Silver Price will Rise this Week

[beauanderos]

Well... due to a broken crown... and a really effed-up car... I had to sell $400 face silver to APMEX today.

So, ya know what always happens? Now, of course, the price will go bonkers after I just sold


For reference point, melt was $33.22 when I sold

[henrysmedford]

Just adding to your post so you have a live chart to watch.

[mbailey1234]

Just curious what are they paying for a $400 face? You have to pay insurance and shipping? Do they do it on weight? I sold some eagles back to them a while back but never any 90%. I'm sure you will get some sort of 1099 on that size of transaction won't you??

[beauanderos]

Just curious what are they paying for a $400 face? You have to pay insurance and shipping? Do they do it on weight? I sold some eagles back to them a while back but never any 90%. I'm sure you will get some sort of 1099 on that size of transaction won't you??

no 1099 reporting on transactions below $1000 face of 90% silver sales, but just to be safe I kept my net under $10,000 for bank reporting reasons. They paid $23.48X face... which is twenty cents below what they offer on lots of 1000 oz and over. For the time being, but subject to change some day, they buy based on face value... NOT on weight. So.... ummmm.... if you have a lot of slicks... nah... I didn't just say that

Caveat emptor... all the online dealers sell by face value, not weight. Unless you buy recent series denominations, you're going to get shorted. Buy a bag of Barber dimes, for instance, and you're not gonna get 715 oz as advertised... more like 645

yes, you pay the shipping. They don't pay you unless they receive your stuff. Despite how carefully I always pack, I'm reluctant to take my chances on $9300 arriving safe and sound... just to save $50 or so on registered mail. So as much as I detest registered (cost and box prep) I do it on transactions over five grand.

[franklin]

I need to go to your dentist. I busted a crown last month, first day in camp for opening weekend of deer season. It set me back 800.

[beauanderos]

PM Doc... he'll patch it online for you. Just chew on one of Silver Addicts ingots and drink some extremely hot hot chocolate. Melts in your mouth, not in your hand (ouch!)

[chris6084]

It will not go up. Trust me. I bought this weekend, so it might go down 10%+

[reddirtcoins]

...yes, you pay the shipping. They don't pay you unless they receive your stuff. Despite how carefully I always pack, I'm reluctant to take my chances on $9300 arriving safe and sound... just to save $50 or so on registered mail. So as much as I detest registered (cost and box prep) I do it on transactions over five grand.

Just walked in their door the other day. Being close is good but don't go too often. They use to be 2 miles down the street. Now their like 10.

[Rosco]

I know your pain lost the Transmission On Motor Home in Utah back in Oct. Not quite as much but $4,000 puts a dent in Stacking

[wheeler_dealer]

Ray,
Should have hollered. Need to keep the bulk in the community

[beauanderos]

Ray,
Should have hollered. Need to keep the bulk in the community

you wouldn't have wanted the stuff I sold. $360 of pre-1943 quarters and $40 worth of teen Walkers and Barbers.

[scyther]

Does anyone still melt junk silver? May as well leave it as is for the good condition stuff, but those slicks could be turned into .999 bullion... mmm.

[beauanderos]

see?

[mbailey1234]

I'm sure we will see some good follow through tomorrow since I dumped about 75% of my paper trade I had on from back in July today. Did get it filled just 1 cent from the high of the day though.... I have a feeling I should have flipped into shorting the DOW (DOG) but time will tell....

If you have a good place for dumping slicks maybe we should arrange a group dump sometime...and do the transaction through your name of course!

What are considered slicks though? .68 or less on 90%? Anyone have a threshold they go by?

[beauanderos]

my criteria is "would I be upset if someone sold this to me?" It's okay to have maybe one slick in a roll of twenty or forty, but I've received entire $100 face lots off of ebay that were the type of girls you'd be embarassed to take home and meet the folks.

wt wise, for instance, those old teens Merc dimes I give away would make for a real weakling of a roll, if I sold them assembled. A dime roll (715 standard) should weigh 123.6 grams, Rosies generally weigh more, Mercs less. But a roll of slicks would come in at 117 or so. It all adds up. What rankles is that when you buy online, you are playing by the rules of the game, and have to take the bad with the good (even if the lot is underweight)... but when it's time for you to sell... no one wants the slicks, so you have to cull them out yourself and figure out a way to dispose of them.

ergo... contests

[beauanderos]

What are considered slicks though? .68 or less on 90%? Anyone have a threshold they go by?

