Calling all Captains

Justacommeman

Hey Captain Henway and any other brick and mortar folks

With gold and silver at these elevated levels are your "regulars" still buying? Or is it now "new" business coming in to buy? Or maybe nobody is buying????

Follow up question. With gold and silver at these elevated levels are your "regulars" coming in to sell or is it now "new" faces coming into sell? Or maybe nobody is selling???

Thanks in advance. MJ

MilesWaits

I'm no Captain MJ but I did speak with my favorite B&M yesterday and he said:

"For buddha's sake please don't tell me you are coming in here to sell something cause I can't take much more!!"

Which translated to:

"Somebody please come in or buy or I will run down this busy street naked screaming at the top of my.......!!"

I did not want to see my favorte B&M in that state so I bought some silver.

He also said the newbies and question-askers/advice seekers were driving him to drink, more.

Miles

Justacommeman

Miles

You may not be a Captain but you are one smooth dude. Thanks, MJ

CaptHenway

Will respond tomorrow.
TD

Coulport

I was in the shop today and all 3 stations were busy with sellers. None of them were 'regulars'. (I know this having spent 10 years part time employed there)
One little old lady was asking if the refinery paid more. She ended up selling 6 or 7 rolls of rounds but kept her blue whitman collections.
Another had considerable gold to sell.
A third person had a 3 gallon bucket of 90%.
The guys working there said it had been that way since the doors opened at 9:30.

BTW, 3 or 4 of the 'smaller' shops unload their surplus there also.

Now as to those who are still buying, it seems to be those with considerable funds to do 5 figure or more deals in gold.

Wolf359

People need the money sign of the times...

Weiss

I was in my B&M yesterday and saw a few people who were obviously new to the game. They were selling. Handfuls of common AU/BU morgans, and one gorgeous toned in-box JM 100 oz struck bar.

Their jaws dropped when my dealer made his typical offer (5% to 10% back of spot). They couldn't sell fast enough.

I imagine every support level has a corresponding number of buyers and/or sellers. This recent move seems to have shaken awake a lot of far-off-the-map owners. People with virtually no understanding of metals are selling what little they have left.

Makes me wonder just how much junk-drawer/shoebox/coffee can silver (or gold) is left out there. Once all of the J6Ps turn in the rest of grandma's teeth, etc., will the resulting drying-up of small-lot metals cause a rapid rise in premiums and prices, or will the final gush of metals on the market quench the price fire and result in lower prices and premiums?

MilesWaits

My same dealer remarked that a buyer of 50,000 ounces of Silver when it was near $4.00 an ounce is still on the fence.

The dealer has tried to convince this "friend" to liquidate 1/3 (50,000 of his 150,000) of his Silver holdings.

The "friend" has balked at $19.00 and up.

Wolf359

This is a fire that won't be put out for years perhaps. The currency is bad...period. Does Obama even understand what's wrong? I doubt it.

wpr101

Surprised to hear this much selling with no buying? What is pushing up prices if not demand?

edmundfitzgerald

<< <i>Surprised to hear this much selling with no buying? What is pushing up prices if not demand? >>



A few grandmas selling their jewerly to local shops does not compare to rich central banks purchasing hoards
of gold.

goingbroke

<< <i>Surprised to hear this much selling with no buying? What is pushing up prices if not demand? >>

If no one is buying when prices rise makes me think whats the point of stacking? If you cant sell to anyone where is the profit?

pmcollectour

<< <i>

<< <i>Surprised to hear this much selling with no buying? What is pushing up prices if not demand? >>



A few grandmas selling their jewerly to local shops does not compare to rich central banks purchasing hoards
of gold. >>



Agreed.
When the common folk bought Google stock at 100/share and leaped for joy when selling for a nice profit at 250/share, people
were questioning who would buy an internet search company for such a high price. Institutional buyers were gobbling up the
shares, as are institutional buyers gobbling up physical metals at these levels. It's a win-win. The people who sell are happy,
and the people who buy are happy.

TomB

The locals near me are getting pounded by folks selling with relatively few buying at this time. The buyers that I have seen are folks getting into the PM market late.

CaptHenway

<< <i>Hey Captain Henway and any other brick and mortar folks

With gold and silver at these elevated levels are your "regulars" still buying? Or is it now "new" business coming in to buy? Or maybe nobody is buying????

