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What do you mean by "over spot"? Are the Morgan silver dollars better than the "rounds"? I am paying $30 for the "rounds". What would be the best after the Silver Eagles?
Spot is basically the same as "melt", the market price for the metal content, ignoring the form factor and any pretty design. Generally you will be buying at something above spot unless you're really lucky (for example, a motivated private seller will often sell at today's spot price).
Spot is basically the same as "melt", the market price for the metal content, ignoring the form factor and any pretty design. Generally you will be buying at something above spot unless you're really lucky (for example, a motivated private seller will often sell at today's spot price).
I guess I am buying these in case the SHTF. What I don't like about the rounds is it is not accepted as legal tender by the US Government. At least that is what I have read. I am not buying huge amounts. I bought a tube of 20 rounds for $600 and I may buy some more every other month or so.
What do you mean by "over spot"? Are the Morgan silver dollars better than the "rounds"? I am paying $30 for the "rounds". What would be the best after the Silver Eagles?
What is best is a personal decision. If you're purely talking about resale, then this may be of help:
It shows what one retailer will pay for your silver. After US sovereign coins, the next best bet is currently Maples.
This has been said here before, but sovereign coins are easier to find buyers for. That gives them value above and beyond what you can sell them for. If selling rounds, bars, silverware, etc generally the buyers have to be more skilled to determine what the actual silver content is. If a buyer isn't 100% sure they are getting pure silver, they may offer less for absorbing that risk. If they are only 90% sure your silver is pure, they might only offer you 90% of what it's worth. What if they are only 50% sure? When buying Eagles the added premium is like purchasing an insurance policy that 1) you will find a buyer and 2) you will probably get over spot for them.
Forgot to add, going back to "personal choice". A US silver Eagle is 99.9% silver. A Canadian Maple is 99.99% silver. A US Gold Eagle is 22 karat (91.67% gold) while a Canadian gold Maple is 24 karat (99.99% gold). Both coins contain the amount of metal stated. A 1 ounce US Gold Eagle will contain an ounce of pure gold, but the coin will weigh more than an ounce because it's not made entirely of pure gold. I'm not sure that any of this is relevant unless for some reason a person needed "pure" metal for some reason, but some people want only pure metal. Others prefer the added toughness of an "impure" coin. (American gold coins aren't as easily scratched as Canadian coins).
Both mints make gold coins as small as 1/10 an ounce.
Last edited by terracore; 04-14-2023 at 04:20 PM..
It's gone up even more.
Yesterday SD bullion was asking $44 for Eagles, today it's $47; and the spot price(now at $25.62)went down significantly yesterday.
Yet they will only give you $7.50 over spot($33)to buy them back, they're making roughly $15 on those.
As the spot price ratio between gold and silver increases, that little bit of silver doesn't mean as much
Quote:
Originally Posted by terracore
A US Gold Eagle is 22 karat (91.67% gold) while a Canadian gold Maple is 24 karat (99.99% gold). Both coins contain the amount of metal stated. A 1 ounce US Gold Eagle will contain an ounce of pure gold, but the coin will weigh more than an ounce because it's not made entirely of pure gold. I'm not sure that any of this is relevant unless for some reason a person needed "pure" metal for some reason, but some people want only pure metal. Others prefer the added toughness of an "impure" coin. (American gold coins aren't as easily scratched as Canadian coins). Both mints make gold coins as small as 1/10 an ounce.
The American Gold Eagle (AGE) metal calculation can be even more involved than that -- for every size of AGE, the composition is 91.67% gold (aka "22 karat"), 3% silver, 5.33% copper. So for every troy ounce of gold, you get about a gram of silver
Back when the price ratio was closer to 60:1 this actually could add up and private sellers would charge a slightly higher premium for eagles.
For US dollar trading, the most common choice is pre-1965 "junk" silver coins. The closest face value to melt value was the circulated 1965-1969 Kennedy Half Dollar, used to be you could find these in pocket change or by going to small town banks and asking if they had any half dollar rolls in the back of the vault!
I have a big hanging scale that I use as a vendor at Farmers' Markets. I often see people using those small digital scales for bartering.
It all depends on exactly what kind of farm product you produce.
One thing I would say to people buying a scale for bartering in PM's, purchase a good scientific one, not the ones you find in the kitchen section of Walmart.
I have a digital gram scale. It's small enough to fit into a pocket. We originally purchased it for measuring medication for livestock, but I did weigh some various coins just to play with it. It did report the weight of the coins exactly what they were supposed to be. It was inexpensive.
It's gone up even more.
Yesterday SD bullion was asking $44 for Eagles, today it's $47; and the spot price(now at $25.62)went down significantly yesterday.
Yet they will only give you $7.50 over spot($33)to buy them back, they're making roughly $15 on those.
That premium of over $20 above spot price is over the top. I'd look elsewhere or buy something else (like maple leafs).
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As the spot price ratio between gold and silver increases, that little bit of silver doesn't mean as much
