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Checked APMEX this afternoon only to see the usual "Currently Out of Stock" message for most of the common US90% they offer. For that which they do have, the average sell price is $155-160 per roll for the usual Wash Qs and even the silver UNC and proof ATB quarters.

What triggered my interest, though, was their buy price for the same stock. Again, on average, the buy price was $10.50 per $1 face in US90%. Quite a disparity between the buy and sell price, but that begs a couple of questions:

1. Are they strapped for cash and attempting a low-ball offer to test the market?
2. Intentionally reducing their focus on US90% knowing sales to them will drop at these buy prices?
3. Do they have a surplus of US90% and don't care much about acquiring more?
4. Are they expecting a drop in silver prices to $11-12 per TOZ?
5. Are they out of touch with the true market for buying and selling coin silver?

Could be any of these reasons or, perhaps, another reason or none at all. Personally, it'd be a cold day in the Midwest before I'd part with any US90% at those prices. Ouch! That's going to leave a mark!

Yep, noticed that myself. They really expect idiots people to sell them silver at that price, while they're
on the same page as the sell prices?

Their buy price is at $12.27 x face for $100.00 bags right now:
http://www.apmex.com/product/27/90-silv ... -value-bag

Where are you seeing the $10.xx price?

They are in tune with the market. While posting buy and sell prices on same page may not be smartest choice, they are a business. The spread may seem wide however currently sourcing at spot is difficult and they are offering close to spot for 90%. There is demand for 90% they are offering. Its up to buyers and sellers to choose. While we won't sell at these prices, or buy at their sell. They don't seem to have trouble finding buyers.

Verbane wrote:Their buy price is at $12.27 x face for $100.00 bags right now:
http://www.apmex.com/product/27/90-silv ... -value-bag

Where are you seeing the $10.xx price?

BTW - not doubting that you are seeing it, i just can't find it.


Had a guy call my partner at the shop this morning offering $10.xx since that was what APMEX was paying. Said we needed to sell to him at that price since he was looking for several hundred face and paying cash...

For the record, we don't have ANY generic 90% available at the shop, and have local buyers lined up waiting for us to call with stock.
I'm still seeing a steady/normal supply coming into the auction house from intact estate collections, but the pickers haven't brought much in since last Fall/Winter.

It's fun to sit back and watch this thing unfold with the 90% stuff.

I remember buying $500 FV 90% junk bags at spot in the 1980's... nobody wanted them, not even Walker halves. My Mom got pissed at me because all the 23-24lb $500 FV bags left large indentations in the new carpet. I still have all of it.

I guess APMEX eventually realized that fishing with a bare hook is never successful. I reviewed their buy price tonight and it's $12.42 per $1 face of US90%. More realistic, I believe, although they do have minimum purchase quantities, etc.

Just for grins I walked into one of those "We Buy Gold & Silver" places. I asked what they paid for 90% junk silver. A measly 8 times face. I tried to hold back my laughter til I got back into my car, which was only a nanosecond after he said the word "eight".

Snagged a fresh quote from APMEX a few minutes ago. It was $12.57 per $1 face of US90%. Interesting, though, that my LCS is now buying over $13 per $1 face. This guy is a high-volume dealer and said on Saturday afternoon the price per $1 face might actually meet the current price of silver per TOZ on the way up.

Apparently it's the usual supply-demand thing. Very interesting.

Know Common Cents wrote:Snagged a fresh quote from APMEX a few minutes ago. It was $12.57 per $1 face of US90%. Interesting, though, that my LCS is now buying over $13 per $1 face. This guy is a high-volume dealer and said on Saturday afternoon the price per $1 face might actually meet the current price of silver per TOZ on the way up.

Apparently it's the usual supply-demand thing. Very interesting.

My LCS just bumped it up to 16x face as of Saturday. Interesting. I'm in California now and will be checking out a few shops out here and then I go to Seattle where I will check out a few more there at the end of the week.

$10.93 per $1face is the price based on the 15.12 Friday close of the criminal enterprise known as the Comex.

source: http://www.coinflation.com/

its a wonderful resource, as they have a silver content calculator.

