Very true. When it hit $50, I called the coin dealer and asked if they were buying and they absolutely were.… just not at $50 per ounce. I forget what they were paying but it was much less than half of that.
I tried to sell some of my $8/ounce silver to a coin dealer when it was $50 per ounce and and they were absolutely not paying spot price. I forget what they offered, but it was less than half of the $50/ounce. It had something to do with inventory catching up to the market fluctuation. Now, if it stayed at $50, they would eventually pay that much, but not during huge fluctuations like that.
I was a young collector in 1980, when silver went to almost $50, and dealers were buying. I know, because I sold my 90% silver to them. One time, I got $8 for one silver quarter, and $8 then was equal to about $30 today. People go insane when there's a big spike in silver spot, and they want to catch that train no matter how much it costs. $50 in 1980 was equal to about $190 today. Imagine paying $190 for one ounce of silver! And people will do it again when the time comes.
I remember those days quite well and agree that there won't be any shortage of buyers at $50, $100, or $200 per oz. silver. What we had back then is sometimes referred to as a "mania" and a lot of people were going nuts over gold and especially silver. But, like all manias, this one ended badly for most people, as they bought in the $30s and 40s and held on too long as silver crashed to $5 an oz. This is the lesson from 1980 as I see it. Never be afraid to walk away from the table with a fat profit. On Wall Street there is a saying that goes like this: Bulls make money, bears make money, but hogs get slaughtered... so, don't be a hog!
Thanks for the comment my friend! I LOVE hearing from people that were there, that's the only way I'll know how it was back then so seriously, THANK YOU! Great Comment!
Throughout the 1970s, it wasn't uncommon at all to get whole rolls of silver dimes, quarters, and half dollars. My father would bring home rolls of them every week to put in a bowl for me and my siblings to take for lunch money at school. We were always excited when a whole roll would be silver, and we'd divide it up and not spend it. It all got sold in 1980, and yes I stood on those lines outside coin dealers to do so. I don't remember how much back of spot they gave me for mine, but I don't recall being unhappy with the cash I was getting for it.
I was wondering if people would go to the bank to buy rolls of dimes and quarters around 1980 when silver hit its peak. I was a kid then and had a coin collection, it never occurred to me to go to the bank to hunt through rolls of coins then. I wish someone would've told me to, I could've easily have done that. And a friend's dad showed me the gold coins he had purchased in the early 1980s. He had them in a velvet pouch and he poured them into his hand. I had never seen real gold like that up close before. I don't remember what kind of gold coins they were.
Same with my pops, he always told me to look for the pre 64. There was from what I remember when my pops would buy something and get change he would always hand me 2 or 3 silvers out of the change. It was circulating everywhere. Coin roll hinting back then would have been amazing videos for today. Good stuff. Great memories
Silver will deliver the most profit in the long run because you can get many more ounces for the same dollars. That said, it's a mistake to not have as much gold as you can, but ignoring it, or giving it all up for gold is not a good idea.
@@0101-s7v I trade down to silver, trade for a bunch of silver. He should talk about 2011 instead of 1980, what happen to 2011 is that the same as 1980.
I lived during the Hunt bros escapade and heard dealers were paying $40 when price was $50, they wanted room as they were suspicious price wouldn’t hold very long.
Just 10 minutes ago while I was listening to you I ordered a 10 oz Una and the lion. I've never had anything larger than 2 oz of silver so this was really different for me but I really love that image!
In 1980 the town I lived in all sorts of businesses were buying silver. There was a shop that sold and repaired washers and dryers that had a sign in his window “WE BUY SILVER”
IMO, most coin shops will stop buying if it gets that high. But I don't plan on selling unless it's really bad, mine is for retaining wealth and bartering.
And you're absolutely right, I'm old enough to remember that people we're lined up around the corner selling all kinds of family sterling silver in 1980. Everything from spoons to old pocket watches and of course, silver dollars and old colonial sterling coins. Dealers were selling straight to the refineries. So you definitely want to sell on the way up, not when it peaks. First hand.
@@ItsEverythingElse When gold was only 600 an oz nobody thought anyone would ever buy it at 2200. No matter the price, it will always be bought and sold.
Agree. There is always a buyer, just not at the price you might want or expect. At extreme highs it becomes a game of hot potato with nobody wanting to get caught holding when the bottom falls out. I was a freshmen in high school in 1980 and remember it well as I sold everything silver I had. Back then most people had household items like you said, so it was different. The United States didn't even have a bullion program and coin shops were all about the numismatic stuff. It wasn't even coin shops getting most of the business as popup "WE BUY SILVER" temporary stores were everywhere. It was a mad rush as nobody expected it to last. And of course, it didn't.
Initially, there will always be a large gap between spot or market price and the price buyers will pay when anything jumps up, but someone will always buy with the intent to sell for more.
@@TheMostSlyFox Consumers are to blame for that. At the end of the day, if there's no demand to pay higher premiums, then they have to power them. A ruthlessly efficient shop would set the price of everything in their shop to what's most profitable; most shops probably try to go a little lower than that to avoid overpricing, same with most sellers of services and products. I think most of the stackers out here buy from the cheapest site at the time, because they have the lowest premiums, and it's easier to see what's in stock. That's why usually buy rounds, because they'll get down to around 24 dollars total when buying 20 or more, and then I let off when it goes back up. That insures I can sell if needed for what I pay or more within a few months based on overall fluctuations. I would say the primary reason to visit coin shops is for collecting. If you want to buy junk silver, and collect sets of years, it's probably the cheapest way. The average consumer is a fool when it comes to buying anything, which is why larger quantities of stuff are often priced higher per unit, and someone still buys it, or two stores have very different prices, and people who don't shop around pay whatever that store asks; see this on gasoline and groceries all the time. So in the end, it's probably not people like you or on this channel, but the dumb masses that keep the industry inflated more than it should be. The shop owners themselves will also have a similar range of shopping smart with some using wholesalers that are overpriced, failing to buy in quantities that are most profitable, avoiding weak merchandise, not knowing their consumer base, poor location, etc., which is why some businesses fail every year.
