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Re: Tonight's Auctions

By: De_Composed in 6TH POPE | Recommend this post (0)
Thu, 19 Sep 24 6:06 PM | 20 view(s)
Boardmark this board | 6th Edition Pope Board 		Msg. 58440 of 58473
(This msg. is a reply to 45096 by Decomposed)
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I'm feeling pretty good about the sterling silverware bought a year ago (see the parent post) when silver was $23/oz. Even factoring in the auction premium and, of course, that sterling silver is just 92.5% silver, the 60 troy ounces were almost $200 below spot. Additionally, the lot included unweighed sterling silver knives. Knives and other "handled" silverware can't be included legally in a weighing since the blades are usually stainless steel, not sterling. The reality, though, is that the knife (and pie server) handles are thick and probably contain as much silver as any of the weighed pieces.

Silver is now $31/oz... up 34 percent... and certain to climb as the latest leg of the commodity supercycle is underway.

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The above is a reply to the following message:
Tonight's Auctions
By: Decomposed in 6TH POPE
Fri, 18 Aug 23 6:11 AM 		Msg. 45096 of 58473

There were three auctions tonight, all starting within 35 minutes of one another. It could have been hectic, but my wife and I are a good team and we've got this down to an art... so it was okay. We didn't win much - just two items at one auction, three at a second and seven at a third. We bid on a total of 56 lots, so the win percentage really was low.

But we had a lot of fun and spent some money for a change. In particular, we spent it on silver - starting with the lot below. It's sterling silver (92.5 percent silver and 7.5% something-else-usually-copper.) The pieces shown came in at 1,860 grams (almost 60 troy ounces), and another nine pieces described only as "handles" weren't included in the weighing. I have no idea what the handles are or how much they add to the known weight. What I do know is that even with the buyer's premium (the auction house's fee) and excluding the nine handles, I'm paying close to $200 below spot. And that's what matters. I wasn't looking to get nice, collectible silverware (though it IS collectible and nice); I was looking to get silver in small, measurable and potentially tradeable pieces at a great price. Anybody who weighs one of these spoons or forks and knows the spot price of silver will know its worth, so in most TEOTWAWKI situations where we don't die, this stuff will be spendable.

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