Question on silver for the GIM thinktank.
 

When I buy gold I'm willing to give the coin dealer roughly a $50 premium per oz for providing the service.

I've decided to pull the trigger on some silver and I am not sure what the fair premium is for the transaction. I'll probably be buying silver eagles and/or silver maples in rolls.

Can anyone help me on this?

Thanks in advance.

Re: Question on silver for the GIM thinktank.
 

http://www.golddealer.com/bullionpage.html

This gives you a rather fair MARK-UP price on regular silver coins you may buy.

Try to stay in the same area of price.

You also see the loss/gain amount when you sell.

Notice that the silver eagles have a $1 added when you sell.

Re: Question on silver for the GIM thinktank.
 

Premium on silver is much higher.

Online premiums are probably lowest. For example, Apmex currently charging $18.59 for one SAE, with spot currently at $16.15. That's a 15% premium (not counting shipping costs), compared to the 5% premium you are paying for gold. The premium on generics silver (rounds, bars) is about half that of SAEs.

And the silver premium is likely to be higher at a local shop, but this is offset by no shipping charge. At Apmex, the min shipping appears to be $12.95, which would be for 1-15 ounces of silver. For 15 ounces, you are adding another 5% premium per ounce. The more ounces you buy, the less signficant the shipping premium.

Re: Question on silver for the GIM thinktank.
 

I'm getting a little senile. Thanks guys of course I will just use APMEX or California Numismatics as a guide just like I do with gold.

Re: Question on silver for the GIM thinktank.
 

That's a good link to get an idea of buy/sell spreads. I wanted to take this opportunity to point out the difference between premium and spread.

Premium is the amount of money you pay compared to the spot price. Spread is the difference between the price you pay to buy versus the price you get when you sell.

Re: Question on silver for the GIM thinktank.
 

"spread" is shorthand for the phrase "bid - ask spread"

Re: Question on silver for the GIM thinktank.
 

One of my local dealers is asking $3.33 over spot on eagles. That seems a little high. I'm feeling hesitant about mail people getting an idea about my activity, but still $1.10 versus $3.33 seems quite a bit, although I haven't figured shipping in, which is probably another .50 c per coin.

Re: Question on silver for the GIM thinktank.
 

It used to be about $2.50 each when I first started buying in the DARK AGES of the late 1990s.

I won't mention the prices back then - but think less than $6.00 spot (nah, I'll sneak it in some 100 ounce bars were $400.00 each - but they were as black as a you-know-what, and it took me a half hour each to clean them up with Blue Magic and/or German Semichrome) The local dealer gave me a .25 cent discount on spot to dump them. They are the Die Struck ones like a silver coin prior to 1964! Spot was $4.25 and I felt GOOD about the BUY.

Gosh that's a 4 banger at $16.00 spot. He only had 12 of them. :thumb.aspx::111:

Enough of the old dinosaur days.

Re: Question on silver for the GIM thinktank.
 

HistoryStudent, so $3.33 over spot is fair?

Re: Question on silver for the GIM thinktank.
 

the dealer near me to high also . 3.50 over . but when i buy from him i also pay tax . that why i buy from apmex now to hold the cost down

Re: Question on silver for the GIM thinktank.
 

$2.50 MAX - if buying a BOX full of 500.

Count your stash so far. If you BUY more than 100 I'd deal on-line with the two biggies you mentioned.

If i was buying say, 10 I'd suck it up and get them quicker.

LOOK at the above POST. Common sense too.

In that $2.50 he offered me a $1.25 back on when I sell. Keep that in MIND.

So read $2.25 perhaps?

Re: Question on silver for the GIM thinktank.
 

49 cents over spot is about right.