5 Gram Nickel Canadian Nickel... $300?
Asking $300 for a 100% nickel Canadian Nickel? How much is nickel currently worth?
When Nickel Goes Off the Chart
As always with any financial information, I only give my opinion. I am not a licensed financial advisor, invest at your own risk.
We have no idea what the trading price for nickel is currently. The price spiked up to $100K per metric ton before trading was suspended. It's been suspended for the last six days or so.
How much is nickel worth currently? We really don't know.
According to ebay, perhaps it's worth $60/gram.
Let the free market decide.
$60/gram would make nickel valued about the same as GOLD!
Nickel = Gold?
This is pure speculation, you can still purchase Canadian nickels (100% pure nickel) for a few dollars, or even Canadian nickel rolls for cheap... but speculators are testing out the waters.
Would someone pay $300 for a 5 grams of nickel?
Probably not. If nickel was that valuable, all those Canadian jars full of loose change would be worth 100's of thousands of doolers. Maybe they are.
But time will tell. It seems the market is afraid to find out, since trading has not resumed and even when it is, we may not be privy to the prices.
We're going to find out on Wednesday:
What will likely happen? The price will plummet back down to typical prices, $10 - $20K per metric ton.
What might happen? The price increases or remains around $40K USD. Only time will tell.
Sudden Extreme Price Moves
The LME is concerned not only over Nickel prices, but other metals. The words they use are "sudden extreme price moves".
The LME is setting "daily price limits in either direction", effectively destroying any chance of a sudden rocket up in price again. If demand cause the price to increase, it will be in daily gains.
Keep Your Eyes Open to Silver
These "extreme price moves" are not limited to base metals, but also to precious metals.
If something as common as nickel can have a sudden price move, how much more silver?
Bless the Most High!
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Absolutely phenomenal job watching that market.
I have at least five bucks worth of nickels right now that I would be happy to trade for a new motorcycle. Or a very large pile of dog food.
Too bad I wasn't invested in the nickel market....
It would be trick to sell nickel while it's so high, once the market levels out it might still have some good resale! Well know by the end of the week.
Yeah I really wish I could take advantage of situations like this but...
It's pretty crazy to live through these times.
http://coinapps.com/base-metal/coin/calculator/
US nickels are 8.4 cents.
Pre-1982 pennies are 3 cents.
Us pennies are 3x face value... Crazy!
The Canadian nickel is 99.99% pure nickel, so if it moons, they're gonna have some serious worth.
US nickels are only 25% nickel, so not so much.
https://www.usmint.gov/learn/coin-and-medal-programs/coin-specifications
Only the 1982 and older pennies are worth more as metal.
The newer ones are worth just under a penny.
It's illegal to melt them inside the united snakes, I'll have to take mine to mexico.
Coinflation shows the melt value of US coins. The melt value of a US nickel is now $0.0852132.
During WWII, nickel was considered an essential metal for the war effort and the US started using silver for its nickels.
If ever you find a nickel with a huge mint mark over Monticello, then it is likely that you are holding a silver war nickel.
There are quite a few fake war nickels as people stamped large Ps on regular nickels which they then sold as war nickels.
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I find it fascinating that nickel metal was in such demand during WWII that the US removed nickel from the .05 coin and replaced it with silver, as if the silver was less valuable than the nickel!
Can't wait to see what happens to that chart once trading resumes! Thanks for keeping an eye on and sharing the Nickel Saga, I'm so curious about how it's going to play out!
Me too. If history is an indicator, it will just go back to business as usual... but we'll see!
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It will be interesting to see how it goes, but I get a feeling everything will rise for awhile the way things are going !ALIVE
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That seems a bit insane :) but ok, let's see how that evolves!
It will be interesting to see what the long-term fall out from this is.
Good post, Benjamin. It will be interesting to see what nickel opens at tomorrow.
Holding my breath!
I don't know much about nickel, but your excitement about the price of nickel and all, has gotten my attention.
It's pretty amazing.
Thanks.
I think I will haul out my hoard of old pre-1999 Canadian nickles soon and count them.
I'm sure you know, pre 1981 is pure nickel, up to 1999 is 25% nickel. No pure US nickels, bummer!
If only silver do a Nickel blast off.
I know I have a few of my Father's Whitman folders and a dozen rolls of old Canadian nickels. He seemed to particularly fond of the 1967 Bunny 5 cents.
TREASURE!
Never thought inflation could make coins worth more than face value.
Copper pennies (pre-1981) are 3x face value!
Good to see this is continuing to succeed. Thank you for bringing it to my attention through ListNerds!
Thanks for visiting from listnerds!
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