/biz/ - Business & Finance

>>52298883
Spot price is "fake" because its mostly based on paper and digital trading. Technically you can still almost certainly get real silver for spot price, but only if you're willing to get at least 5 of the roughly 1,000 oz bars that they trade on the exchanges. I think a lot of the reason premiums can vary so much is that most people can't afford or don't want that much all at once. Compared to gold, silver is the people's money, so it's monetary demand is better reflected by the price of much smaller units, IMHO. Right now, I imagine it would take an increase in industrial minting capacity, which will take time, at best, for the increase in retail demand to be able to affect the spot price much. More people are buying silver coins than before, but apparently mints can't turn the big bars into coins fast enough for that extra demand to flow through to the exchanges.
Also, the exchanges that set spot deliver very little physical silver, compared to the amount of trading and investing that takes place. I'm not sure how effective they are at keeping it down over long periods of time, or to what degree the following statement is true, but the conspiracy idea is basically that they sell digital silver that doesn't exist in the real world.
In times like these, you should get a premium when selling to anybody. You'll probably get the best price by listing them for sale online, or running into someone like the anons here IRL.