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Buy Silver with Reckless Abandon

savvydon

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Buy Silver with Reckless Abandon

Whoo HOO!! Is it going to break $14.00 today?
I need moar, moar, moar, I tell ya
fire sale going on RFN
The real question is, will you be able to find deals where the premium is reasonable? Premiums have been creeping up steadily the past couple of days. It is hard for the physical market to match the gymnastics going on with the paper price right now.
 

Bottom Feeder

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LCS — one ten ounce RCM bar $148.06 out the door.
zat ok?

BF
and there were several just like it
 

Bottom Feeder

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When is it gonna dip below 14?
Can someone work up a cheerleading group?

chant: 13.99 — 13.99 — 13.99 — 13.99 — 13.99 — 13.99 — 13.99 —
 

Someone_else

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Can someone work up a cheerleading group?
No, thanks. It was annoying as hell when History Student kept spamming with "$43?" (or whatever $) time wasting posts.
 

Fatrat

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I stopped at the LCS, everything was $3 over, I took the SAE's, various dates for $17.08 out the door.
 

lumpOgold

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I got a nice boat anchor for my Sovereigns last week, quite tempting to swap more gold for silver in this environment.
 
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I had a source that was giving me 9xFace for junk 90. I bought all he had a couple of weeks ago. Ran out of dry powder. I'm thinking I might sit on the sidelines for awhile before I start buying again even when my dry powder reserves come back. Feels like dealers know something I don't or they are the chickens, I don't know right now.
 

Silver Art

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I am always buying silver (at between $0.50 to $2 over spot) with "reckless abandon" but I am also selling silver (for 2X -4X spot) with "reckless abandon".
 

newmisty

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I am always buying silver (at between $0.50 to $2 over spot) with "reckless abandon" but I am also selling silver (for 2X -4X spot) with "reckless abandon".
Attaboy!
 

southfork

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My lcs used to be .50 over, now a buck, its cheaper to buy online
 

Joe King

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My lcs used to be .50 over, now a buck, its cheaper to buy online
Poor bastard has his back up against the wall. Prices keep dropping, he has all that overhead - sucks to be him.
For a mere 50cents, I'd say it's better to support ones local dealer(s). Especially so if one would like there to be someone locally to sell back to when/if the price action goes the other way. Most online places have a minimum amount they'll buy.
 

D-FENZ

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I am always buying silver (at between $0.50 to $2 over spot) with "reckless abandon" but I am also selling silver (for 2X -4X spot) with "reckless abandon".
At the risk of sounding 'uppity', I gotta say you're paying too much. Just kidding... But it is more than I like to pay. That 2X -4X spot does sound pretty sweet. I look for what most everyone else overlooks.

Old and obsolete industrial, electrical switch gear is routinely tossed in scrap yards along with 'shred' material. Some of them are loaded with silver and copper. Of course there are some hurdles to getting them but Craigslist ads and some scouting at scrap yards pays off pretty well. It does help to know what you're looking for. Most of the cost is in the time taken to extract the goody.

These contacts are quite typical and are really easy to pull. The silver in these generally assay 72-90% silver. Heat them with a torch and they drop right off of the copper bar:
IMG_4469[1].JPG


The smaller ones get clipped off of the copper bar with a mini shear and are taken to the refinery as-is, where they pay based on the silver content. The contacts themselves generally assay the same as the larger ones but there's a lot of copper with the melt. A bonus with clipping them is you get paid for all the solder too. The downside is that the smelter will normally charge a buck or so an ounce of the total weight because of the cadmium content in contacts and there's more total weight with the added copper. Here's a sampling of those.
IMG_4467[1].JPG


I stumbled upon these guys at a scrap yard as they came from a nuclear power plant. Paid the scrap yard slightly more than the copper price for the bars, some of which weighed over 10 lbs. each. Preliminary assay of the bullet shaped contacts puts them at mostly tungsten and copper but still about 45% silver. Those shown weigh 4-5 ounces each. The flat ones are in the 72-90% silver range. The copper will eventually go right back to the scrap yard when the price is right. Of course the silver will eventually go to the smelter- again, when the price is right.
IMG_4466[1].JPG
 

Bottom Feeder

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Good work, fenzer, I've desoldered contacts in my past life - 1980s

I had a ten pound day today. Check it out —

Bannannas.jpg

I've been followin this silver depression for months and collectin ten, or twenty ounces here and there but got a good chunk today. The ingot in front is almost 50 Toz. And the J&M, of course, is a hunnert.

Bananas added for flavor.

BF

oh, yeah, all for 50¢/oz premium
 

ttazzman

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did my share of silver contact scrapping in early 80s ........back then bought them at industrial auctions for basically nothing .......no clue where to find them now
 

D-FENZ

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did my share of silver contact scrapping in early 80s ........back then bought them at industrial auctions for basically nothing .......no clue where to find them now
Lots of them still come from industrial auctions. I prefer to get there before the auctioneers though.

The real fun is taking them in to the smelter. And I don't really have to wait for the price to go up because they are happy to trade the contacts for 'junk' 90% coins of which they have heaps. Some of that even has numismatic value too- uncirculated even- they don't care. And none of the face x nonsense either. It all goes on the scale.
 

Bottom Feeder

Hypophthalmichthys molitrix
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How y'all do last year? I didn't load up the old F250 but I did lay in a bit while it was bouncin around fourteen.
Anyhoo —

I scored eight 10 ounce loaf style Engelhard bars today at a reasonable price.

8 Engelhards.jpg

(serial numbers altered to protect the innocent)
BF
 

Thecrensh

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How y'all do last year? I didn't load up the old F250 but I did lay in a bit while it was bouncin around fourteen.
Anyhoo —

I scored eight 10 ounce loaf style Engelhard bars today at a reasonable price.


(serial numbers altered to protect the innocent)
BF
If I were to buy anything, it would probably be 46 walking liberties. But that being said, I wouldn't buy such a barbaric relic in this age of crypto currency...besides, I'd probably just lose it in a boating accident.
 

the_shootist

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How y'all do last year? I didn't load up the old F250 but I did lay in a bit while it was bouncin around fourteen.
Anyhoo —

I scored eight 10 ounce loaf style Engelhard bars today at a reasonable price.


(serial numbers altered to protect the innocent)
BF
These are cool looking. Given they're not being made any more what is a good price for one of these loaf style Engelhards?
 

Bottom Feeder

Hypophthalmichthys molitrix
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sorry, shoot, was't payin attention there.
they were about 175 - 180 each

BF
 

the_shootist

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sorry, shoot, was't payin attention there.
they were about 175 - 180 each

BF
Yeah, $200 seems to be the going rate with anything under that being a bargain. Thanks for the input! :2 thumbs up: