just watching Ebay trade

[neilgin1]

Sunday night...watching a bunch of rolls, all 90's and 40's, and i'm telling yall, there is some real demand out there, most 90's are trading way above 30X's , 90% dime rolls are crazy, 33X's plus...jacked up snipes, etc. I know Ray disagrees with me, but if Ebay is a microcosm of the market in general, we'll trade much higher this week. People WANT silver.

[68Camaro]

Not sure I remember Ray's view on this, but at some point I think many of us think that the physical market and the spot paper market get disconnected.

[balz]

Watching Ebay too. Made a good deal on a roll of quarters... but it's clear ordinary people are buying big time. People are buying over spot price, which makes it clear they do believe silver will go higher...

[tractorman]

I concur. I bought a couple junk lots 2 weeks ago while I was price enforcing 27x delivered. Prices are not close to that now. Lots of demand for physical I figure.

[balz]

It will only get worse. I stopped stacking Cu pennies; I'm all on silver right now. We will have more time for copper later.. Silver is too hot.

[tractorman]

My purchases were actually only 1 week ago. I'm long, very long on silver, so I'm not so worried about how hot it is, but there is definitely a change in the eBay buying in only 1 week. There's no denying that.

[balz]

I don't think there is such a change in one week, but I do think that silver demand is so strong that we will see higher prices very soon.

People don't realize that buying coins at spot price is not a good idea, as there is a melt ban AND even if there wasn't smelting would cost at least 30%.

[TwoAndAHalfCents]

I'm starting to slow down my eBay junk silver buying now after really loading up during the first two weeks of this month. When the auctions start getting up above spot that's when I know its getting too crowded.

[neilgin1]

I don't think there is such a change in one week, but I do think that silver demand is so strong that we will see higher prices very soon.

People don't realize that buying coins at spot price is not a good idea, as there is a melt ban AND even if there wasn't smelting would cost at least 30%.

i respectfully disagree with you regarding purchases of silver 90% American coinage, (and 40's as well), and what i'm about to write is NOT directed at you; the reason i focus entirely on coins that say "United States of America" , is this is the country i was born in, and will die in. The melt ban is LAW, and as long as i live and breathe, i intend on following the law. True, i regard fiat with suspicion, thats why i take fiat out of play and put it into American silver coinage as units of trade. what disturbs me, is that when one gets into the realm of hard money advocates, i also see a LOT of seditious talk...again, i'm NOT refering to you, i'm talking about those who speak of rebellion, ie 'militia' types, so called "patriots"...anything like that. oh yes, i am very very wary of TPTB, of course, but equally wary of those who preach rebellion, and they can come packaged in both right wing and left wing flavors, and THEY DO. and i find both entities disturbing to the health of this nation.
didnt mean to blow off topic, but whenever i see the words, "melt ban", i get wary. i'm not buying coins to melt them. If anyone else is, fine, go wild, have fun. Not me.

[balz]

I don't think there is such a change in one week, but I do think that silver demand is so strong that we will see higher prices very soon.

People don't realize that buying coins at spot price is not a good idea, as there is a melt ban AND even if there wasn't smelting would cost at least 30%.

i respectfully disagree with you regarding purchases of silver 90% American coinage, (and 40's as well), and what i'm about to write is NOT directed at you; the reason i focus entirely on coins that say "United States of America" , is this is the country i was born in, and will die in. The melt ban is LAW, and as long as i live and breathe, i intend on following the law. True, i regard fiat with suspicion, thats why i take fiat out of play and put it into American silver coinage as units of trade. what disturbs me, is that when one gets into the realm of hard money advocates, i also see a LOT of seditious talk...again, i'm NOT refering to you, i'm talking about those who speak of rebellion, ie 'militia' types, so called "patriots"...anything like that. oh yes, i am very very wary of TPTB, of course, but equally wary of those who preach rebellion, and they can come packaged in both right wing and left wing flavors, and THEY DO. and i find both entities disturbing to the health of this nation.
didnt mean to blow off topic, but whenever i see the words, "melt ban", i get wary. i'm not buying coins to melt them. If anyone else is, fine, go wild, have fun. Not me.

Hey don't worry, I am not upset at your reply!

Let me explain what I mean.

