The under spot challenge.

[FriedrichVonHayek]

I am going to set myself the task of trying to buy 500oz of Silver under the spot price.

I have just bought 36oz for £300 minus £5 nectar vouchers so £295 in total.

Despite the handicap of living in the U.K with its disadvantageous tax laws with regard to Silver I believe it can be done.

To make things a little easier I will be using a cash back credit card,nectar points and Swagbucks to keep costs down.

[Danny-boy]

I am going to set myself the task of trying to buy 500oz of Silver under the spot price.

I have just bought 36oz for £300 minus £5 nectar vouchers so £295 in total.

Despite the handicap of living in the U.K with its disadvantageous tax laws with regard to Silver I believe it can be done.

To make things a little easier I will be using a cash back credit card,nectar points and Swagbucks to keep costs down.

Great plan, like it.

Do you have any timescale on the challenge? I have been stacking for 3 years now and estimate I have only managed about 20oz under spot, albeit not using cash back etc.

Are you looking for under spot at the time of purchase or just keeping a below spot total average?

[FriedrichVonHayek]

 

Great plan, like it.

 

Do you have any timescale on the challenge? I have been stacking for 3 years now and estimate I have only managed about 20oz under spot, albeit not using cash back etc.

 

Are you looking for under spot at the time of purchase or just keeping a below spot total average?

I am not going to set myself a timescale as when you have money to spend you can't find anything and when you have no spare cash there seems to be loads to buy.

I thought I was off to a flying start with the 36oz I have just bought,but when I have opened the package it wasn't as described so I will have to wait for eBay to come up with a solution.

The title of the listing said 6 items,and I have received 5.

Now I have looked at the pictures there are only 5 items.

[Danny-boy]

Not the best start to the challenge!!!!

Are you restricting yourself to coins, or anything containing silver I.e flatware etc?

[FriedrichVonHayek]

It will mostly be all Sterling,the majority will probably be flatware.

Hopefully the seller will partially refund me as I would rather keep the Silver.

[Paul]

Mugging someone carry a monster box is the quickest,cheapest & easiest way to your goal and start a business like Tulving and do it x1000s of times over ! 

[Pete]

Are you converting sterling or junk silver weights according to their alloys into actual fine silver 999 in comparing to spot price ?

[BULLIONJOHN]

Good luck, there is a chronic silver shortage in the UK at the moment!

[FriedrichVonHayek]

Are you converting sterling or junk silver weights according to their alloys into actual fine silver 999 in comparing to spot price ?

If I buy Sterling it would have to be 92.5% of the spot price.

[DRooster]

I only ever got under spot on a few random half crowns/florins/threepences off the evilbay ... certainly not enough to make me think it's going to happen very often ...

500oz seems a target to guarantee frustration but no harm in trying.

Go for it!!

My average is about £12.30 per oz against a £9.30-to-£9.70 spot range so far.

[Danny-boy]

If I buy Sterling it would have to be 92.5% of the spot price.

This is the "under" spot challenge, not spot challenge [emoji1]

[LongJohnSilver]

Its a piece of piss. I've bought literally hundreds of ozs of silver at 10% below spot . Makes up for the huge premiums i'm simultaneously paying on copper

[FriedrichVonHayek]

 

This is the "under" spot challenge, not spot challenge

 

 

My aim is to buy under spot on average but I may stray over from time to time.

[FriedrichVonHayek]

On 10/14/2015, 8:00:20, LongJohnSilver said:

Its a piece of piss. I've bought literally hundreds of ozs of silver at 10% below spot . Makes up for the huge premiums i'm simultaneously paying on copper

It is easy you just have to be very patient.

Another problem is that if you get a good deal it is tempting to flip it for a quick profit.

Why don't you just collect pre 1993 coppers from your change.

[Danny-boy]

Also don't you just collect pre 1993 coppers from your change.

I have about 10kg of that stuff, hopefully it'll be around £10/oz before I retire. [emoji1]

[FriedrichVonHayek]

 

I have about 10kg of that stuff, hopefully it'll be around £10/oz before I retire.

 

I can't help looking through my change for them and I just can't bare the thought of spending them!

[FriedrichVonHayek]

I have received a refund for the Silver I bought off eBay as the description was wrong,this has knocked me back for the month.

My total so far for the month is 205.5 grams of Silver for £48.01.

I also managed to buy a Sovereign under spot for £164.40.

I have used Nectar points,Swagbucks,Ebay Voucher code and I have started to use Topcashback to subsidise these purchases.

 

[Scuzzle]

Topcashback is good to use on lots of sites, anyone thinking of signing up should check with people on here who are already members as there is a referral reward for sign ups which I'm sure many would happily split, I know I would.

[Shinus73]

I've noticed recently that I'm winning more 'under spot' auctions for junk silver lots than used to be the case. As examples, this past weekend I got 3 Canada Dollars for £15.93 and 3 Austrian 50 Schillings for £16.95. That's a total of 3.536 troy oz for £32.88, or £9.30 per oz. That's the cheapest I've ever bought either of those coins.

[HelpingHands]

FVH do you have a purity threshold or is 50% ok?

[FriedrichVonHayek]

FVH do you have a purity threshold or is 50% ok?

I have never been able to buy any at a reasonable price so I just stick to Sterling or better.

[Murph]

And you're selling 50 schillings coins on the bay already!

[Shinus73]

36 minutes ago, Murph said:

And you're selling 50 schillings coins on the bay already!

I'm selling a couple of proof versions currently, not the ones I won recently - they haven't arrived yet. I personally don't like proof coins, so whenever I get some in a batch, I move them on - I'm a bit OCD that way!

 

[sovereignsteve]

54 minutes ago, Murph said:

And you're selling 50 schillings coins on the bay already!

Does everyone keep an eye on everyone else round here?

[Agpanda]

not me, havn´t got a clue  :-)