Reddit's silver "apes" now targeting silver, opportunity or fool's gold?

[QuarterMillionMan]

Can Reddit's silver "apes" beat the market? | Kitco News

The Reddit crowd drove up AMC and Game Stop. Now silver may break out with this next debacle, who knows.

[bennkar]

Interesting read. If they want to do market manipulation they need to find the next AMC. Silver is a much larger market than a company near bankruptcy. They should read up on the Hunt brothers efforts in the 70s. You raise the price of silver and much more appears in the market. That doesn't happen with a manipulated stock price.

[QuarterMillionMan]

Today I was going to buy some physical silver American eagles and have it shipped to me but either the dealers (Silvertowne) are sold out or they have in stock (Bullion Exchanges in NY) but they want $14 over spot price which today is $19 an ounce. So one silver American eagle today is $33 (unless buying over 1000 then it's $13 over spot). I thought it used to be only about $3 over spot price. When did it jump so high. These are not proof coins, just regular silver American eagles.

[QuarterMillionMan]

Apmex as well and random years only. Before I could select the year or maybe it used to be $5 over spot price but $14 over spot is insane.

[james.hendrickson]

yep - its worse on Amazon.

I've found the prices on Ebay to be a bit more sane. If you've got cash you might consider checking the prices there. You might need to go with an off brand instead of American eagles. That should be fine in the long run as what matters is the spot price.

[QuarterMillionMan]

For gold the mark up is the same as I remembered it at about $50 over spot price currently at $1674 an ounce. I'm not sure why silver's mark-up increased so high. I guess I'll buy gold instead.

[james.hendrickson]

Everyone likes gold. And you can't go wrong holding some. Its been valuable for at least 2,000 years.

[QuarterMillionMan]

[james.hendrickson]

Thats your collection? Good work QMM!!!!!!!!!

[QuarterMillionMan]

Any United States dime, quarter, half dollar or dollar that is dated 1964 or earlier is made of 90% silver. After 1964 we see a debasement of coinage which is the practice of lowering the intrinsic value of coins.

[myrdale]

Any United States dime, quarter, half dollar or dollar that is dated 1964 or earlier is made of 90% silver. After 1964 we see a debasement of coinage which is the practice of lowering the intrinsic value of coins.

Growing up we collected quarters for my grandmother. Anytime we came across one 1960 to 1964 we'd give it to her to stick in a jar in the cabinet of her kitchen. She had amassed a quart jar or so of these by the time she burned her house down. While we were clearing the rubble, I spent about 5 minutes kicking around the ash in that area where the kitchen had stood, there was nothing left to be found. The same applied to a jewelry box kept in her bed room.

If you're going to keep bullion, make sure it is in a fire proof safe.

I would be curious what the weights of the gold and silver you show are for reference. I am assuming the silver bars and coins are all 1 oz. I am guessing the gold is mostly 2.5g and 10g. It appears to be close to half a pound of gold.

[QuarterMillionMan]

Yes the silvers are all 1 ounce. But the gold is all mixed but the top row is 10 g. The 2nd row down is 5 g (except the first one looks like .5 g), The 3rd & 4th row are all .5 g. The 5th row is 2 g.

The clears without assays on the right side I took another pic down below.

[myrdale]

Just roughly, what are you're thoughts that go into the decision making process for what quantity to buy at a time? Do you budget so every month / year you buy x amount? Do you just do it sporadically over time? Was it all in one lump sum during a flood when some old guy needed to barter for water and shotgun shells?

And what's your opinion / vision for the future collection? Having as many smaller units as you can to trade / sell over time or having larger amounts to sell at once?

Lastly how are dealers for trading up? If you have (4) 2.5 g bars, and you want a (1) 10 g bar, do they do an even trade, or do you have to sell and then buy, for a net loss?

[QuarterMillionMan]

Ha-ha, all good questions and yes to all the above except I haven't sold anything back to dealers so I have no idea if they would take an even trade for different sizes but I'm almost positive they'll add a mark up for any transaction. I am keeping it for when silver hits $1000 or more then I might sell (lol). When prices drops I will buy more and add to my collection. There's no set amount but sort of like DCA'ing when it goes on sale. I've never bought a lump sum. As for trading and bartering it may get to that point some day so that's why I'm holding it. These are just my smaller pieces. I have bigger pieces, about $60k worth in my roth IRA.

[QuarterMillionMan]

The dealers must know something is going on with silver. Take this regular 1 oz bar at $27 which is $8 over spot. It used to be $2 over spot. Silver American eagles are going for a premium at $14 over spot. I'm baffled how high the mark ups went and maybe it's in short supply but wouldn't the spot price just go up, why is the spot price remaining at $19?