Follow up question. With gold and silver at these elevated levels are your "regulars" coming in to sell or is it now "new" faces coming into sell? Or maybe nobody is selling???

Thanks in advance. MJ >>



Talked it over with my compatriots this morning, and the concensus answer is "All of the above." Our bookkeeper uses a system that keeps track of checks that we write, and he is entering a lot of new names into the system every day. However, we are also getting new people buying.
Our old customers seem a bit more inclined to buy and hold.
TD

clouisejewelers

I get a good stream of working class and middle class people selling scrap jewelry and small amounts of inherited coins. I accumulate it and sell it en masse to refiners or large coin wholesalers. There is NO shortage of whales willing to buy as much material as I can supply. The minnows are selling, the whales are buying. I get 2-3 mailers a day from new refiners wanting my business. I get 1-2 per week visiting my store wanting me to tour their "new high tech" facility so they can get my business. I made the mistake of giving my card to some of these guys and they call my cell multiple times per day/week begging me to send my metal to them. More recently, the diamond buyers have been coming around. This is mainly the last 9 months but they are aggessively buying small diamonds and selling them to the manufacturers. It is cheaper to buy used diamonds than buy the rough and pay for faceting and polishing. There are a lot of diamonds from the gold jewelry being scrapped so the prices are low.

I still see most of my regulars but am getting some new people. Not a flood of newbies like I had in '79-80. Most of the public are astounded I am willing to pay so much for their inherited "junk" or their old broken out of style jewelry. They cannot fathom paying good money for shiny lumps of silver and gold. The millionaires cannot get enough of the stuff, however.

OPA

According to the latest Mint stats posted in NN ... Sales of Silver ASE's were down considerably in September, while sales for Gold remained strong.

ksammut

Stopped by 3 local B&Ms in the past few days. All three were low on 90%. One of the shops I stopped by today was so busy buying (lots of people in the shop) that as soon as I walked in, the owner said "Ken, I will not have time to get to your right now." I only purchase $75 per week at his place - mostly silver bars and some 90%. He was apologetic but it goes to show how the focus has changed for B&M owners. They make their money on buying gold and silver and very little when it comes to retail.

The other store I stopped by today was one that I do not go to too often. The owner said almost all of his business has been buying gold and some silver. I did purchase a few Morgans from him for my son's collection.

The main store I go to lets my 9 year old pick through all of his 90% including older dates so I spend a good amount each week with him (90%, silver bars/rounds, and some gold). He does a fair amount of retail but like everyone else, he spends 80% of the time buying silver and gold. Most of his selling is to regulars like myself who are most interested in bullion.

mkman123

I spoke to a friend in California over the weekend who works at a local store in California. I know the owner of that store as well.

Anyways, my friend told me that the store has lots of gold sitting around and very few people are buying because of the price $1300+/oz. HOWEVER, silver was selling very well. It comes in and is immediately sold.

mhammerman

Not a captain here but thought to pass along news from the front. Went to the shop today at 2:30, afternoon slack time. Bought a handful of walkers (vg-f) at 8.40 a copy. One couple was selling gold jewelry and I thought they were just cashing in on the spike with the heirlooms. Then they bought a $20 GAE with the jewelry proceeds and a personal check...goes to show, you don't know. Another guy in there buying one au walker (I guess it was a good date) with a credit card. Another guy (mid 40's ish) was picking through a plastic folgers coffee can with a bunch of junk in it, asking the guy how much it was worth. The counter guy was getting pissed but he stuck with it...the customer was still badgering the clerk with his 1952 wheatie when I walked out. Figured the guy raided his dad's coin box from the estate...but you never know. Funny, the things that must go on in there. Talked to the owner a little about him letting me pick through his washie and walker danscos that he hadn't emptied yet and he thought it was OK...I'll go back on Sat. to do that. That was it, not much traffic but I picked the off hour for business to snag some walkers at a good price. The 8' 12" guard was there with his humongous pistol, all was quiet at the B&M.

Onward

CaptHenway

Bought in a $1,000 bag of 90 this morning. Bob called the first guy on his want list and the guy took the bag.

About 20 ounces of gold in and about 15 ounces out today.

TD