My LCS Owner Says, "I've stopped selling US 90% silver."

[neilgin1]

Joe Public will never wake up, so take that out of your calculations

well, IF they wake up to see, that everything that has been held up to be OF VALUE to them...isnt.....thats when the lid comes flying off the pot.....and Barry, that will NOT be a good day.

Barry, and NOT wishing to be argumentative, the basis between both the board and physical is widening...plus the basis between melt and X times face value is most definitely widening. just my read Barry.

[Thogey]

Joe public is waking up. I see it all the time, just because folks around me think I'm actually sane after watching my obsession hoarding silver baby spoons over the years.

There are ads on the radio now selling info on the ins and outs of CRH-ing.

Besides, it won't take a very big % of the sheep to drive this thing out of reach.

[barrytrot]

Joe Public will never wake up, so take that out of your calculations

well, IF they wake up to see, that everything that has been held up to be OF VALUE to them...isnt.....thats when the lid comes flying off the pot.....and Barry, that will NOT be a good day.

Barry, and NOT wishing to be argumentative, the basis between both the board and physical is widening...plus the basis between melt and X times face value is most definitely widening. just my read Barry.

Widening in minute terms only. Call me when 90% (junk type, not quality) is sold at spot plus $10 and I will believe you.

[neilgin1]

Joe Public will never wake up, so take that out of your calculations

well, IF they wake up to see, that everything that has been held up to be OF VALUE to them...isnt.....thats when the lid comes flying off the pot.....and Barry, that will NOT be a good day.

Barry, and NOT wishing to be argumentative, the basis between both the board and physical is widening...plus the basis between melt and X times face value is most definitely widening. just my read Barry.

Widening in minute terms only. Call me when 90% (junk type, not quality) is sold at spot plus $10 and I will believe you.

okay...i get ya...the junk junk...hmmmm......you know what just came to mind, i've heard, first hand, and read, that in the backwoods of Afghanistan, they still use old Brit silver coinage, thats over a hundred years old. Isnt that something? i bet those coins are close to culls, but they're still used a medium of trade.

in 11, i bought a LOT of Kennedy 40's, circ's under melt...and of course, 65-70 Halves, even circ's dont have THAT much wear.
so i thought that was a good deal...its just that RIGHT NOW, lets talk about BU, or even AU rolls, are trading anywhere from 28 times to 33-ish times, and these are for the 1960's coinage, and melt, (which is spot) is about 22-23 times right?......so that IS 5 to 10 times over.

i guess you and i just lense the world different, and i dont mean that as an insult at all. Your staying at or near the city, right?.....you told me. and you know what i think......bail. The wheels aint going come off the wagon tommorrow for land's sake, but still.......

i feel much comfortable with a market that does make its moves in "minute terms", but i have been seeing a steady disconnect between the board and the physical....you dont have to believe me, we all play our own hands.

as far as the "board".....the futures market?...you have no idea how brokenhearted i am, about what these guys have done to the intgerity of futures trading.....Corzine walking free was the last straw. i LOVE spreading grains, there was a day, when a guy could make a lot money lets say, buying old crop corn and selling new crop against it....or buying Minneapolis wheat and selling Chicago against it.

Now?....i dont trust ANY exchange, i wouldnt put a clad dime in ANY futures house. You see, thats what going bad big time with this country, TRUST in any "institution" is gone. Trust is a very important currency, and it has fled the land. be well.

[shinnosuke]

Neil, regarding your statement above about Corzine, I have talked to people who are following the economic collapse and they don't even know the name of the ex-governor of NJ. Amazing. We have lost the country. Anybody got a Plan B?

[beauanderos]

Anybody got a Plan B?

We're all moving to Prescott, AZ

[neilgin1]

Joe public is waking up. I see it all the time, just because folks around me think I'm actually sane after watching my obsession hoarding silver baby spoons over the years.

There are ads on the radio now selling info on the ins and outs of CRH-ing.

