posted 02-26-2008 01:04 PM            

As a dealer,collector, and general lover of silver, I just want to make the following statement to everyone:

If you see a piece of silver you want these days, and the price is low, you had best buy it.

I know this has been discussed in various other threads, but I just wanted to add my bit.

Currently, the spot price of silver is over $18.00 per troy ounce, the highest it has been since the Hunts tried to corner the market 25 years ago. On a practical level, this translates to scrap payments of upwards of $14 per Troy Ounce STERLING, depending on who is doing the buying. A traspoon from a major maunfacturer will often weigh about 1 Troy ounce; a dinner fork may be 2 ounces or more

At present, people at all levels of the silver business are selling pieces for scrap. Major pattern flatware matchers, top dealers, mid range dealers all the way down to flea market vendors. That doesn't even address the numerous people who know nothing about antiques and will happily scrap anything they find. Any goober with a scale can make money in the scrap game, and they do. Underpriced items on auction sites are also selling for scrap if there are no collectors bidding. Have you noticed the disappearance of $10 and $15 a piece bins of silver at antique shows? Guess where they have gone.

Anyway, if you see something you want for sale in any venue, and the asking price is around $14 to 18 a troy ounce, you really ought to buy it. This goes especially for people collecting flatware in less popular patterns. If the price stays up or increases further, it is all going to end up in the melting pot. If you don't buy now, you may not have another chance. In poor economic conditions, many dealers are opting to transform dead stock into quick cash, often for more money than antique buyers are willing to pay to preserve things.

Sorry to be a downer, but this situation concerns me, and it ought to concern you if you haven't been paying attention.

posted 02-28-2008 09:16 PM            

During the last run on silver, c1980, I was buying a particular bullion coin at up to $6 each. The final lot I bought at $6, I sold at $6 each the day the market turned. The final seller I'd been trying to buy from would not accept my $6 offer, saying she'd wait for the price to go up further. She's been waiting about 28 years for them to reach that level again...they just have. But 2008 $s aren't $1980 $s...

posted 03-02-2008 07:59 AM            

First, let me say, that no one paying attention to this site starts out to be a scrap dealer.

Secondly, as Brent, I make my living in the silver business, and whole heartedly second his admonition to buy it when you see it. With silver prices being way up, more silver is coming out of attics and basements. This is a true boon to collectors, as the quantities passing through dealers hands precludes close inspection. There is a lot of really good merchandise being unearthed, and you should get a share..

Unlike Brent, I do not see this as a downer, but as a great buying opportunity.

As you are a collector, talk to your suppliers more often, hit the antique shows and flea markets early on the first day or try to get in when the dealers are setting up, offer to help sort silver for free ( you will be surprised how many dealers do not know coin from plated without acid tests), visit pawn and antique shops, and if you can, make friends with the folks who run smelters. Check all the auctions also.

Marc

posted 03-12-2008 07:36 AM            

Plain patterns that have little market appeal go first to the scrap dealer. Brent's "buy it now before it disappears" is good advice.