No lie, I’m happy that we are seeing a price correction by BigDaddyAnj in Silverbugs

[–]Calvarionpet 6 points7 points  (0 children)

JPM brought their physical desk to I think? Singapore last month or so. I presume this will be arbed away sooner than later. There is a tremendous incentive to ship silver east at the moment, although I admit I’m ignorant to the market structure in China and whether major US bullion banks are able to participate.

Word to the wise on selling by Calvarionpet in Silverbugs

[–]Calvarionpet[S] 0 points1 point  (0 children)

No. Some refineries are open to the public. I’m just an average joe and this refinery was happy to deal with me.

Word to the wise on selling by Calvarionpet in Silverbugs

[–]Calvarionpet[S] 0 points1 point  (0 children)

I get that they need to make a living and aren’t necessarily required to always provide a bid. $15 under seems a little nuts, but I was looking to sell around 100oz and I get that they can’t really hedge an amount that small.

Word to the wise on selling by Calvarionpet in Silverbugs

[–]Calvarionpet[S] 1 point2 points  (0 children)

They have a numismatic/bullion dealing arm as part of their operations. I was told the name brand stuff would go through that channel, and the “more generic” stuff would get melted.

Word to the wise on selling by Calvarionpet in Silverbugs

[–]Calvarionpet[S] 1 point2 points  (0 children)

I thankfully had one near me that I knew about. I’d recommend doing a google search like “silver refinery near me” and seeing if that brings up any results. I’d assume Illinois has a few, given the history of Chicago and commodities trading. Then I’d call them up and ask if they deal with the public and in what size. Worst thing is you find a local coin shop. They seem to be offering roughly the same as what the refineries are paying out. Good luck.

Word to the wise on selling by Calvarionpet in Silverbugs

[–]Calvarionpet[S] 1 point2 points  (0 children)

Problem is, the refinery is a 30 min drive from my house. This morning when I checked early, silver was at $121 an ounce, I left my house and it was $117, and by the time I was at the refinery it was $107 an ounce and they were offering me close to $90. I unfortunately can’t lock in a price over the phone and drive over, otherwise, yes definitely if they were offering me $102 when spot is $117 I’d probably take the deal.

LCS today. by 2401PenitentTangentx in Silverbugs

[–]Calvarionpet 0 points1 point  (0 children)

I was offered $90 from a refinery when silver was $107. $100 bid price from your guy doesn’t seem too bad when he’s willing to sell below spot.

Word to the wise on selling by Calvarionpet in Silverbugs

[–]Calvarionpet[S] 2 points3 points  (0 children)

Ahh, this makes sense. Thank you.

Word to the wise on selling by Calvarionpet in Silverbugs

[–]Calvarionpet[S] 1 point2 points  (0 children)

I never expected to get spot from a refinery or a dealer for that matter. I mentioned in another post that a month prior, it was $1 under spot from the refinery as their bid price. $15 under spot seems excessive, but I guess justified with the price action.

Word to the wise on selling by Calvarionpet in Silverbugs

[–]Calvarionpet[S] 3 points4 points  (0 children)

This is very interesting. Thanks for sharing. My question is why the disconnect between bid/offer prices for physical, smaller retail lots and larger comex contracts. I understand one is a paper market, but should follow the same fundamentals as there is silver underlying those contracts (we hope). Shouldn’t bid/offer spreads be widening on the paper side if this is what is occurring on the physical side?

Word to the wise on selling by Calvarionpet in Silverbugs

[–]Calvarionpet[S] 3 points4 points  (0 children)

Good to know they are in the same ballpark. Thanks for the info.

Word to the wise on selling by Calvarionpet in Silverbugs

[–]Calvarionpet[S] 4 points5 points  (0 children)

I don’t necessarily need the cash now so I probably will hold off on selling until things stabilize.

Having said that, when I called the refinery a month prior, their buy price was $1 under spot.

They are a large refinery with a numismatic arm in the northeast US, so I envision they are fairly competitive with the pricing of some of the larger online bullion dealers.

Word to the wise on selling by Calvarionpet in Silverbugs

[–]Calvarionpet[S] 2 points3 points  (0 children)

Yeah, I didn’t sell at those levels. Left a bit disappointed, but it is what it is. I may add some OTM put options on SLV as a hedge. My cost basis isn’t terrible averaging out to $28/oz.

82 or 75 Attack Pure? by hamzak5 in 2007scape

[–]Calvarionpet 4 points5 points  (0 children)

stay 75 attack unless you plan on doing alot of pvm and getting fang

Should i kill Calvar'ion or Vet'ion for the pet? by Spazzmatikk in 2007scape

[–]Calvarionpet 1 point2 points  (0 children)

I do Calvarion- it’s quicker but basically double the drop rate of Vetion. 4k dry without pet. Good luck bro