How are the shops doing?
scotty1419
Posts: 1,090 ✭✭✭
Just checked in on a local shop - buying at 35x face and $8 back for rounds/bars at $72 silver.
No one wanting to get caught up on the dealer side...
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I was at a shop Saturday. They were selling 90% @ $54, buying @ $42
Not super busy, one buyer, two sellers. I was neither, just looking over the showcase.
I had to go to Erie today for work, so I decided to hit 2 shops during my lunch.
Shop #1 when gutter was sitting right at $72, I was offered $64 for .999 ASEs and CMLs. There was 1 old lady in there trying to decide if she should but a 1oz Gold Maple or Gold eagle.
Shop #2, gutter was also right about $72. I was offered $68 for the "generics" and $69 for the ASE's. I asked you are considering Canadian Maple Leafs generic and he said yes, anything in this market that is not an ASE is considered a generic. There was an old guy with a young girl selling a briefcase full of gutter, rolls of Peace/morgan dollars and some generic .999 buffalos and what not trying to sell. There was another older couple with probably 200 or so sterling rings, they were checking each one and tallying up the weight, did not hear what they were offered. Another guy buying some junk 90% dimes, looked like he picked out about $4FV. Another person waiting behind me but he heard the buy offer I was quoted, and he was out of the shop about 1.5 minutes after me.
Pretty pathetic considering spot $72 was coming in at $6.50 down on the day. Dealer #1 got mad when I told him I wouldn't sell, he told me I was making a big mistake as it's only going down from here. -$8.00 on .999 gutter on top of a -$6.50 day. No thanks, As I was leaving I noticed he had some 1/10 AGEs in the case, I inquired as to his asking price......spot +$40 lol. Certainly, won't step foot in there again.
I have to go to Pittsburgh tomorrow; I plan to stop in a couple of shops when I am in town. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
40 over isn't bad for 1/10ths
64 for an ase is greed
He was selling the 1/10 AGEs at $40 over. I didn't even bother asking but pretty sure he'd be a buyer somewhere under spot. Yes $64 was a joke especially on top of the $6.50 dip that was currently happening. Probably why his shop was mostly crickets while the other appeared to have good traffic. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
You need to watch my top 5 YouTube channels that highlight very successful and popular shops instead of hitting trash. Trash is EASY to find lolz
COPPER is gutter !
Today in shop , after this am drop buying generic at spot minus 7, ase spot minus 4
another shop in town paying 40 per oz regardless
90% paid 40x today.
All the .999 I bought today sold out in about 2 hr, I sell ase at spot and generic minus 2.00
90% dosnt sell, I did sell about 2 face to one guy at minus 5, because the wholesalers I ship to as of this am are spot minus 6.50
everything in my location except ase are consider generic, maples kooks, dont matter.
I might add, had a lot of calls today wanting .999, nothing else
I just saw your post about the 1/10th age I bought a couple today at spot, sold them for 20 over, but in fairness, I have a customer(who was in shop at time) who buys them all from me, he currently has 11000+ of them
You seem to be right about in the middle of the 2 places I stopped at today. I certainly wouldn't want to be a dealer either in these times. Bit of a pain for all to move physical metal. It will correct one way or the other soon enough. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Well, one of my local shops isn’t doing that well. Nice job Washington State.
Dave
OMG that is so depressing. I am sorry.
COPPER is gutter !
the wa state situation has been a subject on the coin forum. apparently wa doesn't need an income tax because they tax everything else. this change in the tax is new. it's not just bullion. expect more closures.
I got $44 per face value or about $62 when silver was low-70's. Not great but I needed the $$$ for FUN to buy even more expensive DEs.
VERY Informative, thanks.
MD did the same thing. 6% sales tax on all bullion. Used to exempt purchases of $1,000+. Golden Eagle Coins is biggest shop in the DC area. They closed B4 Christmas and won't reopen until 2 Jan. I guess they could still be processing online purchases as their excellent website and live buy/sell pricing is running. Last time I stopped in there wasn't a single customer shopping, everyone was dropping.