IF, I had a physical silver brokerage, or was stupid enough to own an LCS (why stupid?....I got three dozen headaches already, why more) and some desperate sod in need of IMMEDIATE folding money comes in with some dirty circ 90's, Franks, or Washes, say two 10 face rolls, why would ever I offer more than $109.37, to a desperate seller?....its a BUSINESS, not a charity.

OF COURSE, I know the "board" is bullshite, but a canny buyer, can smell the desperate or unknowing, and feel free to offer a bs bid like $80.00 per 10 face, and if the seller walks, so what?...if he bites, great. The minute this stungatz walks out the door, I writing a $160 price tag on the roll, 100% profit, and so what? i'm in business to LOSE MONEY?!?

In trade, like war, there are no friends...maybe "allies", but they're not friends, and an ally can turn fickle in a second, OR as Gordon Gecko said, "If you want a friend, get a dog". Trading is the oldest business in the world.

or lets say in my fictional LCS, the idiot son comes in with his deceased daddies stashed stack of ten $10 FV rolls of GEM/BU solid sate 40's era Walking Liberty Halves. I go thru a whole act, pursed lips, some sighs, and then throw the "rod" with this, "I hate to tell you this, but I see these all the time" (silence, coz this is the bait how I can tell if the guy is a savvy stacker OR least has done any homework)

instead I hear a plaintive, "really?.....I THOUGHT they might be worth more".

again I sigh heavily, a slight shake of my head, and then, "where did you get these?"

"They were my dad's, he just passed away, and I thought I could sell them and use the money to take the wife and a kid on a vacation".

"Your father passed?" I say without any edge in voice.

"Yeh, but he was sick a while, it was best".

I pause for a couple beats, "Sorry for your loss...tell ya what, i'm going to do something I never do, I only pay a $109 per roll, but for your father, i'll give you 12 hundred for the ten rolls".

"you couldn't make it fourteen hundred?"

silence....."here's my final offer, twelve hundred cash, OR thirteen hundred on a check".

"thirteen hundred! that's great!"

(see, that would be the tell if he's a lying thief, I see a DL, write the check)

then put up the closed sign for the day, glass them all, make sure they're not AU's, spend a little time photographing the rolls, and list them all on Ebay , 6 day auction, and I can GUARANTEE you, they will all sell between 45 to 70 times face value.....ask rogerhsturn on Ebay what he gets for solid date "GEM/BU" rolls.

Did I screw this fellow?

NO! he screwed HIMSELF, because he didn't even have the love and respect to do some studying about the value of a valuable asset his father left him in love.....and the minute I started my "song and dance", he would have saw right thru that, and walked out at the initial $1200 bid for the 10 rolls.

think that's cruel?.....no, its trading, if you don't KNOW the market...don't trade it! It would be like if I started trading cash market mercury in those 76 pound flasks...I don't KNOW the market!

That's why I don't trade her, not because I don't trust you great guys.....you are my friends, I don't trade with friends.

Will be interesting to watch and see how fast the junk sells out this time.

Know Common Cents wrote:Snagged a fresh quote from APMEX a few minutes ago. It was $12.57 per $1 face of US90%. Interesting, though, that my LCS is now buying over $13 per $1 face. This guy is a high-volume dealer and said on Saturday afternoon the price per $1 face might actually meet the current price of silver per TOZ on the way up.

Apparently it's the usual supply-demand thing. Very interesting.

Looks like they are getting some more in stock.

Sell price is 14.74
Buy price is 12.17

11 bags of $100 face 90% in stock on just this 1 item
http://www.apmex.com/product/27/90-silv ... -value-bag

tdtwedt wrote:

Know Common Cents wrote:Snagged a fresh quote from APMEX a few minutes ago. It was $12.57 per $1 face of US90%. Interesting, though, that my LCS is now buying over $13 per $1 face. This guy is a high-volume dealer and said on Saturday afternoon the price per $1 face might actually meet the current price of silver per TOZ on the way up.

Apparently it's the usual supply-demand thing. Very interesting.

Looks like they are getting some more in stock.

Sell price is 14.74
Buy price is 12.17

11 bags of $100 face 90% in stock on just this 1 item
http://www.apmex.com/product/27/90-silv ... -value-bag

Whether it's now... or later, this scenario that we're seeing play out now will only continue to worsen as supply dries up. They only made so
much of the stuff and supply is dependent upon weak hands capitulating. The stackers will be holding out, at a minimum, for their break even
points.