I don't want to melt coins either, but I do believe that since we don't believe in fiat currency the real value of those coins lie in the silver content. So if it's about silver, then the value of the 90% silver each coin has must come from what one can do with this silver. I know I am not very good to explain what I mean, but I will try to explain it a different way.

Let's say there is a house for sale in what is now becoming a central area. Everywhere around the house, there are condos, tall buildings, well a real downtown. And there there is the house. What is the value of this house? It is VERY HIGH, you are right. Is it because of the value of the house itself? No. It is because of the POSSIBILITY to destroy the house and build another tall building there. This is the real value. If there was any law preventing from destroying this house and building another tall building, then you would have... only a house, maybe worth more than other house outside of downtown, but not as much.

My point is that what gives silver a value is the POSSIBILITY to smelt it, which, of course, does not mean anyone has the intent of doing it.

Of course we can use the coins as they are, but if you have the possibility to smelt them, then they worth really more, even if you don't do it. And since that possibility comes at a cost (smelting cost) then I believe the price of those coins should be below spot.

[JJM]

Did the goobermint* re-institute the melt ban on silver and forget to tell me about it?

[Thogey]

Did the goobermint* re-institute the melt ban on silver and forget to tell me about it?

I didn't know there was a melt ban on silver either.

[Mossy]

(ahem) The melt ban is on copper pennies and nickles.

In any event, I regard the silver coinage to be a convenient size for commerce, if things ever get that bad.

[ardorlan]

(ahem) The melt ban is on copper pennies and nickles.

In any event, I regard the silver coinage to be a convenient size for commerce, if things ever get that bad.

When did it become legal to melt silver coins again?

[tractorman]

(ahem) The melt ban is on copper pennies and nickles.

In any event, I regard the silver coinage to be a convenient size for commerce, if things ever get that bad.

When did it become legal to melt silver coins again?

1969, I believe.

[68Camaro]

Recall the book on the 1980 silver boom, "The Big Silver Melt" by Henry A Merton? (Discussed here a number of times.) It was called that for a reason. They were sending silver coins by the ton to the smelter. Legally. It was legal then and is still legal. The melt ban (again) only applies to cents and 5 cents, intended for a limited time (but with no end time yet defined).

[balz]

So it's legal to melt silver coins in the U.S.? Didn't know that... In Canada any destruction of money or smelting is forbidden.

[balz]

It's too expensive now on Ebay. I don't understand why anyone would pay over spot...

[tractorman]

Not sure I remember Ray's view on this, but at some point I think many of us think that the physical market and the spot paper market get disconnected.

Perhaps we are seeing the beginnings of the disconnection 68Camaro refers to. Maybe folks are now willing to pay a little more for an actual piece of silver, one you can actually hold in your hand. As opposed to the price someone is willing to pay for a piece of paper that says they own some silver (spot).

[balz]

Not sure I remember Ray's view on this, but at some point I think many of us think that the physical market and the spot paper market get disconnected.

Perhaps we are seeing the beginnings of the disconnection 68Camaro refers to. Maybe folks are now willing to pay a little more for an actual piece of silver, one you can actually hold in your hand. As opposed to the price someone is willing to pay for a piece of paper that says they own some silver (spot).

Maybe you're right


I see rolls of dimes at over 160$... This is crazy.

[tractorman]

I just looked at the last dime lot to end, someone is getting these 20 silver dimes for 26.5x shipped.

http://www.ebay.com/itm/ROOOSEVELT-DIMES-20-FACE-VALUE-2-00-/230672029038?pt=Coins_US_Individual&hash=item35b51fd56e&autorefresh=true

Maybe the $160 rolls have some kind of numis value? I ignore those.

[balz]

I hope so... Because it's expensive.. Ag is at 39$ let's not forget...

[Coppercrazy]

Just searched recent completed quarter rolls,it looks like the price is right around spot for regular circulated rolls...

[neilgin1]

Of course we can use the coins as they are, but if you have the possibility to smelt them, then they worth really more, even if you don't do it. And since that possibility comes at a cost (smelting cost) then I believe the price of those coins should be below spot.

GREAT point bro! well spoke, neil

[RR GUY]

On a side note, just got an email that ebay bucks will no longer be available for all bullion, coin and currency sales on the site as of 10/01/11. Oh well, maybe this is clearly a sign of the amount of traffic and trading that occurs on the site.