Local Auction Madness - Coin Community Forum

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Author	Replies: 8 / Views: 2,127
oldno7 Valued Member United States 137 Posts	Posted 02/26/2023 12:37 am I went to a local auction that had some silver two weeks ago. They had 4 10 ounce bars (2 Poured 2 stamped) some bullion silver eagles and misc. other silver. I found out very fast that I should have saved my time and gas. The 10 ounce bars were auctioned at 1 and take how many you want. The first one went for $400 and the winner took one and did not care which one. The rest went for $350. Then the 2018 Bullion Eagles were offered at 1 and take what you want. They went for $65 and the bidder took all of them!! I found out very quickly that I had too much sense to be there so I left. Sometime people are nuts!! Report this Post to the Staff

westernsky Pillar of the Community United States 7613 Posts	Posted 02/26/2023 01:33 am Quote: Sometime people are nuts!! —- and the scary thing is there is no shortage of them either! Report this Post to the Staff
Pacificoin Pillar of the Community Canada 5392 Posts	Posted 02/26/2023 08:45 am Not nuts at all , people collect the poured and older bars. We just sold an old poured bar for $425 on ebay . 7 different bidders . Some sell for much more! Report this Post to the Staff
Coinfrog Bedrock of the Community United States 94367 Posts	Posted 02/26/2023 09:44 am Agree, the older bars are very collectible. Report this Post to the Staff
CoinHunter53562 Pillar of the Community United States 2049 Posts	Posted 02/26/2023 5:14 pm I have seen this at auctions as well. Either people are stupid or the auction house has planted shills to bid up the final price. A few of us called out a guy who kept bidding up common date silver dollars. He because defensive and claimed he could turn around and take these to be melted at the refiner. When someone pointed out the fallacy of his argument and said "math is hard", he became enraged. I thought punches were going to start flying. In this day and age where info is at your fingertips, why or how could someone be that misinformed? Report this Post to the Staff
CoinHunter53562 Pillar of the Community United States 2049 Posts	Posted 02/26/2023 5:16 pm The poured bar collectible aspect is one thing, but when people are paying $65 for common date ASEs? Come on. These were available at the local coin show today for $29 and can be found for half of the auction prices when buying online. Report this Post to the Staff
AllSeasons Valued Member United States 397 Posts	Posted 02/27/2023 02:24 am I think this is both a case of people being misinformed and a case of people having too much stimulus money. There is still too much money swishing around in the system after the Fed pumped trillions into the economy. Raising rates is one thing, but the Fed is really dragging its feet on reducing its balance sheet of treasuries and MBS. Report this Post to the Staff
beerandchips New Member United States 32 Posts	Posted 03/01/2023 10:19 am Online auctions are the same right now. Final bids are over 20x to the dollar, which is about $28/oz. ASEs are going for $15 to $20 over spot. If one is in a slab, then the bids get north of $45 quickly. The talking heads have been going on about a recession for over a year, maybe two, but I do not see any signs of a slowdown in silver accumulation. Report this Post to the Staff
AllSeasons Valued Member United States 397 Posts	Posted 03/01/2023 11:46 pm Quote: The talking heads have been going on about a recession for over a year, maybe two, but I do not see any signs of a slowdown in silver accumulation. We've been in a recession for a year now, to many, many people who've been living through it, trying to make ends meet, working 2 or 3 jobs. The government cooks the numbers so that they don't look as bad. GDP is weighted by inflation; real inflation is twice that of reported inflation, which means we're already in a deep recession. The Fed is either clueless or malicious. They are the real problem. End the Fed! Edited by AllSeasons 03/01/2023 11:48 pm Report this Post to the Staff
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