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.
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.
Down to my LCS today and the guy buyin at the counter right in front of me bought all the five & ten oz generic bars they had — at $14.68 an ounce. When my turn came up the cupboard was bare. View attachment 116335
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.
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:
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.
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.
Good work, fenzer, I've desoldered contacts in my past life - 1980s
I had a ten pound day today. Check it out —
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.
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.
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.