High Gold and Silver Prices – Let the Melting Begin!

Posted on August 3, 2011 by

With higher silver and gold prices many coins are currently being melted and we will never, ever, get to see them again.

Many of us who have silver or gold coins, jewelry etc. are very happy that our possessions have increased in price significantly. As I write this, silver is at $37.70 an ounce and gold is at $1745.60 an ounce.

On two positive notes, with the high price of these two metals, a lot of attention is given to the coin market and new collectors and investors begin to buy coins. Also, many dealers, collectors and investors are very busy selling coins, reaping in significant profits. So everyone’s happy right?

Gold & Silver Coins Being Melted

Gold & Silver Coins Being Melted

Not necessarily, as youre reading this, many jewelry, pawn and coin dealer shops are being offered gold and silver coins to buy. And the easiest thing for them to do is, send their gold and silver coins to a smelter and sell it for its silver or gold content. Rather than take the risk and wait to try to find someone who will pay retail numismatic value for the coin.

Besides coins there are many other historical items that are composed of silver and gold that are being melted today like jewelry, silverware, antiques and many other collectibles that we will never, ever, get to see again.

Silverware

Silverware

If silver and gold prices come down, it will not necessarily stop the melting. But when the price of silver and gold go up and go up fast, many dealers, pawn and jewelry shops have no alternative but to sell these items fast in order to keep up with all the customers coming in to sell their silver and gold items.

Many individuals feel that the price of gold and silver will continue to go up and go up high, while there are others who also feel that prices will come down. Regardless of whatever silver and gold prices do in the future, as a collector who appreciates coins and history, I just hope that not too many coins and significant items get melted along the way.

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