@@brian56 Exactly right, Brian. I made that mistake once, got burned, and never repeated it. That's the price of education and it is money well spent... IF you only have to spend it once.
Back in 2011 our coin shop was selling rounds for a buck over spot and eagles for 2 bucks over. They were always out of stock due to overall demand. It was a crazy time. I think it started the real silver craze
Ya know what sux? States that charge sales tax on sales less than a particular dollar amount. Paying 9% sales tax forces me into purchases at just over $2k, so purchases don't happen very often.
@@SilverSeeker I believe that day will come due to the interest in gold and silver in various US states. Washington state, for example, has a sales tax but does not charge this tax on any form of bullion. The only PMs that get taxed here are things like jewelry, silver dinner ware, silver tea services, etc. Basically, anything made from gold or silver but not bullion or collectible coins.
With Phoenix, Arizona new semi conductor plant, I would imagine silver going up, yet not nearly as high as people think… but after a little bouncing around, I believe it will hit at least $30 an ounce to possibly as high as $33 an ounce.
Been playing with silver for years,what makes it fun is that it is so volatile and you always have options to buy on the dip and hold and sell for more,can't bring myself to send coins off for melt,unless they are severely damaged,great video.
I checked with the Perth Mint when I was last there and asked this question. Answer was 'if anyone walked in to the bullion room to sell of any bullion in the metals they accept, they will still accept no matter how high they price gets. Just arrive during physical trading hours' 😊
Thank you for information. I thought spot or bid price was the expected price. I only buy pieces that I like to collect but going forward, I will stop buying generic bars and US eagles, because I already have enough examples of them in my collection. Now I have to see if gold is sold the same way.
@@markcowan3366 it depends on how many ounces of gold I had anything under 10 ounces I would hold. Now if we’re talking 100 plus ounces I would definitely sell 20 😂
It certainly smart to add gold to the pile, if you don't have any, but "converting" it all is a bad idea. Sell some to get some gold if you need to but always keep some silver.
@@0101-s7v I appreciate the advice it’s definitely something I’ve been thinking about. When I first started stacking I was under the assumption that you wait until the gold to silver ratio became favorable for me to convert. Now I understand it’s ok to buy both
@edb3877 I worked at the A&P, and Ann Page bread 🍞 always sold their bread for 5 for a dollar for years. Now inflation, which makes the dollar worth less, makes things cost more..
I think that IF silver spot goes up to $50 per oz (or whatever imaginary number) the most important component is your LCS. They will be in control! They may buy, but with any number of caveats. For example; they may not buy any sterling silver or kilo or larger bars. They may limit what they'll buy to a set dollar or weight amount per customer. They may only do so by appointment. They may only accommodate their regular customers... Forgetting about the potential for long lines, I'm not so sure it will be so easy. The moral of my story is; if you do not have a relationship with your LCS you may want to consider starting one. Just in case... I'm not a LCS owner/employee. But I have a relationship with mine. Just in case...😀
In 1980, I was 31 y/o. What I remember was buying AU common Walking Liberties the year before for $10. a piece, then as silver kept going up I saw BU Franklins and Kennedys by the unopened bank rolls being sold for spot. I held my beloved AU and BU Libs until they doubled in price and then sold a full bag. I bought my first house with the proceeds. Great time to be alive !!!
I got lucky with the timing of selling my "ugly" silver and gold in 2011. An old ten oz englehard bar, old sterling jewelry, 10 & 14k gold, broken chains, foreign silver, and some junk (constitutional, now called) silver. I'd been stacking for a while by that time. Now, I don't plan on trading any pm for us fiat. I'm 65yo, and MAYBE if I make it to 75, I'll reconsider. Thank you for sharing your knowledge and opinions.
I haven't been stacking long enough for$200 an ounce to be life changing. Now, if the GSR were much more favorable, I would convert a bunch of silver to gold. I'd probably keep my 90%
I took a 10oz bar to my LCS to sell yesterday and he tried to offer me $24 below spot. He laid out well over 50 to 60 bars ranging from 10oz to 100oz he had in the drawer below the display case and said he had $200k in silver so he wasn't really inclined to buy any right now?
I was there in 1980. Understand that silver coins were much more easy to come by back then. I had about 50 silver Kennedy halves that I received as birthday presents in the 60's and 70's. When silver hit sky high, my Dad and I had no problem selling at spot. I was in College and that money went a long way! There weren't lines, silver coins were not an oddity so no one paid attention to them. Just my experience!
What I would do and am planning to do is to take a portion of my rounds and melt them making 1/2 oz rounds. Then instead of selling my rounds, I could then sell 1/2 rounds if I needed the money to buy what I wanted or to use for barter. I also am thinking about making 1/4 oz rounds for bartering.
We'll still be buying! 👋We've got some new vaults to fill up. States are starting to get into the precious metals game. It's going to be a great decade.
in 2011, my MIL asked me to find a shop to sell her coffee can full of 90% silver. I didn't check dates because most of it was cull. I received spot for it when spot was $42. My MIL was thrilled with the sale.
I would hope so but right now we’re using it as a savings account not really an investment. The end of April we’re going to start buying an ounce of gold every month plus a little silver monthly. It’s so much easier to spend cash or use a debit card but there is a process to cash in gold or silver so you’re less likely to do so just to spend it on non essential items and only use it for emergencies purposes.
@@Real-lq4fc "The masses always wait too late." Correct! The masses know their job and the title of that job is... bag-holder. I can see a time coming when the bitcoin crowd stay in BTC too long and lose their shirts. Until then, they can make some good money but overstaying their welcome is not advised.
I buy mainly BU junk quarters and halves. In 5 years they have doubled. They have silver and numismatic value. Junk silver is also recognizable, so will be a more acceptable currency.
Back in the Hunt Bro.s spike an old black spoon my daughter had in her sand pile sold for 18.00. That was a lot for a young struggling family. That is over 60.00 today.
