Bullion dealer inventory is all gone

[franklin]

APMEX just sent out a heads up email to customers. 2021 ASEs less than 100 delivered have a $15 premium. A premium that is over 50% of spot as I type this.

[Tourney64]

Several silver eagles have already sold today for $50 on EBay.

[ScottyTX]

Wow, got an e-mail from Apmex saying for the first time in their history they have halted purchases of silver, demand over the weekend jumped up over 12x over normal..........

[franklin]

With most of the big on-line dealers only paying a buck or less for premium, when the time comes to sell some, I can't see letting ASEs go before depleting a stock of miscellaneous bars or rounds. I may be out of the silver buffalo business fairly soon.

[Cu Penny Hoarder]

APMEX just sent out a heads up email to customers. 2021 ASEs less than 100 delivered have a $15 premium. A premium that is over 50% of spot as I type this.

Sure, they want to capitalize on the squeeze.

This is why you accumulate only after a large dumps and/or quiet periods.

People should be very careful if they choose to buy today. I would not chase this move.

[Cu Penny Hoarder]

Easy come... easy go.

These PM paper manipulators must be dealt with.

[Market Harmony]

With most of the big on-line dealers only paying a buck or less for premium, when the time comes to sell some, I can't see letting ASEs go before depleting a stock of miscellaneous bars or rounds. I may be out of the silver buffalo business fairly soon.

dump high premium.... stack silver for silver

silver is silver is silver is silver.... if it is pure, then WHO CARES WHAT IT LOOKS LIKE. Silver is a metal. buy metal, not design, not collectibility, not market demand.... buy the METAL silver is silver!

[pennypicker]

With most of the big on-line dealers only paying a buck or less for premium, when the time comes to sell some, I can't see letting ASEs go before depleting a stock of miscellaneous bars or rounds. I may be out of the silver buffalo business fairly soon.

dump high premium.... stack silver for silver

silver is silver is silver is silver.... if it is pure, then WHO CARES WHAT IT LOOKS LIKE. Silver is a metal. buy metal, not design, not collectibility, not market demand.... buy the METAL silver is silver!

GREAT POST. I'm 64 and I've been a member of this forum for 11 years and this is one of the best posts I have read--it is simple and to the point. I was standing in those long lines at the coin shops back during the silver rush of 1979 and the dealers didn't care if you had junk 90%, uncirculated 90%, junk sterling or quality sterling, silver proof sets, junk Peace & Morgans or low end numismatic Peace or Morgans, high quality name 100 oz bars or low quality bars. They would simply determine the ASW (actual silver weight) of whatever you had and peel off the $100 bills based on that and that only. When I was in line one time I saw a seller next to me hand the buyer a pair of late 50's silver proof flat packs and the buyer quickly opened them up and dropped the dime, quarter & half into a big pile of circulated 90% on the desk behind him and then drop the proof penny and nickel in the cash register to use as change. I can guarantee you that when those days of '79/'80 return and you're standing in line at a coin shop the buyer at the counter won't care if you have a slabbed MS 69 common date ASE or an "impaired" ASE because he's going to bust the MS69 ASE out of the slab and toss both coins into the same pile and pay you the same for each! I remember at the Covina Coin shop they had piles of 90% & bars covering their desks and there was piles of sterling on the floor. Silver which used to be $5 an oz for years was now bringing $35 on that day and the sellers in line didn't care about what they were about to sell (sentimental or otherwise), they just wanted the cash; and the buyers in line didn't particularly care what type of silver they were about to buy--they just wanted silver now with the hopes of cashing it in for a huge profit in a few weeks or so. What a great time it was and I hope the same scenario returns again some day!

[CardsNCoins]

GREAT POST. I'm 64 and I've been a member of this forum for 11 years and this is one of the best posts I have read--it is simple and to the point. I was standing in those long lines at the coin shops back during the silver rush of 1979 and the dealers didn't care if you had junk 90%, uncirculated 90%, junk sterling or quality sterling, silver proof sets, junk Peace & Morgans or low end numismatic Peace or Morgans, high quality name 100 oz bars or low quality bars. They would simply determine the ASW (actual silver weight) of whatever you had and peel off the $100 bills based on that and that only. When I was in line one time I saw a seller next to me hand the buyer a pair of late 50's silver proof flat packs and the buyer quickly opened them up and dropped the dime, quarter & half into a big pile of circulated 90% on the desk behind him and then drop the proof penny and nickel in the cash register to use as change. I can guarantee you that when those days of '79/'80 return and you're standing in line at a coin shop the buyer at the counter won't care if you have a slabbed MS 69 common date ASE or an "impaired" ASE because he's going to bust the MS69 ASE out of the slab and toss both coins into the same pile and pay you the same for each! I remember at the Covina Coin shop they had piles of 90% & bars covering their desks and there was piles of sterling on the floor. Silver which used to be $5 an oz for years was now bringing $35 on that day and the sellers in line didn't care about what they were about to sell (sentimental or otherwise), they just wanted the cash; and the buyers in line didn't particularly care what type of silver they were about to buy--they just wanted silver now with the hopes of cashing it in for a huge profit in a few weeks or so. What a great time it was and I hope the same scenario returns again some day!

Thank you for that snapshot in time Don, I really appreciate hearing from someone who was there. Hope you're doing well buddy.

