For certain buyers, you can even snag junk silver below spot if you buy in bulk.īeware! Buying silver under spot means you have to buy the right coins.Ī circulated Peace dollar in good condition, for example, will sell for a 15% – 20% premium from a coin shop or online auction – higher than the premium on a 99.9% pure silver American Eagle. junk silver coins for as little as 1% – 3% over spot prices. government produced many of its coins in alloys consisting of silver purities ranging from 35% to 90%.Īnyone can get U.S. But essentially, a junk silver coin is any government-issued coin containing any amount of silver that has little to no numismatic or collectible value above the value of the metal it contains.Īlthough there are many world coins minted in silver, the most popular junk silver on the market today are circulated U.S. The term “junk silver coin” is vast, looking at many world coins. It can be difficult to find any bullion dealers willing to part with Eagles or Maple Leafs below spot.īut there is one way to get around that obstacle and sometimes buy silver under spot. Standard silver bullion – such as American Eagles and Canadian Maple Leafs – may come loaded high premiums above the metal's spot price. It's well known you can buy silver under spot by making bulk purchases of the right silver vehicle. Spot price is, basically, the commodity’s “right now” price.īecause there isn't a true physical marketplace where folks can bring their silver, the silver price is gleaned from the futures market using a formula that considers current interest and dividend rates and how many days until the futures contract is mature. Spot price for any commodity is the price you would fork over at this specific moment to obtain the commodity. The smaller the bid-ask spread is, the more liquid a commodity, and the less transaction fees an investor will incur when getting into and out of investment positions.First, let's get the terminology out of the way. The difference between the two is referred to as the “bid-ask spread” and is often a reliable indicator of an investment’s liquidity. More simply: If you want to buy, you pay the ask price if you want to sell, you receive the bid price. The ask price is the minimum asking price available for a particular commodity at the present time. The bid price is the maximum offer available for a particular commodity at the present time. What is the difference between bid and ask prices? These costs all get worked into the final retail price or premium. They also have premiums that they have to pay to acquire the physical metal about the spot price. When buying precious metals, there’s an additional charge called the premium, which is the real world cost to take precious metals from the ground, refine them, and mint them into a final retail product.Įven refineries and mints don’t buy precious metals at the spot price. When looking to sell metals to a dealer, the dealer may offer spot or slightly below the spot price for metals. Precious metals are sold by dealers with a premium to the current spot price. The spot price is quoting the current trading market price for 1 troy ounce of. However, markets all over the world can trade the spot price in USD and then convert into into their local currency. What currency is the spot price quoted in? The market can have many periods that are quiet, followed by highly volatile trading periods. Spot prices remain static during that 45-minute period from 5:15PM EST to 6PM EST on those days.
Silver coins for sale at spot price update#
Between domestic and foreign exchanges, spot prices update Sunday through Friday, from 6PM EST to 5:15PM EST each day.
The price of precious metals is constantly changing, as they’re traded during market hours by millions of investors and businesses. (By near term, that may mean the front month contract, or the nearest contract with the most volume.) However, the most important exchange for determining precious metal spot prices is COMEX, where prices are calculated using the near term futures contract price. Gold, silver, platinum, and other precious metals are commodities that trade virtually 24 hours per day across multiple exchanges, including New York, Chicago, London, Zurich, and Hong Kong. How are the precious metal spot prices calculated?
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