Buying gold, silver when to start?

The first volley of silver is sold, I sent about 5% packing.
After shipping and fees it made $26 an ounce.
Not bad considering I'm selling a lot of stuff I paid maybe 12 to $14 for.
If I can buy back in at $18 then I can grow my silver hord by 30%.
Eh I say that is barely worth it.
If it ends up growing by 20% not really worth it. But if I can grow it by more like 40% then it's definitely worth it.
Next sell trigger is about 27-28.

 

I suspect 18 is gone forever.

 

The second volley is done running average is closer to $28 now. Had fractionals and vintage bars go this time.
I can't wait for the ounces of silver shot to sell they are going to clear $28 when sell assuming the bids are maxed out right now right now.
I'm thinking buy more silver shot for sure.
No regrets, bought it a few months ago for $17.40 to my door, it might clear $30 an ounce.
I might break my 20% rule and just sell all my silver shot since I have only had it a few months and it's going to clear at least $10 an ounce right now. It will take a while since I'm only selling it in piles smaller than 10 troy oz.

I say if you want to sell something, sell shot or Morgan's.

 

Silver is much more erratic than gold.
I am not completely convinced $14 silver or $12 year silver is gone forever.
But I can guarantee if you bet on run away bull markets and high prices forever you will be disappointed.
Hell less than 3 months ago silver touched $12 and then stumbled at the $14-$15 line.
So we know where support is.

 

Well silver is over 27 I guess I better get to it. Might take a break from listening for a day or two.
I got another wave of bids about the time it hit $27.

 

Plus 4-7 dollar dealer premiums...........

 

You gettin robbed.
The only time I will entertain the possibility of $4 spot fee is on coins.
Thats why I bought bars, over 90% of what I bought is bars. I get the for 2 to 3 over spot.
The coins are moving petty good and I'm getting $5 over spot for them.
But that's nothing compared to fractional bars, I'm getting 10-12 over spot per ounce. Any fractional bars I sell will likely come back as twice as much silver if buying poured 10 ounce bars.

 

I'm not getting robbed, since I already have all the silver I need.
My point is when you say silver goes down to $12, it can't be bought at that unless you're buying 1,000 ounce bars on the Comex.....and maybe not even then. Anyone buying small amounts will be paying a hefty premium over spot.....SO THAT IS THE REAL PRICE.

 

When I say $12 I'm talking about the spot price.
Actually I can get silver shot under normal conditions for as little as $1 over spot.
I would be mad too if I was getting raped with $7 spot fees. It's rape or be raped world out there.

 

Here is a funny one. $1,000 face bags of 90% US silver coin at Apmex

"Any quantity only $4.49 per oz over spot" $22,572/bag (from their website)

When I cashed in my IRA in 2006, the bags I bought were 50 cents UNDER spot, $3800/bag.

 

The market is on fire.
After ebay fees and shipping I got $38.11 per ounce this round.
Sold pamps, some fractionals and I had something kind of rare go for a lot, glad I put it on ebay or I would have thought it to be worth it's weigh in silver.

That sux my local coin shop sells junk silver for $1 to $2 over spot.
I don't really buy from Apmex any more and I only made the mistake of selling to them once. I would sell to them again if I had to have like tens of thousands of dollars in a few days to buy something else.

 

I quit buying from APMEX when they began to collect state sales tax. I refuse to buy gold or silver eagles, legal tender of the US, and pay sales tax on it. That would be akin to going into a bank and exchanging a $100 bill for smaller denominations and having to subtract sales tax from the exchange. Nope....ain't doing it......shouldn't even be an issue. And the dealer I've used since (Colorado Gold/Silver), it ISN'T an issue....they don't comply......and their pricing typically beats AMPEX, SD Bullion, and every other major dealer to boot.

As for selling, again, never sold any for fiat paper......so I have no frame of reference.

I have done direct exchanges of metals for goods/services. We paid for our kitchen counter tops about 10 years ago using gold. I paid for some dental work with gold (gold coin for a gold crown...ahahahaaa) I've used silver to trade for some labor in a few cases. I've been paid for labor in silver. I sold some lightly used L-16 batteries from my solar power system when I got a new set of AGM batteries (which I bought with silver) for gold Kruggerrands. That type of thing.....you'd be surprised how many people will take gold/silver directly for items if you simply feel them out a bit.

