What is going on with silver premiums Right now I mean you've got to be Kidding me with some of the premiums We're seeing on certain silver items We're going to talk about how bad Premiums have gotten in this video and Also we'll talk about how to avoid these Insane silver premiums if you want to Invest in silver but you don't want to Get ripped off okay let's do it Thank you so much for watching my video I do sincerely appreciate it if you want To learn more about investing in Precious metals or if you just want to Watch awesome videos about gold and Silver make sure to subscribe to my YouTube channel okay so what's the deal With premiums right now well American Silver eagles now have the highest Premium I have ever seen they're getting Absolutely insane here we are looking at Appmex.com they are the largest bullion Dealer in all of America we're looking At the 2022 one ounce American Silver Eagle coins and if you look at these Silver spot price up top you can see it Is at 19.49 now I am filming this the day Before I post it so it's going to Fluctuate a little bit but if we double This number right here we get just under 39 and look how much they're charging For 1 to 19 quantity when you pay with Check or wire
39.48 that is over a 100 percent premium For American silver eagles welcome To Jurassic Park so yeah pretty insane I've never seen anything like this Before in fact back in the fall of 2008 American silver eagles had a 75 premium Over spot and this was I believe the Highest the premiums had ever been and Now we are crushing that so we're Setting a new record right now and it's Not just appmix that hasn't priced this High if we go over to JM Bullion they Are the second largest bullion dealer in All of America and you can see over 39 For an American Silver Eagle so again Over a 100 premium Now JM Bullion and Provident Metals as well as a few other Online bullying dealers are all owned by A mark so they have similar pricing Across the board so if we look at Prominent Metals come on 100 premium for American silver eagles this is Absolutely ridiculous might I remind you That both a mark and appmax are both Authorized purchasers from the US Mint So they are able to buy American silver Eagles for two dollars and 35 cents per Coin over spot this is like an 11 or 12 Percent premium but they're selling them To you at over a 100 premium Now to be Fair the US Mint is not putting out a Lot of American silver eagles so this is The numbers from 2022 if we look at October scroll all the way over to this
Number right here 1.258 million that's How many eagles they produced in October 2022 so not a lot of Silver Eagles to go Around obviously they should be minting More but still the premiums are getting Out of control I went down to a coin Shop today and they were charging 16 Over spot for damaged American silver Eagles and this prompted me to look at The website for my favorite local local Coin shop and they are actually charging For uncirculated silver eagles around a 17 premium over spot so a little bit Better than some of the online Boeing Dealers but still absolutely outrageous And uh just to give you an idea of how Crazy premiums are on Silver Eagles They're doing this trade-in offer which I know some of the online bullying Dealers are doing this as well but if You trade in a hundred American silver Eagles they'll give you back 120 silver rounds if you trade in a Monster box of Silver Eagles they're Going to give you 610 silver rounds and If you want to trade for 10 ounce kilo Or 100 ounce bars you'll get even more Silver so really crazy that they're even Offering something like that I remember Back in the day American silver eagles Only had like a 250 to Three Dollar Premium but now premiums are just Absolutely through the roof just to give You an idea of some of the other things
That they have for sale and to kind of Give you an idea of local premium at Least where I am in the northwest of the USA we have one ounce silver rounds These are going for a 4.50 premium over spot the 10 ounce Silver bars these are going for a 3.85 premium over spot and the 100 ounce Silver bars these are going for a 3.20 Premium over spot and their junk silver They're selling for 21.7 X which is over Thirty dollars an ounce so I mean that's Like an 11 premium I would definitely Stay away from the junk silver try and Stick with the more lower premium stuff Also today I went down to my local Refinery to buy some silver shot and I Should mention this is not for investing This is just for making things with I Pour my own silver artwork so that's why I needed to buy some silver casting Grain or shot but anyway they charged me Two dollars and 80 cents over spot for The silver shot and that is a record They said they've never charged that Much for silver shot ever they even said That they could sell their shot to a Wholesaler for three dollars over spot So they're giving me a little bit of a Deal I'm not exactly sure why they were Telling me that maybe to make me feel a Little bit better but it just goes to Show that premiums on all silver Products are very high right now and if
You want to avoid them you need to be Very picky with what you're buying so if You don't have a lot of silver then I Usually recommend you should buy silver In the one ounce size now generic silver Rounds are going to be your lowest Premium option for one ounce silver These usually do have the lowest premium And it's no different right now so yeah You're still gonna pay three four five Bucks over spot but it could be worse Obviously so if you don't have a lot of Silver go one ounce go one ounce generic Silver buffaloes also I did get an email Today from someone asking what type of Silver buffaloes they should buy and Where they should buy them from and I Responded just get the cheapest ones you Can find so you should probably shop Around I mean it doesn't matter who made The silver Buffalo all you care about is The price so if you're looking locally Go to different local coin shops if You're looking online then shop around From different online bullion dealers Find the best price and buy it from them If you already do have a pretty large Silver stack then it is time to size up The best way to avoid premiums is to get The bigger silver bars so 100 ounce Silver bar that's going to be your best Option if you can't afford the 100 ounce Silver bar then you go kilo if you can't Afford to buy a kilo then you're gonna
Go 10 ounce silver bars that is the best Way to avoid premiums right now so let Me know Down Below in the comment Section what are your thoughts on Silver Premiums do you think that premium are Going to go even higher from where they Are right now from talking to the people At my local coin shop they think that Premiums are headed even higher so Buckle up it's going to get crazy out There I would say if you want to buy Silver buy it sooner than later because Who knows what the future holds but Anyway I do want to say a massive thank You so much for watching my video and I Will see you all in my next one silver Dragons Out
