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-   -   US Mint Out Of Silver Coins - Suspends Sales (http://www.calguns.net/calgunforum/showthread.php?t=681944)

rp55 01-18-2013 8:21 AM

US Mint Out Of Silver Coins - Suspends Sales
 
Looks like guns and ammo aren't the only commodities in high demand.

From Zero Hedge

As we noted earlier this month, the demand for both gold and silver 'physical' coins has been record-breaking as 2013 began. So much so, that now after selling over 6 million silver coins in 2013 so far, the US Mint has run out of silver eagles and has suspended sales. Furthermore, the Mint is saying that it will not restart sales until January 28th! With all asunder proclaiming victory and crisis averted based on the nominal price of stocks at five-year highs, Swiss interest rates no longer negative, and Spanish bond yields at 5%, it seems there are still a few that demand the wealth-preserving safe-haven of hard assets as the escalation of the currency wars shows no sign of abating.

rberger2_99 01-18-2013 9:11 AM

Crazy...Glad I already got my 2013 eagles and 2 limited edition silver proof sets. I was about to order a 20 coin eagle tube when I saw this notice on moderncoinmart.com. I hope the rush does not short or skew shipments for subscription holders, as these allocations should have been made well ahead of the general release. I guess only time will tell....

Jeepers 01-18-2013 9:45 AM

hmmm i just put up some dupes out of my silver strike collection for sale, now i am having second thought that and might have to hang on to them just for the silver content ....

CEDaytonaRydr 01-18-2013 7:38 PM

Quote:

Originally Posted by Jeepers (Post 10245098)
hmmm i just put up some dupes out of my silver strike collection for sale, now i am having second thought that and might have to hang on to them just for the silver content ....

DON'T DO IT! I've been buying Philharmonics and Maple Leafs. Silver is ridiculously undervalued; it's going to blow up in the next few years, guaranteed!!!

keenkeen 01-18-2013 8:04 PM

Quote:

Originally Posted by CEDaytonaRydr (Post 10250854)
DON'T DO IT! I've been buying Philharmonics and Maple Leafs. Silver is ridiculously undervalued; it's going to blow up in the next few years, guaranteed!!!

Well, as long as it is "guaranteed!!!" then I guess we can't go wrong...

CEDaytonaRydr 01-18-2013 8:24 PM

Quote:

Originally Posted by keenkeen (Post 10251103)
Well, as long as it is "guaranteed!!!" then I guess we can't go wrong...

Read Michael Maloney's book! The writing is on the wall....

Gold doesn't have nearly the profit potential that silver does, and people have been buying gold like it's going out of style. Here's a tidbit from the book: If everyone in the world demanded silver from their investment portfolios, it would take the mines/producers 2 years to fill their orders! The banks physically could not do it, which would drive up the price even more. It's only a matter of time! Even at the $31, or so today, it's a bargain!

rberger2_99 01-18-2013 8:40 PM

Palladium will soon be on the rise as well. Palladium is the most abundant un-mined metal (currently) of the PMG. While platinum and rhodium begin to plateau, palladium will begin playing a more major role in the industrial market and will soon begin to rise (as we have seen with gold and platinum over the past few years).

OHOD 01-19-2013 7:33 AM

I've always been bullish on silver.
In fact, I've bought almost $10K of silver over the past few months. At every opportunity I buy some.
Currently have 80 ounces to be delivered and 20 ASE's on order. Since I made my order a while ago, I think the ASE's should be delivered...I hope.

Don't worry, I have a nice 401K...just diversifying the portfolio. :D

I know nobody likes Bill OReilly, but here is an excellent Talking Points video. He states that the $ will collapse and why, as well as some talk about social changes that need to be changed and etc.

http://www.foxnews.com/on-air/oreilly/index.html

So yeah, :shrug: take it for what you will.
I have seen the writing on the wall in 2008. Expect the FRN to collapse.

