Silver pushing $30/oz is junk silver going to melting pots?

[JIM F.]

I know I'm dumping junk silver at these prices. In reality does it really get melted, or just sold amongst dealers/speculators?

 

[gmarguli]

Both. I know several dealers that actually send bags of coins to a smelter and they get a report back on the overall purity of the lot and a check.

 

When silver was $18-$20 an ounce they were breaking up proof sets from various countries and melting the smaller silver coins as well as stripping their inventory of lower grade silver collectible coins. Walkers, Franklins, WLQ, SLQ, Mercs, tons of Morgans and Peace dollars, it didn't matter, it was being bagged and sent to the smelter. At $28 an ounce I suspect a lot more is going to be melted.

[johnny9434]

Both. I know several dealers that actually send bags of coins to a smelter and they get a report back on the overall purity of the lot and a check.

 

When silver was $18-$20 an ounce they were breaking up proof sets from various countries and melting the smaller silver coins as well as stripping their inventory of lower grade silver collectible coins. Walkers, Franklins, WLQ, SLQ, Mercs, tons of Morgans and Peace dollars, it didn't matter, it was being bagged and sent to the smelter. At $28 an ounce I suspect a lot more is going to be melted.

 

ill go along with that. will see alot more going to melt now.

[Coinsman63]

I doubt it.

 

Silver was over $30 an ounce a few weeks back and there wasn't a rush to the melting pot by anyone.

[johnny9434]

not that we know of anyway

[jtryka]

Well, industial users have to get silver from somewhere! You certainly can't solder a circuit board with a futures contract...

[Bugmann1974]

I doubt it.

 

Silver was over $30 an ounce a few weeks back and there wasn't a rush to the melting pot by anyone.

 

Silver didn't quite get to $30 did it? as I recall it got to a little over $29 and then was down to a little over $27 in just a couple of hours. I have been watching Silver closely because as soon as it hits $30 I have a bunch of '21 Morgans and common circulated Peace dollars I am going to sell off.

[thebeav]

No, it hasn't hit 30 yet......At least, not in the last 30 plus years.....

 

Paul

[Coinsman63]

I doubt it.

 

Silver was over $30 an ounce a few weeks back and there wasn't a rush to the melting pot by anyone.

 

Silver didn't quite get to $30 did it? as I recall it got to a little over $29 and then was down to a little over $27 in just a couple of hours. I have been watching Silver closely because as soon as it hits $30 I have a bunch of '21 Morgans and common circulated Peace dollars I am going to sell off.

 

It did make it just over $30 an ounce early in November when the price spiked, it was as high as $30.46, then closed that same day just under $30.

[thebeav]

It doesn't show up over 29 dollars in these charts....

You must have been following some 'futures' price......Today will be the first close over 29 dollars. That is, if it stays there.....

 

Historical Silver

[cladking]

Silver has been getting melted for over two years now. The refineries aren't all backed up and running night and day like they were briefly in 1980 but we've probably melted more already than was destroyed in '80. The last time there was lots more scrap and silverware in the mix and this time it's mostly coin.

 

If the spread grows between 999 and coin the melting will ramp up.

 

A lot of the above ground supply of silver is in the form of pre-'65 US coin and this could keep the refiners and melters pretty busy for several years.

[PerryHall]

Silver closed at $29.38 up $0.84.

[Coinsman63]

It doesn't show up over 29 dollars in these charts....

You must have been following some 'futures' price......Today will be the first close over 29 dollars. That is, if it stays there.....

 

Historical Silver

 

I follow two sources for precious metals trading, Kitco, and MONEX. I was watching the trades with one of my dealers the day it hit over $30.