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 Replies: 88 / Views: 8,993 |
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Pillar of the Community
United States
3670 Posts |
DNA has a great point, but one too must have the years of acquired knowledge of key coins and dates to know what to buy. Basically, once you have that knowledge, it is just like having a trailer hook on a big lure, a little double insurance if things turn back south again....
Let me ask you this DNA, if you could go after one piece of pre 1964 silver only from here on out, what would that coin be, what year, and condition, even if it is harder to find than most?
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Valued Member
United States
384 Posts |
I said no. I stopped buying silver at $35, and will start selling gradually if it passes $50. Then buy again if it ever goes down below $35 again. Call me a "weak hand" for doing that, but markets are crazy, prices go up and then they go down. How far up, and how far down, no one knows. So I don't waste my time trying to catch the top or the bottom, I just set my limits and play along.
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Bedrock of the Community
United States
10982 Posts |
One thing about these silver prices, it feels a lot better when you get high end silver coins rather than junk silver coins. When paying 30X face or more, get good stuff! BU rolls, proof rolls, AU rolls minimum. You might have to shop around but high end rolls of U.S. silver coins are sweet! I try to cull out the rough stuff and keep the nice stuff. When silver hits $55/oz, 90% silver U.S. coins will be at 40X face value! $10 for a 1964 Washington quarter! At that point I'll consider selling off some rolls but for now? Keep on stackin'! |
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Pillar of the Community
United States
931 Posts |
One other thing to consider is the finite amounts of both gold and silver on this planet. The total amount of gold ever mined or found will fill less than 2 Olympic sized swimming pools. The gold market is considered to be a very small market in relation to other commodities because there are more buyers on the planet than there are ounces of gold. A few billion people in China and India who used to work all day for a few pounds of rice can now actually purchase precious metals and they are really going for it. Exchange traded funds are supposedly selling far more pounds of gold paper than physical gold that they could ever take delivery of. This is the same scheme that made credit default swaps ruin the world's economies because the total amount of the swaps added up to more currency than everything in current circulation. Commence printing everyone. That's why the experts have been recommending taking physical posession of your gold and silver investments rather than allowing the "experts" to hold it for you. Some ETF probably is claiming to own the gold and silver that you have stashed away in your safe deposit box. These markets are going to become very interesting as these scheisters are exposed for the naked short game that they have been playing with precious metals. Of course the markets can drop, but there are certainly a lot of reasons why they shouldn't.
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Pillar of the Community
United States
1064 Posts |
Now I'm even more depressed than I was Friday...
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Pillar of the Community
United States
4008 Posts |
Quote:
This is the same scheme that made credit default swaps ruin the world's economies because the total amount of the swaps added up to more currency than everything in current circulation. A similar situation occurred during the market crash of late 2008 / early 2009, where the nay-sayers had actually shorted more shares of some companies than actually exist. Supposedly, this is not possible but it did happen. That kind of piling on is what caused the market to drop below 7100 for a time. It got straightened out eventually but something like this SHOULD be impossible. |
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Pillar of the Community
United States
2734 Posts |
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Silverhawk74: if you could go after one piece of pre 1964 silver only from here on out, what would that coin be, what year, and condition, even if it is harder to find than most?
The 1893-S Morgan dollar. Not too hard to find in Denver if you have the money. I've seen over a dozen of them in person locally (up to VF grades). A PCGS AG-3 is sitting in a local dealer's case (tempting me!) as we speak. This dealer is willing to trade it to me for "$1900 in melt value" of junk silver. At today's spot price, this would be "$60.35 in face value" ($1901.67 in melt value) 90% silver Dimes-Quarters-Halves, containing a total of 43.8375 troy ounces silver. |
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Pillar of the Community
United States
3670 Posts |
And this would be a trade of almost 44 oz pre 1964 90% for just 1 oz of silver in the 1893 Morgan, or did I miss understand that? Now this is of course a very nice condition coin from 1893 (not easy to find I would think), but still I personally have a hard time seeing that as a good trade, rare date nice shape or not. But, this may be the one thing that keeps me from really cracking into the elite of coin collecting, as I imagine there are plenty out there with much money to spend, who think as you DNA and search out these coins....
But alas, my meager brain is wired to think about acquiring as many oz as possible, but yet I even contradict that by buying the lunar silver sometimes as much a double the spot price, and not one piece of pre 1964 silver yet. I like the nice silver, which of course means higher prices and premiums, but alas it will have that in your favor if one ever re-sales as well....