[Cu Penny Hoarder]

I can guarantee you that when those days of '79/'80 return and you're standing in line at a coin shop the buyer at the counter won't care if you have a slabbed MS 69 common date ASE or an "impaired" ASE because he's going to bust the MS69 ASE out of the slab and toss both coins into the same pile and pay you the same for each! I remember at the Covina Coin shop they had piles of 90% & bars covering their desks and there was piles of sterling on the floor. Silver which used to be $5 an oz for years was now bringing $35 on that day and the sellers in line didn't care about what they were about to sell (sentimental or otherwise), they just wanted the cash; and the buyers in line didn't particularly care what type of silver they were about to buy--they just wanted silver now with the hopes of cashing it in for a huge profit in a few weeks or so. What a great time it was and I hope the same scenario returns again some day!

I was 14 years old then and clearly remember the lines around coin shops.

Today?... you better be packing some major heat while standing in line outside a LCS carrying large amounts of silver or cash.

[franklin]

With most of the big on-line dealers only paying a buck or less for premium, when the time comes to sell some, I can't see letting ASEs go before depleting a stock of miscellaneous bars or rounds. I may be out of the silver buffalo business fairly soon.

dump high premium.... stack silver for silver

silver is silver is silver is silver.... if it is pure, then WHO CARES WHAT IT LOOKS LIKE. Silver is a metal. buy metal, not design, not collectibility, not market demand.... buy the METAL silver is silver!

I disagree in this aspect: I set up at a few gun shows around my hometown and can sell silver pretty regularly if I decide to display some. Most of the guys buying know what they are getting so they are always willing to pay a few bucks premium for ASEs. Not so much for buffalos, provident rounds, Apmex rounds, etc. If I can squeeze a few bucks each out of an ASE, those will be the last I would sell to one of the big boys when the time comes and they are only offering a buck or less premium.

[Cu Penny Hoarder]

With most of the big on-line dealers only paying a buck or less for premium, when the time comes to sell some, I can't see letting ASEs go before depleting a stock of miscellaneous bars or rounds. I may be out of the silver buffalo business fairly soon.

dump high premium.... stack silver for silver

silver is silver is silver is silver.... if it is pure, then WHO CARES WHAT IT LOOKS LIKE. Silver is a metal. buy metal, not design, not collectibility, not market demand.... buy the METAL silver is silver!

I disagree in this aspect: I set up at a few gun shows around my hometown and can sell silver pretty regularly if I decide to display some. Most of the guys buying know what they are getting so they are always willing to pay a few bucks premium for ASEs. Not so much for buffalos, provident rounds, Apmex rounds, etc. If I can squeeze a few bucks each out of an ASE, those will be the last I would sell to one of the big boys when the time comes and they are only offering a buck or less premium.

Agree.

Same goes for Ag bars as well. Johnson Matthey and Engelhard bars sell much quicker/easier than generic Ag bars.

[silverflake]

Regarding pennypickers comments about dealers in 1979 just dumping all silver coins into a pile for melting: isn't that the premise of Henry Mertons "The Big Silver Melt"? The amount of US coins melted during the 70's silver price runup was massive. It would seem that so many silver coins from Morgans down to little old silver Rosies were wiped out of circulation. Who knows how many coins were pulled from circulation and more importantly, who knows how many are left. I read a book by Rick Tomaska called "Cameo and Brilliant Proof: Coinage of the 1950 to 1970 Era" about the number of proof sets and high quality proof coins that are just gone now due to melting (good book, by the way).

As far as ASE premiums upon selling, I get it and it's undeniable in the current marketplace. And believe me, I have bought many ASE's over the years. But for a big part of my life, I have been on a tight budget and so when I would see Eagles for spot plus 2.99 and Canadian Maple Leafs for spot plus 1.29, I would get a couple of Eagles then load up on the less expensive (but still attractive) Maple Leafs. I feel that when silver finally has the big run to the moon (I mean north of $50/oz) that anything silver will be so hot that no one will care what they were buying as long as it is silver. Or maybe I am wrong and the premium will expand at that point. We'll see....I hope.

Keep stacking.

[NDFarmer]

Wonder how long these $5 and $6 premiums will be with us? I would be a buyer at $26 but not so much at $32

[pennypicker]

Thank you for that snapshot in time Don, I really appreciate hearing from someone who was there. Hope you're doing well buddy.

Hello NIck and its good to hear from you. Hard to believe 11 years have past since I joined this board...my how time flies. I'm doing pretty good but I must admit arthritis has made a home in my neck. I played middle linebacker for nine years, Pop Warner thru junior college and back in those days, 1967-1976, every coach I had insisted that I used my helmet as a weapon and now I'm paying the price for it--multiple bulging disks, many discs heavily worn and one disc is completely gone from all that trama (they call it organically fused vertebraes). I had countless concussions back in the day and back then our coaches would run out on the field and break open an ammonia inhalent, hold it at your nose until you regained consciousness, pull you out for one play and then slap you on your ass and tell you to get back in there even if you were still seeing stars--gee I miss those days!!! Anyways I hope all is well with you and your family during these crazy times. Keep stacking, Don

[Changechecker]

Few weeks ago I scored a small amount of Peace dollars at $25.00 each. Put them on Craigslist to test the market locally. Today I sold them at $35.00 each and the buyer made a point of showing me that SD Bullion was selling at $39.00 for Culls. I told him I was under priced but was o.k. selling them. He wants more if I get any. The market around here seems tight at least for affordable Peace/Morgan's. Working the ratio where I can

[franklin]

At $21 and change today for a Peace, silver content only, $35 is perfectly acceptable. good job.

[knibloe]

I think that you made a great trade as well. I'd take 40% mark up for holding them a couple weeks.

[Changechecker]

Thanks. I have been trying to use Market Harmonys suggestions to flip and reinvest.