I have some disturbing news. You can dismiss this, many of you probably will, but something happened today that's deeply troubling concerning the physical silver market. I decided to take advantage of today's top, and sell several hundred ounces of eagles and silver kennedy half dollars. Full tubes and rolls. NO ONE WAS WILLING TO HONOR SPOT PRICE. I called a local buyer this morning, (yes I made a thread about that asshole this morning) and was offered $54oz. I thought he was lowballing me which of course he was, and I was intending to go to the city in any case, and sell there to one of the major exchanges on 47th St. NYC. THE BEST OFFER I COULD GET WAS $54 AND SEVERAL EXCHANGES WEREN'T BUYING SILVER AT ALL IN ANY FORM. In the past I could walk in any time and get $2 under minimum. I was told it's been like this for some time, and the physical market is illiquid. There's another exchange in a different nearby city willing to pay $3 under spot, but I'll have to take a check, and couldn't get there today. I'll need to think about this. Something is up.
Can't you just sell on uniswap?
use tether
>>61506237if that's the case then who is buying for spot? was anyone coming in to buy silver?
>>61506237>EXCHANGES WEREN'T BUYINGYou must be new here. Were you an exchange when you bought?
>>61506237Sell it privately, genius. Of course a shop needs to arbitrage, it's how they pay for overheads.
>>61506248>>61506256Considering this as an option. Unfortunately it'll take time to sell, I'd have to wait for a buyer to show up not sell on the day I choose based on the best spot price. >>61506260I've been selling on 47th for years. This has never happened before. I do have a regular exchange I do business with and full disclosure he happened not to be open today (suspicious) but I'm pretty sure it'll be the same story with him too. Calling him in the morning. I got the same answer from multiple independent exchanges in different buildings.
fuck, we're doomed aren't we
>>61506268Arbitrage is one thing, flat out refusing to honor the regular percentage of spot/per oz price is not normal. These exchanges do billions in turnover annually and the majority of them are to the business dealer to dealer only. This isn't your corner pawn shop.
>>61506237And you have proof that you own silver?
>>61506286Of course. If I need to convince (you) I'll take a shot of it eventually lol. I'm not making this shit up It's fucking fucked. Disregard my multi-id's proxeeeee lol.
>>61506281If you offer your car for sale to a huge main dealer you get a shitty part exchange price. This is the same.Fuss over nothing.
>>61506237>silver cucks
>>61506281Told you already. Go troll pmg
>>61506237>>61506281I don't trade silver or gold so I really don't know anything, but my guess is they think the top is in, at least for a while. So they don't want to buy it.
>>61506308Again, these are dealer to dealer exchanges. There's a set rate. That broke down today.
>>61506237No one in the West believes the silver price is going to stay up here. Impatient boomers have offloaded their stacks to the LCSs, LCSs are full of bullion and low on cash, waiting for the backed up refineries and wholesalers to take the bullion off their hands.That bullion then gets melted down and shipped East to China and India, who can't buy enough and will still be buying into triple digit silver.Lack of conviction in the West is bullish.
>>61506333>waiting for the backed up refineries and wholesalers to take the bullion off their hands.op here. there may be something to this. I also brought in broken scrap and they were particularly uninterested in that, which again, has never happened before. I'm anxious to hear what my guy says tomorrow morning as scrap gold and silver is his bread and butter.
>>61506271>I got the same answer from multiple independent exchanges in different buildings.That is very weird and they are afraid of something if they don't want to get inventory to resell with a 10% margin.
>>61506237We already know junk is getting low balled due to backed up refineries and dumb boomer coin shop owners -old newsASEs? I doubt that, send a quote inquiry to APMEX or JM Bullion.
>>61506237>in the past everyone paid under spot>now everyone wants to pay under spot>what gives?
>>61506351You can doubt it, but they were turning up their noses at fucking tubes of eagles ffs.
>>61506237The amount of people buying physical is tiny. I saw the same thing during the run up to over $40 back in 2011 or whenever it was. Stackers underestimate how much availability there really is on the secondary market. Coin shops have a huge influx of people wanting to sell their sterling silver commemorative junk now.
>>61506353For the third time, this is not the normal reliable set margin discount. This is $12.80 under spot from major exchanges that you couldn't even get in the door at.
>>61506237I've been selling my silver to solar. Imagine not doing that. Granted I operate a mine.
>>61506361I sold $40,000 in physical silver in august of 2020 when it ran up to $37. No problem, all cash, regular margins and spot price respected, at the same exchanges refusing to buy today.
