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Old 04-07-2020, 12:25 AM
NonHyphenAmerican NonHyphenAmerican is offline
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Join Date: Dec 2011
Location: Hooterville in S.C. Kansas
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Quote:
Originally Posted by TRSOtto View Post
The OP boasted of having "a few hundred lbs" of silver. At current prices, that's about $45K worth of silver. But even today....after the worst market downturn of all time, silver is still off 66% from it's all time high, and down 22% over the past few weeks. I would offer that even under a complete and total collapse of the world's financial and currency system, silver is probably the last thing I'll be accepting in a trade for a can of beans.

You want beans....bring ammo..... LOL!!
Just a small correction.

Today, silver is $15.16 per toz. In June of 1979 it was $50.35 per toz.

So it's down 70%.

I watched it at $50.35 and saw it drop until it reached $3.88 per toz.

Most of what I have saved back averages to $4.50 per toz.

When it got back up to $45.83 in 2011, I had an old time customer who wanted to know if I thought it'd go higher.

I told him that as far as I was concerned, anytime Silver was higher than $11 - $17 per toz., it was a time to Sell, Sell, Sell.

He had 5,000 toz he wanted to see hit $50. Doesn't pay to get greedy.

But then I also know a guy who sent three "Contracts" of Silver down to Mexico to be refined down to .999+ when it was nearing $40 per toz and he didn't lock in the price. The Processor had a "Strike" and by the time they'd reopened, his three "Contracts" had dropped to $23 per troy oz. for a loss of $17 per toz.

A "Contract" was 50,000. So 150,000 x 17 per toz = $2.55 Million.

Doesn't pay to be greedy.

Oh, and just to add for those not familiar with Gold and Silver and Troy Measurements compared to "Average" or "Aver Du Pois" Measurement.

16 oz to 1 average pound.

12 toz to 1 troy pound.

14.58 toz. = 1 16 oz. average pound.

An average oz is .911 of a troy ounce.

A troy ounce = 31.1 grams.

So if you have a 1 troy ounce silver medallion, it should weigh right at 480 grains on your scales.

The "Standard" for Gold and Silver for purity is 99.999+ % fine grade silver or gold. For some applications like Aerospace, it is 99.9999+% purity.
Commonly referred to as Three 9's or Four 9's and abbreviated with .999+ or .9999+

If your silver and gold isn't "Certified" with a commonly accepted Hallmark for purity of .999+ or .9999+, then it's difficult to sell as the purity and weights are suspect.

Englehardt Silver for one example in the late 1970's early 1980's took a real hit as there were crooks who'd taken 100 toz. bars, sliced them open lengthwise with a bandsaw, scooped/milled out silver and replaced it with the correct weight of lead, then soldered the two halves back together and put mill marks on the sides to imitate a "Pure" bar. It bankrupted Englehardt.

As late as 2011 I had people trying to sell 100 toz. Englehardt Bars, only to find that up to 60% of the silver had been adulterated.

IF you're going to buy Gold or Silver Bullion, then Minted Gold $50, $20, $10 and $5 and Minted Silver $1 coins are a good bet for being unadulterated.

If you're buying Gold or Silver "Bullion" then 1 troy oz or smaller are your best bet to avoid them being adulterated.

Most Legitimate Minting Operations have too much in their dies to mint adulterated coins. If the medallions are blurred or have irregular edges, off center, etc. They're highly suspect.
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Last edited by NonHyphenAmerican; 04-08-2020 at 12:16 AM.
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