Coincidentally, late this morning I went to one of those traveling roadshows where they purchase precious metals, bringing along a childhood coin collection that I wanted to turn into cash.

I started with a single 1 ounce silver medallion and was given a quote for $80. When I had checked the silver price earlier this morning it was above $115.

I questioned the buyer about the spread and he said the spot price was down, and the smelters were backed up so that was their best offer.

I brought out some other silver coins, specifically liberty head and Morgan dollars. He looked at the app on his phone and said “hold on I gave you the wrong price,” and then said “I’ll give you $35 for each of them,” including the pure 1 oz silver medallion.

I said no thank you and left, miffed, thinking he was jerking me around.

I didn’t realize the price of silver was collapsing.

Chances are, he was indeed jerking you around. Nearly every one of these traveling road show style buyers pay very very very very little for coins. They have no reputation to uphold and are the literal definition of “fly by night” - and by the time you realize how little they paid you, they’re gone.

Source: Am full-time professional coin dealer (who is NOT fly by night!) and have to deal with the repercussions of people getting hosed by these roadshows all the time :(

He does have to turn a profit on what he's buying. You want spot price? Oddly enough, in California and maybe other states, a pawn shop will give you spot price.

When the price moves violently up or down, dealers get scared. They need to keep it for an unspecified amount of time to get paid. Maybe the guy was jerking you around, or maybe he was short on cash. $35 for an oz is a terrible price when spot is $90 or something. It hit $120 during this past week and only crashed today, back to the record high from like 2 weeks ago.

> I didn’t realize the price of silver was collapsing.

Wait. It "collapsed" to the price it was on the 9th of january 2026. Which back then was it's all-time high.

FWIW I hold SLV (a BlackRock/iShares ETF on silver, the biggest and most liquid silver ETF in the world) since $26. I noticed the recent craze. So I bought PUTs when it was at $102, protecting me at a strike of $96. These PUTs were pricey but, so far, worth it. But here comes the kicker: I'm financing those PUTs by selling CALLs on SLV (that simple options strategy is called a "collar").

And as I'm a silverbug, I own silver coins too. But these aren't liquid as you noticed.

When you trade paper silver (like the ETF SLV), the price of the market is the price of the market. SLV is not 100% following an ounce of silver's price, but SLV's market price is SLV's market price. It was $105 at close yesterday and $75 at close today and that's just the price of SLV.

I do like that: not getting ripped off by some side-of-the-road hustler.

That dude giving you $80 then giving you $35 is taking a more than 50% cut compared to the nearest low of day. That's quite a rip off.

There's a lot going on here and it's not just the price going up and then going down (see my other comments). Basically, the entirely silver market is dysfunctional at the moment. And it's all about bailing out banks who are getting wiped out by the silver rally.

So when you sell silver at a pawn shop or to a retail dealer, here's what happens in a normal market. You get an instant price, 5-10% off spot hopefully. That dealer then takes that silver and sells it to a refiner in higher volume with a lower margin (to spot). That's their profit. Refiners will convert that silver into bars and sell it to wholesalers and institutional buyers.

But instead what's happening is the refiner needs to hold onto the silver for 7-14 days before it gets smelted and processed. With high volatility, they're not paying out the dealers until it's processed and sold. That's a huge cash flow problem. Instead of instant money, it's money in 2 weeks and you have no idea how much money.

So the retail dealer has to wait and it could be 20% lower or 20% higher in the current market so instead of 5-10% they eitehr have to offer 30%+ less than spot price if they buy it at all. That money tied up has an opportunity cost.

Combine this with a shortage of physical silver to deliver on futures contracts and the refiners aren't really getting the silver they need to satisfy that demand.

So the spot price is fake. Nobody's buying anyway. Low wholesale supply means the prices continue to go up. Banks are haemorrhaging money because they have huge short positions. They have to borrow silver to meet their obligations and the silver lease rate (the price to borrow silver for a money has like 10x'ed) and this is where we are.