With paper silver futures prices selling off by nearly 30% in 2 days, numerous readers have contacted us today regarding complete inventory wipe outs at their local dealers and coin shops.
We thought we would start an open thread regarding this topic- if you visited a local coin shop/dealer this weekend, please update the community on the inventory situation at your local store.
53 comments:
Didnt have ANY. - Great Neck, NY
Check out "Scottsdale Silver" and "First Majestic Silver" (google them), if you want to buy good loooking silver
Checked out my favorite local Thursday and Friday and I picked up his last six Silver Eagles Thursday.. Wichita, Ks.
Doc
I wish you had posted this earlier today, as I could have made the trip, and was even considering it for just this kind of data gathering for my own information, but got busy with other stuff. I can't buy much anymore as I have been so far "All Inn" for some time now that there's not much left in FRN, (besides emergency cash), unless I stop paying buying groceries and paying utilities and such.
I did coincidentally stop in about mid-day thursday though. That was to educate a guest from Germany though, and we were extremely limited on time, as we needed to deliver them for their further travels. The purpose was to simply show him what kind of place to acquire the goods, in ten minutes, as the ladies waited impatiently in the car. I just didn't have time to get into current availability or the usual discussions with the owner or staff. I did notice that there was the usual amount of Gold and less Silver under the counter though. That's not a suitable indicator though, as we would also need to know what else is available that is not on display that day. (Larger sizes never are on display.)
I hope a thread like this becomes a regular or reoccurring feature on this blog, as I believe it would be a useful barometer. (We would also need to be on the alert for the deceivers though, I think.) Maybe as things heat up, you could keep this thread running on the side or something.
Ennis
Here in SoCal. My local guy in Westlake Village was sold out of 10 oz bars and had only a few 100 oz bars. I was there yesterday to buy some junk dimes and quarters, but he was already all out of dimes and barely had enough quarters to fulfill my modest $1000 buy. I called CNI down in LA, they didn't pick up the phone the first 3 times I called. When the guy answered on the fourth try, he said I better get down soon because the line was at least an hour long, mostly buyers. If silver continues to slide Monday, I'm buying a lot more!
B
I'm keeping my powder dry...And trying to figure how the silver contract options expiring next week will affect price...Any thoughts?
All of my local coin shops were OUT! They were all out by 2pm CST on Fri LOL!
5 monster boxes of eagles and plenty of junk.
I was curious about this as well and also wanted to pick up some inexpensive silver. Went to my local shop yesterday after the markets had closed. I didn't notice the usual silver out for display/sale so I inquired as to what they had for sale as far as silver. His reply was that they weren't selling any silver, it was either all sold out or what he had he wasn't willing to sell at the current price. Hmmm...must be worth more than the current price maybe?
I did notice that they had some 'junk' Morgan and Peace dollars and I asked about those. He was willing to part with those for $27 each. He calculated melt value at $23.69. He admitted it wasn't a bargain by any stretch, he just wasn't willing to sell it at the current price. Based on the silver content that is approximately a $4.28 premium per ounce on a 'junk' coin - yeah, not a bargain.
Has anyone besides McClure considered that maybe they just don't want to sell at this price. You may need to ask. I saw something similar, to a more limited extent, in October 2008.
I have a suggestion, for everyone. Let us do a little price discovery of our own now. When they say that none is available, ask what price they will sell for, or at what price some will become available. If you don't get much of an answer, make an offer. (You are just testing, nothing was signed.) $60? $75? $100? and so on. Keep going if need be. Surely some metal will pop up, for now. If you don't like the answer, what can I say? That's the real price, for the real thing. But of course, if that becomes necessary just to acquire, do shop around, within the time available.
Ennis
I bought 10 10oz bars Friday at my local coin shop. He said they were well stocked, but didn't disclose what "well" was. There was a guy behind me selling 3 rolls of maples. He must have been a complete idiot or maybe needed some emergency cash. Also the owner told me that someone had smashed in his front door and display case that morning making off with the small amount of gold and silver they have on display. I can't believe that place doesn't have bars on the windows and doors!
When I went to a shop in N.W. Indiana the owner pretty much ran me out when I asked if they had any silver. He said he didn't have any he's not required to sell and I wouldn't like the price if he did. He was so rude I didn't follow up to find the selling price.
I bought 3x 20oz Silver on Monday before the drop in price. Purchase at NZ$57.36. I don't know what the price will be on Monday - NZmint don't trade on Saturday. Delivery was advised at 3 weeks. The NZ$ has dropped by 6% or so anyway so the slump has been partially offset by the currency following it down. I didn't expect the NZ dollar to show as much strength as it did. I don't own any $US.
