Silver price just topped $75!

[RockAndSage]

4 days ago, my buddy said he had to beg his normal buyer to buy his 7% under spot. His buyer was not buying any either, but since he's been a long time client of his, he bought some of his, but not all he was wanting to sell.

Your buddy's silver guy did him a great favor. Most silver shops aren't able to sell hardly anything they have, either retail or now to their normal institutional buyers (for melt, etc). Most of the buying action has been paper silver globally, and physical inside China. Most of the retail activity is people coming into shops to cash out silver they've been sitting on for years or decades during a bull run - which, early on, a lot of the shops were willing to take advantage of. Including offering prices uncommonly below spot. But they've largely burned through their cash on hand, haven't been able to flip their growing inventories to their own institutional buyers or their normal retail buyers, and are now way low on cash. Best bet for selling is peer-to-peer for awhile.

 

[HuntHarder]

Yeah, when we were talking last night over a couple beers, he told me it worked out pretty good in his favor. I agree on the peer to peer buying and selling. I do have to admit, that I do regert not buying into Silver when I was talking with him about it.

My plan was to make a few silver dumbbells when it was 25-30$ an ounce. I thought it would be cool to have a couple solid silver 20-30lb dumbells in my rack. I started looking into molds and everything when I was bored at work .

 

[Marbles]

Yeah, when we were talking last night over a couple beers, he told me it worked out pretty good in his favor. I agree on the peer to peer buying and selling. I do have to admit, that I do regert not buying into Silver when I was talking with him about it.

My plan was to make a few silver dumbbells when it was 25-30$ an ounce. I thought it would be cool to have a couple solid silver 20-30lb dumbells in my rack. I started looking into molds and everything when I was bored at work .

You start needing some serious tools to cast that much silver. You could probably rig up a steam casting system for it, but need a kiln large enough to heat your mold and a way to heat 30 pounds of silver above melt, which from experience 10 ounces is hard to keep liquid with an acetylene torch and a smelter for 30 pounds would be pretty large.

It can be done, but going to need some creativity to avoid being very expensive.

Also would be hard to liquidate as I would assume someone blasted such a large cast with something other than silver.

Would still be cool though.

 

[HuntHarder]

Yeah, it was still in the infant, sounds cool, stage. Actually executing it was probably above my pay grade.

 

[Hnthrdr]

You start needing some serious tools to cast that much silver. You could probably rig up a steam casting system for it, but need a kiln large enough to heat your mold and a way to heat 30 pounds of silver above melt, which from experience 10 ounces is hard to keep liquid with an acetylene torch and a smelter for 30 pounds would be pretty large.

It can be done, but going to need some creativity to avoid being very expensive.

Also would be hard to liquidate as I would assume someone blasted such a large cast with something other than silver.

Would still be cool though.

Brother that is some Mexican cartel stuff right there, but I’ll be honest I think it’s awesome!

 

[dero1548]

I should sell... Bought at 14 an oz

 

[ChrisA]

Your buddy's silver guy did him a great favor. Most silver shops aren't able to sell hardly anything they have, either retail or now to their normal institutional buyers (for melt, etc). Most of the buying action has been paper silver globally, and physical inside China. Most of the retail activity is people coming into shops to cash out silver they've been sitting on for years or decades during a bull run - which, early on, a lot of the shops were willing to take advantage of. Including offering prices uncommonly below spot. But they've largely burned through their cash on hand, haven't been able to flip their growing inventories to their own institutional buyers or their normal retail buyers, and are now way low on cash. Best bet for selling is peer-to-peer for awhile.

Reminds me of the fur buyers and similar bull runs in the fur market when I was a kid. Of course time was a big factor as skins have a shelf life.

 

[awildswanger]

For you Silver Stackers, is there a general style or piece of silver that you would go after to begin with?

 

[Southpaw1331]

For you Silver Stackers, is there a general style or piece of silver that you would go after to begin with?

If I could do it over again I would of only stacked tubes of generic rounds or tubes of American Eagles depending on the premiums at the time.