Midas coin shop at the Backlick shopping center in Springfield Virginia had a line of people going around the mall of people trying to sell silver and gold in 1979/1980
Awesome video buddy. Imo it won't be a problem selling at any price. If it goes to 200, I'd sell for 140 150 no problem. But just like Gold back in when it was 275 325 per oz. I remember the talks. Of who gonna buy this at 1000. Back to silver. Some of us pay 100 plus an oz now for special silver. Even higher. So imo there will always be buyers. Probably more and more as it goes higher and higher. I think it will sell easy at whatever spot price is. Maybe not easy but kind of easy atleast. Good stuff buddy, keep up the great vids
I will only exchange my silver for fiat money only to spend that money as I need to. The only reason I might cash out a lot is to buy gold if the ratio of gold to silver closes substantially. fiat currency is not really money!
Well like I said in the video, I'd only sell at $200 if it's NOT because the dollar collapsed. The dollar didn't collapse in 1980, and adjusted for inflation it hit about $200 back then.
If there’s a brief price spike like 2011 it will be very hard to get a price close to the peak but if it hits $50 after a long grind higher then it will be easy.
Would the bullion dealers and coin shops just adjust their premiums based off demand? I.E negative premium doesnt matter what the premium is for a seller its the spread between what they pay and what they sell.
I'm not going to try to fool myself, I have silver that I'd sell if it hits $50 an ounce. I also have silver that I wouldn't sell for $200 an ounce under the conditions you mentioned. I love silver and I'd never sell it all but I would for sure be willing to sell some to buy more gold. Thank you, Seeker
I remember in 1980 my wife and I had some silver pieces that we inherited and it just held on to since we were married. Well, when the price went through the roof we figured to heck was sentimental value. We went for the cash, and we really didn't have any trouble selling it. We ended up with $5,000 in 1980 dollars. It was quite a windfall for us.
As you said, Seeker, as long as dealers can promptly turn it over at a profit (even if primarily to the refineries), they'll continue to buy from the public. If that dried up, then all bets are off. Have a good weekend.
Well I bought a few thousand oz’s in 2015-16-17 when silver was 16.00-17.00 and it’s 32.30 right now and I have sold 100 Oz 3 times in the last week for 35.00 Oz. I’m having NO problem selling it.
if everyone is trying to sell, prices will go down. The only exception to that rule is if consumers are selling but industry is buying. If the price is up because of increased industrial demand, then the consumer market will have little effect on prices and dealers will be buying it to sell to industries. Premiums may actually go up if that's the case. But dealers will be selling it for more than they buy, that is always true.
If I could SELL silver for $50 per oz. (or a little less), I would try to sell about one quarter of my stack because that would bring my cost per ounce of the silver I didn't sell down to around $15 per ounce. I figure spot would have to be in the mid-50's.
Your question started out at $50, but your discussion seemed to immediately quadruple to $200. IF silver goes to $50, there are two ways that you could or could not sell it. If the market is regular, slow, gradual, and the price increases, say, over to two-three years to that level, YES, you can sell it. If the market suddenly, say two months-three months, goes to $50, you will have problems moving it. Put yourself in the businessman's place, the coin dealer, and how he has to operate: If there is no reason for the sudden burst to $50, a savvy dealer with funds MAY buy, but it will be so far 'back of spot' that he'd still get to purchase plenty. But you, the consumer, 'stacker', would not get the $50 The dealer would fear for a correction just as abrupt, and he cannot afford to risk placing himself in such a position. He must buy back, and then re-sell quickly to remain fluid, probably at or even below spot. On the other hand, if the first scenario takes place, and there is a gradual increase in the spot price over a period of time, you WILL get to sell your product, and near or at that $50 spot. The risk to the dealer is no longer so prevalent a fear, and he would buy and sell just as he does today. A fair market with increases will see profits to the stacker (look at the past two-years' increases in house prices: and they are still selling) Keep up your interesting videos! It is more fun when you are presenting your data from your phone research, and the topics you choose are most always interesting and thought-provoking. I am sorry that you have to pimp for SD, but realize that it is a source of funds to continue your purchasing and video-making efforts. Thanks for the channel.
The reason it went to $200 is because that's what 1980 $50 adjusted for inflation would be today my friend. It was still technically about $50, I was just comparing it to what it was like in 1980. Your explosion to $50 scenarion has happened twice in since 1980 though and in both scenarios what you said didn't happen... people WERE buying. Read the multiple comments from viewers of mine that were there, that were standing in those lines I just talked about in 1980. It EXPLODED to $50 back then and dealers WERE buying, and $50 back then is like $200 today. I explained all this in the video though, not sure why I'm typing it here.
1) Venezuela and other countries will take it. 2) Eventually the electronics industry will inevitably need it. There will always be a demand. JP Morgan possesses over 1/10th of the yearly supply usage.
Back in 2011 the $41 plus spot/ ounce, I could have received just short of spot from my local dealer. However, prior to making my regular, every other month 800 mile drive to visit my girl friend, I called a Big Dealer in the Dallas, TX area, and they were paying $2 over spot. Yes…I was able to sell a monster box plus for More then Double what I originally paid for it.
It’s called a store of value. It will be traded to banks for a brief period to decrease fiat debt, before being made illegal once the CBDC “mark of convenience” system is introduced. It will then be a store of value for bartering for those who do not accept the mark to be able to buy and sell
I have never ever had to sell for less than spot on anything. If you have to sell for less then find another vendor you’re getting ripped off. Most dealers have to pay a little over spot even for rounds. Any profit in the coin business is a profit. A lot of dealers buy ahead and then get clipped when silver drops so the have to make up for their loss. Profit margin for reputable dealers is about 2% after costs. That’s not bad because I don’t want to climb into a cave, dig, carry, smelt, refine, box, transport, unbox, set up, sell,package and then report my earnings and get taxed 38%. I just want to go to Casey’s, talk some BS, but my silver and gold, thank him for being there and leave with a smile 😊
A dealer friend of mine had a sale the other day... only 25 cents over spot. Do you REALLY think he is ripping people off by paying 50 cents under spot when he was only selling for 25 cents over? That's a 75 cent profit... that's it! He sells a full tube for $600 or so, he makes a whopping 15 bucks! If he was paying spot that drops to $5..
