When Should We Sell & Who's Buying? US$ = Silver $110+, Gold $5K+

[Gerry in Idaho]

These prices are actually freaky scary in many ways, but it's out of our hands.

Here's the issue I've recently heard, some Buyers are not actually Buying?  Can anyone confirm?

Also, when is a good time to sell and who's paying these prices?

I started swinging Coin detectors in the early 70's and have hundreds of silver coins.

Pic below, Sorry I didn't take pics back  in 70's.  Here's one of my early pics of White's finds at a yard, quite common back then.

 

Started Beach/Water detecting in the late 80's and have a few pounds of sterling rings.

 

Below - Later on in my Swinging career, when I was running 3030. Very common back then to get a bunch of silver jewelry.

 

How does one go about to get the current prices?

Pic below. A productive water hunt vacation produced G & S.  The G on the right hand ( pointy finger was tungsten) and the sterling on the left hand (the ankle bracelet was gold though).

 

Pic below using X-Terra 70 finds nice solid nugget.

 

Are any of you folks selling and to who or how?

Below is a fantastic handful of Au when I used to take groups to Ganes Creek, AK.  All thanks to Steve H., as he told me about it & said to take my skill-set, go up there to put it to the test, and I did.

 

Would love to hear from some of you who's actually making such moves right now?

A few years back, a partner/I crushed up some crappy looking specimens.  We then panned..

 

and smelted a couple globs

Ended up with 2 nice cones of Au.

 

We took them to AAA Refinery in Portland, OR as they actually paid for the Gold and Silver content, not just Au.

It was hard work crushing/panning and the smelting was really cool, but loud.  We had the neighbors wondering what we were up to making all the noise all evening.

But at the end, it was worth it for both of us.

Most interesting is my partners Au was mostly from Nevada and his Gold purity was about 10 % less and his Silver purity was about 10% more than mine.  Most of my specimens came from Oregon that I crushed and evidentially it has a better % of Au.

Are any of you folks selling and to who or how?  

Thanks in advance and I look forward to hearing from others, especially recent movers.

 

 

[Dug D]

I can't say I have facts, but I was told typical small coin dealers are not buying in quantity.  I'm sure someone here can chime in with what price they might have been offered.  (Impressive finds!)

[Desert Dawg]

Same here one noted buyer in Fl is not taking silver u.s.  coins nor sterling silver flatware either. Since his refiner is rejecting it all. Not sure why. 

[beatup]

the buyer in my home town has paused buying any bullion silver for now 

 

[paradiceau]

 

This outfit is buying and selling currently.  They are paying ten dollars back of spot for silver.  They are selling silver rounds and bars with a one dollar premium, (one dollar more than spot).

Fresno Coin Gallery is a business in Fresno, California, that specializes in buying and selling coins, jewelry, and designer handbags. They have multiple locations and offer services such as pawn loans and jewelry repair.

 

 

 

 

[GB_Amateur]

I sold gold and silver jewelry to Midwest Refineries, LLC a couple years ago thanks to a @Jeff McClendon recommendation.  They currently don't have a special notice on their website and imply they are still buying.  But they also have a huge phone number printed on their page so a call might be in order before putting anything in the mail.

I think most of these big dealers are into (profitable, obviously) reasonably quick turnover, not buy and hold.  If they aren't getting sales it's not surprising they would suspend purchasing.

[Jeff McClendon]

29 minutes ago, GB_Amateur said:

I sold gold and silver jewelry to Midwest Refineries, LLC a couple years ago thanks to a @Jeff McClendon recommendation.  They currently don't have a special notice on their website and imply they are still buying.  But they also have a huge phone number printed on their page so a call might be in order before putting anything in the mail.

I think most of these big dealers are into (profitable, obviously) reasonably quick turnover, not buy and hold.  If they aren't getting sales it's not surprising they would suspend purchasing.

Midwest are definitely buying gold. I have sent them two separate parcels this month and received payment for one already. They paid 95% of spot melt value.

They do not accept any gold plated items.

They also accept any silver that is not silver plated.

Silver payouts are delayed this year up to 6 weeks and accepted spot amount is controlled by their silver brokers. That is what I was told over the phone, whatever that means.

[Clay Diggins]

Interesting feedback.

I talked to several cash dealers today and they all seemed to be eager to buy silver in any quantity. They didn't lack for buyers.  The consensus seemed to be silver to ~$200 on this leg.

Dealers make their money on the margin. With historically high silver prices the margin has increased to around $15 for street buyers. With a wild market and $7 daily swings that's still a pretty tight margin. Most dealers indicated they were averaging about $7 an ounce profit on the current margin. That's a lot of profit per ounce compared to 9 months ago but it's also a lot more risk. This is all pretty much business as usual for cash metal dealers, the only difference being much bigger numbers than the past.

All of them seemed quite happy today.

[Clay Diggins]

2 hours ago, paradiceau said:

 

This outfit is buying and selling currently.  They are paying ten dollars back of spot for silver.  They are selling silver rounds and bars with a one dollar premium, (one dollar more than spot).

Fresno Coin Gallery is a business in Fresno, California, that specializes in buying and selling coins, jewelry, and designer handbags. They have multiple locations and offer services such as pawn loans and jewelry repair.

Great prices until you add in the 8.35% State, City and district taxes on the total. You can avoid those California taxes and reporting by buying more than $2,000.00 per purchase. I've encountered several California cash dealers who still want to tax above $2,000 so make sure you know their policy before doing business.

Several states don't tax precious metal sales at all. Most of the larger volume cash dealers are in those states.

The other option is to look for foreign precious metal venues within your state. I know of a few in California.