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APMEX, Tulving, etc selling at 10c under (for 90% silver) or 30c (for 40% silver) under spot?

Are they just clearing out inventory or is this a sign that we might have found a (short term) top in the silver market?

Or is it because it isnt .999 silver?

I just looked on A9M3X and even their $1000 bag of 90% silver was a bit more than spot (12,062.05 vs 715x16.70=11,940.50), but still a good price. I really like junk silver, and think it's a good thing to own in the event that TSHTF, but you'd also have trouble selling it at spot.

Typically refineries will give you 90% of spot, and in my experience most coin dealers won't even give you that.

I personally stay away from 40% coins, as many refineries won't take them. That's just MHO.

The refining cost is the normal reason for the discount. When there is plenty of .999 silver avalable the premium for junk coin drops to nothing or even negitive slightly.

I have seen canadian junk silver coin 80% at significantly below spot at times.

On the other hand when the market it tight (not the same as high $) the premium can go up sharply. In general I have found the premium on junk silver to be one of the lowest of the different inventment types. The premiums on most types of silver are rather low right now from a percentage point of view even though the price is up, so it is not suprising that the premium for junk is low.

As for a top in the market, who knows, I sure don't.

NORMAL PRICES ARE UNDER SPOT.
Way under for 40% on the resell.
in times of panic and scarcity they go back up to "melt" value like we have seen over the last 2 years , thats often the time to sell some and buy .999.
If the premium is low ,negative or right, dont be afraid to buy 90 or even 40%
just dont expect to get premium in declining market, wait til a rising market and the spreads narrow as the options for buyers do.

the man with a bag of 40% has more real "money" than the guy with their price in fiat.
there is a time and a place for everything, many of us have made money off of 40% .
some das thats all buyer can find at spot.
right now the market is skeptical of prices and some believe the recession or whatever you call it is over.
sentiment goes in waves, so do prices and premiums.

Usually those low premiums mean the "retail" demand is down. I am always looking for that low premium
at Tulving or Nucleo as a time to sell, and not a time to buy.
It is a pretty reliable indicator of silver direction, at least short term.