ASE premiums are insane

[Cu Penny Hoarder]

Right now on Apmex silver eagles are $16 over spot! They raised it another dollar just last night. This is the highest premium on these ever, yet there is NO shortage of ASEs.

https://www.apmex.com/product/23331/1-oz-american-silver-eagle-coin-bu-random-year

Who is Apmex selling these to, a bunch of naive newbies? Who in their right mind would pay that price?

I've bought lots of stuff from Apmex in the past, but not recently. This is pure greed.

[Silver4face]

Right now on Apmex silver eagles are $16 over spot! They raised it another dollar just last night. This is the highest premium on these ever, yet there is NO shortage of ASEs.

https://www.apmex.com/product/23331/1-oz-american-silver-eagle-coin-bu-random-year

Who is Apmex selling these to, a bunch of naive newbies? Who in their right mind would pay that price?

I've bought lots of stuff from Apmex in the past, but not recently. This is pure greed.

I totally agree that this is pure greed and that there is absolutely NO shortage. But I want to mention that they sell on eBay for "only" around 10-12 dollars above spot and with free shipping

[franklin]

But they will pay you a dollar over spot if you want to sell to them!

[NDFarmer]

I've never understood why people go so nuts over the Silver Eagles. To me it's an ounce of silver.

[shinnosuke]

I've never understood why people go so nuts over the Silver Eagles. To me it's an ounce of silver.

Because ‘Murica! My matured self prefers Maples for their lower price and higher FV, and for the negligibly higher purity, although they need to give the queen a timeout and put some syrup on the reverse to sweeten the deal.

[hirbonzig]

When the SHTF, the Eagle, and the generic round will all melt at the same temperature. I stick to generic and 90% mostly. You would think with higher silver prices that the premiums would moderate a bit.

[Morsecode]

I always preferred the Maples, too, and for those same reasons. Plus they're prettier.

[JerrySpringer]

I had to check for myself. Still a $16 premium over spot.

Is this an inflation tail guiding the dog?


I will have to laugh out at any dealers who say spot is the best they can do when buying.

I checked Provident Metals for a second opinion. They are getting $16 premiums too.

[Cu Penny Hoarder]

I had to check for myself. Still a $16 premium over spot.

Is this an inflation tail guiding the dog?

I will have to laugh out at any dealers who say spot is the best they can do when buying.

I checked Provident Metals for a second opinion. They are getting $16 premiums too.

I called my contact person at Apmex. They said they have many more ASEs in stock than what is listed on their website.

They are simply taking advantage of the inflation and the Russia/Ukraine situation.

[JerrySpringer]

I called my contact person at Apmex. They said they have many more ASEs in stock than what is listed on their website.

They are simply taking advantage of the inflation and the Russia/Ukraine situation.

I guess it helps sellers on FB marketplace or CL. Wonder if LCS dealers are in on the premium inflation too.

[hirbonzig]

I always preferred the Maples, too, and for those same reasons. Plus they're prettier.

Maples are one of the better looking ones, but wonder if peoples collecting tastes will change when King Chuck has his ugly mug plastered on a Maple.

[shinnosuke]

I always preferred the Maples, too, and for those same reasons. Plus they're prettier.

Maples are one of the better looking ones, but wonder if peoples collecting tastes will change when King Chuck has his ugly mug plastered on a Maple.

Hahaha. Well it’s not like the woman on the Maple now is winning any beauty contests. I guess Eagles are high because there is no queen on the reverse.

[Know Common Cents]

I do understand that 2022 silver eagles are in high demand, but over $42 each is completely absurd.
Back to searching for decent rounds.

[JerrySpringer]

Back to searching for decent rounds.

That,or doing CRH'ing even with gas prices up.

At this point, the everything bubble and inflation makes me search out nickels and pennies more. We already a 300% face value leg up on copper cents.

[franklin]

Although not ASEs, a guy at our local gun show last weekend had rounds and bars for $4 over spot. Picked up some shiny buffaloes. I doubt I will own another silver eagle if premiums stay this high.

[Cu Penny Hoarder]

Although not ASEs, a guy at our local gun show last weekend had rounds and bars for $4 over spot. Picked up some shiny buffaloes. I doubt I will own another silver eagle if premiums stay this high.

There has to be people out there right now who are buying ASEs, which in turn helps support these ridiculous premiums. I haven't bought any since 2017. I used to buy 5 tubes every year just to have them, but not as these premiums.

[NDFarmer]

I was just looking on eBay at generic one ounce silver rounds and bars. People are paying $35.00 or more plus $4.50 shipping for one ounce of generic silver!! That would be right at or even over $40.00 per ounce!! WHY? would you pay $40.00 an ounce? When you can get generic one ounce rounds for just under $30.00 with FREE shipping if you buy 10 ounces on Provident Metals.

[JerrySpringer]

I do understand that 2022 silver eagles are in high demand, but over $42 each is completely absurd.
Back to searching for decent rounds.

I remember getting excited that I got a "deal" on ASEs back in 2011/2012 when I got a few for $40 odd dollars each. Spot was higher back then I am pretty sure.

If I buy physical again, it will be the generic Buffalo ones or outfits like Sunshine Mint logo'd ones. I have a few Johnson Matthey 1 oz bars. Wonder what people are paying to have that name brand nowadays for silver.

