Coin Shops are NOT Buying Silver Rounds?!?

one thing I strive to do on this channel is bring honest and current information not just in regards to what the market is doing but the premiums the Buy price of silver what you pay for it how much you're paying over spot and what you can sell it for on this channel I commonly call coin shops and find out what they're paying for 1 oz silver rounds Eagles gold so on and so forth so when I get comments like this it always cracks me up now this comment comes from the video I did just the other day which goes over my favorite things to buy or what I think most people should be buying of course personal opinion and the worst silver to be buying right now this comment says what you must tell your viewers and I'll go ahead and blow it up for you what you must tell your viewers is that when the time comes to sell your silver back most people will lose money unless silver goes to over $40 per ounce in other words you buy now pay the premium silver goes to 34 USD per ounce you basically just break even now look last year or the last few years even this comment is not really incorrect it really was a time when we had very high premiums and especially for things like silver eagles if you were buying silver eagles last year March April May June of 2023 or even before that when the premiums were nearly double spot this comment is not wrong but this comment is wrong today and by the way you can see there's a few replies there I actually had a conversation with this guy and he got pretty aggressive so I stopped the conversation I will show you the rest of it later in this video but you know it's comments like this that you know just they they portray false information and they assume that I'm not covering everything uh here's another comment I want to give you another good example this comment comes on that same video and this guy says that dealers are not interested in rounds at all and that you should be avoiding them he says and I'll go ahead and blow this up for you he says as someone who buys weekly and droves I can tell you to buy rounds with the hopes of selling them you are in for a big disappointment dealers and this is all in caps are not buying backgrounds at least not here in Florida nobody wants them I am going to focus on Florida today because we are going to be calling Quin shops in Florida and finding out if they're buying rounds and what they're paying he says the big dealers are using them as a sorry for the inconvenience token when they screw up but no dealer wants them anyone who sold them to you or tells you otherwise is lying to you I'm seeing this at every coin store in the State of Florida I can provide you a list if you'd like rounds stay away from them now this comment right here I another thing that I know for a fact is incorrect the last time I did a coin shop call video where I called coin shops about selling rounds and selling Eagles none of them none of them said they weren't buying them they did you know offer me spot or maybe a little bit back but every single one of them made me an offer every single one of them one of the rounds and why wouldn't they because a real good coin shop most coin shops whenever they buy silver if they have too much coming in they have wholesalers that they work with that will buy it from them for just a little bit less than what they're paying so for example if they have a wholesaler that's buying it from them for say 50 cents back a spot or 25 cents back a spot they can buy it just a little bit back of that and then just ship it off to the wholesaler there's no reason they would turn it away at that point uh having a connection like that allows them to buy silver in a weak market like what we see right now uh I I will be blown I'm going to call shops I haven't even called any yet but I would be blown away if I was told by a single shop that we that they aren't buying silver we'll find out because we're going to be calling shops and finding out right now let's get on the phone and see what they say as you know my channel is sponsored by sdbullion.com and I wanted to share with you a quick deal they have going right now with their 1o silver cowboy rounds I love these and while technically they are considered generic silver rounds there's no doubt about it they are one of the most beautiful generic silver rounds that I have in my stack right now with the bucking bronco and you even have the little Buffalo privy right there love these things guys take advantage of it by clicking the link in the description below and let's get back to the video all right so we're going to call our first coin shop find out what they're paying for 1 oz silver rounds and silver eagles if they're even buying them we're about to find out aren't we after that we will call the Florida shops but unfortunately in Florida we will not be able to record the calls since they are a two-party consent State I would have to let them know that I am recording and if I do that they may skew the numbers or say something I want to hear so we're not going to do that but I'll put the data on the screen let's go ahead with our first coin shop and by the way at the end of these calls I will do some math and figure out what silver would have to get to if you were to buy silver today and then sell it today as well and get your money back we'll see what that looks like at the end but here we go first shop let's get them on the phone yeah could you tell me if you're buying silver today uh yes we are sure okay uh silver do you have I have some silver rounds and silver eagles and I was just wondering what you pay for both for both of those all right hang on a second here now the silver rounds that they were bought from here uh they're going to get you probably a little bit better price okay because some of them also lead you to other dealers and this and