The first of many. It will get quite interesting when APMEX, Bullion Exchange, etc. stop selling to Washington customers. Collecting/remitting RST is easy enough, but having to pay .5% B&O tax on gross sales will make sales into WA unprofitable.
I do wonder if the gov't is trying to make the tax situation so chaotic/painful that the citizenry will vote in a progressive income tax. Of course the WA Supreme Court could just rule that income isn't property and that would remove the issue of the uniform tax on property requirement.
Or remove the B&O exemption from wages - create a 10% B&O rate and exempt the first $1,000,000. Considering WA is looking at a $2.5 billion deficit 6 months into the new FY, I would vote for whatever is quickest (the B&O tax).
"Intense retail Silver demand"
"Massive amounts of Silver being dumped on Us"
"We wrote one check for $108k that was 2,300 face of junk"
"Many of my older clientele are converting much of their silver into gold"
"This is not the time for weak stomached people"
COPPER is gutter !
It's surprising to me that other foreign gov silver would be considered generic when it's probably much less common.
Pretty sure it’s a new thing because of the massive amounts they are taking in, and need to have a refining outlet for it. Right now they are putting into inventory only the items with most demand. Which in this shop are ASE’s and Libertads. Speaking solely on silver ….
COPPER is gutter !
I just stopped by the only local shop and they were paying $75/oz for .999, whether ASE, generic rounds, maples…. Spot was around $77. I thought this was very fair and unloaded 10 rolls of buffalo rounds.
That is a very fair offer, you have a good local dealer.
Only hit 1 shop in Pittsburgh on my lunch today. They offered spot -$4 on Krugerrands/Britannias, spot -$2.5 on Maples and ASEs. That was when gutter was right at $77 today. I sold the 218 ounces I had listed in the Dec. BST.
They told me they had been buying on average about $100K a day just in gutter metal over the last month or so. Said buyers have mostly been after gold, the gutter was all being sent in for the great melt.
I didn't bring any 90% but asked what they were paying, they were paying 48x with melt at 55x. Inquired about buying some 1/10 AGE's, they were asking $500 each. YIKES! $60 premium on a 1/10ozer? No thanks. Deposited check at the bank will turn into AGEs as I find them at or near melt. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
48x on 90 is WEAK. Keep hitting those trash shops!
COPPER is gutter !
48 isn't bad for current days. the silver sounds reasonable compared to other shops
the age is a big ripoff 5000/oz? rite
48x is better than what most are offering. Some shops won't even buy at any price. And I'd hardly call Olevian a trash shop but considering the source it's about what we'd expect from you. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Scotsman in St. Louis is at $47.51 right now, so 48 might be okay. If the spread is 48 vs. 55 melt, I'd be motivated to wait it out.
I've seen a 15% spread before, but it seems a bit high for 90%.
I knew it would happen.
Pretty much anything you say I don't believe. I bet you weren't at a coin shop lolz. You make so many anti silver posts in a row and then try and throw a real life one in there every once in awhile. Oy vey.
COPPER is gutter !
I wasn't selling 90% I was reporting what they were buying at and it's much higher than a lot of places. 90% is currently a TERRIBLE investment. 218 ozt purchased at $4688.05, sold at $16,064. For those like you challenged by mathematics we call that a 3.4 bagger. Certainly, ain't going to get rich in the gutter but I'll take it. THKS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
We shall agree to disagree on 90%. As long as its US Constitutional.
And you do the personal attacks pretty good too.
Happy New Year!
COPPER is gutter !
I have about $850FV in 90% US junk. I would not be selling any of it at -15%/melt. Happy New Year. THKS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Hit 2 new shops today up near Cleveland when the gutter was hovering at $80 just before lunch:
1st shop paying Spot -$1 for ASE, Spot -$3 for all other .999 regardless, generic, Libertad, Kookaburra, Maples etc. Paying 97% melt on .900 Au US/European. Paying 48x on 90%. Said he was selling 90% at spot -$6 and hasn't been able to find a single retail buyer. Does have buyers for .999. I sold him some gutter bars and some common date MS60-62 slabbed morgans.
