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- - $ over spot (http://goldismoney.info/forums/showthread.php?t=295185)

ggandy | 08-26-2008 03:42 PM
$ over spot We are new to buying SM and have noticed something strange. About a year ago when we started collecting silver we could get rounds from Goldmasters and Sunshine Silver at about $.50 over spot. Today when we checked to buy one ounce rounds from the same people it is listed for $3.69 over spot plus shipping!! Now we understand supply and demand, just like gasoline:sarcasm:. Is this a form of price gouging that is to be expected in these wierd ass times? Any recomendations of better places to shop? Any thoughts on what is happening with this spot plus price gouging:banghead:

latitude22 | 08-26-2008 04:30 PM
Re: $ over spot bulliondirect has prospectors for $1.43 over spot.

igorthesmall | 08-26-2008 04:35 PM
Re: $ over spot Its not price gouging, its supply and demand. More people want physical silver than the amount available at spot prices. This means dealers must either sell their inventory at a higher premium; or they can sell for spot, earn a smaller profit, and run out of inventory. If they sell at a higher premium, they are price gouging. If they sell at spot, they run out of inventory, then they are hiding their silver and waiting for prices to rise. Damned if you do....

ggandy | 08-26-2008 05:17 PM
Re: $ over spot But of course!:s9:

SLV>GLD | 08-26-2008 05:22 PM
Re: $ over spot Welcome to GIM! You are obviously new here! :D Sit tight and read a lot.

hypervel | 08-26-2008 07:23 PM
Re: $ over spot Where's MY anime Apple Vixen?

Mone | 08-26-2008 08:04 PM
Re: $ over spot My opinion is that "they" dropped spot lower than sellers were willing to sell for so the premiums filled the gap. I doubt premiums will shrink when prices rise again. Bullish imo. When spot is $13.00 and I can sell something for near $20 on fleabay, is the price of silver really $13??? Nay nay I say. :D Nice avatar.

ggandy | 08-27-2008 01:45 PM
Re: $ over spot When question is asked out of the mouth of APMEX is answered yesterday! http://goldismoney.info/forums/showt...ighlight=apmex Read the first post and it explains it all.

teedub31 | 08-27-2008 01:59 PM
Re: $ over spot PRice gouging is a fictitious idea. If it cost too much for your tastes then don't buy it. If it suits you buy it. Just because something cost more then you think you should have to pay does not equate to price gouging. Should I claim that Levis are price gouging Americans with their $40 jeans when you can buy Rough Riders for $15.00.

Saul Mine | 08-27-2008 03:50 PM
Re: $ over spot What teedub31 said. "Price gouging" is a distraction used by officials who want to pass a law to steal a merchant's stock. You mentioned "a year ago", that was when POS was $14.50, so you bought for $15. Now the POP (price of paper) has gone to $12.50 but you don't want paper you want silver, and POS, price of silver, is still $15. That is not price gouging, that is the free market distributing scarce goods by open auction. If you can do better in another market, you are free to buy there instead. But as long as you insist on actual silver, you are going to pay the prevailing price for actual silver.

Ag_man | 08-27-2008 05:31 PM
Re: $ over spot Quote:
Originally Posted by pimples (Post 1257294) to APMEX buyers... have any of you ever bought APMEX 'mystery silver'?....was it ok?...what kind of surprises did they send you? it looks dam cheap,imo http://www.apmex.com/Product/156/default.aspx
Unfortunately, yes I have. I got the "Happy Birthday" and "Merry Xmas" type 1 oz rounds. Less than pleased and never bought it again.

ggandy | 08-27-2008 05:41 PM
Re: $ over spot Is not silver silver? When selling, is not an ounce worth an ounce if it says Merry Christmas or USA on it? Still in the learning stage so continue to be gentle with us:questionm

Maximus | 08-27-2008 05:49 PM
Re: $ over spot Quote:
Originally Posted by ggandy (Post 1257484) Is not silver silver? When selling, is not an ounce worth an ounce if it says Merry Christmas or USA on it? Still in the learning stage so continue to be gentle with us:questionm
If you're selling an ASE, Maple, Libertad or a Merry Christmas silver ounce round... You will 99% of the time be left with the "Merry Christmas" silver ounce round last. It's simple. If this is an investment... You want the stuff that is easier to liquidate when that time comes.

Gcubed | 08-27-2008 08:32 PM
Re: $ over spot Quote:
Originally Posted by Maximus (Post 1257496) If you're selling an ASE, Maple, Libertad or a Merry Christmas silver ounce round... You will 99% of the time be left with the "Merry Christmas" silver ounce round last. It's simple. If this is an investment... You want the stuff that is easier to liquidate when that time comes.
The last major "time" that came was in early 1980. All that mattered was melt value, "pretty" had nothing to do with the settlement check. I speak from personal experience. That is not to say that "pretty" doesn't matter for the time being. :wink:

HistoryStudent | 08-27-2008 08:48 PM
Re: $ over spot Quote:
Originally Posted by ggandy (Post 1255432) We are new to buying SM and have noticed something strange. About a year ago when we started collecting silver we could get rounds from Goldmasters and Sunshine Silver at about $.50 over spot. Today when we checked to buy one ounce rounds from the same people it is listed for $3.69 over spot plus shipping!! Now we understand supply and demand, just like gasoline:sarcasm:. Is this a form of price gouging that is to be expected in these wierd ass times? Any recomendations of better places to shop? Any thoughts on what is happening with this spot plus price gouging:banghead:
Way back in 1979 - 1980 - the PREMIUMS (price paid OVER spot) went crazy as the market went CRAZIER. WE are fast running out of physical anything while the paper everything makes the price. Buy LOW sell higher - SOON and for the next many years. Don't be surprised to see "The Great Greater Greatest Depression," starting sooner than I wish. We are worst off than when FDR took office 3-1-1933 - truly truly!

