Silver Lining to Refining During Spot Swings

Some things just don't go as planned. Since silver spot price passed $30/ounce I've been scrapping Sterling silver. I sell enough to cover my costs and anything over that goes into the stack. The riskis if there's a delay in refining or a massive price swing, I could expose myself to a loss.

I'm still waiting on the last load of Sterling I sent in two months ago. I called them a few days ago and they confirmed they received my lot, but they've been running behind due to an employee being sick.

Fortunately for me, I got it all very cheap. My cost into all of it was about $60/ounce. Anyone else who bought at melt around the same time was paying around $75/ounce and would be looking at a sizeable loss. I'm still hoping they'll fulfill my request for the 1/2 ounce Prospector rounds. The advantage with spot price going down is my payout is based on melt value, so a lower spot price means more silver back in my stack.

I'm expecting the price of silver to increase again later this year. Once that happens, I'll be able to sell the rounds for a huge profit and keep quite a few of them for my personal stack. Fortunately, even if spot price dips further I don't realize the loss until I actually sell, so it just comes down to being patient.

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