Junk Silver Prices

[g33x0r]

I haven't bought junk silver in any quantity for almost a year and even longer in any kind of volume.  I used to buy in person (in 2019) or online when the deals were right.  When I say the deals were right, I'm talking less than a dollar over spot, MAYBE 1.50.... Now I'm seeing 13 dollars over spot online?!?!?!!?  Who is buying junk silver at those prices?  What is going on right now, I've been out of the loop on this stuff for a spell, what did I miss? 

[stackerp5]

Junk as in constitutional? I ask because junk silver is anything that's beat the hell up or unusable in the UK. Here I pay minimum spot price for junk. I've bought US constitutional for reasonably low premiums over spot but premiums are generally higher now due to increased demand.

[g33x0r]

Yeah US constitutional is what I was thinking.  Looking at APMEX today, their "On Sale" 90% silver is still 5.00 over spot!  That's just crazy to me. 

[ady]

4 minutes ago, g33x0r said:

Yeah US constitutional is what I was thinking.  Looking at APMEX today, their "On Sale" 90% silver is still 5.00 over spot!  That's just crazy to me. 

But is that not the true market price?

[g33x0r]

3 minutes ago, ady said:

But is that not the true market price?

No, that's "retail", they won't buy it back for anything close to that and I doubt I could sell mine directly to someone else for that price. 

[ady]

22 minutes ago, g33x0r said:

No, that's "retail", they won't buy it back for anything close to that and I doubt I could sell mine directly to someone else for that price. 

 

[ady]

But the market must be heading in that direction, do not fret unless you have to sell.

[g33x0r]

Well I feel like premiums have been that high for well over a year now, ever since the crash and rebound in March of last year.  Yeah, I'm holding on to what I have, no rush here.  Not really stacking anymore though either other than the odd collectibles here and there.