Nobody Asked Me, But...

A strange glut of silver

With silver at $110 an ounce, it seemed like a good idea to raid the family heirlooms.

But my friendly coin dealer wasn’t having any. He’s buying nothing but Eagle coins. The usual buyers — industry, mints, and jewelers — don’t have the capacity to handle the inflow.

Never before has he turned away sellers.

You would have thought that the round number, $100, occasioned the overflow. Oddly, the glut began back in October 2025, when silver was going for around a mere $48 an ounce.

To be sure, that was up from $28 at the end of 2024. A double-plus bagger evidently encouraged some unloading.

My dealer suggested that I enjoy my silver for a few weeks and check back. I countered that the glut would bring down the price. He wasn’t so sure.

Will the silver-buyers’ boycott drive down prices permanently? Will an enterprising broker step in to bridge the gap?

Or will macro risk repricing keep driving silver up?

Sellers like me may be able to persuade a dealer to buy a single coin. To cover a nice lunch, say. As a favor. But 50? He’ll say no.