Why I look for as many attributes as possible to 'diversify' options that will make my collection worthy of top dollar (average). i.e. semi-numismatic features, low mintage numbers, highest quality product, coinage higher preference over bullion, etc. Other features include details I enjoy; high relief features, historic dates, and so forth. I might sell some of my collection, but would hold on to a percentage so at next drop I could increase stack size.
MY first monster box I bought was in 2011. but selling was never a thought. 2 things matter, buy always for dollar cost averaging and for the long term. You just never know.
I have heard this question before. I think if silver gets to $50.00 per oz. at first some may hesitate to buy, but if it stays at $50.00 or more like gold has held its value over $2,000.00 people will buy again.
I sold 100 Morgan silver dollars to my local coin shop in the 1980s during the rush and they paid me spot. It was a ton of money and the day that I sold my silver dollars there were at least 100 people in line. It was definitely a selling frenzy. Everybody were selling their candlestick holders and silver bowls and everybody was buying your silver. There were no issues in finding a buyer. It was definitely silver madness.
SS - I have a dealer ive been dealing with for over a year. I have spent in excess of $5k with him in that time. I called him today with the idea of liquidating a bit of gold and silver because i have a family member in dire need of some help. He gave me a fair price on collectible pre-33 gold but did not want to buy my silver kilos!! If price gets up there close to records i might let go of some of my bulk silver but im worried i wont find a place to get a fair price. So, if its gets to $40 or so, i dont think id be inclined to take $33-35. Id be making money but its the principle, im not in the habit of selling something for 15% less than what its worth. I guess it depends on the reasons for selling. I expect ill probably be converting to gold at best price i can get. As that might be easier with an LCS than just selling straight up. Opinions ????
When selling to a coin dealer, "what it is worth", has nothing to do with spot and everything to do on if that dealer has a market to sell them. It's very tough to move kilos; I'm not surprised your LCS dealer passed on them. Adding to that, when you buy in bulk, you pay the premium when you sell. You can't get a discounted rate for buying in bulk and then expect the person buying from you to not expect the same bulk discount.
@angelabergan9086 that wasn't my point - I was just noting that he wasn't buying silver at this point, probably not even smaller rounds. I understood that - my point was that I worry about where we Will be able to sell if we want to when price gets higher. As noted I'll probably just convert to gold.
I was in 8th grade in 1980. I would buy 90% coins from the kids in school for 5x face. At one point I can remember selling for 22x face. Dad would drive me to a deli that was buying in the next town. I also remember when the price dropped, it went to like 3x overnight.
Price is set by the market, and markets by definition always balance supply and demand. In other words, there is no sale without a purchase at any price, or that price would not exist.
You'll probably have an easier time finding a buyer at $50 than $5. That's just the psychology of markets. Most people buy high and sell low.
Exactly 💯
Yup... VERy true!
So true
Very true. When it hit $50, I called the coin dealer and asked if they were buying and they absolutely were.… just not at $50 per ounce. I forget what they were paying but it was much less than half of that.
I tried to sell some of my $8/ounce silver to a coin dealer when it was $50 per ounce and and they were absolutely not paying spot price. I forget what they offered, but it was less than half of the $50/ounce. It had something to do with inventory catching up to the market fluctuation. Now, if it stayed at $50, they would eventually pay that much, but not during huge fluctuations like that.
I was a young collector in 1980, when silver went to almost $50, and dealers were buying. I know, because I sold my 90% silver to them. One time, I got $8 for one silver quarter, and $8 then was equal to about $30 today.
People go insane when there's a big spike in silver spot, and they want to catch that train no matter how much it costs. $50 in 1980 was equal to about $190 today. Imagine paying $190 for one ounce of silver! And people will do it again when the time comes.
I remember those days quite well and agree that there won't be any shortage of buyers at $50, $100, or $200 per oz. silver. What we had
back then is sometimes referred to as a "mania" and a lot of people were going nuts over gold and especially silver. But, like all manias,
this one ended badly for most people, as they bought in the $30s and 40s and held on too long as silver crashed to $5 an oz. This is the
lesson from 1980 as I see it. Never be afraid to walk away from the table with a fat profit. On Wall Street there is a saying that goes like
this: Bulls make money, bears make money, but hogs get slaughtered... so, don't be a hog!
Thanks for the comment my friend! I LOVE hearing from people that were there, that's the only way I'll know how it was back then so seriously, THANK YOU!
Great Comment!
It's called FOMO! Fear of missing out.
I missed that I remember silver at 7 bucks and ounce don’t ever remember silver above where it’s at today I was born In 73 sooooooo
I had so many auctions for eBay on Bin Laden weekend. Every single one was bid up appropriate pricing for that $50 spike
When gold was under 500 im sure people were saying who would buy your gold at 2100 dollars an ounce... and here we are.
From my experience, the higher, the silver price goes the more people get excited about it, so I think there will always be buyers
Throughout the 1970s, it wasn't uncommon at all to get whole rolls of silver dimes, quarters, and half dollars. My father would bring home rolls of them every week to put in a bowl for me and my siblings to take for lunch money at school. We were always excited when a whole roll would be silver, and we'd divide it up and not spend it. It all got sold in 1980, and yes I stood on those lines outside coin dealers to do so. I don't remember how much back of spot they gave me for mine, but I don't recall being unhappy with the cash I was getting for it.
Thanks so much for the extra insight, I LOVE hearing from people that were actually there!
I was wondering if people would go to the bank to buy rolls of dimes and quarters around 1980 when silver hit its peak. I was a kid then and had a coin collection, it never occurred to me to go to the bank to hunt through rolls of coins then. I wish someone would've told me to, I could've easily have done that. And a friend's dad showed me the gold coins he had purchased in the early 1980s. He had them in a velvet pouch and he poured them into his hand. I had never seen real gold like that up close before. I don't remember what kind of gold coins they were.
Same with my pops, he always told me to look for the pre 64. There was from what I remember when my pops would buy something and get change he would always hand me 2 or 3 silvers out of the change. It was circulating everywhere. Coin roll hinting back then would have been amazing videos for today. Good stuff. Great memories
Trade up to GOLD ! That's what I would do .
Beat me by two days...
