Coin shops closing

[Dannycoco]

I stopped by LCS this afternoon and they had a sign in the window saying by appointment only due to the pandemic. Silver prices are diving so it’s a good time to buy but I assume any silver stacker knows that and are clearing out the coin shops. Anyone else seeing this in their town?

 

Amazon Forum Fav 👍

DR.ÖTEK Metal Detector, Waterproof Gold Detector, Pinpoint & Terrain Modes, Professional Metal Detector - Grab it through Amazon!

[FormerTeller]

I expected to see my LCS closed, as the owner has heart issues (compromised immune system) and his elderly mother runs the store when he’s not there, but they were open and business was booming. The virus still isn’t being taken very seriously by many in my part of the country, and I guess business is too good for him to pass up.

 

[Dannycoco]

I had to call and make an appointment. Left a message. They haven’t responded yet.

 

[Greastart]

Guess I need to visit my LCS....I've been buying silver online. Much as I *****hhh about e-commerce I should have thought about this before. Thanks for the wake up call.

 

[EQ8]

Seems strange that with demand SO high recently the price remains low.
Doesn't make any sense.
Mail order bullion companies are having a hard time keeping up and adding personnel to take care of the extra orders.

 

[MrMarsHill]

My LCS is open for business and actually has quite a selection of silver bullion. He always has trouble keeping constitutional (junk) silver in... mostly because of me lol. But he ain't hurting. He's a young healthy feller (owner's grandson) and I dont see him shutting down any time soon lol. Too bad I need another gun more than I need more silver right now. Got lots of money tied up in silver and gold, but I'm doing everything I can to get some extra cash to BUY some silver asap. I'll be watching this thread, I was wondering what would happen to the local coin shops etc. Not just the big guys. Stay safe everybody!

 

[EQ8]

$12.70 @9:15 here.(3/16)
As the price keeps dropping, I see most places selling it have stopped lowering their prices to reflect it.
Check out ebay prices for example.. or the big on line bullion sellers.
This is nutz.

 

[Dannycoco]

Bought some fairly cheap silver today. Spot plus $6 for ASE and spot plus $3 for generic rounds. May have to pick up more if the price keeps dropping.

 

[fistfulladirt]

Seems strange that with demand SO high recently the price remains low.
Doesn't make any sense.
Mail order bullion companies are having a hard time keeping up and adding personnel to take care of the extra orders.

It’s the low paper price you’re seeing. The physical price is still up there.

 

[port ewen ace]

a kink in the supply chain-- only takes 1 part to be short supply to = no need for the rest

 

[fistfulladirt]

Bought some fairly cheap silver today. Spot plus $6 for ASE and spot plus $3 for generic rounds. May have to pick up more if the price keeps dropping.

Price is dropping? You paid more than what you could buy for a month ago.

 

[Dannycoco]

Spot was $17- $18 a month ago plus whatever the shop charges . Now it’s $12. How would I have paid more?

 

[trdking]

+6 is a huge number

 

[Johnnybravo300]

Yep I bought a bag of halves when spot was $14.88, was $1170.
Now with spot at $12 the same bag is almost $1600.

Physical and paper have separated.

 

[GlenDronach]

Spot was $17- $18 a month ago plus whatever the shop charges . Now it’s $12. How would I have paid more?

Go take a look at what a $10 roll of quarters is from APMEX.

Going by Coinflation, it should cost about $92 in melt. They're going for over $200 right now.

People are panic buying. The price of silver is low, but there's limited supply available, so the actual price people are paying for physical coins is high.

I'm actually tempted to buy some silver ETFs right now because I know it's not going anywhere but up.

 

[SFBayArea]

Yeah, always thought the paper market is a sham that looks to take regular people out of their money. It's run by big money computer algorithms. Who knows how low those big banks will try to take the price of paper silver. Always look to buy physical. Buy if physical silver is low. I would laugh if someone bought options and actually demanded delivery. In times like these, people will hoard. It's instinctive behavior.

 

[Dannycoco]

I have only bought rounds and bars in the last week. No junk . I know they are charging more per ounce but I still only paid $15.15 a ounce after their markup. Silver will eventually go back to $18 so I won’t lose any money.

 

[basque-man]

BUY BUY BUY BUY!!!

 

[fistfulladirt]

I have only bought rounds and bars in the last week. No junk . I know they are charging more per ounce but I still only paid $15.15 a ounce after their markup. Silver will eventually go back to $18 so I won’t lose any money.

Then what I wrote was wrong. Good deal.

 

[Tommybuckets]

Yup what a weird world. Here the prices dropped but there was no metal left to buy. I turned a friend onto some platinum too far up the road for me and he scooped the last of it like a bandit at $630 but the markup was terrible. Still an oz of platinum for $730!!! He bought the place out. I couldn't find anything to buy so I am twiddling my thumbs. The markup is ridiculous on most online sites and anyone half honest is sold out or laying low. Oh well hoping you all stacked enough away. In four months when we see the price at $30 oz ag I'll sell what I have. Then I'll be sad when it hits $50 I only have lead left. Thats if the lead doesn't need to get used first.