Blood in the water….
Afternoon everyone……
While it never ceases to amaze me, I still can’t understand not one bit. How with the never ending printing press of the US Treasury Department, metals prices keep falling. Blood is in the water……
I mean really….
I did a group zoom with a few friends late last night. Two are in California and one is in Colorado. One lives in Avalon, California the other is in Walnut Creek, California near San Francisco. The one in Colorado lives in Cherry Hills Village.
We were catching up on things first, but it then turned into a crypto and metals talk. While I’m not going to get into it all, there’s way to much to cover in the three hours we chatted.
But I do want to talk about Metals. Specifically about buying them locally at LCS’s. While the one in Colorado mainly buys on-line and high end coins from auctions, the other two frequent local coin shops.
My one friend has five locations he visits often, the other has three in his town and four by his work. So between all twelve shops can you guess how many had silver bullion or silver coinage (ASE, Maples, Etc.) on hand to sell?
None…..
Yep, you heard me correctly. Every time the owners pick up from their wholesalers it sells out the same day. Wholesalers are running dry as well they told my friends. Instead of being able to buy every day, they are limiting them to a set amount of ounces of both silver and gold per buy and per week.
I’ve never heard of such a thing, and since I don’t have an LCS near me I can’t really see if that’s what’s going on here.
The shops told my friends it’s a combination of many things. One is there’s a physical silver shortage. The other is the demand for physical is tremendous. Another is deliveries. They said the armored truck services are so short staffed that the metal orders aren’t getting to the wholesalers fast enough.
The one coin shop showed my friend an order for over $100,000 worth of silver he placed on August 19th. that still hasn’t been delivered to his wholesaler yet. Can you imagine paying $100,000 for silver and still not having it nearly a month later……
Yet if you look at today’s charts, gold and silver a blood red yet again…..