What issue did you run into in selling to AMPEX....I thought it would be fairly straight forward...they quote you a price on the phone, you get it to them in the required time frame, they send you a check (and 1099 you if the sale meets the requirement for a 1099).

Was that not the case ?

We only have one local coin shop of any size/reputation that will buy. (do have several "We Buy Gold and ScrewU" places) I called them a couple years ago about buying a decent sized amount of silver for the widow of a buddy of mine that had died....left her with a couple bags of 90% and some other silver bullion....maybe couple thousand ounces total. The coin shop paid pretty paid spot, so she took it there rather than deal with somebody on the phone/shipping/etc where she might have gotten a little more.

 

Apmex buys gold bars up to $200 under spot, coins are -$100 to $0 under spot. So they get you coming and going.
But... if apmex is out of some really popular bars or rounds they will pay above spot. I haven't found any one else that does that. So it's a fluid situation.
Then.... the problem is you just made a huge transaction and the fbi is sure to look at it. If you sell gold so you can pay taxes on your land for the next few years, buy consumer items, pay for car insurance ect, buy fuel, pay bills, ect, do they really need to look at how much you moved.
Also... that huge single transaction may be worth it if say land next to you goes up for sale, or you get a great deal on a house or some other limited time huge capital investment event pops up.

Right now apmex is probably out of golden eagles. If all you have is gold eagles and it's time for you to cash out you should be able to off load dozens of them no problem and get at least spot price.
My Local coin shop buys at spot unless they are awash in gold or silver.
The only time they don't buy at spot is when the prices has been low for a while and their safes are full, that's when I buy.

Just knowing a little about how and where to sell could mean the difference between getting hundreds of dollars more per ounce of gold when you do sell.

That's why I think everyone should experiment with selling just a little bit. Even it's like 1% or 5%.
Because would you rather make mistakes selling 1% or when you sell a large portion?
I found most people are good at buying but few know how to sell and not get screwed.
Like everyone buying from me right now, they're totally getting screwed.

 

Ahahahaaaaa....I'm sure almost every seller of almost everything in the world has that opinion, whereas the buyers have just the opposite.

 

I don't think pamp silver bars are worth nearly double silver spot.
But I guess I will keep an eye out for them.

 

I maxed out my ebay account for the month as of this morning.
$5,000....
These are the kinds of problems I wish I had on a regular basis.
Oh well I probably should take a break for a while.
I only listed some where in the neighborhood of 130 ounces....

 

Back plan..
Hijack my wife's ebay account. It's an old account, form like 1999.
It may only have like a $1,000 sell limit but oh well.

 

Buying a new boat?

 

A quick video about selling silver with next day shipping, at dealer prices when all the big dealers are sold out, are selling silver they don't have and won't even have for 2-3 weeks, have minimum orders of at least a few hundred dollars, ect...

 

New running total for all selling.
$31.97 per ounce after shipping and minus ebay fees.
So worst case scenario I buy back in at $20 an ounce. I just grew that portion of the hord by 50%. Definitely worth it.
So far around 8 or 9% total of the total hord sold, maybe 15% listed.
It looks like the auctions still going on will clear at least that.
If I sell all my fractionals, shot and singles next month that will be 25 to 30% of the hord.

People want silver bad. If I had auctioned this many regular items by now I would have at least 1 maybe 2 dead beats not paying up. So far the longest nonpayment was maybe a day.
I'm selling all my fractionals, mostly 1oz, some 5oz, a few 10oz bars to test the waters.
The fractionals, shot and weird sizes are killing it. Each fractional should at least double it's self when it come back. The weird 2 and 3 ounce bars will almost double them selves. All shot sales are doing excellent.
Individual 1's and 2, 3, 4, 5 lots of ones are doing great.
5 ounce bars are doing pretty good, but I'm going to focus on 1s when I'm out of ebay jail. Because there clearly appears to be higher demand, bigger market, more bidders, ect.
10 ounce bars are a bit of a disappointment. I'm no where close to losing money but it's not raking it in like smaller bars.
Kilos just aren't doing it, haven't listed and don't plan to.
I'm saving the rest of the 5s for higher prices, when the price goes say over $30 an ounce it may not stay there for long so I need to move a lot of ounces fast.
Then it goes around $40 an ounce it really won't hang out there long and I will need to move a shit load of silver fast. And thats what I'm saving the 10s and kilos for.
If it hits near or over $50 an ounce I hope everything is gone.