Selling Silver - Any way to get better than 90% cash value?

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snoman701

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Oct 8, 2016
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Location
SE MI
On greater than 500 troy ounces I can get 95% from a local refinery.

Beyond that though, given clean either sterling, or even .99 silver that's been through a silver cell, is there any way to get better than 90%, without minting your own coin.
 
I think he meant "better than 90% of spot value"

But, I suppose that's not for me to assume.

I sent him a message saying I pay more than 90% of spot for sterling. 92% to be exact.. But, I dont sell my silver, I stock it.. The only thing is, usually, I am able to at least see and test it before I buy it.. There is a whole lot of fake silver out there..
 
Apologies guys I probably didn't come across as I should have! Yes i meant cash dollars but I was genuinely meaning that. As opposed to "on invoice" because I didn't understand what Sno meant.
 
Getting back to the original question, there is always eBay. It's fraught with potential problems, but people routinely pay over spot. I believe kadriver was doing a pretty tidy business there selling his bars. Of course, you have to account for fees, and any auction can be a gamble.

Dave
 
Ebay pulls a good portion of sales through the fees.

I've been contacted by a couple of members, and I appreciate that.

The term used by the refinery I have used in the past is is accountability I think, not money laundering :)

I honestly can't remember the gov't regulations for PM's when paperwork is required.

If I go buy sterling sheet, I pay spot + % for processing.
If I go buy fine rounds from the coin store, i pay spot + premium
If I sell, the highest I think I've ever been paid was spot, but that was for eagles....anything else, I don't know that I've ever found anyplace that pays higher than 90%.
 
Interesting...cash transactions up to $10,000 in a 24 hour period are not reportable.

I have no clue how to use that to my advantage...but cool.
 
snoman701 said:
Ebay pulls a good portion of sales through the fees.
They do take a good bite, but sometimes the premium you can get through an auction can cover those fees.

If I go buy sterling sheet, I pay spot + % for processing.
If I go buy fine rounds from the coin store, i pay spot + premium
If I sell, the highest I think I've ever been paid was spot, but that was for eagles....anything else, I don't know that I've ever found anyplace that pays higher than 90%.
And therein lies the secret to being able to sell for over spot. You have to add value, which will add a cost. If you can produce quality sheet, you can get a premium. Same with coins/rounds, ingots, etc.

Unless you've added that value, no one wants to pay a premium because they can buy someone else's silver without paying that premium.

Now if you were to build one of those medieval coin stamping machines, and create a couple of dies with Hoke's image on one side, I might pay a premium. :wink:

Dave
 
I sell to Elemetal in Franklin Tn. They pay 95% of spot on silver in general and 98% of spot on silver from their refinery. I would tend to think that it's a universal average. You could check on some of the silversmiths websites. They may pay better than refineries.
 
Coining would be cool, but I don't know if I've got the patience to do the mold machining!

Once I get my cnc mill moved I'll see how painful a dime size coin is. Doubt I can find a press that could handle a full size 1 oz round. I have a 100 ton cylinder already.


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Actually, coins are not molded, they are struck. The images beat into the gold with a hammer or press. If you have a cnc machine, you could maybe cut the dies yourself.
 
I wrote mold but meant die. It's within my skill set, but not overly fun sounding. Polishing hardened tool steel to a mirrored sheen doesn't sound very fun!!


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