Finance and Economics > Investing and Saving

Silver Is Now a Pain in the Rear to Purchase - Advice on Good Sources?


I have been searching eBay, Craigslist local, newspapers, and online for reasonable silver purchasing.

My need is basic - a couple of pounds of 90% junk. But nope - its almost impossible.

I can choose to pay 18-19/oz on eBay, or order from reputable albeit backordered online merchants - or I can go locally, with morons who price 2-3 above eBay or claim some sort of numismatic value markup.

Does anyone have a current (late March 09) reputable, reliable, fair profit, quick shipping - supplier? Or, am I chasing rainbows, unicorns, and silver bullets?

Thanks for your input!!!

Would any of you silver bugs be interested if I were to post a poll with people chiming in on what they are paying locally? I assume there is some regional variances.

Spamity Calamity:
Perhaps Midas Resources?

I prefer to keep all my purchases private, so I've never dealt with anyone online, or over the phone, etc. I've always bought up close and personal from local coins shops, or at coin shows. For a while last year, the small collectors who deal out of their homes or at shows were not up to speed with the craziness, and their were some outstanding deals as far as what percent over spot they would require.  ;D So, I found their prices to be not much different, if anything, more reasonable than the big name online dealers with the big volume, since they don't have all the shipping overhead.  I think now, however, that pretty much everybody realizes the nature of the situation. Expect to pay a lot over spot. I haven't bought junk silver in a year, so I can't give you a good pricing idea, but I think 10% over spot for gold and even 40-50% over spot for silver eagles is about where it's at. Probably the best barometer is E-bay.

Where I live, if I can wait till I have $1000 to spend, I can get away without paying any sales tax.  ;D ;D My regular shop, since they know me [on site, that is, not my name 8)] will actually let me pass for $500 or $600. Now, the more you have to spend, the more you may need to wait for the dealer to be able to get his hands on it.

Also, we may see a seasonal spike soon, and you may be better off waiting for the typical summer lull. Of course, with the insane nature of the world at this time, all bets could be off any day!

and silver:

Just keep beatin' the bushes!

I will check into Midas, and as to seasonal lulls - I am not a believer.

In a former life, I was a commodities trader (ags, not metals) and trying to time the market is not a philosophy I ascribe to in the best of times, let alone when attempting to hedge against crisis.

However, one of the things I am doing is negotiating with one dealer who has been quite reasonable - to offer my loyalty in purchasing, at a negotiated profit margin for him. i.e. I promise to do all my purchasing through him, while he promises that the price I pay will be $me=(spot price + X% profit margin)

In this way, he gets a steady customer, I get a fair deal while he earns an honest living, everyone is happy and loyal.

The additional benefit to me, I get to budget for my purchasing in whatever way I desire, as well as, dollar cost averaging my total purchase over time. (If anyone would like an explanation of this investment ideal, please just PM me, happy to assist albeit off topic for this board and particular thread.)

Cheers to all, and my thanks for replying both in the past and in advance.


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