Buy direct from the silver mining company. They ship anywhere. Last time this happened they put a strict maximum of 100 ounces but who knows now? I highly recommend that everyone buy from First Majestic to get a fair price
http://www.store.firstmajestic.com/product_details.aspx?id=4
Hey doc, please enable HTML on your site for links
Bought 400 ounces. Some from Apmex, and golden eagle and gainsville, it was slim pickins, but got some good deals! Their inventory is running very low!
Anonymous, unfortunately, Blogger does not allow enabled HTML for embedded comments.
We looked into this several times.
One more reason we are looking forward to the new site- embedable comments, pics, and vids will be a must for the comments section.
Until then, you can always embed links manually yourself by pasting the following embed code, with the website and text inserted:
text that turns into the link
Link to main SilverDoctors site
Sorry...if i paste the html code exactly it turns into a link. add <
to the beginning, and >
to the end of the following code to make a link:
a href="http://www.example.com" title="Link to example website">text that turns into the link</a
14 people in line in front of me at the local coin/bullion dealer in Calgary Alb. Called many times to fix a price before I arrived, to check on supply, but they had no time to answer. No 1/2 oz gold maple leafs.
But i was there for the silver anyways :)
They got one heck of a premium.
Local coin shop in boundbrook, nj, sold out of eagles.
I went to 3 places. One had a waiting list (4 pages!) that would take weeks to get. Another only dealt with silver in stock- they were out. The other said they would call me when the stuff came in.... that was 2.5 weeks ago! It used to take 5 days a couple months ago.
All I want is there
Went to my local coin shop, in Littleton, CO, USA, on Friday at 2 MST. They had nothing but junk and proofs. I asked about the inventory in the vault and they said they had a lot of 90% and would sell that at spot. I waited and a lady came in and sold 1 Au krugerrand and 2 ASEs. I bought all three: the krugerrand at $75 over spot and the ASEs at $5 over spot.
Saturday I came into the coin shop just before 4PM close. I wanted to order a monster box. They had just bought 3 AGEs and 4 10oz Ag bars. I bought all those too. The AGEs at $95 over spot and the Ag bars at $3 over spot. ... No sales tax!!! He gave me a rough quote for the monster box of ASEs for $3.5 over spot, but said he had to verify.
I've been buying on ebay for 6 months now between $40 and $50 per eagle. Last week I bought a bunch from Aydin coins on eBay at an average of $45 before the huge drop. I thought I'd pick up some more and low and behold, the price is pretty much the same. Maybe if you are lucky you can get a bid for 3 for $120. I did see the Great Southern Coin on ebay has a roll of 20 for about $775 or $38.75 each (but you must buy 20). Got some off Apmex yesterday for about $38 each, but no delivery until October 7th. Aydin on eBay takes credit cards, but the bids reflect that by a 10% increae of the overall price. A roll from Aydin goes for about $850. Again, not much available at a bargain. Most of the single coins are slabed, with a premuim upwards of $55 for an MS69 grade (MS70 being the highest grade. I picked up a bunch of AMerica The Beautiful 5 OZ silver coins (which are monetized) for about $210 each from Aydin BUY IT NOW on eBay. With a minting of only 33,000 per coin (5 variations per year since 2010), this would be the quickest way to flip and make a tiny profit, but I'm not gonna sell. I would highly recommend reading the free version of Bob Chapmans International Forecaster. His political views aside, his accuracy rate is over 98% and he used to be the (or close to) biggest metals dealer in the USA.
http://theinternationalforecaster.com/International_Forecaster_Weekly
Plenty at my coin shop in Delaware County PA
I was quoted a price of $50 for an ASE on Saturday in my local coin shop. I just believe many dealers bought inventory in the high 30's and low 40's and won't take the loss at current spot price.
Coin shop in El Paso wanted 40 an ounce for a roll of Canadian Mapleleafs. I had to pass as I didn't have the money. Later, I went to ebay and bought 10 silver eagles from Great Southern for 387.60. I'll be in Big Spring, TX for the next 2-3 weeks and hopefully, they'll have some silver bullion available.
Al
Ft Smith Ar. Owner said they Mobbed him Friday.Local coinshop inventory completely wiped out except some ratty generic rounds and a few one ounce bars. Not a Junk coin or eagle/maple or gold in any form in the house. Found some 2010 eagles for 35.88 online and bought the last 7 Libertads from Monarch Metals for 34.95 and shipping.
Another coinshop in town has a good amount but he is such a dick, you will feel like punching him in the mouth after a five minute conversation, which is probably why he has a lot left.