Silver will deliver the most profit in the long run because you can get many more ounces for the same dollars. That said, it's a mistake to not have as much gold as you can, but ignoring it, or giving it all up for gold is not a good idea.
@@0101-s7v I trade down to silver, trade for a bunch of silver. He should talk about 2011 instead of 1980, what happen to 2011 is that the same as 1980.
I lived during the Hunt bros escapade and heard dealers were paying $40 when price was $50, they wanted room as they were suspicious price wouldn’t hold very long.
Just 10 minutes ago while I was listening to you I ordered a 10 oz Una and the lion. I've never had anything larger than 2 oz of silver so this was really different for me but I really love that image!
Feels good, don't it? :-)
Let’s not forget about your local refineries, I’ve bought and sold with them in the past and they will always buy any amount you have.
In 1980 the town I lived in all sorts of businesses were buying silver. There was a shop that sold and repaired washers and dryers that had a sign in his window “WE BUY SILVER”
IMO, most coin shops will stop buying if it gets that high. But I don't plan on selling unless it's really bad, mine is for retaining wealth and bartering.
And you're absolutely right, I'm old enough to remember that people we're lined up around the corner selling all kinds of family sterling silver in 1980. Everything from spoons to old pocket watches and of course, silver dollars and old colonial sterling coins. Dealers were selling straight to the refineries. So you definitely want to sell on the way up, not when it peaks. First hand.
Coin shops will buy gold for 2k+ rn, they'll buy $50 silver
Will they buy $4k gold?
@@ItsEverythingElse When gold was only 600 an oz nobody thought anyone would ever buy it at 2200. No matter the price, it will always be bought and sold.
@@ItsEverythingElse You talk like 4k is alot of money today😂
They will buy $50 silver, for $35-40
I came here to say this. Then they will take that $50 silver they just bought and turn around and sell it at a high premium to some rube.
Agree. There is always a buyer, just not at the price you might want or expect. At extreme highs it becomes a game of hot potato with nobody wanting to get caught holding when the bottom falls out. I was a freshmen in high school in 1980 and remember it well as I sold everything silver I had. Back then most people had household items like you said, so it was different. The United States didn't even have a bullion program and coin shops were all about the numismatic stuff. It wasn't even coin shops getting most of the business as popup "WE BUY SILVER" temporary stores were everywhere. It was a mad rush as nobody expected it to last. And of course, it didn't.
LOVE LOVE LOVE this comment thank you for the extra insight!
@@TheMostSlyFox Yes, they do but as the buyers we also have something to say about those prices. "NO SALE!" being chief among them.
So few people even own gold or silver. Plenty of buyers once it starts running
Initially, there will always be a large gap between spot or market price and the price buyers will pay when anything jumps up, but someone will always buy with the intent to sell for more.
You should open a LCS or try being a dealer I'm sure you could make a killing...LOL. "NOT"@@TheMostSlyFox
@@TheMostSlyFox Consumers are to blame for that. At the end of the day, if there's no demand to pay higher premiums, then they have to power them. A ruthlessly efficient shop would set the price of everything in their shop to what's most profitable; most shops probably try to go a little lower than that to avoid overpricing, same with most sellers of services and products.
I think most of the stackers out here buy from the cheapest site at the time, because they have the lowest premiums, and it's easier to see what's in stock. That's why usually buy rounds, because they'll get down to around 24 dollars total when buying 20 or more, and then I let off when it goes back up. That insures I can sell if needed for what I pay or more within a few months based on overall fluctuations. I would say the primary reason to visit coin shops is for collecting. If you want to buy junk silver, and collect sets of years, it's probably the cheapest way. The average consumer is a fool when it comes to buying anything, which is why larger quantities of stuff are often priced higher per unit, and someone still buys it, or two stores have very different prices, and people who don't shop around pay whatever that store asks; see this on gasoline and groceries all the time.
So in the end, it's probably not people like you or on this channel, but the dumb masses that keep the industry inflated more than it should be. The shop owners themselves will also have a similar range of shopping smart with some using wholesalers that are overpriced, failing to buy in quantities that are most profitable, avoiding weak merchandise, not knowing their consumer base, poor location, etc., which is why some businesses fail every year.
We had a store that sold silver chains. We sold them all in 2011. I have some silver coins now that I would sell in a heartbeat at $200.
Well timed :)
Like they say,never fall in love with an investment.
@@brian56 Exactly right, Brian. I made that mistake once, got burned, and never repeated it.
That's the price of education and it is money well spent... IF you only have to spend it once.
Back in 2011 our coin shop was selling rounds for a buck over spot and eagles for 2 bucks over. They were always out of stock due to overall demand. It was a crazy time. I think it started the real silver craze
Ya know what sux? States that charge sales tax on sales less than a particular dollar amount. Paying 9% sales tax forces me into purchases at just over $2k, so purchases don't happen very often.
I agree... Salex Tax on Silver should be illegal!
@@SilverSeeker I believe that day will come due to the interest in gold and silver in various US states. Washington state, for example, has a sales tax but does not charge
this tax on any form of bullion. The only PMs that get taxed here are things like jewelry, silver dinner ware, silver tea services, etc. Basically, anything made from gold or
silver but not bullion or collectible coins.
With Phoenix, Arizona new semi conductor plant, I would imagine silver going up, yet not nearly as high as people think… but after a little bouncing around, I believe it will hit at least $30 an ounce to possibly as high as $33 an ounce.
Been playing with silver for years,what makes it fun is that it is so volatile and you always have options to buy on the dip and hold and sell for more,can't bring myself to send coins off for melt,unless they are severely damaged,great video.
I would only sell if I needed something for a SHTF scenario as a prepper. Maybe get some night vision...
Imagine if you will a people willing to incorporate new townships where only Money is money and your dollars are no good here.
I checked with the Perth Mint when I was last there and asked this question. Answer was 'if anyone walked in to the bullion room to sell of any bullion in the metals they accept, they will still accept no matter how high they price gets. Just arrive during physical trading hours' 😊
I wouldn't sell it if it went to $200 an ounce. I buy to leave it to my kids when I go to a better place in the sky.