People have gone the pseudo NFT route with collectible silver stack building for some reason. This was before NFTs were a thing for the most part. Truly, if you want silver for the metal and nothing else and wanted to economize, you'd get the kilo bar generic stuff that is a few bucks premium over spot when you go volume. But they are not fun to look at as much as coins and ASEs, etc.

[franklin]

You can build some cool miniature forts with 100 oz bars.

The guy at the gun show who sold at $4 over was also buying at $2.50 over. Not much margin there.

[68Camaro]

I do understand that 2022 silver eagles are in high demand, but over $42 each is completely absurd.
Back to searching for decent rounds.

I remember getting excited that I got a "deal" on ASEs back in 2011/2012 when I got a few for $40 odd dollars each. Spot was higher back then I am pretty sure.

If I buy physical again, it will be the generic Buffalo ones or outfits like Sunshine Mint logo'd ones. I have a few Johnson Matthey 1 oz bars. Wonder what people are paying to have that name brand nowadays for silver.

People have gone the pseudo NFT route with collectible silver stack building for some reason. This was before NFTs were a thing for the most part. Truly, if you want silver for the metal and nothing else and wanted to economize, you'd get the kilo bar generic stuff that is a few bucks premium over spot when you go volume. But they are not fun to look at as much as coins and ASEs, etc.

Yeah - when spot goes up enough (as it was in 2011) and hits 40 or 45 you might find some people willing to sell at small premiums cause they bought their ASEs at - say - 15 or 20. To them at that point insisting on 53 instead of 48 when they are already doubling their money or more can just seem greedy, and so at certain points you can get lower premiums due to the higher prices already baselined.

[TwoAndAHalfCents]

It looks like the Amazon price for an ASE is $49.99 with free shipping. They have a Best Sellers Rank around 20 which puts them high up on the list of collectible coins on Amazon. There are hundreds of customer reviews too. Seems like a lot of people are comfortable buying at that price.

[68Camaro]

Well, no matter what I said above, at today's spot that's pretty much insane. Of course I know when I first stuck my foot into the on line silver buying arena circa 2007 I badly overpaid (by then prices) on several lots, until I sorted out what was what. I suspect most of these buyers are newbies who don't know what they are doing. It seems to happen like that when people get freaked about the markets and decide to act on their silver buying impulse for the first time.

[Cu Penny Hoarder]

Well, no matter what I said above, at today's spot that's pretty much insane. Of course I know when I first stuck my foot into the on line silver buying arena circa 2007 I badly overpaid (by then prices) on several lots, until I sorted out what was what. I suspect most of these buyers are newbies who don't know what they are doing. It seems to happen like that when people get freaked about the markets and decide to act on their silver buying impulse for the first time.

IMO, this is the majority of buyers right now. I peruse WallStSilver at least once a day and there are many newbies who still buy ASEs regardless of the premium. They schedule these silver "raid" days and buy no matter where the spot price is at (IMO, this is foolish, but oh well). These types of buyers are supporting/bolstering the high premiums, the bullion dealers must love them.

Also, we cannot ignore very wealthy buyers. The high premium doesn't really bother them.

A few years ago I was buying sh*t loads of 90% from Apmex at $0.29-0.49 over spot. I even posted about it back then. They were practically giving it away. We probably won't see premiums that low again in our lifetimes.

[franklin]

I want to give a shout out to a dealer I have recently used for Ag and Au. Saw them mentioned on a local forum and decided to do a test run.
BOLD Precious Metals out of Austin, TX. I was struck by their much lower premiums than any other on-line dealer I have used. Didn't want to recommend them until I had some experience with them.
As I type this, American Gold Eagles 1/10th oz are $60 each less than Apmex. $200 vs $260. That's $600 less for 10 of them.
Silver rounds are also quite a bit less. I bought some Buffaloes when spot was at $20.03 and they cost me spot + 3.18. Everything I have received from them has been pristine.
I used 2 methods of purchase. One was cc just to see how fast they shipped. They claim next day but it took 4 days.
Also a paper check. Like any other company, they will let it completely clear before shipping. Mailed check on 7/5. Received goods on 7/20. A bit over 2 weeks but if you don't mind the wait, they are good to go as far as I am concerned. Just FYI.
bb

[Cu Penny Hoarder]

I want to give a shout out to a dealer I have recently used for Ag and Au. Saw them mentioned on a local forum and decided to do a test run.
BOLD Precious Metals out of Austin, TX. I was struck by their much lower premiums than any other on-line dealer I have used. Didn't want to recommend them until I had some experience with them.
As I type this, American Gold Eagles 1/10th oz are $60 [b]each less than Apmex. $200 vs $260. [/b] That's $600 less for 10 of them.
Silver rounds are also quite a bit less. I bought some Buffaloes when spot was at $20.03 and they cost me spot + 3.18. Everything I have received from them has been pristine.
I used 2 methods of purchase. One was cc just to see how fast they shipped. They claim next day but it took 4 days.
Also a paper check. Like any other company, they will let it completely clear before shipping. Mailed check on 7/5. Received goods on 7/20. A bit over 2 weeks but if you don't mind the wait, they are good to go as far as I am concerned. Just FYI.
bb

Thanks for the info Frank. SD Bullion is also much cheaper on their 1/10 Au Eagles. If you have status at Apmex, they will price match any bullion dealer out there... saved myself $1000's by taking advantage of this.