Monday, September 24, 2012

Prospecting at yard sales

Are garage and yard sales still a good source of junk silver at cheap prices? I stumbled upon a post from last year on a Kitco forum:
I have been finding scrap silver at roughly 1 in 7 garage sales. This can range anywhere from a small bracelet weighing 7 grams to those pieces weighing 14.22 ounces pure silver.  
Yesterday I just scored again and found a 2 ounce silver chain (clearly marked 925) and paid 15 dollars for it. So far I have spent $31.50 on scrap silver totally 16.18 ounces of pure silver. You do the math, that's a pretty damn good DCA. I know it's scrap but I know I should still be able to get close to spot if and when I go to sell.  
The last two weeks I have found only very small items weighing 1/4 of an ounce until yesterday. It took me 3 weeks to find another nice sized silver item. 
Garage sales may still yield some great silver finds. But you've got to rise early. The good stuff (not just silver) is often gone the first day, often within the first half hour or so.

And watch out. If you're trying to score some silver, don't get fooled by silverplate.

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