>>61506363The price points broke down back in october. Just sit on your stack until they declare war in the spring
>>61506237you're doing it wrong. If you have to sell you might be too poor to invest.once silver becomes a national level talking point and is approaching $1000 it will be significantly easier to buy things with silver. expect the government to pass laws. Some BRICS countries are already beginning to lay the groundwork for this exact scenario.do what ever you can to not sell your silver before then. Or otherwise sell at spot on facebook or craigslist and meet at the police officer.you are paying the coin dealers for the convenience of unloading all at once whenever you want.
Nobody in the thread has mentioned it yet, but this phenomenon is known as decoupling. Many coin dealers have been brainwashed to think physical silver is equivalent to paper silver. In the past, silver price jumps were short-lived because bankers would dump tons of paper silver onto the market, quickly knocking the physical price down. I expect that most coin dealers don't even understand the nuances of what's happening to physical supply/demand behind the scenes. In their mind, coin values are growing faster than they've seen in 20 years and they're suspicious that it's just some weird bubble. So they don't want to pay full spot price.The facade will inevitably crumble
>>61506237I'll buy it at spot.
>>61506371Retails is not buying silver. Retail is selling silver - just like you.Unlike August 2020 where there is frenzy by everyone to BUY BUY BUY. Currently everyonw is rushing to their LCS to SELL SELL SELL.Yet prices are still going up. Why are you selling anyways?This is a buyer's market today, not a seller's market like in August 2020
>>61506392Why don't you buy under lik erryone else?
>>61506237>https://sdbullion.com/sell#Silver
>>61506395Perhaps. Sounds plausible. I went to sell because my personal strategy is to take advantage of highs to take profit. It's worked well for me in the past. I'm not saying that's the best way to do it, but it's how I've done it.
>>61506422Price is being driven on the futures and cash carry market like it always has been
>>61506422I sold covered calls day before Thanksgiving and then had to buy them back at a $850 loss, just because I thought silver "topped"Never again.Don't get in the way of a launching rocket, just like you should never catch falling knife. Make sure momentum has reversed before taking a contrarian trade>tl;dr - you sell at $100+
>>61506414I'm not shipping $20,000 worth of silver to texas from the east coast. I'd rather drive it there myself lol. I'm sure it's perfectly fine, until it isn't.
>>61506237fake news. kysbuy physical silver
>>61506237I don't know what you expected. This all sounds par for the course.Bid and ask are more than little numbers on your brokerage.
>>61506607This is not par for the course. I sold to one of these very same dealers $1500 face value in quarters not two years ago on a flip. I called him, got the quote in advance, made the buy, went to the city, got paid the correct amount structured as it should have been based on the spot. >>61506574I hope you get robbed.
>>61506237JMBullion and Kitco says they'll buy for $61.
>>61506237Lmao, didnt you know that physical silver is much less liquid than physical gold?
>>61506621Yeah, 47th St. isn't the whole world and I know there are places I can do much better, that's why I carried it in then right back out again lol. it's more about how shocking it is that everyone on the street there is noping on silver right now. >>61506626I've been able to sell any amount for cash on demand for years, until today.
>>61506346Refiners are full of orders and are only taking .999 silver right now due to time requirements. Junk isn't being taken by them at the moment, but as the supply shrinks further desperation will set in and they start buying anything they can get their hands on.
>>61506639Thats strange, but if you have the physical thing that is something you should never sell, not in this world of money printing.If you want to trade just fucking buy a cheap silver etc and play with it.
>>61506422Leave retard don't come back until you take profit.
>>61506422You sell when the govt needs it. This is the end.
>>61506237>sell
>>61506237Sorry that happened to you anon. We’re obviously still in disbelief and coin shops still think this rally will fail like the others and don’t wanna get stuck with it if the price drops. At some point silver over $100 will be the new normal and they’ll paying over spot on ASEs. It’s simple human psychology
>>61506982No what’s going to happen is when silver is at say $200 you’ll be lucky to get spot for ASE’s. Maybe $180-190 and people with uncouth filtny silver will get like $120.
>>61506993Uncouth filthy*
>>61506993>>61506994medication
>>61506237Ok but does this effect digital?
>>61506257Not him but no, no one in the States is buying Silver
>selling at a breakout when silver demand is increasing but output is notHold the physical silver especially sovereigns. Use paper silver and silver etfs for trading. God you are so fucking retarded.
