LCS Report

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Gramp
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Rules of the Marketplace response

It must have been late and a few beers in when I typed that lol.
There was another shop a few blocks away, which is now closed... guess selling 90% for spot + tax was not such a great business plan! Though it certainly helped my holdings at the time.
Erwen, knowledge is power and the guy treated me as 3rd class for even knowing spot price or mentioning it. He is only one of about 5 regular employees, the rest of which have a better personality.
Still, would you be happy to see ASEs with over a 50% premium with spot bouncing around $15?
The entire market structure of late IMHO is fabricated to line the dealer's pockets that much more. The retail shortage is bull shit as far as I am concerned, the market participants looking to fatten the revenue stream while spot price languishes.
With average Joe still never having even seen or heard of an ASE, or Maple, I just don't believe that retail has caused a supply shortage. The other possibility being further up the supply chain buyers of size may have stepped in?

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DeaconBenjamin
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Local LCS

is buying junk at $9/$1, and selling for $15/$1.

Wy So Lo
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Deacon

What does that convert to per oz , must be wow.

swampman
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My LCS

Last week, while buying a tube of Cleopatras, I noticed a stack of empty boxes behind the counter. It was about four feet wide, three feet high and a foot thick. I asked him "were those all filled with silver?" He said "silver and gold from the shipment I got last week." He said demand has been very high for quite a while now. I didn't ask him how many ounces but if you calculate it out it's about 12 cubic feet. Even assuming 50% packing material it's still six cubic feet. That's got to be tens of thousands of ounces sold in a week or so at one little coin shop! It looks like the low silver price manipulations have backfired on JP Morgan et al, at least here. Actually it doesn't surprise me, as everything the government puts it's hands on turns into a SNAFU.

DeaconBenjamin
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LCS

Buying sterling at $.25 a gram, sells at $.65 a gram.

Bugzy
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This is interesting - Silver supply

I have been watching their supplies get more and more sold out for the past few months.

Now this is no Local coin shop.... This is the Canadian biggy.

https://www.scotiamocatta-estore.scotiabank.com/stores/scotiamocatta/catalog/catalog.aspx?nst=pprbihlm92sPEsG3SAczPxXStbR43vSOzQZJCMimV30%3d

And their premiums are steep too... 

This run could be as a result of recent global volatility. I am convinced that a little more SHTF and there will be no phyz available.

That means Comex breaks or prices to moon.

Wy So Lo
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Bugzy

Could you please repeat that last bit about the moon, it helps my mental problems.

Wy So Lo
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Ok Bugzy

I had a look and see what you mean. My supplier Perth Bullion seems to have plenty of Canadian issue coins in stock. I am with you regarding comex. The physical dog will at some time wag the paper tail, and that day will be the day that silver becomes very loved, very desired.

Bugzy
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To the moon - and beyond

Yes, Scotia only really has Maples left. Some stuff has been sold out for months.

Seems nothing gets replaced.

Wy So Lo
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I

I cant see any cracks in the Perth Mint supply chain atm but i suspect the release of the unlimited mintage Roo may at some point put a strain on supply, whether blank production or bulk supply.

AgEngineer
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Late January updateo

Visited both local shops this week. Visited secondary shop and had the pleasure of dealing with the owners father. "How much for an oz of silver?" Reply was $20. "Is that for Eagles?" No, that's for rounds or bars. "Any discount for 5 oz bar?" No, still $100.

Preferred shop was better with random year ASE at 3.50 over. No fractional Au at either location. 

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