If you're talking about quarters, 1/40 of a 715 roll would need to weigh at least 6.18 grams. A BU quarter weighs 6.25... thus... you could toss in lighter weight coins and have them offset by 1964's... one 6.11 (alot of dated Standing Liberty's) would be counterbalanced by a 1964. Drop in a slick... a dateless Standing Lib or worn Barber... at 5.9 grams... and you're going to require 4 1964's just to pull the avg back to 715 and give some one their "money's worth." 5.9 would be considered a slick to most people, I think, and you were wanting a percentage of weight? For 90% then, anything 94.4% or less of newly issued wt could be construed as a slick.

[chris6084]

It will not go up. Trust me. I bought this weekend, so it might go down 10%+

Didn't drop 10%, but I knew it would drop this week.

[beauanderos]

It will not go up. Trust me. I bought this weekend, so it might go down 10%+

Didn't drop 10%, but I knew it would drop this week.

I don't think there's a single person on this site who can call the short term moves accurately... and that's just the way they want it ... confusion, concern, uncertainty.

[Engineer]

What are considered slicks though? .68 or less on 90%? Anyone have a threshold they go by?

My personal definition is a coin which is rimless on at least one side.

[uthminsta]

I don't think there's a single person on this site who can call the short term moves accurately...

I get asked quite often, as I'm sure you all do as well... "Do you think silver is going up soon?" It's usually someone who "recently woke up" and is considering getting into precious metals for the first time. My answer is ALWAYS exactly the same. "If I knew what it was going to do next, I would already be a billionaire." Just to let them know they can't trust anyone who says they "KNOW" what it's going to do or when. But then I actually explain it a bit, and they almost always end up buying, because they know it's the right thing to do, not because they think "it's gonna go up on x schedule" or something.

Sorry, I am not going off on what you said. I'm just remembering that this one question gets asked of me quite often, because an increasing number of my friends and acquaintances are starting to "wake up." Know what I mean?

[68Camaro]

What are considered slicks though? .68 or less on 90%? Anyone have a threshold they go by?

My personal definition is a coin which is rimless on at least one side.

I largely go by weight; if they get below 98% of nominal I don't care enough to make a big distinction on where to draw the line, but Ray's rule of thumb of 94% is about where they typically start living up to their name. Slicks have that name because of the difference in feel they have when they rub on each other. With the high points rubbed off, they feel "slick" when they are stacked.

[Sheba]

"I don't think there's a single person on this site who can call the short term moves accurately... and that's just the way they want it ... confusion, concern, uncertainty." (beauanderos)

Yep!! Totally agree with this. Although I have wondered sometimes if it might be so that when many of the 'experts' and 'traders' are calling for a 'bull market' trend, that is when usually exactly the opposite happens. Seems to me, that on quite a few occasions that I have noticed, I have seen this kind of thing happen. The call goes out... "silver is in a definite uptrend, etc. etc. etc...." and for that week or at least a few days, all silver does is slip sideways or go down.

But, then, who am I to make this claim ... I know so little about investing, charts, and so forth, no one should take this 'rant' seriously.

(but really I do see that kind of thing a lot of times)

[beauanderos]

What are considered slicks though? .68 or less on 90%? Anyone have a threshold they go by?

My personal definition is a coin which is rimless on at least one side.

I largely go by weight; if they get below 98% of nominal I don't care enough to make a big distinction on where to draw the line, but Ray's rule of thumb of 94% is about where they typically start living up to their name. Slicks have that name because of the difference in feel they have when they rub on each other. With the high points rubbed off, they feel "slick" when they are stacked.

They also don't count correctly in coin counters when they are "slicks" or "thins".... two worn dimes or quarters can easily fit through at the same time, shorting you in your count. When you sell slicks... you have to be resigned to hand-counting them... and then being sure to notify the online buyer that you VERY carefully handcounted them because machine counting is inaccurate... otherwise THEY will tell you that you shorted them the proper amount you intended to turn in, and discredit you that balance.

[CardsNCoins]

Has there even been a green day since this thread?

[doug]

It is Ray's fault.