Besides, it won't take a very big % of the sheep to drive this thing out of reach.

i agree...they are waking up...slowly, steadily. Maybe not in time though. Thog, you have no idea, my wealthy friends...i been screaming at them for years now, "PUT SOME OF IT INTO SILVER (GOLD) COINAGE KEPT IN A HOME SAFE!!! WAKE UP!!"

one listened......bought three monster boxes, and as far as "lead".......this kid just scraped the surface, he's got a few "things", but three monster boxes, and a few pop pop's in comparison to his resources?....its nothing. Now he's calling me up asking me if i can find this or that for him. i had to tell him.....'its all gone, nothing around'....and what pissed me off...this guy, he's a good friend, but he a couple years ago, when he heard i moved to the country, he wanted to get into the wholesale/retail ammo biz, right?....guess what?...using my name.

i told him, "thats not my thing".......yeh, lets use my name, good idea....not. rich kids crack me up, in the end, they really dont have street smarts, or situational awareness.

things are changing Thog....you can see it. Hope you're all right bud. neil

[neilgin1]

Neil, regarding your statement above about Corzine, I have talked to people who are following the economic collapse and they don't even know the name of the ex-governor of NJ. Amazing. We have lost the country. Anybody got a Plan B?

are you SERIOUS?........this hump EFFECTIVELY ended the world, and they dont even know his name?

Un--effing----believable!!!!

Do you think we "lost the country"?......serious, i'm being absolutely serious...is ALL hope lost?

Sometimes it DOES seem like that. dont it?...especially when i see those black thursday wal mart insanity video's......or you ever seen the "hood life" series of video's?....they'll put in the 'we lost this country" headspace.

i think there were two epochs that signaled a demise...Truman passing the NatSec Act of 1947...and then 22 November 1963, which really was a coup de tat, and then of course Nixon resigning.

Plan B?...hmmmm. i dont know.

go for plan C, like i did....find your "Shire", your private "Bag End".....hunker down, keep your head low, and stay sane. Find your joy in the same stuff, the small moments, thats Plan C.

i was going to post up "hood life" for you, but thats not being a friend...you can find that junk on your own. Shin-sensei, get land, and get some peace of mind and soul, thats my take. God bless you bud, neil

[neilgin1]

Anybody got a Plan B?

We're all moving to Prescott, AZ

YOU!!! Prescott AZ!!

Ray, no wonder you been ducking my calls!

surely you jest....Arizona?!?....bud, there is only one course of action, the Great White North, period end of sentence.

(written with a smile) neil

[shinnosuke]

neil, there are still Americans who get it, but we are a small minority now. I think there can still be a group of people who support and defend the Constitution, but it will be on a much smaller footprint than the current 50 States.

[neilgin1]

neil, there are still Americans who get it, but we are a small minority now. I think there can still be a group of people who support and defend the Constitution, but it will be on a much smaller footprint than the current 50 States.

if that is the truth, then we have "lost" the Country. But you know what? i going to go on the hope, that we are NOT a small minority.

i know thats a slim reed to hang my hat on, but thats what i'm gonna go on.

i dont know why i'm led to post this up, but this clip is for the both of us...and for your boy, God bless dear Joseph...i hope this clip speaks to you, as it does to me:

God love you Shinn, neil

http://www.youtube.com/watch?v=kdEfwRdJpF0

[Lemon Thrower]

90% has gone from selling at spot or a slight discount, where it was for almost 2 years, to a steadily increasing premium.

too soon to say how long that premium lasts for but it is a change.

if a dealer is selling 90% at fifty cents over spot, that is still a very good deal since ASE's are 2.50 - 3.00+ over spot. you simply get more silver.

when ASE's and other liquid .999 becomes unavailable, then you will really see the premiums on 90% rise.

there are 2 factors that have held 90% back which are starting to recede. First, during the last panic, 30+ years ago, dealers bought 90% with the idea of refining it, and as refiners backed up the discounts increased. It was seen as sub-sterling since only 90%, rather than 92.5%. But today, its recognized as government-hallmarked bullion and people are happy to have it even though not .999. Second, there was a large supply sitting on the sidelines equal to all pre-1965 coinage that had not been melted. It would be as if the mInt produced all 25 years of eagles in a single year. That supply has slowly been worked through and is in more disperse and stronger hands. So those negatives have faded. As government issued .999 becomes less readily available, the premium on 90% is going to rise. If you look at ASE sales the last couple of years, they represent 80+% of domestic silver supply, and January 2013 looks to be a record month.

