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 Replies: 8 / Views: 2,427 |
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Valued Member
United States
94 Posts |
If you sell silver, what price do you quote on the phone usually, like 6X, 11X, 13X? Maybe you don't give a quote by phone. Thoughts?
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Pillar of the Community
 United States
5953 Posts |
If I am selling I ask for a quote.... If I sell to private individuals then is not a multiple of face its usually a specific price.
Edited by nohope587
12/25/2009 7:30 pm
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Pillar of the Community
United States
6381 Posts |
Hello Nancy K,  My local coin shop will give you a cheerful quote over the phone, either for buying or selling. For generic US 90% silver I think they are paying about 12X face right now and they adjust continually depending on the current spot price. Personally, I would stay away from any dealer who won't give you a firm buying quote over the phone. If you tell them you have a specific face value of 90% silver coins that should be all they need to know. They might just be hoping to get you into the store, at which point they would make a lowball offer. Seller beware! |
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Valued Member
 United States
94 Posts |
Wondering how a dealer can stay in business paying 12X when that it all he can get from a refiner? Something doesn't comupte.
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Pillar of the Community
United States
5953 Posts |
Current silver in a 90% us $ is $13.5 so they at 12x they are paying about $1.50 less than the silver content.
Most refineries will give between 95 and 98% melt if the quantity is large. My local dealer only send to the refinery in 10,000 oz or greater lots to get the best prices. A lot of the coins he gets get turned around and sold back to collectors at melt plus so he makes money either way.
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Valued Member
United States
103 Posts |
From a smelter or refinery that 95% to 98% is typically for gold. The two different smelters I use in Atlanta will pay 90% for silver. When a smelter melts precious metals he isn't making huge amounts off the precious metals its the other metals in alloy he wants. 98% for scrap gold is great you would think, but figure most scrap is 14k which is only 58.5% gold. The smelter gets the other 41.5% of the metals in that alloy for free, thats where he makes his cash. Since most silver scrap is from 90% on up he has to pay less because there is less alloy metal for him to take. Anyhow, if someone is buying at 12x's face it isn't to melt. Oh and if by chance anyone knows a smelter that actually does pay higher than 90% for silver, leave me a link! Melting this week and we have a ton of silver to move =)
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Pillar of the Community
United States
2335 Posts |
I have been sending my metals to a refiner up north; I've been doing ok but think I could do better. I live in Alabama but am close enough to make a run up to Atlanta to sell if the price was right. What smelters in Atlanta do you use? Will they accept metal from the general public?
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Valued Member
United States
103 Posts |
The best of the two I use is called NTR they are a world wide company and easy to deal with. Walk your stuff in, either wait an hour or so for your check or they will mail it to you. They will not deal with the general public, but anyone with a business license is welcome you just have to fill out some paperwork. They also require a minimum to smelt. I think the smallest load we have ever brought in was 300g of gold. Check out the website https://www.ntrmetals.com and give them a call you may be able to mail to them as well. Anyhow they pay 98% of spot on gold and 90% on silver, and they are quick! If your trying to make more cash off your gold smelts here's a little tip: always separate your 10k, 14k, 18k, 22k into separate bags and get them melted separately. When the smelter melts it all in one pot the 22k melts first and so on down the line, it falls to the bottom and creates layers so when they assay it you aren't getting a good mix. We started separating our gold a few months back and have seen a noticeable difference. |
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Pillar of the Community
United States
1042 Posts |
I've used https://www.specialtymetalsrefiners.com for some "optical-scrap gold" in the past. I was very impressed with their speed and service. It looks like they're buying silver at just under 11X face at the moment. I'm planning on checking the prices with my local coin dealer this monday. |
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Replies: 8 / Views: 2,427 |
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Posted 12/25/2009 7:46 pm