Oh and DNA, to elaborate on my last question, which particular common coin of pre 1964 would you choose of closest to spot price? Another words the much cheaper stuff if you will, as I can't afford items of that nature just yet....
Edited by Silverhawk74
04/19/2011 12:08 am
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Pillar of the Community
1283 Posts |
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Pillar of the Community
United States
4008 Posts |
Quote:I am a buyer and a seller, but I only sell to trade up. I had/have a ton of silver dimes but I just love these ASE's, just bought my first roll of them. http://www.apmex.com/Product/61037/..C_Tubes.aspxI can't wait to get them. - Throwbackid I bought a tube of those on 3/31/11 and received them on 4/8/11. My order took a bit longer because I paid for it with a personal check that they had to clear. They are indeed gorgeous coins and a great addition to any silver / coin collection. APMEX is a great place to buy gold or silver. I really like the way they do what they say they will do and they follow up each stage of the purchase with an email so the customer always knows what is going on and when. My tube of ASEs was my 1st buy from them but definitely not my last!  |
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Pillar of the Community
United States
667 Posts |
Investment is a risk. There is no other way to say it. I bought 300 ounces at my cost of $40.08 per oz back around 3-18-2011. Today I can turn a profit by finding a buy to pay spot. That gives me just over $1,000 profit in a month. The $40.08 cost includes the shipping split per oz.
Did I feel that $40 was expensive, of course I did. But is was a risk that I settled on and felt it was worth taking.
I'm not sure if I am ready to sell right now but as it sits I am ahead with all of my silver and the gold that I have. Now comes the risky part how greedy do I wanted to be. As I know it the metal market rich today and poor tomorrow but you can really say that about anything.
Everyone has their tolerance for price and my gut has moved that number a little higher for buying silver. I am now at a ceiling of $50 for buying new silver. On time and my selling decisions will tell if I have joy or tears in my eyes. However it is exciting to be gambling in such a fluid market place. The risk may not be something the average person would want to take.
All of the money I invested in silver & gold came from what I call non essential funds. I did it the old fashion way, took my weekly lunch money, other hobby money, recycled scraps metal around the farm and really dug hard to find extra money to invest in gold & silver. So it was all money sitting around not really doing anything and what do you know I found a way to put it to work and have some fun.
So even if this market comes crashing down the family budget is not hurt. After all what did it matter if instead of having thousands of pounds of scrap cast iron it is now setting around in the form of gold and silver.
So yes I am buying more silver.
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Pillar of the Community
United States
1150 Posts |
I wasn't dissing anyone by the 'weak hand' comment. It is just a market term. I think everyone on here is on the right track, whether or not they are still buying. It seems obvious that we all have silver, and therefore we all continue to make a profit versus the fiat dollar. I personally think the sky is the limit for silver...and dare I say maybe one day silver will flip the table on gold and become worth more per ounce. Just an interesting thought.
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Valued Member
United States
341 Posts |
I say I'm done buying, but doing it is a different story.
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Rest in Peace
United States
9104 Posts |
Quote:
If silver crashed back down to $5.00 an oz., the '38-D was worth $40 the last time silver was $5 an oz. Two reasons why it may not be worth $40 again: 1) Some may come out of the woodwork from "non-collectors" taking advantage of high silver prices--increased supply. 2) Collectors who can't resist high silver prices may either quit saving halves, or get rid of everything but a single set. If they don't collect, they don't need a 38d--decreased demand. |
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Pillar of the Community
United States
2734 Posts |
biggfredd's reasons are sound and make sense, but 1938-D Walkers have been premium-priced since they were new. The 1947 Red Book gives a retail value of "$6.50" for an "uncirculated" 1938-D Walking Liberty Half-Dollar. The "street price" (based on the Blue Book) was probably around $4 to $5, meaning it was selling for 8 to 10 times face value when you could get common uncirculated Walking Liberty halves from a bank at face value! So my reply questions to biggfredd's questions would be: 1) Some 1938-D's are coming out of the wood work. Like the very coin I bought. Operative word here being "some". We're not going to be flooded by an avalanche of '38-D's when less than 500K of them ever left the Denver Mint in the first place. 2) If silver ever dropped back down to $5 an oz. (don't hold your breath!), it would again be inexpensive to collect common half-dollars, raising the demand for keys and semi-keys like '38-D's.  Quote:
Silverhawk74: which particular common coin of pre 1964 would you choose of closest to spot price? Pre-1940 Washington quarters and pre-1940 Mercury dimes.
Edited by DNA
04/19/2011 11:15 pm
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Replies: 88 / Views: 8,993 |
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Posted 04/18/2011 12:39 am