2nd shop $3 back on ASE -$5 on all other .999 but was higher than shop #1, paying 51x for 90%. Said same thing, not a single retail buyer for 90% but some .999 buyers coming in. There was an old guy in there trying to sell a sterling necklace and some morgan dollars. Necklace was hallmarked but fake and all the morgans were counterfeit. Poor guy was devastated.
Both owners did tell me all the 90% regardless of condition was headed for the big melt. Even the raw Peace/Morgans to my surprise. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Name the shops or it didn't happen. I want to call and verify lolz
COPPER is gutter !
Explains why they are back of melt on their buy price. It also makes one wonder if there is still a shortage of good delivery bars.
My LCS guy is selling much more to the refiners than to J6P.
Knowledge is the enemy of fear
Local shop was buying .999 @ $5 back of spot this afternoon.
I'm going to dig out 100 ounces and lock in at $80 then let the silver price come to me.
I should have my next 100 ounces picked out by then.
My local shop has dropped their .925 buy price to 60% - down from 75% before the runup. He tells me ouor local refiner is backed up (like everywhere) with scrap. They aren't paying out until 30 days later and most recently they are paying out in .999 silver instead of cash or check.
wth?
Sold my US 90% today at 49x and some Sterling Medals a little back of that. Also, some unmarked 90% US Mint medals for 41x and moved out all the 50% Canadian I had. Needed to drive 50 miles to Ohio Estates but it was worth the trip.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
The other local gold and silver store owner said he's not buying .925 and very little .999.
He didn't quote me a price for either one but I'm going to assume he's way back
He did say that the refiner that he uses is around 87% to him and 11 weeks for full payment.
He did say that he has 22,000 ounces in the pipeline at the refinery and does get a portioned check each week.
The refinery is not paying in full like years ago.
He said gold is not a problem buying or selling.
His forecast for silver is $85/$100 by mid year and $150 in 2027.
Refining shortfalls is not a silver problem. It is a US infrastructure problem. How stupid is it that there is not nearly enough refining capacity in the USA to facilitate the number THREE and sometimes TWO asset in the WORLD behind gold? Shameful. Hopefully this TN thing starts turning this ship around. Meanwhile, look at all the energy put into mining Turdcoin. LOLZ
COPPER is gutter !
To be fair, Im sure the industry has been suddenly hit with 2-3-4x volume compared to normal.
I stopped by a LCS yesterday and they told me they’re not buying anything until Tuesday. Must be a cash flow thing.
Fair enough. But going forward I think there will be a new "normal".
COPPER is gutter !
“This TN thing” won’t be online until 2029 per the article, absolutely zero help with the current situation.
Yes. OF COURSE. But we have to start somewhere .... no? Unless there is some magic out there at the snap of a finger. NOT
Like I said. It's shameful that grandmas tea sets, etc, etc, friggen etc, destroy the fluid operation of a top three WORLD asset.
CHINAUNDERSTANDS
COPPER is gutter !
5000 people waiting in line today to get into FUN.
Knowledge is the enemy of fear
Can you please explain what you mean by this?
Knowledge is the enemy of fear
It is easy to be critical of the Industry but the real culprit is the quickness of the price rise. People have been hoarding silver for 10-20-30-40 years and suddenly in a few months it all wants to be melted.
There won’t be new smelters being built to accommodate this short term anomaly, but the ones that exist will be working around the clock for awhile.
I worked at a few foundries in my career, steel and aluminum, in much larger volume. Hot work when you’re feeding a 10k furnace. 😮😇
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
Stopped into a local popular shop today - felt very empty of stock and 'hectic'.
Guy in front of me cleared out their decent sized 90% pile at 52x face.
I picked up a Washington 30s quarter for the set at $12 or 48x face...
Silver spot is definitely gobbling up lower non-rarities in the silver sets.
This morning a small local coin shop in MA paid 46.66 times face for $3 worth of common circ Washington quarters.
There was a line looking to sell.
My local place is paying 43x and he said he can't move them to a wholesaler yet so, unless someone comes in to buy he's not in the market.
.999 was $5 back of spot.