>>61506237This is exactly what I warned so many anons some time ago. Selling physical is a nightmare. In fact anything to do whit physical is one. Buying, selling, storage.
>>61506237Why would they give you spot price? How are they supposed to make any money doing that? Charge the next guy above spot?
>hoards illiquid asset>gets surprised when he faces difficulty to get rid of it during a volatility spikeLmao nothing dumber than a stacktard... remember the /pmg/ fool that paid a $12,000 penalty to cash out his 401k and top ticket silver...
>>61507028Yes traditionally that’s how it’s done. My LCS always bought at spot and sold at 10% over.
>>61507029Is my math fucked up or is it more like $80/ounce considering 13200 is 90% of 14700(ish) then assuming 20% tax rate
Slippage in an illiquid market is bullishSilver is going to $2000 within a year
reasons why silver is valuable>
>>61507029You figured out the new catcha, good job iqdalit
>>61507122>scarce>usefulDamn, the two best possible reasons.
>>61507029Heh, saying it's a cost basis of $120/oz is wrong. He actually paid $0/oz since a 401k is nothing more than a time-gated imaginary bucket.
>>61507161Nuh uh anon, I promise the money will be there in 40 years if you pay me now, there'll even be more. It's just a few 10's of thousands, come on man. It's for your own good.
>>61506237>fell for it again award
ANYWAYS for an actually real story, I tried to buy war nickels at my local coin shop - you know, those poop nickels that nobody wants that go for under spot online even when you're buying them - and my local coin store guy says he hoards them all for himself and has a giant burlap sack full of them at home.It was over before it even started, I can't even buy war nickels in my area. He said he'll bring some in for me though but there's obviously a limit I can buy...
https://www.youtube.com/watch?v=C95uhXSGqG4
>>61506363Silver has gone up 30 dollars this year so it makes sense that they're wary, though. This is like asking why my car went up 10k but the best offer I can get is 5k.
>>61506257>>61507005>>61506237Chinese people buying it all up, americans trying to scam you by paying less.
This thread is full of jews trying to trick the goyim out of buying silver. A real silverchad would never trade silver for d*llars. If he wants to offload some he buys virgin teens and livestock.
>>61506237I experienced this too OP and sold all silver years ago, 2019 to be exact, even took a loss on it. But it was for crypto so good move. It's fucked up. I bought a sealed eagles monster box back in 2012 and took like a 3k loss on it. Samething, they preach the premium of the eagles and other bullshit for buying but when selling, oh yeah you are lucky to get spot. Buy generic? under spot guaranteed. I still like PMs but as a major investment vehicle? Fuck no. If you think apocalypse and barter, get the fucking 1gram pimp ass lady Fortuna ones so it atleast looks cool as shit on the chance you don't need it and if you do offering 1gm will surely get you the same thing as the fucktard with a generic brick that has sharpie markings on it. And you know what? I've been stacking 1g grams just so I can be the asshole that's making bank on just swapping to lower denominations. I got like 2000 gs that I'm sure will be more than enough to serve whatever bartering bullshit apocalypse that could happen. In the end? I'll have tons.
>>61507317wtf are you yapping about
>>61507334I've smoked way too much weed, apologies fren i thiught this thread was about something else. I'll be leaving now... My plan still stands though.
>>61506237fudd out in full force, I will not sell and I will not let you get cheapsies, stay poor.
>>61507122New solid state batteries require them and will finally revolutionize technology giving us cars with longer range while being faster to charge if the grapevine is to be believed. I don't know how much truth there is to it, but allegedly Samsung got some rights to a mine where they pay x amount for all silver, lead and sinc mined for some time. Tech gizmos may become smaller and more efficient paving the way for all new forms of design philosophies if true.
>>61506281OP I understand and agree. Anyone not agreeing or seeing the issue is a jew or a total retard. Albeit those terms are redundant.
doesn't matter, just wait until 100 and those differences won't matter for your payout, LOL.IQdelete was canned and now they sent in "professionals"
>pays premium over spot when buying from retailer>gets lowballed under spot when selling to retailer and has to listen to 4chan mongs sperg "arbitrage"
>>61506237>boomer rocks>can't selllol
I think NYC dealers have to hold PM they buy for 15 days before reselling considering how fast and how much the price went up its risky to pay just under spot and with the new year under 15 days away they probably just want to wait, the same reason you want to sell because its the top they don't want to buy
Wtf are you selling your silver for?Obvious jew trying to FUD is obvious, die nigger./sage