@NewSonRising2024
Are you taking city lights into your consideration. As a Kansan I see a lot of stars
I ordered a 10 ozt Una and the Lion bar yesterday. Can't wait to see it in hand.
@NewSonRising2024 the stars still look the same to me
Clouds?
Same here….
Thank you for information. I thought spot or bid price was the expected price. I only buy pieces that I like to collect but going forward, I will stop buying generic bars and US eagles, because I already have enough examples of them in my collection. Now I have to see if gold is sold the same way.
I don’t think I would sell at $50 I would start to convert to gold. Stacking is my main way to save
Would you do that if gold was $4,000/ounce? Gold/Silver ratio matters.
@@markcowan3366 it depends on how many ounces of gold I had anything under 10 ounces I would hold. Now if we’re talking 100 plus ounces I would definitely sell 20 😂
It certainly smart to add gold to the pile, if you don't have any, but "converting" it all is a bad idea. Sell some to get some gold if you need to but always keep some silver.
@@0101-s7v I appreciate the advice it’s definitely something I’ve been thinking about. When I first started stacking I was under the assumption that you wait until the gold to silver ratio became favorable for me to convert. Now I understand it’s ok to buy both
Back then i bought plenty of silver and silver things. Someone will always buy your silver. A loaf of bread was around 20 cent when silver was $50 oz
Yes, I remember buying 5 loaves of bread for $1 and then sharing them with other family members before they could spoil.
@edb3877 I worked at the A&P, and Ann Page bread 🍞 always sold their bread for 5 for a dollar for years. Now inflation, which makes the dollar worth less, makes things cost more..
I think that IF silver spot goes up to $50 per oz (or whatever imaginary number) the most important component is your LCS. They will be in control! They may buy, but with any number of caveats.
For example; they may not buy any sterling silver or kilo or larger bars.
They may limit what they'll buy to a set dollar or weight amount per customer.
They may only do so by appointment.
They may only accommodate their regular customers...
Forgetting about the potential for long lines, I'm not so sure it will be so easy.
The moral of my story is; if you do not have a relationship with your LCS you may want to consider starting one. Just in case...
I'm not a LCS owner/employee. But I have a relationship with mine. Just in case...😀
Good advice, for sure. It's almost always better to have more than fewer options, especially during hard times.
I've tried. Other stackers in my town have tried. The only LCS in my town is an a-hole crook. Our local pawn shops are better than the LCS.
In 1980, I was 31 y/o. What I remember was buying AU common Walking Liberties the year before for $10. a piece, then as silver kept going up I saw BU Franklins and Kennedys by the unopened bank rolls being sold for spot. I held my beloved AU and BU Libs until they doubled in price and then sold a full bag. I bought my first house with the proceeds. Great time to be alive !!!
I got lucky with the timing of selling my "ugly" silver and gold in 2011. An old ten oz englehard bar, old sterling jewelry, 10 & 14k gold, broken chains, foreign silver, and some junk (constitutional, now called) silver.
I'd been stacking for a while by that time.
Now, I don't plan on trading any pm for us fiat. I'm 65yo, and MAYBE if I make it to 75, I'll reconsider.
Thank you for sharing your knowledge and opinions.
I haven't been stacking long enough for$200 an ounce to be life changing. Now, if the GSR were much more favorable, I would convert a bunch of silver to gold. I'd probably keep my 90%
I’m in the same boat, but prolly sitting further in the back from you.
Wait you can buy precious metals for wholesale below spot??? Where can i buy wholesale gold or silver to make Cuban chains.....
I took a 10oz bar to my LCS to sell yesterday and he tried to offer me $24 below spot. He laid out well over 50 to 60 bars ranging from 10oz to 100oz he had in the drawer below the display case and said he had $200k in silver so he wasn't really inclined to buy any right now?
Informative great show
I was there in 1980. Understand that silver coins were much more easy to come by back then. I had about 50 silver Kennedy halves that I received as birthday presents in the 60's and 70's. When silver hit sky high, my Dad and I had no problem selling at spot. I was in College and that money went a long way! There weren't lines, silver coins were not an oddity so no one paid attention to them. Just my experience!
Great video!
What I would do and am planning to do is to take a portion of my rounds and melt them making 1/2 oz rounds. Then instead of selling my rounds, I could then sell 1/2 rounds if I needed the money to buy what I wanted or to use for barter. I also am thinking about making 1/4 oz rounds for bartering.
Good idea
People are skeptical about buying homemade silver because it's not easy to identify
We'll still be buying! 👋We've got some new vaults to fill up. States are starting to get into the precious metals game. It's going to be a great decade.
Heck yea lets go!
in 2011, my MIL asked me to find a shop to sell her coffee can full of 90% silver. I didn't check dates because most of it was cull. I received spot for it when spot was $42. My MIL was thrilled with the sale.
Sorry i half to ask, what is a MIL?
@@duckhunter8387 His mom (MIL/f).
Obviously Mother-in-law.
@@Derek-tk4wf ThxQ
I would hope so but right now we’re using it as a savings account not really an investment. The end of April we’re going to start buying an ounce of gold every month plus a little silver monthly. It’s so much easier to spend cash or use a debit card but there is a process to cash in gold or silver so you’re less likely to do so just to spend it on non essential items and only use it for emergencies purposes.
Easy to sell but if it hits 50, the LCSs will offer 40 - 45 at best.
In the 80's local car dealers were giving $50 for face value for silver . Cash or deposit/down payment. With HUGE advertising!
Who bought gold when it went from $250 to $800+🤪
Central banks
I bought all my gold at 250
My boss bought it in the early 70's for $40 something. The 1970's made us old people rich!@@scottwilliams5642
Not many. The masses always wait too late.
The same as now. Not many bought silver at $15 or lower.
But many bought at $28
In 2020
@@Real-lq4fc "The masses always wait too late."
Correct! The masses know their job and the title of that job is... bag-holder. I can see a time coming when the bitcoin crowd stay
in BTC too long and lose their shirts. Until then, they can make some good money but overstaying their welcome is not advised.
I received a 90% dime in change a couple weeks ago.