that and we pay less for those okay but for nice clean silver rounds that were bought from here right now I'm paying 257 for them and then the other thing you said silver eagles backdated silver eagles I'm paying 2667 okay all right thank you I appreciate that all right well look them over make sure they're nice and see what we can do for you all right perfect thank you thank you by all right so I just recorded that shop and then I called 10 more and I went back through and I did all the data so I could show it with you guys this shop I named number zero because I forgot about it and so I did the other 10 I did the sheets for the other 10 and I'm like Oh shoot what about the shop that I called before I called Florida so we're just going to call it number zero but the shop that we just called that you just heard as you can see 25 cents an ounce back of spot for Rounds a125 over spot for 1 oz silver eagles not a bad start they are definitely buying as you can see now the next shop I called was in Florida they were paying 25 cents an ounce overs spot for Rounds a175 an ounce overs spot for 1 o Silver Eagles there's a Florida shop definitely buying next shop in Florida a little bit weaker on the rounds 50 cents an ounce back of spot for 1 oz of rounds but $2 an ounce over spot for 1 o Silver Eagles again they were buying the shop after that I called another shop in Florida $1 anounce backup spot for rounds a dollar over spot for one on silver eagles that is Shop number 3/4 you get the idea another shop in Florida definitely said yes they'll buy my rounds and that's what they offered me here's another shop in Florida this one offered me spot price they offered me a $150 an ounce Sil spot for Silver Eagles but full spot for Rounds can't get mad at that another shop definitely buying now we're moving out of Florida into Missouri this shop offered me spot for Rounds $2 an ounce over spot for Silver Eagles another shop that said yes they are buying next shop Illinois a dollar back for Rounds 225 over for Silver Eagles notice every one of these shops I know I keep emphasizing this but every one of these shops has yet to to say no they're not buying my rounds yes they are paying less than Eagles but they are certainly buying let's go next up shop number seven this is in the state of Washington they are paying a quarter overs spot for Rounds I think that's the second shop that offered us overs spot they are also paying 250 announce overs spot for Silver Eagles we've always had good luck calling shops in Washington on this channel though uh it seems like every time Washington has one of the best shops so next up this shop in California a dollar a back for silver rounds three dollars an ounce over spot for Silver Eagles let's go that is a spread by the way of four that shop it's almost better to be buying Eagles I mean today if Eagles are like $150 $2 an ounce overs spot difference between rounds and Eagles if you were selling to that shop it was better for you to buy Eagles uh $3 over spot let's go shop number nine out of Texas offered me spot for silver rounds a dollar over for silver eagles much smaller spread it just a dollar difference between the two but again buying rounds and the final shop I called in Arkansas 25 cents an ounce back for silver rounds $1.75 per ounce over spot for Silver Eagles again they are buying rounds as well now let's go ahead and take a look at our averages so if we take all 11 shops add everything up and average them out you can see the average offer for rounds is 30 cents back of spot again as I said it's definitely a weak market for rounds but every single shop was buying them every single all 11 was paying for or was offering me a number for one on Silver rounds Silver Eagle same thing average was $165 five overs spot but every single shop was buying them and it looks like the spread by the way if you look at these is around $2 so you're going to get on average $2 more when you sell silver eagles than sell silver rounds so clearly this comment from father duck about nobody buying silver rounds is wrong I'm not saying that there aren't shops out there that aren't buying them but I called 11 and 11 in a row offer to buy them from me so it wouldn't be hard to find another shop if the shop that you go to First isn't buying them for whatever reason and then going back to this comment where the commenter said that silver needs to go to $40 an ounce or you'll lose money and he says that it need to go to at least 34 just for you to break even obviously Incorrect and let me show you what I mean you guys know there's nothing I like more than factual pure data looking at the numbers and seeing what the numbers actually say rather than just what I feel so that's why I came up with this generic verse premium silver calculator I'm going to show you how I'm going to use it today I'm also going to offer you a free download in the description below I've been offering this on my website for a long time it's had tens of thousands of people download it it's just an Excel spreadsheet that I put together so you can take a look at the buy and sell difference in premiums so if you were to buy rounds at One Price what it would need to go to the sell them at one price is it better to buy rounds or Eagles or Maples so on and so forth that's what this is now to get the numbers that we need for buying for 1 oz of rounds I'm going to refer to the deal that I spoke to you about earlier from our sponsor SD bullion which is this one right here where you can get a tube of 1 oz Sil rounds for $1.79 over spot for the Cowboys there might even be better deals out there I'm not arguing that so we'll plug that in to our silver rounds category and then for Silver Eagles I scoured a bunch of online websites and the average right now is looking around 5 to 550 which honestly I think that might be going up a