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Silver Premiums Are Out Of Control!

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Pillar of the Community
United States
4835 Posts
 Posted 10/05/2022  9:40 pm Show Profile   Bookmark this topic Add TheForce to your friends list Get a Link to this Message
I saw silver hit $21/oz this evening. So I was browsing SD Bullion and ASE coins now have a $20 premium! That is absurd paying $20 more than spot!!
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United States
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 Posted 10/06/2022  01:27 am  Show Profile   Bookmark this reply Add Jaobler to your friends list Get a Link to this Reply
The local shop today had silver eagles at $9 over spot which still seems excessive.
Bedrock of the Community
Australia
20370 Posts
 Posted 10/06/2022  02:47 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Excessive premiums are probably the most efficient way of killing the market.
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 Posted 10/06/2022  07:15 am  Show Profile   Bookmark this reply Add livingwater to your friends list Get a Link to this Reply
Some dealers are saying it's taking longer to replenish their stock from wholesalers. They raise the premiums when it's harder for them to order more inventory. I'm seeing more "out of stock" and "expected available in several weeks" on some items. My LCS raised premiums on 90% junk silver when spot went down. He said his wholesaler raised premiums. Silver and gold bars seem to be the best buys currently.

It's smart to shop around for sales and better prices. Nobody knows future prices of stocks/precious metals but IMO I don't think we've seen the worst of lower spot prices yet. Gold has done better than stock indexes so far this year, down less. Silver seems to be rebounding a little.
Edited by livingwater
10/06/2022 07:21 am
Bedrock of the Community
United States
10027 Posts
 Posted 10/06/2022  07:40 am  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
Yes, it's the marketplace--doing marketplace things--warts and all.
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United States
9973 Posts
 Posted 10/06/2022  08:01 am  Show Profile   Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply
It's the paper market vs the physical market. The premiums people pay on eBay are amazing, everyday.
ANA #R3154474
Pillar of the Community
United States
4835 Posts
 Posted 10/06/2022  10:01 am  Show Profile   Bookmark this reply Add TheForce to your friends list Get a Link to this Reply
It is hard to accept paying double the spot price. Makes a terrible investment.
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118533 Posts
 Posted 10/06/2022  10:27 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Yes, it's the marketplace--doing marketplace things--warts and all.
I agree. Pause your purchases; resume stacking after the market regains its senses or you come across an excellent deal.
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Canada
4430 Posts
 Posted 10/06/2022  10:41 am  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
Most cannot accept the reality that there are 2 Silver
Markets . The physical and the paper .
Several US silver buyers pay well above spot for
90 per cent 64 and earlier .
Morgan and Peace dollars are in the stratosphere!
Sample Major Dealer buy list on Dollars!
CULL WITH DATE NO HOLES $25.00
WORSE THAN CULLS $19.00
G/VG+ OR WITH LITE PROB PRE 21 $29.00
F PRE 21 $33.00
XF PRE 21 $35.25
AU PRE 21 $42.50
AU+ PRE 21 $45.00
BU PRE 21 $50.00
VG+ 1921 MORGAN $30.00
VG+ PEACE $28.00
Edited by Pacificoin
10/06/2022 10:46 am
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United States
2555 Posts
 Posted 10/06/2022  12:54 pm  Show Profile   Bookmark this reply Add NumisEd to your friends list Get a Link to this Reply
If you are looking to buy bullion but don't want to spend more than a couple hundred dollars and don't want to pay huge premiums, fractional gold is the way to go.
For instance, US gold commemoratives and 20 Franc gold coins can typically be bought for less than 10% above spot.
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4492 Posts
 Posted 10/06/2022  1:50 pm  Show Profile   Bookmark this reply Add jimbucks to your friends list Get a Link to this Reply
If you just want generic 1 oz silver rounds, they are readily available at 5-6 bucks over spot depending on quantity.
Valued Member
United States
458 Posts
 Posted 10/15/2022  11:32 am  Show Profile   Bookmark this reply Add Dowhat to your friends list Get a Link to this Reply
IMO, if you think premiums will recede at some point, I must disagree. With online dealers wanting $22 FV for 90% that makes 1 ozt of 90% about $31.00. WTH!
Supplies of 90% at all LCS's in my area (Tampa Bay) are dwindling.
However, lots of silver Sovereigns @ spot + $7 at my favorite LCS, Bellaire Coins.
Premiums will not drop only go higher as supply decreases so get it while you still can. I will only purchase 90% to top off tubes a little at a time.
Keep stacking while you can.
Bedrock of the Community
Australia
20370 Posts
 Posted 10/16/2022  06:34 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
It is possible to buy physical un assigned silver granules to an exact weight, and not have them delivered.
Their security remains to be an obligation of the bullion dealer.
That would result in the the lowest premium I can think of, when buying physical silver.

Bullion dealers sometimes use this strategy for themselves, although in this case, the silver remains in safe keeping on the premises of the refiners.
Has some characteristics of a forward contract, but the actual ownership of physical silver changes (legal) hands.

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 Posted 10/16/2022  08:27 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
I've been getting maple leafs as they had a $7 premium over spot. I'm not a stacker so never picked up a lot but my goal is to fill 2 Whitman boxes. I only need a few more but this isn't a race it's a long walk, when I have extra cash I pick up 1 or 2 and BS with the LCS. I look at the premium as my BS cost.
Edited by hfjacinto
10/16/2022 08:48 am
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 Posted 10/16/2022  10:58 am  Show Profile   Bookmark this reply Add NumisEd to your friends list Get a Link to this Reply

Quote:
I'm not a stacker so never picked up a lot but my goal is to fill 2 Whitman boxes.


What is a "Whitman box"?
Pillar of the Community
Canada
4612 Posts
 Posted 10/16/2022  12:16 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
The maple leaf sells for $8 over spot, the eagle for $16 over spot at Kitco. If people want to pay an absurd premium it is their own fault. There are plenty of alternatives when it comes to silver. Clearly many people are prepared to pay a premium for a brand name.

Ironically, the Maple leaf is consistently a better quality item than the eagle, according to the sigma analyzer at my LCS!
Edited by oriole
10/16/2022 12:18 pm
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