I buy mainly BU junk quarters and halves. In 5 years they have doubled. They have silver and numismatic value. Junk silver is also recognizable, so will be a more acceptable currency.
Back in the Hunt Bro.s spike an old black spoon my daughter had in her sand pile sold for 18.00. That was a lot for a young struggling family. That is over 60.00 today.
Midas coin shop at the Backlick shopping center in Springfield Virginia had a line of people going around the mall of people trying to sell silver and gold in 1979/1980
Awesome video buddy. Imo it won't be a problem selling at any price. If it goes to 200, I'd sell for 140 150 no problem. But just like Gold back in when it was 275 325 per oz. I remember the talks. Of who gonna buy this at 1000. Back to silver. Some of us pay 100 plus an oz now for special silver. Even higher. So imo there will always be buyers. Probably more and more as it goes higher and higher. I think it will sell easy at whatever spot price is. Maybe not easy but kind of easy atleast. Good stuff buddy, keep up the great vids
I will only exchange my silver for fiat money only to spend that money as I need to. The only reason I might cash out a lot is to buy gold if the ratio of gold to silver closes substantially. fiat currency is not really money!
I plan IF it hits $45( up @ +$20) to trade up to Gold. But only 40% of my stack.
Do you need to sell it ? is exchanging for gold the same as selling it
Silver hits $200 an ounce and I'll hold it cause at that price I'm pretty sure the dollar has collapsed
Well like I said in the video, I'd only sell at $200 if it's NOT because the dollar collapsed. The dollar didn't collapse in 1980, and adjusted for inflation it hit about $200 back then.
If there’s a brief price spike like 2011 it will be very hard to get a price close to the peak but if it hits $50 after a long grind higher then it will be easy.
Would the bullion dealers and coin shops just adjust their premiums based off demand? I.E negative premium doesnt matter what the premium is for a seller its the spread between what they pay and what they sell.
I'm not going to try to fool myself, I have silver that I'd sell if it hits $50 an ounce. I also have silver that I wouldn't sell for $200 an ounce under the conditions you mentioned. I love silver and I'd never sell it all but I would for sure be willing to sell some to buy more gold. Thank you, Seeker
In 2011 people had no trouble selling, but buying was brutal on cost dollar averaging.
I would trade 9 oz of silver for 1 oz of gold
Me too
Sounds like a better deal
Except it's almost 100/1.
@@robertm2663On a manipulated market, yes but thats not the true ratio. More like 8 to 1 or 7 to 1.
The issue is never who will buy, the issue is for how much.
I enjoy the hobby and while I’m sat here pissed out my face eating a pizza looking at my silver I’m at my best 😂😂😂to the grave it’s going 💪🏻
It comes down to demand. Someone is wanting to buy it, thus $50/ounce. Supply and demand.
I remember in 1980 my wife and I had some silver pieces that we inherited and it just held on to since we were married. Well, when the price went through the roof we figured to heck was sentimental value. We went for the cash, and we really didn't have any trouble selling it. We ended up with $5,000 in 1980 dollars. It was quite a windfall for us.
Just found a receipt for 40-2012 1oz libertads I paid $926.40
As you said, Seeker, as long as dealers can promptly turn it over at a profit (even if primarily to the refineries), they'll continue to buy from the public. If that dried up, then all bets are off. Have a good weekend.
Well I bought a few thousand oz’s in 2015-16-17 when silver was 16.00-17.00 and it’s 32.30 right now and I have sold 100 Oz 3 times in the last week for 35.00 Oz. I’m having NO problem selling it.
if everyone is trying to sell, prices will go down. The only exception to that rule is if consumers are selling but industry is buying. If the price is up because of increased industrial demand, then the consumer market will have little effect on prices and dealers will be buying it to sell to industries. Premiums may actually go up if that's the case. But dealers will be selling it for more than they buy, that is always true.
Why is it that some silver bars have a serial number and some don't from the same supplier ?
I think that no matter what the market volitality or the dramatic swing in spot prices for precious metals, there will always be buyer's and seller's.
If I could SELL silver for $50 per oz. (or a little less), I would try to sell about one quarter of my stack because that would bring my cost per ounce of the silver I didn't sell down to around $15 per ounce. I figure spot would have to be in the mid-50's.
There's always a premium. Businesses never buy at spot unless they are selling above spot.
Depends on what else is happening. Has the dollar collapsed??? Has gold increased accordingly???
Agreed as I said in the vid. :)
Its not hardto sell gold at 2200 so idk what the issue is will it be the volume of sellers?
Easy sale in my country, sell at jewellery auctions. 1 OZ rounds and bars are currently selling 30 euro and above.
Isn't $50 an oz still considered cheap relative to gold considering both are monetary metals?
in 2011 there were one long line to buy silver and short line to sell 20 to 1 ...silver was $46.28 that day......
Your question started out at $50, but your discussion seemed to immediately quadruple to $200.
IF silver goes to $50, there are two ways that you could or could not sell it.
If the market is regular, slow, gradual, and the price increases, say, over to two-three years to that level, YES, you can sell it.
If the market suddenly, say two months-three months, goes to $50, you will have problems moving it.
Put yourself in the businessman's place, the coin dealer, and how he has to operate:
If there is no reason for the sudden burst to $50, a savvy dealer with funds MAY buy, but it will be so far 'back of spot' that he'd still get to purchase plenty.
But you, the consumer, 'stacker', would not get the $50
The dealer would fear for a correction just as abrupt, and he cannot afford to risk placing himself in such a position. He must buy back, and then re-sell quickly to remain fluid, probably at or even below spot.
On the other hand, if the first scenario takes place, and there is a gradual increase in the spot price over a period of time, you WILL get to sell your product, and near or at that $50 spot. The risk to the dealer is no longer so prevalent a fear, and he would buy and sell just as he does today.
A fair market with increases will see profits to the stacker (look at the past two-years' increases in house prices: and they are still selling)
Keep up your interesting videos! It is more fun when you are presenting your data from your phone research, and the topics you choose are most always interesting and thought-provoking. I am sorry that you have to pimp for SD, but realize that it is a source of funds to continue your purchasing and video-making efforts.
