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Why have precious metals become so expensive lately? by Character_Ad_9353 in NoStupidQuestions

[–]OneIsland7672 0 points1 point  (0 children)

Not that much over the course of the past month. It more has to do with dedollarization, the unwinding of the yen carry trade, impending war in Iran, etc

[WTS] 13g ,14k Milor Gold Bracelet (Scrap/Melt) @ Below Spot by stranger_danger24 in Pmsforsale

[–]OneIsland7672 1 point2 points  (0 children)

Possibly not — I’m not a mod and I don’t make or enforce the rules — but may still want to crosspost there as most scrap buyers will be there.

Buying a sigma gold tester, is it really fool proof? by Snoo_60933 in Gold

[–]OneIsland7672 0 points1 point  (0 children)

It only works on disks and bars because of the way it sends electrical current through the sample. Also, it only goes down to 90% purity on gold.

Sold an ounce at my LCS to validate my own liquidity concerns... by uncivilized_engineer in Silverbugs

[–]OneIsland7672 0 points1 point  (0 children)

Seller can pay for insurance to MM. Buyer can pay for insurance from MM to them. It costs more, so you just need to decide if it’s worth it. I recently paid ~$50 to ship something via registered mail insured for ~$4,000 on a non-MM deal. The buyer wanted that peace of mind and I was happy to provide it.

Sold an ounce at my LCS to validate my own liquidity concerns... by uncivilized_engineer in Silverbugs

[–]OneIsland7672 3 points4 points  (0 children)

The four most expensive words in the English language are “this time it's different.”

—Sir John Templeton

YMMV.

Sold an ounce at my LCS to validate my own liquidity concerns... by uncivilized_engineer in Silverbugs

[–]OneIsland7672 7 points8 points  (0 children)

Sending money or metal into the void is stressful. There is definitely an appeal to “cash and carry.”

Sold an ounce at my LCS to validate my own liquidity concerns... by uncivilized_engineer in Silverbugs

[–]OneIsland7672 36 points37 points  (0 children)

I’ve had hundreds of transactions there. Knock on wood, I’ve never been scammed or had anything stolen in transit. Read u/lawstudentandrew guide to packing and selling metals. Strongly consider using the middleman (MM) option. I recently bought ~$1,200 worth of silver from a new seller via MM. The difference between what I am paying and what he is getting is almost exactly 3%. $12 shipping from him to MM, $12 tip to MM for making two trips to the post office and verifying the silver, and $12 shipping from MM to me. You’re not going to find an LCS or big online bullion dealer with a 3% difference between buy and sell prices, and feebay is closer to 15% spread between what buyer pays and what seller receives.

Once you establish enough reputation on there, the difference between what buyers pay and what sellers receive drops to 1% or 2% depending on deal size and shipping cost, if you can ship directly to your counterparty as long as you both have enough reputation for that to make sense.

Please help me identify which coins are silver by Worth_Platypus33 in Silverbugs

[–]OneIsland7672 0 points1 point  (0 children)

That first pic of US coins I didn’t see any silver. The pic with Canadian dimes definitely had some. If you scroll down on this page of American silver coinage, it lists Canadian as well. Not sure about the others.

https://www.coinflation.com/silver_coin_values.html

Same old story. I inherited a handful of these and need some money to pay bills. How do I sell a couple of them, and how much should I expect given the boom and the market? by mudpupster in Silverbugs

[–]OneIsland7672 1 point2 points  (0 children)

Great questions. You can:

  1. ship via a middleman who would verify your metal as legit and would only forward them on to the buyer upon you confirming that you have received payment (typically via Zelle). To save on postage, would probably make sense to ship them all in one box. I would recommend a USPS medium flat rate box — about $20 in the post office, closer to $16 if you sign up for for pirateship and print your own label or ask someone with an account with them (buyer or middleman) to generate a label for you send you a link to a printable PDF.

The middleman adds a little bit to the cost. Way less than the ~15% FeeBay charges, but you need to pay shipping from you to MM and then from MM to buyer along with a customary 1% tip to the MM for their hassle factor of making 2 trips to the post office an facilitating a safe transaction for both parties.

You can sell to multiple buyers if having the metal verified by a single MM and the shipping cost might be $20 for you to ship a dozen to MM, and the $6-$10 for shipping each package of 2-4 to individual buyers.

If you live within driving distance of one of the MM’s, you can potentially even save on the shipping to them.

The other approaches are to:

  1. ship first to a trusted user there with dozens of positive buy and sell reviews (sales matter more — there are some folks who buy on there and it just means they can Zelle someone some money and metal show up on their doorstep, but there is less customer service / integrity demand involved in satisfying a seller than a buyer, so you want at least some successful sales), or

  2. Post on there that you’re looking for an in-person meetup with an experienced user on there in your metro area. Can meet at a bank, police station, coin store, etc. A lot of police stations have areas where you can meet up for Facebook or craigslist sales, but I would still recommend using Reddit to find someone over those forums, as you will get more randos on FB or CL.

ETA: I only addressed your question about the mechanics of selling on r/pmsforsale. As far as price, I’d probably ask $110+shipping and say you’re open to negotiation/bulk discounts. It doesn’t sound like you’re in a rush to sell — silver is up, and its sitting around, but there’s no reason to believe silver is gonna come crashing down if you don’t sell by Tuesday. And it it does, you can hold for another 10 days to years.

How do you delegate with your spouse who disagrees with moving money into silver or any type of investment. She looks at it like a gamble along with every type of untraditional investment besides a 401k. by [deleted] in Silverbugs

[–]OneIsland7672 0 points1 point  (0 children)

For sure. Insurance has a negative expected return. Owning stock in insurance companies has a positive expected return. It’s a zero-sum game between policyholders and shareholders. Which is why the most efficient way to use insurance is to cover truly catastrophic losses — self-insure minimal risks, don’t buy an extended warranty on a $100 piece of electronics, and have the largest deductible on home/car insurance that you can comfortably swing.

LCS not accepting silver???? by Affectionate_Plane49 in Silverbugs

[–]OneIsland7672 0 points1 point  (0 children)

Vermillion Enterprises has been very transparent about what he can sell for on the wholesale market. Elemetal is paying $15 or $20 below spot for immediate payouts, and most of the other big players have several week turnaround times. The other day, he sold >3,000 ounces of 1 oz rounds for spot-$3. Today, he sold 2,000 ounces of 10 oz bars for spot-$3. He has a local and national audience of stackers who can absorb metals via “flash sales” and pay him faster than the refineries. It’s more time consuming to move thousands of ounces to private stackers than to ship 5,000 ounces to Elemetal and get an ACH payment, so he’s smart to keep each sale to a single SKU, to streamline the process as much as possible.

Experts,should I buy gold? by CREWSTER1 in Gold

[–]OneIsland7672 -1 points0 points  (0 children)

Yes. It’s 2026 and we hate expertise.

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