90% junk premiums are crazy high

[Doctor Steuss]

Good gravy, at the top of APMEX right now: "Due to increased volume current minimum purchase amount is $5,000."

$5000? It's says $250 now...

https://www.apmex.com/

Sorry, I got confused. I was on the sell page, and my brain was hogging all the stupid. $5K is apparently their current minimum to buy.

https://www.apmex.com/sell-gold-sell-silver-overview

[Cu Penny Hoarder]

Good gravy, at the top of APMEX right now: "Due to increased volume current minimum purchase amount is $5,000."

$5000? It's says $250 now...

https://www.apmex.com/

Sorry, I got confused. I was on the sell page, and my brain was hogging all the stupid. $5K is apparently their current minimum to buy.

https://www.apmex.com/sell-gold-sell-silver-overview

That is interesting. I've dealt with Apmex many times over the past 15 years and don't ever remembering them setting a minimum BUY price.

[wheeler_dealer]

I have to ask what is going on with Provident, APMEX, JM Bullion. Their ask for 90% is still rising and they appear to be silver short again. All of them
Is this the PUMP before "Sell in May and go away".dump?

[Cu Penny Hoarder]

I have to ask what is going on with Provident, APMEX, JM Bullion. Their ask for 90% is still rising and they appear to be silver short again. All of them
Is this the PUMP before "Sell in May and go away".dump?

It's all selling out. I just don't understand why ppl are buying at these high premiums?... FOMO? I know Apmex has a good reputation, but paying $17-18 over the spot price for 90% is exorbitant. The melt price on a $100FV bag of 90% is currently $1832... Apmex is charging $3055.

Glad I bought this stuff back when it was cheap.

[mflugher]

To be honest I came here to see what was up, in my shop I've had a huge run on gold and silver sales these last 3 weeks. Was wondering if any others saw similar issues.

[68Camaro]

I have to ask what is going on with Provident, APMEX, JM Bullion. Their ask for 90% is still rising and they appear to be silver short again. All of them
Is this the PUMP before "Sell in May and go away".dump?

It's all selling out. I just don't understand why ppl are buying at these high premiums?... FOMO? I know Apmex has a good reputation, but paying $17-18 over the spot price for 90% is exorbitant. The melt price on a $100FV bag of 90% is currently $1832... Apmex is charging $3055.

Glad I bought this stuff back when it was cheap.

Anytime newbies arrive at the gold and silver well, they almost always pay too much at the start. Add in FOMO and you've got a recipe for shortages. My first volume foray into PMs in 2007 I bought several lots of 90% on eBay and paid way too much (at the time) for it, until I calmed down and learned with time what was reasonable and how to buy.

[Cu Penny Hoarder]

I have to ask what is going on with Provident, APMEX, JM Bullion. Their ask for 90% is still rising and they appear to be silver short again. All of them
Is this the PUMP before "Sell in May and go away".dump?

It's all selling out. I just don't understand why ppl are buying at these high premiums?... FOMO? I know Apmex has a good reputation, but paying $17-18 over the spot price for 90% is exorbitant. The melt price on a $100FV bag of 90% is currently $1832... Apmex is charging $3055.

Glad I bought this stuff back when it was cheap.

Anytime newbies arrive at the gold and silver well, they almost always pay too much at the start. Add in FOMO and you've got a recipe for shortages. My first volume foray into PMs in 2007 I bought several lots of 90% on eBay and paid way too much (at the time) for it, until I calmed down and learned with time what was reasonable and how to buy.

They must be very wealthy newbies that don't care about the premium... probably don't even know what a premium is or how to calculate it.

[Lemon Thrower]

Apmex is selling $5 rolls of merc dimes for over $160. That's 32X face!! I had to do the math several times, thought I was making a mistake.

[cwgii]

Hmm.pawn shop has mercury, at 2.00...bargain.

[TXSTARFIRE]

In the past when prices have gone up fast I have been able to score some good deals at antique shops. I think the people who own the stuff are not able to keep up with the rising prices.

[Cu Penny Hoarder]

Apmex is selling $5 rolls of merc dimes for over $160. That's 32X face!! I had to do the math several times, thought I was making a mistake.

Insane... and ppl are buying them at that price?

I can't help but be amused now because I bought bags of these when they were close to spot.

[68Camaro]

Apmex is selling $5 rolls of merc dimes for over $160. That's 32X face!! I had to do the math several times, thought I was making a mistake.

That's $44/toz...

[Lemon Thrower]

Apmex is selling $5 rolls of merc dimes for over $160. That's 32X face!! I had to do the math several times, thought I was making a mistake.

That's $44/toz...

They are selling ASE's for over $45 so I guess 90% is a relative bargain!

