Hardcore Ag stackers still out there???

[Cu Penny Hoarder]

If so, you should be buying...

RIGHT NOW!

[68Camaro]

What kind of premium on your recent buy?

[pennypicker]

Tough to do. Two days ago I placed an "in stock-alert" notification at JM Bullion on a new 2020 100 oz Royal Canadian Mint silver bar due to their being out of stock. This morning I received an email alert from JM letting me know they just received a shipment of new 2020 RCM 100 oz bars and I could have locked in at $1582 (no tax and free delivery). An hour later I came back to their website to make the buy and they were sold out again! Advice: if your going to buy you better not hesitate--especially on high demand, quality silver!

[Cu Penny Hoarder]

What kind of premium on your recent buy?

Today, when silver hit $14.60, I bought a $250 FV junk bag at Apmex. The premium at that time was $1.49 over spot.

The premium on 90% has risen and is now $3.49 over spot. An increase of +135%.

The Apmex website now says this:
"NOTE: Due to extreme order volumes, please expect a shipping delay of up to 3 business days."


The stuff is flying off the shelves!

[68Camaro]

I was seeing $1.10 above for generic .999 bullion earlier today - if it is still there. 15.61/oz I believe, when spot was 14.51.

[slvrbck]

Been collecting silver since I was a kid getting small coins from relatives as gifts. Been dreaming of buying a monster box for many many years now. Pulled the trigger yesterday just before the speech. We shall see. Potential tricky roads ahead for all. Stay safe, healthy and stack on. . .

[Rodebaugh]

I quickly snagged about 800toz. We are not at a bottom and I expect another nice buying opportunity.

[Know Common Cents]

Seems like I've been doing a lot of bottom fishing in several markets. No doubt I'll be able to snag something before too long.

Markets are distressed and many may be looking for some quick cash. That's when I dust off the welcome mat and say, "All are welcome."

These are challenging times and we're all wondering what's going to happen tomorrow, next week, and in the coming months. Yup, I'm almost approaching Geezerville at my age, but I have no desire to hide in a corner at these challenging times.

Hang tough, RCers. We're in this for the long (or longer) haul and I plan to survive.

Know Common Cents

[neilgin1]

I quickly snagged about 800toz. We are not at a bottom and I expect another nice buying opportunity.

Doc, I laughed when I read that...NOT "at you"...no, come on.i laughed because when I was young and on the CME floor, you are what we, in admiration, would call a "BSD"...what's that mean?....a "Big Swinging D##k"...its a COMPLIMENT!! Holy cow, 800 toz!....I got "good" as to my stack back in 18....for the level of my purse, I was going wild from 14 to 18, now i'm good...that said, I wouldn't mind another 800 toz, but these ten angus beef cattle need to be fed.....they're looking good, be well, n

[neilgin1]

Seems like I've been doing a lot of bottom fishing in several markets. No doubt I'll be able to snag something before too long.

Markets are distressed and many may be looking for some quick cash. That's when I dust off the welcome mat and say, "All are welcome."

These are challenging times and we're all wondering what's going to happen tomorrow, next week, and in the coming months. Yup, I'm almost approaching Geezerville at my age, but I have no desire to hide in a corner at these challenging times.

Hang tough, RCers. We're in this for the long (or longer) haul and I plan to survive.

Know Common Cents

KCC, I sure did like what you wrote, specifically this "Hang tough, RCers. We're in this for the long (or longer) haul and I plan to survive."...and in that spirit, let me dedicate this song to you and all the other RCer's, even the ones that have to leave in the urban/suburban areas

[Cu Penny Hoarder]

I quickly snagged about 800toz. We are not at a bottom and I expect another nice buying opportunity.

Nice job Rode!

The window between the big price dump bottom and the premium increase was only about 45 minutes.

I'm a futures trader and have charts up all day. I take advantage of any large price drops quickly.

[coppernickel]

I've used all my available cash to buy silver, well and good stuffs, etc. After premiums buying rounds for less than $17 each seems amazing. I never thought I would see these low prices, let alone over a weekend providing time to shop around.

I'm not willing to trust the "few days to ship." When Platinum dropped low last month, I bought 2 x 1 /10 Britannias. Their next day shipping still took two weeks.