[beauanderos]

90% has gone from selling at spot or a slight discount, where it was for almost 2 years, to a steadily increasing premium.

too soon to say how long that premium lasts for but it is a change.

if a dealer is selling 90% at fifty cents over spot, that is still a very good deal since ASE's are 2.50 - 3.00+ over spot. you simply get more silver.

when ASE's and other liquid .999 becomes unavailable, then you will really see the premiums on 90% rise.

there are 2 factors that have held 90% back which are starting to recede. First, during the last panic, 30+ years ago, dealers bought 90% with the idea of refining it, and as refiners backed up the discounts increased. It was seen as sub-sterling since only 90%, rather than 92.5%. But today, its recognized as government-hallmarked bullion and people are happy to have it even though not .999. Second, there was a large supply sitting on the sidelines equal to all pre-1965 coinage that had not been melted. It would be as if the mInt produced all 25 years of eagles in a single year. That supply has slowly been worked through and is in more disperse and stronger hands. So those negatives have faded. As government issued .999 becomes less readily available, the premium on 90% is going to rise. If you look at ASE sales the last couple of years, they represent 80+% of domestic silver supply, and January 2013 looks to be a record month.

+1 I could be wrong, but I'm pretty sure that I read that last year (if not the year before as well)... ASE fabrication exhausted ALL domestically produced silver production

[Sterling Silver]

Funny how when Ray stops selling in his regular volume there's a nationwide supply shortage.

There's been more than one occasion when I had more 90% than APMEX (that's really ridiculous if you think about it!!!)... they've written to me in the past trying to buy some, offering a premium of $2.50 above melt (2008). I expect that will happen again. They're welcome to all my culls

Having purchased from both, I can honestly say Beauanderos has better prices, shipping fees, and turnaround time than APMEX. By a long shot.

[uthminsta]

I'm still not convinced there will be a "disconnect" between physical and paper, but it should spike both physical and paper at the very least.

My simplistic understanding (translation: probably wrong) of the situation is that TPTB can suppress the paper price of silver forever, but they can't suppress the price of physical silver, on the local level. So once WE, the "silver buying Joes" -en masse- stop BELIEVING the prices they read, that decoupling will be complete.
What will it take for them (us) to EN MASSE become disillusioned to that? And for the sellers, dealers, suppliers to stop believing it? At this point we only have anecdotal evidence that this decoupling is happening. How much more evidence will there need to be?

[neilgin1]

90% has gone from selling at spot or a slight discount, where it was for almost 2 years, to a steadily increasing premium.

too soon to say how long that premium lasts for but it is a change.

if a dealer is selling 90% at fifty cents over spot, that is still a very good deal since ASE's are 2.50 - 3.00+ over spot. you simply get more silver.

when ASE's and other liquid .999 becomes unavailable, then you will really see the premiums on 90% rise.

there are 2 factors that have held 90% back which are starting to recede. First, during the last panic, 30+ years ago, dealers bought 90% with the idea of refining it, and as refiners backed up the discounts increased. It was seen as sub-sterling since only 90%, rather than 92.5%. But today, its recognized as government-hallmarked bullion and people are happy to have it even though not .999. Second, there was a large supply sitting on the sidelines equal to all pre-1965 coinage that had not been melted. It would be as if the mInt produced all 25 years of eagles in a single year. That supply has slowly been worked through and is in more disperse and stronger hands. So those negatives have faded. As government issued .999 becomes less readily available, the premium on 90% is going to rise. If you look at ASE sales the last couple of years, they represent 80+% of domestic silver supply, and January 2013 looks to be a record month.

i agree with Ray, darn good post. nice read.

