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 Replies: 22 / Views: 4,431 |
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Valued Member
United States
157 Posts |
Anyone ever had any luck buying ASE's near melt? From what I've seen on ebay, uncirculated ASE's seem to go at a significant premium over melt. I could understand some additional numismatic value for high end uncirculateds (near 70's), proofs, and other special issues. But from what I understand regular ASE's to be (a certified 1 oz coin that doesn't need to be assayed), I'd think these would change hands for around melt, with perhaps a narrow bid-ask spread so dealers and market makers can earn a profit. Thanks, Brian |
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Valued Member
United States
162 Posts |
You could presumably buy generic silver rounds for at or very near melt, but since you are asking this question I can assume that you would prefer ASEs. Many people feel the same as you. That general preference is just another term for higher demand, and higher demand is going to result in higher prices.
I've read one guy's posts whose dealer sells them for melt, but that is a rare exception. If you want them you're going to have to pay extra.
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Pillar of the Community
United States
1080 Posts |
The shop I visit actually buys them from customers at a little over melt. The sell them about 2.70 over melt. That's the closest to melt I've seen. ASE's carry a premium over melt. The mint can't sell them to distributors at melt. |
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New Member
United States
4 Posts |
ebay does have a sizable premium on American Silver Eagles....a few tricks I have learned are to scour through the flea mall for 30 mintues per weekend while running errands and just look around, the vendors tend to sell anything that they can earn a buck on and last weekend I bumped into a nice lady who had happened to come across (4) Uncirculated Silver Eagles while standing behind an elder man at the local pharmacy (he spent them for $1 face value...a shame), so she offered the cashier $1 for each because they looked "collectible" and then brought them to the flea mall looking to sell, (1) of which was a 1996 (low mintage) and I asked if she would like to sell them....she said yes....I offered $30 per coin....she walked away with $120 and was pleased, as was I. Also, call local coin dealers....one in my town is a complete fraud and rip off, and the other is an honest dealer who offers customers selling $2 back of spot prices and sells $1-$2 over....so if spot is $32, he is fair and offers $33.5 for Silver Eagles, beats ebay's $38 an OZ!
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Valued Member
United States
284 Posts |
My local dealer pays a premium for silver eagles and charges just a little more over that for them. Funny, he won't pay a premium on Canadian maples or any other coins, but he also doesn't charge a premium over his normal bullion price for them either. I just recently bought a 1/4 oz 1984 gold panda from him and I payed just a small premium over spot for it. Some other places will gouge you on almost any coins but their are some out there that are good, you just gotta look.
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Pillar of the Community
United States
1195 Posts |
I'm not sure about my local dealer and when he buys from customers, but his premiums over spot for silver that he is selling are $1.75 over spot for random silver (bars, rounds, foreign silver coins) and $4.00 over spot for ASE. |
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Pillar of the Community
United States
1027 Posts |
The mint sells bullion ASEs to the APs at $2.00 over spot (in million dollar orders) so expecting to get a price any better than that is probably asking too much. I know that APMEX will often buy ASEs in quantity for that same price (they don't care whether they get them from the mint or you). Right now, they are selling in 500s for $24.84 and buying for $33.85 with spot at $32.25 so they are giving $1.60 and charging $2.59. That $0.99 spread is pretty good and that is what really matters more than how close to spot you get the coins for. Rather than concentrating so much on how much over or under spot a given product costs, look at the difference between what you pay and what you get paid when you sell. If you are after the cheapest silver or gold, the best way to go is usually shot, the stuff that jewelers buy. Selling shot is a different matter because you will have to pay to have is assayed so it is rarely the way to go from a buy-sell perspective. If you are just looking for the best price on quality SAEs then anything near the $2.00 over spot that the mint charges is very good. |
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Pillar of the Community
United States
1432 Posts |
I visit my local "buy gold/silver" guy about once a week looking for common date ASEs, Maple Leafs, Kookaburras, Britannias, etc. I pick them up for around $2 over spot. I gave him a list of the dates that I have and if he gets something I don't have he puts it off to the side til my next visit. If you have one of these stores near you try to develop a relationship with them.
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Valued Member
United States
362 Posts |
My dealer is the same usually a few bucks over spot but he does this even with the proofs which is rare.
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Valued Member
United States
223 Posts |
Two of my sellers are at $3 over spot. They are in an air-tite. Not a bad price compared to some other shops I've been in.
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Pillar of the Community
United States
1770 Posts |
basically depends on where you go, if you have a coin dealer you've been dealing with for yrs then most likely you can get a fairly good deal
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Pillar of the Community
United States
5854 Posts |
Towards the end of the show I went to last sunday, one of the dealers selling a mixture of 1oz bars, maple leafs, and ASE for $35 each which was about $0.75 over spot. Many of the other dealers were asking around $37 each. |
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Pillar of the Community
United States
927 Posts |
I also think that timing is important as to what you will pay for the ASE's. Because the price of silver has been so volatile in the past 2 years, you can get a good deal on a downswing. The trick is to find the downswing. But if the price drops too fast then the dealers may not want to sell. |
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Pillar of the Community
United States
2734 Posts |
Quote:Anyone ever had any luck buying ASE's near melt? Several dealers in town sell those icky colorized, hologrammed and/or plated ASE's for $2 over melt...  You could get nice 1-oz. .999 rounds for the same premium. Edited by DNA
03/17/2012 9:40 pm
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Valued Member
United States
284 Posts |
A little acetone takes that paint right off and makes those cheaper ugly ASEs look good as new. I buy every one I can find if they are cheap enough.
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Pillar of the Community
United States
1007 Posts |
Last week I bought my 2012 ASE for $4 over spot in an air tite. I thought that was a good deal. |
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Replies: 22 / Views: 4,431 |
Posted 03/15/2012 10:40 pm
