Silver coin and bullion premium is sky high
Want to buy some silver? Prepare to pay a premium of up to 70% over the silver spot price. When we commented on silver shortage back in September, the things were bad, but has drastically worsened ever since. With the current silver 'Ask' price at around $10.37 per ounce, APMEX offers 1 oz. Silver American Eagles from $14.36 to $16.16 each, depending on the year and quantity.
1 ounce Canadian Maple Leafs are sold anywhere from $14.55 to $15.85, while Austrian Silver Philharmonics can be yours for $16.37. And these prices are less expensive than, for example, those of Lear Capital, which charging $16.68 for 1 oz. American Silver Eagle, $17.83 for 1 oz. Canadian Silver Maple Leaf and $15.83 for what seems to be Engelhard silver rounds. While the 100 ounce silver bars shortage isn't as acute, the premium is between $1.99 and $2.19 per ounce for a brand new Johnson Matthey 100 oz. bar. While silver price is cheap, it is hard for us to justify buying it when exchanges charging you an arm and a leg. However, many are willing to pay.
The lowest premium on physical silver is for industrial silver grain/shot. APMEX offers a 50 oz. bag of .999+ fine silver for $.79 over the spot per ounce. Larger sizes carry only $.59 per ounce premium.
Fri Nov 28, 2008 01:11AM by Tony | More in Economy | Comments (0)
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