My thinking may be too "conspiratorial," but this could be THE depression we are afraid of.

[Know Common Cents]

I'm not hoping to be "rewarded" in the afterlife. I want to make a sizable profit soon after posting this.

There will be extraordinary deals to be had as PM dealers scrounge to get a fistful of "working cash" to buy AG or AU. Cash is KING at this moment and it's time to smash open all of the piggy banks you have.

Nothing like a good crisis to create a bargain (provided you know where to look).

[pmbug]

I went by my LCS yesterday morning. They were almost wiped out of 1 toz gold. While I was in there, another customer came in looking for some silver. He told the salesman that silver spot hit $13 something and the salesman scoffed and said, "spot doesn't mean anything." The premiums on silver are nuts right now. He quoted him $17 something for ASEs (which the US Mint has sold out of). He (the salesman) told me that he is being quoted 3-6 week delays on getting new inventory in.

[Cu Penny Hoarder]

I went by my LCS yesterday morning. They were almost wiped out of 1 toz gold. While I was in there, another customer came in looking for some silver. He told the salesman that silver spot hit $13 something and the salesman scoffed and said, "spot doesn't mean anything." The premiums on silver are nuts right now. He quoted him $17 something for ASEs (which the US Mint has sold out of). He (the salesman) told me that he is being quoted 3-6 week delays on getting new inventory in.

$17-18 is actually a very good deal right now for ASEs. After hearing that he/you should've bought ALL he had. Most bullion dealers are charging $22-25 each, depending on the volume discount amounts.

I really posted this as an alert to buy because I knew premiums were going up very soon. Stackers have to act very quickly when prices get smashed because the window of opportunity only lasts so long. Most bullion dealers inventories have been cleaned out and LCS's are not going to sell anything close to spot now.

Those who missed the boat can try playing the waiting game. Ag prices could remain low for some time. As markets calm down, inventory comes back, demand wanes and the premiums gradually come down. However, considering what is going on in the economy and financial markets right now, I highly doubt that is going to happen anytime soon.

This virus is going to be around for a while, probably 6-12 months. This 75% service based economy is going to get eviscerated during that time. Even after it's over, it will take a while before people start acting normal again and the economy improves.

[pmbug]

...
$17-18 is actually a very good deal right now for ASEs. After hearing that he/you should've bought ALL he had. Most bullion dealers are charging $22-25 each, depending on the volume discount amounts. ...

Well F me. I was so focused on the gold I wanted that I hadn't checked the going rate for ASEs, but after reading your comment I looked around. I'm going to call my LCS tomorrow morning and see if he has any left in stock and what kind of deal he is offering.

[Cu Penny Hoarder]

...
$17-18 is actually a very good deal right now for ASEs. After hearing that he/you should've bought ALL he had. Most bullion dealers are charging $22-25 each, depending on the volume discount amounts. ...

Well F me. I was so focused on the gold I wanted that I hadn't checked the going rate for ASEs, but after reading your comment I looked around. I'm going to call my LCS tomorrow morning and see if he has any left in stock and what kind of deal he is offering.

If he has them?... $25-28 each is my guess.

[68Camaro]

JMB has only 4 silver items left - odd-ball .999 - at lower prices. Things like 5 oz (at $17) and 1 kg (at $16.55) skulls. If you're into that - some might say that silver is silver

[pmbug]

Just got back from my LCS. I got a stack of 2019 ASEs for $19 each. The $17 something quote may have been for generic silver rounds. I was only half paying attention to their conversation the other day.

Another customer in there was picking up a sealed monster box of ASEs.

[shinnosuke]

One of my LCS has Eagles for $21...at least that was his price about 2 hours ago.

[Recyclersteve]

It is interesting how many people talk a good game and then back down in the moment of truth. I've heard people saying things (not just on the web but in coin shops, at shows, etc.) like "If the gold/silver ratio hits 100, I'm gonna back up the truck." Well it just hit 124 yesterday. I think that may be an all-time high.

If I challenged that same person now they would sheepishly say "Ah, I never owned a truck..."

It brings to mind the old saying "Talk is cheap."

