thecrazyone wrote:Sorry for my misunderstanding, but are you saying this bc:
1. The PM values will actually go higher and these people will miss out on that? Or
2. Their melting will make pre 33 coinage increase in numismatic value?
thecrazyone wrote:All great info, it just stinks that there is no way to know how many coins for a given year still exist. And noone is going to come forward and say they have a bag of 1916-D Mercury dimes.
Recyclersteve wrote:thecrazyone wrote:All great info, it just stinks that there is no way to know how many coins for a given year still exist. And noone is going to come forward and say they have a bag of 1916-D Mercury dimes.
It depends on how you look at it. There are plenty of very wealthy people who would love to be able to say they have something that could potentially be unique or nearly unique. So the competition between rich people with big egos could send the price into the stratosphere at auction.
Cu Penny Hoarder wrote:It's starting to mirror what was going on in 1979-80.
LOTS of pre'33 and 90% is being melted now and becoming more and more rare.
Hold onto everything you have.
Sell your house, your car, your kids, but do NOT sell your PMs. The sellers remorse is going to be HUGE.
68Camaro wrote:Trying to understand the phenomenon of today, which would be different than the Hunt Bros run-up. You're saying that LCS are able to buy for less than melt, and are unable to sell to other than scrappers for melt or above? That seems crazy. There has to be a floor to this; the world isn't full of inherited silver owned by ill informed millennials trying to pay for their latest smartphone.
Edit: follow up: with a little more time to look at an example, I checked JM Bullion on-line offerings of 90%. Most focused half lots are sold out. Some larger mixed face lots are available at about 28x face +/-. It doesn't look like they are having issues with selling, so I'm not sure why a LCS would sell 90% as scrap to a melter.
silverflake wrote:
90% constitutional silver was my bread and butter when I first was attracted to the shiny stuff. At first I used to pull it from my change when I had my paper route in the early 80's (yes, I could still pull silver from change in the early 80's, mostly dimes but silver nonetheless). I still have every dime quarter and half dollar I pulled (and yes, people would actually use half dollars to pay me). As a side note, I also pulled a number of silver certificates during my career delivering papers. Not much value but pretty cool.
I will keep an eye on this board to stay informed about the newest melt.
Cu Penny Hoarder wrote:My 2 cents about why/how there is such a glut of silver sellers right now.
All the FOMO buyers who bought in the 2010/2011 rally are now dumping everything. They most likely bought in the high $30's and $40's and just want to get even.
Do not sell! Silver is going much higher. However, I'm hoping it takes a break and consolidates for a while, at least a couple weeks.
Cu Penny Hoarder wrote:Here is more interesting insight from the LCS guy in Spring Hill FL. I don't agree with all of it, but hey.
Insight/info starts at 9:17 minutes in...
https://youtu.be/BDMr5DD_uGg
68Camaro wrote:Cu Penny Hoarder wrote:Here is more interesting insight from the LCS guy in Spring Hill FL. I don't agree with all of it, but hey.
Insight/info starts at 9:17 minutes in...
https://youtu.be/BDMr5DD_uGg
I happened upon his link in the YouTube offerings, I suppose because it remembers that I watched the last one you posted. 2 minor things struck me:1) the 90% he had in his bin was crap, worn thin. No wonder he was only paying spot - $2.75; 2) the smelters / refiners are so full of metal at the moment that some have suspended incoming shipments because they are backlogged on what they can process with the equipment and people that they have.
68Camaro wrote:This tells me a) that a lot of the best 90% is being held with tight hands, and b) the backlog is a moment in time that will clear out when the supply tapers off, even though each new 5 or 10 dollar price increment will bring out more silver, each cycle will see less and less recycle metal coming in. Eventually - perhaps - we will reach the true price discovery point, where we will find out what silver is really valued at for the need. I tend to think we will be at 3 digit dollars by that point.
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