Decoligny 01-19-2013 9:34 AM

Another good point is that silver is good for trade in a SHTF situation. Gold, not so much. Specifically because you don't want to have to pay $1,500 for a sandwich and a bottle of water. It is really hard to get someone to take a tiny sliver of gold off the edge of a coin in payment for a small value item. Fractional silver rounds are perfectly suited for trade in lower value transactions.

BOOGIEMAN 01-19-2013 10:04 AM

the Twilight saga about vampires has ended, there is going to be another book coming out and it is going to be about werewolves. We all know what can kill werewolves. Right! Silverbullet. The gov't need to protect itself, hence it is now stashing silver. Everybody silver panic buy!!!!!!LOL!!!!!!!

blakdawg 01-19-2013 1:32 PM

Quote:

Originally Posted by OHOD (Post 10254085)
I have seen the writing on the wall in 2008. Expect the FRN to collapse.

http://research.stlouisfed.org/fred2/series/M2

I don't see how any other result is possible.

jt-cali 01-19-2013 4:37 PM

Quote:

Originally Posted by CEDaytonaRydr (Post 10250854)
DON'T DO IT! I've been buying Philharmonics and Maple Leafs. Silver is ridiculously undervalued; it's going to blow up in the next few years, guaranteed!!!

How recognizable are Philharmonics? The coins will only be of value if people recognize/know that they are pure silver. I've been sticking to maples and ASE. But the premiums are getting too high and considering getting some philharmonics instead.

Sanderhawk 01-19-2013 4:54 PM

I would bet they are not out of silver they are out of the silver blanks to make the coin. They will manufacture more blanks and get down to business of making more coins.

Gabriel80 01-19-2013 6:45 PM

Quote:

Originally Posted by jt-cali (Post 10258185)
How recognizable are Philharmonics? The coins will only be of value if people recognize/know that they are pure silver. I've been sticking to maples and ASE. But the premiums are getting too high and considering getting some philharmonics instead.

It's not hard to test silver. Stop by any one of your local "we buy gold and silver" stores (which are on every corner) they don't care what is stamped on the coin. A Troy ounce of silver is a Troy ounce of silver. Unless you collect for intrinsic value IMHO it doesn't matter what the design is.

jbohon 01-19-2013 6:49 PM

so, to someone that has never ventured into buying silver, what would be a fair price right now for a 1oz coin? does the design really make that much of a difference?

AmmoCanMagnets 01-19-2013 7:03 PM

Quote:

Originally Posted by jbohon (Post 10259380)
so, to someone that has never ventured into buying silver, what would be a fair price right now for a 1oz coin? does the design really make that much of a difference?

Good questions... I've just recently started looking at getting into some silver myself after some discussions with some friends who are buying small amounts. I'm absolutely a Novice and know very little myself and hope to get educated too.

Of what I know, there is a "Spot" Price for Silver, which is the Market Price, more or less, and fluctuates with the market up and down on a minute by minute, hour by hour basis (like the stock market). It closed at about $31.85 an OZ.

I purchased a couple American Eagle Silver dollars at a local Coin Shop for $37 ish, and I see them in the $36-40 ball park online at many places depending on year, etc.

You can also buy Silver either in Bars, or "Junk Silver" (older coins), or a number of other ways...


I hope some the Silver Experts can chime in because I'm also interested in slowly adding some silver to my collection.

Gabriel80 01-19-2013 7:03 PM

$1 or $2 over spot value. You'll really have to hold onto it for a while to make that $1 or $2 back and then longer there after to make a profit but shouldn't be hard. I know in LA i went to a coin store and if you spend over $1500 there is no sales tax. I've seen websites where the minimum buy is $2500.

jbohon 01-19-2013 7:21 PM

The places that I've checked all seem to be selling 1oz coins for right around $37-$40. That is quite a bit more than $2 over spot. (if I understand it correctly) So where might someone look to find it at a reasonable price? Or have the prices become as inflated as ammo prices? I'd really like to get into this, but I don't want to pay exagerated prices...

also, is the no tax over $1500 thing a rule or was that some special deal?

