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Value of sterling commemoratives vs. spot price of silver
I have some sterling silver danbury mint president ingots and would like to sell them. What would I expect to get for an ounce of these ingots. I've gotten quotes of 70% of spot. Is this a fair price?
Larry Spoonretired golfer, fisherman - Sanford, Florida, USA
February 24, 2011
70% of spot isn't very much, but may be the best you can do if you have a small quantity, say 10-20 ounces. Look at it this way - @ 70% the buyer has about $9/ounce to work with, and even if he accumulates a large quantity, he still can't get close to 100%.
If you have 100 ounces you should be able to do some better, if you have 1000 ounces much better, maybe 90%.
Jeffrey Holmes, CEF
Spartanburg, South Carolina
February 25, 2011
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