[Cu Penny Hoarder]

It is interesting how many people talk a good game and then back down in the moment of truth. I've heard people saying things (not just on the web but in coin shops, at shows, etc.) like "If the gold/silver ratio hits 100, I'm gonna back up the truck." Well it just hit 124 yesterday. I think that may be an all-time high.

If I challenged that same person now they would sheepishly say "Ah, I never owned a truck..."

It brings to mind the old saying "Talk is cheap."

I did back it up. Besides the 90% $500 FV, I bought more RCM 10oz bars too.

Now, 90% of all inventory is sold out and premiums are sky high.

Most probably didn't buy, or they missed it, or they gave up on Ag. Look how much the posts/participation here has dropped since 2011.

[NDFarmer]

I have the truck running and ready to go. I would love to back it up and LOAD it up!!

But I am not going to pay $22 for $12 dollar silver.

[pmbug]

...
But I am not going to pay $22 for $12 dollar silver.

What if $12 silver is an illusion?

More and more refineries, mints and fellow bullion dealers are suspending their operations indefinitely. At BullionStar, we are facing significant operational and stock inventory challenges. There’s an acute shortage for particularly Gold Coins, Silver Bars and Silver Coins. For Gold Bars, some of the private refineries are still open and take orders but have long backlogs.

What does this mean for price premiums?

Due to the paper spot and futures precious metals markets no reflecting the demand and supply for physical precious metals, premiums are high and are fluctuating a lot.
...
In a scenario where the paper spot market doesn’t rally to balance physical demand and supply, physical precious metals will no longer be priced based on the spot market. Bullion dealers will stop pricing metals. Many have already done so by suspending the accepting of orders.

When preferences in the derivatives paper spot and futures markets, which are unbacked or only partially backed by precious metals, differ from supply and demand in the physical market, prices disconnect.

The window for purchasing physical precious metals with fiat currency is quickly closing. At this time, it is still possible to settle physical precious metals purchases in fiat currency with some bullion dealers. At BullionStar, we are still accepting orders for precious metals settled in fiat currencies, and priced based on spot with a premium, but that is subject to change.
...

https://www.bullionstar.com/blogs/bullionstar/bullionstar-update-the-window-to-purchase-precious-metals-with-fiat-currency-is-closing/

A little bit over the top? Or are we there yet?

... However, if its physical silver you wish to purchase, good luck finding it anywhere near the spot price. At two renowned precious metals dealers I surveyed this morning, physical silver is selling at massive premiums to the spot price.

What is known as "junk silver", primarily 90% pure silver coins minted in the U.S. prior to 1965, with no numismatic value, can be had for about $20.62/an ounce ($1475 for a $100 face value bag of junk silver which contains 71.5 ounces of silver). That's a premium of nearly $8, or a whopping 63% above silver's current spot price. One-ounce Silver American Eagle coins have even higher spreads to the spot price, in lower quantities it can be $12/ounce, a 95% premium to spot.

Business is brisk and inventories are low or empty, as consumers clamor for physical metal they can hold in their hand. I've never seen premiums this high, which is an indicator of the fear that is so prevalent. Silver is especially popular because it can be purchased in very small increments. In the doomsday scenario, silver coins dime, quarters, half dollars, silver dollars (and even nickels minted between 1942 and 1945, which contained 35% silver) are small enough that they could be exchanged for smaller goods. That's one of the draws here, but the disconnect between the spot price and physical silver is astounding.
...

https://realmoney.thestreet.com/investing/there-s-an-interesting-situation-playing-out-in-the-silver-markets-15268913

I managed to score a little bit of gold and silver at my LCS over the last couple of days. I've bought metal at lower price points, but I'm not sweating the deals I got. At least I was able to buy some.

[InfleXion]

If I was hardcore I'd have pulled the trigger more than I have. My dad got rid of his CMLs at $16.50 spot so I bumped it up to $18 to do him a solid and because the LCS wouldn't have offered more than $16. Also bought a shed and a fridge this month so trying to build up a bit more savings before the next purchase. I've noticed shipping delays keep getting longer. The 3 closest LCS never had any stock the last 2 weeks, and one of them is now shutdown for the virus supposedly. Likely this week I will see what I can get online since yesterday was payday.