silver at the current prices. He and other dealers, since it isn't their primary business, don't want to sell existing inventory at that price level.
Take a magnet to the silver you get online. A lot of the fake stuff is magnetic. I don't know how prevalent it is, but it does exist, and I would expect it in a market like the current one.
-- Tom
Take a magnet to the silver you get online. A lot of the fake stuff is magnetic. I don't know how prevalent it is, but it does exist, and I would expect it in a market like the current one.
-- Tom
louie088
Elite Member
Man that would be really unfortunate to get scammed like that. I've only ever ordered from APMEX and they are top notch for sure. I ordered some stuff today. I ordered five 2020 1oz Kugerands at $12.22. Chose those cause I like the coin. I just get what ever I like, usually in 1oz rounds, but honestly almost everything was sold out! Crazy!
amc rulz
Forum Supporter
Krugs are selling for a min of $18 ea. Where are you buying at $12?
Edit: sorry, I know there are whopping premiums now over spot price.
L0S3R
Elite Member
I just looked as well, here’s the cheapest 1oz .999 silver I found on apmex
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louie088
Elite Member
No worries so what I did was I bought when silver was at $12.20 an oz. there are premiums on coins vs bars plus the person selling has to make $ too. So I paid $102.65 for five of them
amc rulz
Forum Supporter
Sigh...you paid almost 70% over the spot price...the idea is to buy low sell high.
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Has anybody noticed that the premiums have almost doubled from previous months ? .i get that they have to make a profit but they are selling at $10.00 over spot ,digging in to any potential up swings. This is starting to look like a racket to me sorry.
the only precious metal that is worth investing in seems to be the one we find for free. And this holding it until the shtf business is silly it all comes back around to money! And not only have they raised their prices but most sites have miraculously either sold out or maybe it’s just not profitable to sell right now at these prices.
the only precious metal that is worth investing in seems to be the one we find for free. And this holding it until the shtf business is silly it all comes back around to money! And not only have they raised their prices but most sites have miraculously either sold out or maybe it’s just not profitable to sell right now at these prices.
amc rulz
Forum Supporter
This is nothing new if you’ve followed the market the last 10 years. It’s happened several times.Has anybody noticed that the premiums have almost doubled from previous months ? .i get that they have to make a profit but they are selling at $10.00 over spot ,digging in to any potential up swings. This is starting to look like a racket to me sorry.
My friends wife works at a silver/gold store. From what I understand,at least there, that you can lock in at whatever the price is that day, but they are four weeks out due to high demand with low prices right now. This is a respected business, not a pawn shop. LOL. I am going to buy a few ounces. This is just melt price though.
And this isnt adding spot price. You may be around the $13 to $14 dollar range when all is said and done.
midotron
Junior Member
As long as the financial institutions do not collapse you might be best off buying SLV on the stock market as most trading platforms have free trades. 11.30 per share and backed by real silver held in London. Yeah you don't get to hold it, but my physical silver collection was stolen anyways.
diggin4clad
Elite Member
This means you paid over $20 each for them. Not a good deal at all. At $12 per ounce you should be paying no more than 14-15 dollars each but no one is selling at reasonable prices for the time being.
Stiffwrists
Elite Member
You could find silver at the price you paid, when spot was $18.00.
louie088
Elite Member
You guys are killin me. Don’t have time to justify my purchase to anyone. I just wanted other members to know silver is low right now. Thanks
https://www.apmex.com/product/195910/2020-south-africa-1-oz-silver-krugerrand-bu
https://www.apmex.com/product/195910/2020-south-africa-1-oz-silver-krugerrand-bu
Oldsjunkie
Forum Supporter
No. Just no...The paper market is what's screwing up the system to begin with, and jumping in that circus in the middle of this financial s**tshow is a TERRIBLE idea!
amc rulz
Forum Supporter
Backed by real silver at the rate of 50:1 paper vs phyzz. Or is it 100:1?
Oldsjunkie
Forum Supporter
The chances of getting any if you called for delivery of that physical today? 0.00% I'd bet. No way they're letting it out of their greedy grip.
midotron
Junior Member
You dont need to get it physically. The fund simply tracks the same price as silver so you can beat inflation, unless you buy high and sell low. I know, stocks aren't for everyone and right now is probably poor timing to buy. Better to wait till the crisis has an end in sight.