Gabriel80 01-19-2013 7:26 PM

I've paid up to $34/oz for silver coins (non eagles) and I feel a little suffered. If silver is $31/oz that means I spent damn 10% over the value. It has to be an investment, and I'll have to wait that much longer for the profit to roll in.

I'm still ok with it, I rather pay the lowest possible than pay the premium for the recognizable design. Some will disagree saying "it's so easy to counterfeit everything", but under that same logic silver eagles could be counterfeit too.

It's to my knowledge, while everything can be capable of counterfeit, 1oz coins are less likely to be faked compared to a 100oz bar that is filled in the center with junk metal. Just buy from a reputable store, mint or website and I think you'll be fine. I don't like the idea of buying on eBay. You can also check out kitco.com for lots of information, prices and an online store that caries every precious metal.

Malthusian 01-19-2013 7:27 PM

You always pay a premium for the coin
I was buying them for $8 when silver was $5 an ounce

Gabriel80 01-19-2013 7:29 PM

Quote:

Originally Posted by jbohon (Post 10259714)
The places that I've checked all seem to be selling 1oz coins for right around $37-$40. That is quite a bit more than $2 over spot. (if I understand it correctly) So where might someone look to find it at a reasonable price? Or have the prices become as inflated as ammo prices? I'd really like to get into this, but I don't want to pay exagerated prices...

also, is the no tax over $1500 thing a rule or was that some special deal?

Check kitco.com online store for prices closest to spot. But call coin shops in your area. Ask them if they sell silver coins, you're looking for Troy ounce rounds or bars, and how much are they each? They SHOULD give you their price over the phone, no b.s. waste your time. Find the cheapest price and drive there.

As for the sales tax thing, I believe it's a state law. It differentiates the difference between someone buying for collection and novelty and someone buying for investment/money exchange. The state doesn't tax on the investment. To my knowledge!

64physhy 01-19-2013 7:30 PM

Silver is forecasted to reach about $50/ounce this year and up to $150 in 2015. Hold onto it if you've got it. I think I'll be getting some more as soon as I get the funds.

jbohon 01-19-2013 7:31 PM

ok, so would it be better to buy bars? Do you still end up paying the same premium?

Gabriel80 01-19-2013 7:33 PM

Quote:

Originally Posted by jbohon (Post 10259817)
ok, so would it be better to buy bars? Do you still end up paying the same premium?

Bars or coins, they're the same price and the same value. The only difference is their shape.

AmmoCanMagnets 01-19-2013 7:44 PM

Quote:

Originally Posted by jbohon (Post 10259817)
ok, so would it be better to buy bars? Do you still end up paying the same premium?

I just ordered a few of these....Scottsdale Silver 1 OZ (free ship, no Tax in CA) $35.27 - $37.39/oz (depending on Qty and Payment Method)

http://store.scottsdalesilver.com/pr...g---Our-Choice

Gabriel80 01-19-2013 7:49 PM

All different shapes sizes and stamps.

https://online.kitco.com/bullion/completelist_USD.html

rberger2_99 01-19-2013 8:09 PM

Quote:

Originally Posted by jbohon (Post 10259817)
ok, so would it be better to buy bars? Do you still end up paying the same premium?

Bullion coins and bars are are the same. When you get into coinage, meaning currency, there are numismatic values that compound on top of the silver value.

I have recently seen some sterling (.925) bullion copies out there that are very unclearly marked as .925. If you are using the silver spot price as your buying basis, be sure that you are purchasing .999 fine silver.