[68Camaro]

Well bulk silver is still available for immediate delivery at $29, so those ASE and 90% prices are just uninformed FOMO.

[Cu Penny Hoarder]

Apmex this morning...

A Temporary $500 Minimum Order Is In Place. Processing Times May be Delayed. Message From Our CEO.

[Cu Penny Hoarder]

Well bulk silver is still available for immediate delivery at $29, so those ASE and 90% prices are just uninformed FOMO.

IMO, a short term top is forming. Prices/premiums are getting a bit too hot.

[Lemon Thrower]

Well bulk silver is still available for immediate delivery at $29, so those ASE and 90% prices are just uninformed FOMO.

IMO, a short term top is forming. Prices/premiums are getting a bit too hot.

You may be right on the price of silver generally - as determined by the futures market.

But physical you or I can put our hands on is as tight as its ever been. From eBay to Apmex, premiums for ASE's are $18-20 and people are paying it. Other premiums are healthy too although ASE's of course will have the highest premium. I don't see any signs of more supply coming on line - if anything, its the opposite. Retailers are warning of delays because their wholesalers can't source enough product.

[Cu Penny Hoarder]

Well bulk silver is still available for immediate delivery at $29, so those ASE and 90% prices are just uninformed FOMO.

IMO, a short term top is forming. Prices/premiums are getting a bit too hot.

You may be right on the price of silver generally - as determined by the futures market.

But physical you or I can put our hands on is as tight as its ever been. From eBay to Apmex, premiums for ASE's are $18-20 and people are paying it. Other premiums are healthy too although ASE's of course will have the highest premium. I don't see any signs of more supply coming on line - if anything, its the opposite. Retailers are warning of delays because their wholesalers can't source enough product.

Yes, I meant the spot price. Whenever spot drops a few dollars, FOMO tends to fade and the overall demand slows down a bit. I don't think 90% will ever come back to $0.50 over spot because of the finite amount out there, but if things do not get dramatically worse 90% premiums will probably come back to $3-6 at some point. Apmex 90% premium was just lowered today from $17 to $16, that means buying is already slowing.

The high premiums for ASEs always befuddled me. They are minted in high quantities every year, so there really is no finite supply. $20 over spot per coin is just silly. The people that pay that have FOMO fever and may regret it later.

[Lemon Thrower]

Agree with you. Why pay so much for ASE's when you can get fractional silver (junk) for less or Canadian ASEs for a fraction of the premium.

And its the futures market that determines the spot price of physical bullion, other than the premium. So your fear may come to fruition.

Medium term, I'm see a lot of propoganda about a weak dollar and if that happens than PMs will take off. If there were a currency that was anywhere close to as good as dollars, it might have already happened. But no one is clamoring for rubles, yuan, or even euros.

All the strength in PMs recently has been DESPITE a strong dollar.

[Lemon Thrower]

CU Penny Horder was right, they've taken spot down almost a buck already

[Doctor Steuss]

[...] Canadian ASEs for a fraction of the premium. [...]

Anecdotally... While not a Maple, I actually tried to sell a Canadian silver coin to an LCS last week (it's one of the "$20 for $20" .9999 silver coins), and they wouldn't take it. They sit around too long in the shop because they have sales tax added onto them.

[Cu Penny Hoarder]

CU Penny Hoarder was right, they've taken spot down almost a buck already

All the "dump the US dollar" talk/action by foreign countries over the last 2 weeks should've sent PMs to the moon and the stock market crashing, but it didn't.

PMs to dump more this week.

[NDFarmer]

PMs to dump more this week.

I hope you are right. The lower they go the better!!

[Lemon Thrower]

All the "dump the US dollar" talk/action by foreign countries over the last 2 weeks should've sent PMs to the moon and the stock market crashing, but it didn't.

I'm no fan of FRNs, but I'm hearing a cacophony of "the reserve status of the dollar is over." Most of the people spouting this don't know what happened in 1933 or 1971. It strikes me as propoganda.

If other countries dump the dollar, what will they use instead? For trade, gold is too scarce and too volatile. The Russians don't want yuan, and the Chinese don't want rubles.

They've set up the yuan and the Shanghai exchange to be convertible to physical gold, but there are no chinese bonds of meaningful size or other plumbing for a payment system or reserve currency status.

The dollar is simply the less dirty shirt in a pile of dirty laundry, and its the least dirty by a mile.

[Cu Penny Hoarder]

Apmex just lowered their 90% premium by 25%. That's currently lower than SD Bullion. Buyers getting cold feet and supply coming back... regardless of what Andy Schectman says.

https://www.apmex.com/product/27/90-silver-coins-100-face-value-bag