Second Round of Scrapping Done
Ever since silver hit $50/ounce, I started scrapping instead of buying it. I sell off any unique pieces to reduce my overall cost, then send the rest off to the refiner. From there, I get silver bars back and sell them off to further reduce my cost. I don't sell to make a profit, but I can sell enough to keep my cost per ounce down.
I just finished selling off the last round of bars I got back from the refiner. Here's what I get to keep from it all.
Each half dollar is approximately 0.36 ounces of pure silver, so that's about 1.08 ounces. With the 1oz PG&G bar, that's 2.08 ounces added to the stack. I did the math and the cost ended up being a little over $33/ounce to get these.
With spot still hovering around $75/ounce, I'll take it! That's almost a 50% discount! Sure, it takes some work, but I enjoy it and it's getting me cheap silver!
I'm not sure how this next round will go. I'm hoping spot price will drop with the Chinese absent from the futures markets while celebrating their lunar new year. If they stay absent, that would give the COMEX and LBMA an opportunity to short silver and crash the price. With auctions, that lends itself to an opportunity to pick up scrap cheaper, knowing the price will likely surpass previous lows. Only time will tell.
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When I think of it, not very many Chinese I know would work the entire public holidays. Seven days is a lot of spare time to a Chinese business person who is checking their phones often and maintain trade activity through the Dubai, Hong Kong Mumbai and the COMEX.
The more I look into the mechanics of the PM markets the more I am amazed what dynamics goes on behind the numbers.
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Yeah, and the COMEX has a delivery date coming up. If they plan to settle for cash, it's in their best interest to crash the price.
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