Thanks for the channel.
The reason it went to $200 is because that's what 1980 $50 adjusted for inflation would be today my friend. It was still technically about $50, I was just comparing it to what it was like in 1980.
Your explosion to $50 scenarion has happened twice in since 1980 though and in both scenarios what you said didn't happen... people WERE buying. Read the multiple comments from viewers of mine that were there, that were standing in those lines I just talked about in 1980. It EXPLODED to $50 back then and dealers WERE buying, and $50 back then is like $200 today. I explained all this in the video though, not sure why I'm typing it here.
For it to climb that high, someone has to want to buy it.
1) Venezuela and other countries will take it.
2) Eventually the electronics industry will inevitably need it.
There will always be a demand. JP Morgan possesses over 1/10th of the yearly supply usage.
Back in 2011 the $41 plus spot/ ounce, I could have received just short of spot from my local dealer. However, prior to making my regular, every other month 800 mile drive to visit my girl friend, I called a Big Dealer in the Dallas, TX area, and they were paying $2 over spot. Yes…I was able to sell a monster box plus for More then Double what I originally paid for it.
I'm "young" enough to remember finding mercs in circulation several times a year. 😅
There is always a buyer forever seller. That is what makes a market
It’s called a store of value. It will be traded to banks for a brief period to decrease fiat debt, before being made illegal once the CBDC “mark of convenience” system is introduced. It will then be a store of value for bartering for those who do not accept the mark to be able to buy and sell
In 1980 I was selling $1 silver for $12 at a small convivence store in Tacoma Washington Lincoln district.
I’m looking for low gold silver ratio, doesn’t matter silver price or gold price high or low
You absolutely could sell it! You might have to get back of spot a bit, but I didn't have any problem in 2011.
What goes up will definitely go down, especially during these times. Nothing is safe.
I have never ever had to sell for less than spot on anything. If you have to sell for less then find another vendor you’re getting ripped off. Most dealers have to pay a little over spot even for rounds. Any profit in the coin business is a profit. A lot of dealers buy ahead and then get clipped when silver drops so the have to make up for their loss. Profit margin for reputable dealers is about 2% after costs. That’s not bad because I don’t want to climb into a cave, dig, carry, smelt, refine, box, transport, unbox, set up, sell,package and then report my earnings and get taxed 38%. I just want to go to Casey’s, talk some BS, but my silver and gold, thank him for being there and leave with a smile 😊
A dealer friend of mine had a sale the other day... only 25 cents over spot. Do you REALLY think he is ripping people off by paying 50 cents under spot when he was only selling for 25 cents over? That's a 75 cent profit... that's it! He sells a full tube for $600 or so, he makes a whopping 15 bucks! If he was paying spot that drops to $5..
If there is a run of people selling silver the price will go down unless industrial demand is up. Supply and Demand.
Why I look for as many attributes as possible to 'diversify' options that will make my collection worthy of top dollar (average). i.e. semi-numismatic features, low mintage numbers, highest quality product, coinage higher preference over bullion, etc. Other features include details I enjoy; high relief features, historic dates, and so forth. I might sell some of my collection, but would hold on to a percentage so at next drop I could increase stack size.
im holding out for the 300 an oz we heard about all last year
😂
How about the 2011 price? LCS losing $ is on their dime.
MY first monster box I bought was in 2011. but selling was never a thought. 2 things matter, buy always for dollar cost averaging and for the long term. You just never know.
What state do you live in that you have kwik trip? Lol i live in wisconsin and kwik trip is prettt much the 1 stop shop lol
It will be easy once supply and demand correct in the US. Demand in the world is skyrocketing and silver come out of the ground is decreasing.
Hmmm. I might try to make trades for cool silver. Or gold
I have heard this question before. I think if silver gets to $50.00 per oz. at first some may hesitate to buy, but if it stays at $50.00 or more like gold has held its value over $2,000.00 people will buy again.
My local coin shop, east coast, holds his buying and selling to one person to 50,000 per month. That works for me😊
I sold 100 Morgan silver dollars to my local coin shop in the 1980s during the rush and they paid me spot. It was a ton of money and the day that I sold my silver dollars there were at least 100 people in line. It was definitely a selling frenzy. Everybody were selling their candlestick holders and silver bowls and everybody was buying your silver. There were no issues in finding a buyer. It was definitely silver madness.
I hope none were from the Carson City mint!
SS - I have a dealer ive been dealing with for over a year. I have spent in excess of $5k with him in that time. I called him today with the idea of liquidating a bit of gold and silver because i have a family member in dire need of some help. He gave me a fair price on collectible pre-33 gold but did not want to buy my silver kilos!! If price gets up there close to records i might let go of some of my bulk silver but im worried i wont find a place to get a fair price. So, if its gets to $40 or so, i dont think id be inclined to take $33-35. Id be making money but its the principle, im not in the habit of selling something for 15% less than what its worth. I guess it depends on the reasons for selling. I expect ill probably be converting to gold at best price i can get. As that might be easier with an LCS than just selling straight up. Opinions ????
When selling to a coin dealer, "what it is worth", has nothing to do with spot and everything to do on if that dealer has a market to sell them. It's very tough to move kilos; I'm not surprised your LCS dealer passed on them. Adding to that, when you buy in bulk, you pay the premium when you sell. You can't get a discounted rate for buying in bulk and then expect the person buying from you to not expect the same bulk discount.
@angelabergan9086 that wasn't my point - I was just noting that he wasn't buying silver at this point, probably not even smaller rounds. I understood that - my point was that I worry about where we Will be able to sell if we want to when price gets higher. As noted I'll probably just convert to gold.
@@1011Shke My mistake then. I guess I was taken in by your assertion that it was a matter of principle.
I was in 8th grade in 1980. I would buy 90% coins from the kids in school for 5x face. At one point I can remember selling for 22x face. Dad would drive me to a deli that was buying in the next town. I also remember when the price dropped, it went to like 3x overnight.
Price is set by the market, and markets by definition always balance supply and demand. In other words, there is no sale without a purchase at any price, or that price would not exist.