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podrag
9th May 2009, 11:14
Hey Chaps,

I have a question for you all. Recently I've been getting some mighty good deals on scrap .800 and .925 silver spoons, forks, cigarette holders etc..

I have bought 43 ounces of this kind of stuff for an average price (including delivery) of 8 an ounce or about $12 an ounce.

That's like less than spot. To me this is a no-brainer. Silver is silver whether it's an old, broken teapot lid or a a 9999 Silver Maple.

My general preference with silver has always been to get the most silver for my money. I already have a fair amount of scrap sterling silver, scrap .800 silver and some pre-1947 British .500 silver coins.

I have some .999 and a GoldMoney account too but most of my silver is definately less than 999.

What do you guess think? Do you prefer quality or quantity? Let me know.

goldminer
9th May 2009, 12:07
Any alloyed silver is worth less than its "melt" value (or spot) because it has to be refined to recover the silver, and refining incurs processing costs and additional sums for shippping and insurance. Here in the U.S. a good refiner will pay about 88% of spot for "clean" sterling (no steel knife blades, stones, cement or lead weght [i.e. in candelsticks], etc).

I think .900 and .800 fine coin silver are good forms to have. If a person prefers .999 or better forms s/he can always sell or trade-in the coin or sterling forms for the bullion desired.

In my opinion sterling items are ok. Just make sure they're stamped .925 or "Sterling". A lot of sterling silver items (i.e. good jewelry pieces, flatware, serving pieces, etc.) are worth more in their present form then the value of the silver they contain, and can be sold as such.

Quality or quantity? It's a personal call. Acquire the forms you like and the forms you can get cheap enough so you can come out ok selling or trading them for a form you prefer.

mark2112gum
9th May 2009, 12:35
I prefer Maple Leafs (.9999) and/or bars and rounds (.999) then Canadian coinage (.800).

Ivan Rybkin
10th May 2009, 15:40
You had a very good deal!

You could sell to me if you like :)

What is Truth?
10th May 2009, 18:21
I like the sterling silver idea if you can get it cheap enough. But like you said how liquid is it? I guess you could always find a buyer but as silver prices start to peak the less anyone is going to want to pay you for it because the refiners are going to get backed up. But on the other hand a lot of that sterling you have might have more value to it for other than its melt value.

goldminer
10th May 2009, 20:18
If you have any flatware eat with it. Silver has untapped natural antibiotic qualities that will help you and your family stay healthy.

Paul
11th May 2009, 14:41
It's nice to have a diverse selection of Silver in my opinion. I've just started buying up .999 to try and balance out my collection (having stashed a lot of Sterling, 50% English & 90% USA coinage).

Sometimes if you see a good deal you've just got to go out there and grab it. As I've mentioned before I don't think the USA 90% is totally appreciated here in the UK (I'm using Ebay as the market place). Yet people selling 50% could sell it all day long, no matter what state it's in (I've also noticed that selling 1KG of coins rather than a handful is a real crowd pleaser).

My guess is it's a lot to do with familiarity and the market you are buying from / selling to.

Prospector
7th June 2009, 21:51
My refiner pays 90% of actual content. Sterling 92.5% and 800 is 80%. so at $15 spot they are worth
.925 x .90 x $15 = $12.49
.800 x .90 x $15 = $10.80

Bid a lower figure according to what your time is worth, remembering your postage and packing expenses too. Most people have no idea what scrap sterling is worth, so you can bid even lower than that. I used to get sterling for half of spot, although there is not so much of it any more.

silverbuyer
10th June 2009, 14:10
Agree. Too bulky and not liquid enough. Too much packing up to sell, and storage in meanwhile. I have something like eighty-three or more larger pieces of old English, European, Chinese and Russian silver. Most of it was inherited. We just put it all away. Too much to display, and still means ongoing cleaning and polishing, which is a major undertaking and pain in the neck. If left for years uncleaned, it can pit etc. If it hadn't been in our family for so long, I'd happily sell it.

podrag
10th June 2009, 14:26
As much as possible for as cheap as possible. Look at the premiums on 90% go fromover $3 down to nothing! 40% premiums have stayed at nothing for a while and now are just slightly under spot.

Buying silver for spot or less is never a bad idea. Selling to a refiner for under spot IS a bad idea as there will always be someone who'll take your silver for spot or there about. People who sell for less than spot are being silly.

argent_pur
12th June 2009, 21:26
Has anyone dealt with Midwest Refinery in Michigan(I think)?

If so, could you please post your experiences with them?

Thanks
Jim

silverbuyer
12th June 2009, 22:36
If you go to kitco and look under "jewelry" they have a good section on valuing "scrap" and they buy it too. No experience with buying or selling with them.

Prospector
13th June 2009, 01:59
Has anyone dealt with Midwest Refinery in Michigan(I think)?

If so, could you please post your experiences with them?

Thanks
Jim

I have sent many shipments to them and have had nothing but good results. It's a bit of a nuisance having to remove all the fillers, but that's the way it is.

BTW, don't expect the melt weight to be the same as your shipping weight. You would be surprised how much crap is in your scrap.

argent_pur
13th June 2009, 16:10
I have sent many shipments to them and have had nothing but good results. It's a bit of a nuisance having to remove all the fillers, but that's the way it is.

BTW, don't expect the melt weight to be the same as your shipping weight. You would be surprised how much crap is in your scrap.

Thanks prospector:)

I'd be sending in US 90% to be returned to me as .999

One question I do have is...if they pay 90% of spot for my junk silver, but I request payment in .999, do they just keep 10% of the silver I sent to them as payment for their service(since they do not charge any fees)?

argent_pur
13th June 2009, 16:12
And I DON'T have anything against US 90% at all, it's just that I find it from banks and bankrolls. And I prefer to have .999 fine, so having what I find refined into bullion just makes for really cheap silver for me