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Thread: My respect for JM bullion is going down the toilet.

  1. #1
    Guns Network Lifetime Member #2

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    My respect for JM bullion is going down the toilet.

    https://www.jmbullion.com/other-prod...metal-bullion/ Check out this new offering. 1 oz of cobalt costs about the same as a friggin pound of it on the world market! I really lost respect when they jacked up their prices from about .99 over spot for silver to about $5 an ounce over spot but this kind of stuff takes the cake. Check out the one ounce of nickel for $10, if my calculations are correct at the market price of $20,000 per TON the effective cost of the one ounce is about .10
    Last edited by 1 Patriot-of-many; 09-19-2021 at 01:08 PM.

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    Senior Member Oswald Bastable's Avatar

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    Hell, all the interwebz dealers were selling oz copper rounds for about 20,000 x the price of copper last time I went through their listings, which was some time ago, I admit, but their spot prices on silver and gold were reasonable. The biggest problem lately has been scarcity of generic rounds, meaning they can charge more for the specialty rounds that are available.

    I was buying generic silver rounds every paycheck for a time, back when the price was in the $14 to $20 range, but from a local coin/jewelry shop...price above spot was always $2. It all went wonky when covid hit...suddenly the generic rounds dried up, then prices started upward to a high of about $28 per oz. Prices have declined recently...if it drops below $20 per oz I might start buying again.

    The store I frequent uses Apmex.com for setting their spot prices...so that's the interwebz dealer I refer to most often when researching metals prices...
    If we refuse to rule ourselves with reason, then we shall be ruled by our passions.

    He, Who Will Not Reason, Is a Bigot; He, Who Cannot, Is a Fool; and He, Who Dares Not, Is a Slave. -Sir William Drummond

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    Senior Member JTHunter's Avatar

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    Oswald - the prices at Apmex are interesting. Have you ever looked at Monex.com ?
    In looking just now, 1 oz. gold American Eagles are listed at "HI" $1,844.20 and "LO" $1,827.90.
    Silver American Eagles are listed at "HI" $28.77 and "LO" $28.15.
    Spot prices for gold and silver are listed as $1,762/$1,746 and $22.92/$22.34.
    “I have little patience with people who take the Bill of Rights for granted. The Bill of Rights, contained in the first ten amendments to the Constitution, is every American’s guarantee of freedom.” - - President Harry S. Truman, “Years of Trial and Hope”

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    Senior Member Oswald Bastable's Avatar

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    I've looked at Monex before...I generally referred to Apmex though, as that is what my local coin shop uses for setting their prices. Those silver American Eagles (and the gold ones) are considered more collectable than the generic ones, thus go for something of a premium. The generic silver rounds are currently running about $25.51 or so...
    If we refuse to rule ourselves with reason, then we shall be ruled by our passions.

    He, Who Will Not Reason, Is a Bigot; He, Who Cannot, Is a Fool; and He, Who Dares Not, Is a Slave. -Sir William Drummond

  5. #5
    Senior Member Viking350's Avatar

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    I always check this site to buy silver. I also buy only junk (constitutional) silver. I haven't bought any for a while, since the prices have had a run up. A while back, I sold some 40% to a user here (I won't mention his name, he can chime in if he wants to) and turned around and used that money to buy 90%.

    https://findbullionprices.com/closest-to-spot/

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    Guns Network Lifetime Member #2

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    Quote Originally Posted by Oswald Bastable View Post
    Hell, all the interwebz dealers were selling oz copper rounds for about 20,000 x the price of copper last time I went through their listings, which was some time ago, I admit, but their spot prices on silver and gold were reasonable. The biggest problem lately has been scarcity of generic rounds, meaning they can charge more for the specialty rounds that are available.

    I was buying generic silver rounds every paycheck for a time, back when the price was in the $14 to $20 range, but from a local coin/jewelry shop...price above spot was always $2. It all went wonky when covid hit...suddenly the generic rounds dried up, then prices started upward to a high of about $28 per oz. Prices have declined recently...if it drops below $20 per oz I might start buying again.

    The store I frequent uses Apmex.com for setting their spot prices...so that's the interwebz dealer I refer to most often when researching metals prices...
    Key word is WAS as far as reasonable for JM, even plain bars are over $3 over spot at JM now, I bought a bunch of bars and rounds also when they had reasonable .49 and .99 over spot per ounce. Now you can't simply find anything like that there anymore. I once emailed them to ask why the spot price was so high now, they said demand.......I said then why is the spot price dropping? Good question is all he said.

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    Senior Member Oswald Bastable's Avatar

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    Quote Originally Posted by 1 Patriot-of-many View Post
    Key word is WAS as far as reasonable for JM, even plain bars are over $3 over spot at JM now, I bought a bunch of bars and rounds also when they had reasonable .49 and .99 over spot per ounce. Now you can't simply find anything like that there anymore. I once emailed them to ask why the spot price was so high now, they said demand.......I said then why is the spot price dropping? Good question is all he said.
    They all follow this model, even my local coin shop. When demand is high and supply is scarce, spot goes up. When demand is low and supply is plentiful, it goes down. That's how they stay in business.

    The owner of the coin shop I deal with is a good guy...he's given me decent deals on everything I've bought from him...even given the wifey some special deals on some of the jewelry she's bought there. Near the beginning of the covid nonsense, when rounds had dried up I went in to try to buy a few generic rounds...they were all gone, but he took me in back to one of his safes and let me pick out a few he was still hording at the, then current, price plus $2 over spot.

    We've had a number of conversations about silver and its ups and downs...one thing he told me, back when silver was selling at nearly $50 an oz, everyone was of course selling at that time, and he was buying all he could, but he was offering something like $8 under spot to buy. He would then ship to the big dealers and make a few bucks selling to them. It's how the game works in the metals biz, and how it works at the local coin/jewelry shop to keep their doors open. Silver is something he does because he has to...part of the gig...but he's also lost money in the silver biz when things go wonky. Like buying at one price to keep product on hand, and having spot suddenly take a dump, and he's selling at a loss...
    Last edited by Oswald Bastable; 09-20-2021 at 12:19 PM.
    If we refuse to rule ourselves with reason, then we shall be ruled by our passions.

    He, Who Will Not Reason, Is a Bigot; He, Who Cannot, Is a Fool; and He, Who Dares Not, Is a Slave. -Sir William Drummond

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    Quote Originally Posted by 1 Patriot-of-many View Post
    Key word is WAS as far as reasonable for JM, even plain bars are over $3 over spot at JM now, I bought a bunch of bars and rounds also when they had reasonable .49 and .99 over spot per ounce. Now you can't simply find anything like that there anymore. I once emailed them to ask why the spot price was so high now, they said demand.......I said then why is the spot price dropping? Good question is all he said.
    The reason spot drops are even possible is because people are still buying silver paper, once people start to demand actual metal and not a worthless iou, an interesting process called price discovery takes place.
    Last I heard there are several hundred times more contracts on silver (an iou that can only be refunded by fiat currency as there will be no actual metal available) than there is actual metal above ground. When the tide goes out we will see who was swimming naked all along.
    "And how we burned in the camps later thinking, what would things have been like, if every security operative, when he went out at night to make an arrest, had been uncertain, whether he would return alive and had to say good-bye to his family?"

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