If you do endeavor to purchase .925, a good rule of thumb is to purchase at 85% - 90% of spot.

jbohon 01-19-2013 8:22 PM

Quote:

Originally Posted by Gabriel80 (Post 10259970)
All different shapes sizes and stamps.

https://online.kitco.com/bullion/completelist_USD.html

Great selection, pricing and info, but $2500 minimum buy? Ouch... I'll have to give our local coin shop a call on Monday and see what they've got.

Gabriel80 01-19-2013 8:43 PM

Quote:

Originally Posted by jbohon (Post 10260287)
Great selection, pricing and info, but $2500 minimum buy? Ouch... I'll have to give our local coin shop a call on Monday and see what they've got.

I feel you, that's tough. One idea is to go in with a friend or two, split the minimum.

tcd511 01-19-2013 9:44 PM

So whats better silver coins or silver bars or it doesn't matter? Being new to this where are some recommended places to buy from?

jbohon 01-19-2013 9:50 PM

it seems that bars ans coins hold the same value. I did a google search and found several places that look pretty good. Right now I'm looking at Apmex because they only have a $50 minimum buy...

jbohon 01-19-2013 9:53 PM

Here's one at $35.67 for a single ounce

http://www.apmex.com/Product/22/1_oz..._999_Fine.aspx

tcd511 01-19-2013 9:54 PM

Quote:

Originally Posted by jbohon (Post 10260986)
it seems that bars ans coins hold the same value. I did a google search and found several places that look pretty good. Right now I'm looking at Apmex because they only have a $50 minimum buy...

I just registered on their site before I saw your response. Do you have any experience with buying any of the 1 and 5 gram bars? Just wondering if these would also something to be worth having since they are small and not 1 full troy ounce?

jbohon 01-19-2013 10:08 PM

I was thinking they would be, if you needed them for bartering for small items.

swruger 01-20-2013 10:02 AM

Pawn shops can be a good place to look for silver coins/bars as well. Commonly 1 or 2 dollars over current market rate, convenient, and are often right there on the way home from work. Make it a part of your monthly budget and include it in your savings account balance. They will be useful when the major earthquake hits California, if for no other reason.

whatmeworry 01-20-2013 10:25 AM

I have used these guys before. As low as 0.99 over spot on silver (volume and cash price)

http://www.providentmetals.com/

jbohon 01-20-2013 10:27 AM

Now there's a good idea I hadn't thought of. I'll have to look into local pawn shops. I'm not looking to get into silver for a retirement investment, I just think it would be useful when the paper dollar no longer has a value or you can't get money from banks or ATMs because of a large scale earthquake etc...

jbohon 01-20-2013 10:33 AM

Quote:

Originally Posted by whatmeworry (Post 10264270)
I have used these guys before. As low as 0.99 over spot on silver (volume and cash price)

http://www.providentmetals.com/

I'm going to have to look into these guys more. Not only do they have good prices, they have military branch silver rounds! I have to get one of these:

http://www.providentmetals.com/us-ma...ion-round.html

wheels 01-20-2013 10:45 AM

Quote:

Originally Posted by jbohon (Post 10264332)
I'm going to have to look into these guys more. Not only do they have good prices, they have military branch silver rounds! I have to get one of these:

http://www.providentmetals.com/us-ma...ion-round.html

Those are kind of cool - may have to get a couple for me and some other vets I know.

Also I've used Provident metals for several orders - all good results.

OHOD 01-20-2013 2:17 PM

Quote:

Originally Posted by jt-cali (Post 10258185)
How recognizable are Philharmonics? The coins will only be of value if people recognize/know that they are pure silver. I've been sticking to maples and ASE. But the premiums are getting too high and considering getting some philharmonics instead.

As long as the coin/bar is marked .999 silver and the such, then your good to go.
I've bought and sold allot of silver over the years and one thing holds true, if it is not marked as silver, then you have a hard time selling it as silver. Junk silver is a little bit different.
The ASE is popular as both a collectible coin and is considered legal tender.

I just sent an email to my supplier, my ASE's will be on their way soon. :D


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