[neilgin1]

I'm still not convinced there will be a "disconnect" between physical and paper, but it should spike both physical and paper at the very least.

My simplistic understanding (translation: probably wrong) of the situation is that TPTB can suppress the paper price of silver forever, but they can't suppress the price of physical silver, on the local level. So once WE, the "silver buying Joes" -en masse- stop BELIEVING the prices they read, that decoupling will be complete.
What will it take for them (us) to EN MASSE become disillusioned to that? And for the sellers, dealers, suppliers to stop believing it? At this point we only have anecdotal evidence that this decoupling is happening. How much more evidence will there need to be?

thats a really good question.

in my mind, the decoupling is complete, i rarely mess with physical paper frns, its just plastic cards, and then off that silver rolls, bricks of nickels, and rolls of 95% coppers, but i'm only one guy. The answer to your question...gosh, i dont know. something to ponder for sure.

[Morsecode]

I hit two LCS today, and both were fairly overflowing with .999 and 90%.

The first place was really chock full; the display case was stuffed with mostly ASE's and brand 1 oz bars. The one thing he didn't have was common dollars. None. I picked a few dollars face Washingtons from a monster box brimming with quarters. He had another full of Franklins.

Same story at the second place. Plus, he had a good sized shoebox full of Morgans. Not like he was giving them away, though. I bought a few.

[beauanderos]

I hit two LCS today, and both were fairly overflowing with .999 and 90%.

The first place was really chock full; the display case was stuffed with mostly ASE's and brand 1 oz bars. The one thing he didn't have was common dollars. None. I picked a few dollars face Washingtons from a monster box brimming with quarters. He had another full of Franklins.

Same story at the second place. Plus, he had a good sized shoebox full of Morgans. Not like he was giving them away, though. I bought a few.

you didn't tell us what he was selling them for. Maybe he's marking them up more than the smelter will offer him.

[shinnosuke]

Warning #1: The article at the following link is about the potential for gold, not silver, to go missing.
Warning #2: The article at the following link is from International Man, an organization run by Simon Black who is not widely liked by many in the prepper/patriot world.

http://www.internationalman.com/global- ... aring-gold

Message: Get physical with your preps.

[shinnosuke]

January Silver Eagle sales set all new one month record

http://www.zerohedge.com/news/2013-01-2 ... rd-january

[Morsecode]

I hit two LCS today, and both were fairly overflowing with .999 and 90%.

The first place was really chock full; the display case was stuffed with mostly ASE's and brand 1 oz bars. The one thing he didn't have was common dollars. None. I picked a few dollars face Washingtons from a monster box brimming with quarters. He had another full of Franklins.

Same story at the second place. Plus, he had a good sized shoebox full of Morgans. Not like he was giving them away, though. I bought a few.

you didn't tell us what he was selling them for. Maybe he's marking them up more than the smelter will offer him.

Both were in the $22/22.50 range on the 90%. I didn't ask on the .999

I'm pretty sure neither one of these guys has a smelter on the speed dial. Walk in retail is brisk, and both sell on the web as well. I've known them both for many years, and the word 'melt' never comes up in conversation.

[68Camaro]

He's leaving money on the table. Doesn't seem like a great approach to me.

[NDFarmer]

Same story at the second place. Plus, he had a good sized shoebox full of Morgans. Not like he was giving them away, though. I bought a few.

What was he asking for the Morgans? Which I assume were all common date and were well circulated?

[RedRockGirl]

[quote="Morsecode

Both were in the $22/22.50 range on the 90%. I didn't ask on the .999 [/quote]
At those prices, I would like to buy some. You said they sell online. Can you give me the info of the LCS?
I've checked my 2 LCS and 2 pawn shops near me. They all are closer to $30x face.