HistoryStudent | 08-27-2008 08:50 PM
Re: $ over spot Quote:
Originally Posted by Maximus (Post 1257496) If you're selling an ASE, Maple, Libertad or a Merry Christmas silver ounce round... You will 99% of the time be left with the "Merry Christmas" silver ounce round last. It's simple. If this is an investment... You want the stuff that is easier to liquidate when that time comes.
Always go with what runs out first - but buy before it runs out. http://www.apmex.com/APMEXTop40/Default.aspx check here for what runs out FIRST!

SLV>GLD | 08-27-2008 09:52 PM
Re: $ over spot Quote:
Originally Posted by Maximus (Post 1257496) If you're selling an ASE, Maple, Libertad or a Merry Christmas silver ounce round... You will 99% of the time be left with the "Merry Christmas" silver ounce round last.
I find all sorts of generic and downright ugly silver in my dealer's bin. The stuff that isn't completely horrid (e.g. the flat sheet that looks like a $100 bill) and meets the minimum requirement of stamped purity and weight is fair pickings to me. I mean, I will take the SAE and such but I NEED the crappy stuff. You see, the fact that I bought it from my dealer means he WILL buy it. He bought it from somebody in order for it to be in the bin. This means when I hit a point that I need to sell he WILL BUY IT from me. He can only buy what I walk in and offer to sell. He can't cherry pick my stash unless I bring it in. So, having the ugly crap in my stash means I have something that is easy to let go of FIRST in the event I gotta raise some dough. All silver has its place.

azxcvbnm321 | 08-28-2008 07:16 AM
Re: $ over spot I have a theory to what's been happening. Small investor demand for 1oz-10oz silver is at record levels, the quantity of SAE sold by the USmint indicates that. Well there are only a handful of minters out there that produce 1oz-10oz silver rounds and bars. I can only name a handful. It takes machinery and equipment to convert 1000oz silver into smaller stuff and the people who can do it are running at maximum production. Order new machines and equipment takes time and is risky, since if small investor demand dries up, they'll be left with idle machinery. My theory is that all the minters are running at full speed but can't keep up with demadn for 1oz-10oz silver. So dealers are outbidding one another to get their hands on the brand new stuff rolling off of the machines. That's why the premium is higher, those who refuse to pay the premium are told that they'll have to wait, and they'll wait forever as long as there is some dealer who is willing to pay $.01 more to get the newly minted bullion. There's a bottleneck in production. That could explain how there's no shortage of physical silver, but no one can buy small weight silver bullion near spot prices. Those who refuse to pay the higher premium will have to wait until a time demand drops to the point where the minters can keep up. Like someone said, the price is what someone else is willing to pay for it. If you're not willing to pony up the "premium" then you can wait until those of us who will are done buying.

Twisted Avatar | 08-28-2008 07:28 AM
Re: $ over spot Quote:
Originally Posted by SLV>GLD (Post 1257825) I find all sorts of generic and downright ugly silver in my dealer's bin. The stuff that isn't completely horrid (e.g. the flat sheet that looks like a $100 bill) and meets the minimum requirement of stamped purity and weight is fair pickings to me. I mean, I will take the SAE and such but I NEED the crappy stuff. You see, the fact that I bought it from my dealer means he WILL buy it. He bought it from somebody in order for it to be in the bin. This means when I hit a point that I need to sell he WILL BUY IT from me. He can only buy what I walk in and offer to sell. He can't cherry pick my stash unless I bring it in. So, having the ugly crap in my stash means I have something that is easy to let go of FIRST in the event I gotta raise some dough. All silver has its place.
Very smart move to have a "liquidation horde" stuff you can let go for emergency or chest thumping purposes. T

ggandy | 08-28-2008 01:23 PM
Re: $ over spot Quote:
Originally Posted by SLV>GLD (Post 1257825) I find all sorts of generic and downright ugly silver in my dealer's bin. The stuff that isn't completely horrid (e.g. the flat sheet that looks like a $100 bill) and meets the minimum requirement of stamped purity and weight is fair pickings to me. I mean, I will take the SAE and such but I NEED the crappy stuff. You see, the fact that I bought it from my dealer means he WILL buy it. He bought it from somebody in order for it to be in the bin. This means when I hit a point that I need to sell he WILL BUY IT from me. He can only buy what I walk in and offer to sell. He can't cherry pick my stash unless I bring it in. So, having the ugly crap in my stash means I have something that is easy to let go of FIRST in the event I gotta raise some dough. All silver has its place.
This makes sense to us. Silver is Silver no matter what! :bull-buddy-icon:

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