little bit we'll talk about that in a future video because 550 seems a little bit higher than where it's been this last month or two uh but we'll plug 550 in there for Silver Eagles now spot today is around 2530 and we're going to spend about 1,000 bucks so you can see we would be able to get around 30 close to 37 1 oz of rounds a little bit over 32 1 out silver eagles now the sell premium on Silver rounds is 30 cents back of spot right so less than spot 30 cents back of spot and then one out silver eagles the average was a $165 overs spot now the comment said for us to break even we would need to get the $34 an ounce so we're going to plug that into our spot price at sell basically this is what spot gets to when we sell it and the premiums that we're selling them at we're going to sell them at today's premiums but let's say we have a you know these this silver that we just bought and we're going to sell it because silver jumped up to 34 or whatever uh you can see that we actually have $1,244 coming back to us on Silver rounds that is a profit of $244 $1,157 coming back to us on Silver Eagles that's a profit of $157 so we definitely are not just breaking even at 34 in fact we are still making a profit even at 30 and it's at 29 where you actually now start to lose on Silver Eagles and it's around 2750 or so right there where you actually start to lose on silver round so silver doesn't need to go up to 34 doesn't even need to go up to 28 on Silver rounds for you to be able to sell them and get all of your money back and for you to make a decent profit even if you get to 32 you're making almost 200 bucks and one thing I want to note here is that this sheet really does show that right now with the premiums where they are it's still better to buy rounds based on these numbers today obviously there are situations where demand for Silver Eagles goes up and what happened last year with silver eagle sitting at $20 premiums happens but in a normal Market which is what we're looking at right now it really does look like rounds are still the better way to go just not by a massive amount but still the better way to go uh just to get the most silver into your stack now as I said earlier I promised you I would show you the rest of this comment thread with this commenter because I made a couple of responses and he got a little defensive and nasty and that's fine that's how people are it's no big deal I'm not mad about it but I said what you must stop doing because he says what you must tell your viewers I said what you must stop doing is assuming I don't cover that constantly on this channel if you guys are subscribers to the channel if you're not please subscribe I definitely appreciate appreciate it especially if you enjoyed and learned something from this video uh but what you guys know is I cover all these topics all the time I think I probably do it more than anyone else on YouTube especially when it comes to retail premiums buyback sell backs you know whatever it is uh he goes I see he responds by saying I didn't hear you say it in this video to which of course I said do I have to cover every single thing in every single video that's not how this works uh every if I did this in every single video oh by the way this oh by the way that they would get even more repetitive than some of you think some of these videos already are um but you know I said and then I said also 40 no even if you sell $1 backup spot rounds at 28 to 2850 today still yields a profit and then he goes LMO okay keep on trucking and then I highlighted and pointed an arrow to where he got nasty he says I'm glad I'm not subscribed to your Channel Good Luck to all of your victims apparently me bringing you this data and showing you the true numbers makes you a victim of my channel guys if you don't believe in silver I don't know why you're still here uh I obviously love silver but I also am not afraid to show you the true data I'm not afraid to show you the numbers and I'm not afraid to tell you that look silver is a long game you need to buy you need to hold it you shouldn't be buying silver all this video was about buying and selling back based on his comments but in reality you really shouldn't be buying silver with the intent to turn around and sell it for a profit next week or next year it's really is a long game it's a real great way to have a physical tangible asset that you can hold in your hand will always maintain value especially when you are like me and don't trust the Fiat dollar but look to each of each and every one of you I'm just going to say if you feel that the stuff I'm telling you is is full of it I don't know what to tell you other than this is actual real war data that I show you I share with you I show you screenshots I go to websites I show you those I make the calls I let you listen to some of those as well you get the ideas so let me know what your thoughts are in the comments down below I'd really appreciate it and uh like I said earlier if you learn something from this video and you like videos like this you want to see more and you want to support the channel don't forget to hit that subscribe button I really appreciate that as well and if you want to see this video right here YouTube thinks it's a great one and you should watch it next so do so now we will see you next time and have a great rest of your day

Channel: Silver Seeker

Views: 73,854

Keywords: Silver Coins, Silver, Silver Bullion, Silver Seeker, Silver Eagles, Silver Rounds, Silver Price, Silver Stacking, Stacking Silver, Coin Shops, Coin Shop Owner, Local Coin Shop, precious metals, coin shops near me, gold and silver prices, coin store, coin shop video, investing in silver, silver stacking tips, silver news, silver stacking for beginners, silver dealer, bullion dealer

Id: FsTNd_q8530

Length: 14min 43sec (883 seconds)

Published: Mon Mar 18 2024