BullionByPost in the UK have locked the shop doors this weekend, ie no more web orders:
"Too Busy! We have decided not to take any further orders over this weekend. We expect to resume taking orders on Monday morning. Thank you for your understanding!"
Prices were linked to spot and they were being cleaned out. ASE's were selling at £30 including 20% VAT sales tax or around $46 each before they pulled the plug.
Local guy had over 1000 AG rounds friday, now has only 80-85. Wipped out of all junk 90% except maybe $70 in halves. Gonna grab some of those today. Also damned near out of gold. Said the last 2 days were his busiest days since the day he opened.
Swifty
I brought ms 69 silver American eagles at www.isncoins.com/silver19 from a friend of mine .
You bought Ms 69 silver eagles 2011 at what price?
I paid $49.99 became a member and got $15.00 off retail. Goto www.isncoins.com/silver19 to check it out.
NZmint has silver oz 20 rolls at NZ$48.70 - NZ 9am Monday 26th Sep price quote. No doubt long waits.
NZmint has silver 1 oz (20) rolls at US$37.31 not bad when you look at it that way.
Gainsville says their down for maintenance until tomorrow morning. Apmex is out and my local coin dealer has a thirteen dollar premium on eagles.
bulliondeals.co.nz are not open. Standard opening hours are 8:30am to 8:30pm. No explanation on their home page! This is the first time I have seen them closed.
I wonder at what price will phyz not be available at the coin shops. My bet 26 bucks. Should be some time this week bar qe3 announcment/market bounce
Dummy
from the comments above, looks like its already not available at the coin shops
A.Mouse-
A friend of mine told me they went to small coin show in East Coast and most dealers weren't selling any silver bars or one ounce coins. One dealer sold 2 ASEs near spot, one said he would sell them for 43$?? (sale did not occur duh)
Basically they all just refused to sell. weird. They only offered/wanted to sell "numismatically" marked up coins.
Oh- they wouldn't sell scrap any where near melt value either, minimum 4 dollar mark up or so
Went to my local coin shop here in south central Virginia this evening. He has a tray in the display he keeps his loose silver, Eagles, Prospectors, 10oz blocks etc in. A couple weeks ago it was full of what ever you could want. This evening it only had 2 1oz Engelhard Prospectors in it. I grabbed those and went for his junk pile. Usually a nice big handfull in there. Next to nothing today. I picked up 4 90% quarters. He said he was surprised he had anything left.
Southern Ohio:
"Sir?"
"Yeah?"
"We have about 20 ounces left...we sold quite a bit today."
"Oh...sounds like it...thanks."
First Majestic Silver Mines has lots of silver and they will ship anywhere. The price is adjusted often. Their 10 ounce bars are 35.00 ea at the moment
I checked out and bought at Westminster mint. 30 rounds for 40 cents over spot. If it don't take forever to get here I just found my new dealer
My usual dealer here in Malaysia, is currently selling airtites only since last Friday.
Only the main silver seller here in my town has any...and not much. They have 4 other smallers chains which are all dry. Can't stay this low for much longer, can anyone say "short squeeze" or "comex hiccup"
picked up a roll of the new canadian cougars $1100 from aydin coins on ebay...i am a sucker for the wildlife series...ampex was sold out of them..have to wait till oct7 for shipment
Went to a coin show on Saturday in Tampa. Out of 35-40 dealers, only one was selling bullion in quantities. Show opened at 10:00, got there at 10:20 , most of his silver was gone. Bought 32 silver eagles @ 35.00 . Everything else at show was either old, tired slabbed Morgans or overpriced proof sets. These people seem to never upgrade their inventory. Not exactly a Mecca for coin collectors.
I picked up some philharmonics @ Provident over the weekend... Got them Monday with normal shipping...
At what spot price would you guys stop buying? Meaning right now with the current 30 to 32 price we are sitting at... I try to buy in stages or steps as to not go all in on one price...
Just picked up some 10 oz NTR metals silver bars @ Goldmart for 307 each on the current dip...
Goldmart is great, unless you live in California... 8% sales tax makes it not as great a buy, but still a bit lower than apmex.
I own a coin shop in Nampa Idaho, my friends and regular customers have been keeping our inventory low for the last couple of years, the last 6 months have been crazy. Our phone is ringing off the hook for silver, phone calls from our area as well as out of the area. We have been out for a while as our refinery that we deal with is 3-4 weeks out on deliveries. that leaves us to rely on product walking through the door, and it is not. It is creating a mini panic among those who are new to investing in silver. I see more and more people "waking up" as to the state of our economy and they are scared.
Post a Comment