More sellers than buyers - Florida LCS tells the truth

[Cu Penny Hoarder]

Dealers are having cash flow issues. Buying coming close to a stand still.

Confirms what my two neighborhood LCS shop keepers are telling me...

https://www.youtube.com/watch?v=v91AFem10rg

[68Camaro]

The weaning of the incompetent or greedy; it has to happen periodically in a market that isn't highly regulated. Any good shop hedges their positions, and only when they fail to do that properly will a problem occur. Though even the careful could get punished over a weekend when hedging is difficult.

[Cu Penny Hoarder]

The weaning of the incompetent or greedy; it has to happen periodically in a market that isn't highly regulated. Any good shop hedges their positions, and only when they fail to do that properly will a problem occur. Though even the careful could get punished over a weekend when hedging is difficult.

Makes sense. Still, it's amazing to me how we've gone from the highest premiums to the lowest premiums, in only 6-7 months.

People are getting destroyed by inflation. Even preppers are being forced to sell their PMs to stay afloat. To me this is a major red flag that PMs will most likely be totally worthless when a SHTF event happens. I think the price will spike during such an event, but afterwards most ppl will not want or care about it. Most ppl in the US today are misinformed idiots and your average idiot is totally apathetic about gold and silver, they'd rather have blipcoins instead.

If you go back and watch and PM Youtube videos from 7 months ago (and 12 years ago) the PM salesmen were all certain the end was nigh... 90% was gone, but now dealers are overflowing with 90% and all other silver products. Most of these guys just want their premiums and are constantly selling fear porn. Entertainment value only.

Diversification is a must; food, water and ammo. When I post a comment about guns or ammo on any Youtube PM channel it gets deleted within seconds.

[68Camaro]

Agree that in a worst case scenario PMs will be of low value for a time. But, if civilization recovers, they will again resume their historical transfer mechanism of wealth from one side of a crisis to the other. If civilization doesn't recover, then it won't matter.

You and I have agreed many times about the value of non PM prepping. Must do it!

On the censorship happening to your YT posts, are there any "code words" that will pass their censorship? Like "self defense products"

[pmbug]

... When I post a comment about guns or ammo on any Youtube PM channel it gets deleted within seconds.

That might be a YouTube policy issue more than a channel level decision on content censorship. If YouTube tells channels that promoting guns (and violence) risks their channel getting banned, businesses are going to comply. They aren't there to advocate political stances.

I remember seeing some chatter on YouTube a few months ago about some LCS getting debanked (banks closed their accounts without justification). I think there were two or three examples that were out there. I wonder if they were isolated stories or part of a trend that has been continuing. It's not like there is a good news source (that I know of anyway) keeping track of those stories.

[Cu Penny Hoarder]

... When I post a comment about guns or ammo on any Youtube PM channel it gets deleted within seconds.

That might be a YouTube policy issue more than a channel level decision on content censorship. If YouTube tells channels that promoting guns (and violence) risks their channel getting banned, businesses are going to comply. They aren't there to advocate political stances.

I remember seeing some chatter on YouTube a few months ago about some LCS getting debanked (banks closed their accounts without justification). I think there were two or three examples that were out there. I wonder if they were isolated stories or part of a trend that has been continuing. It's not like there is a good news source (that I know of anyway) keeping track of those stories.

YT and Fakebook are pretty bad when it comes to censorship. Twitter was too until Musk bought it. I think TPTB are afraid of people revolting against them.

BTW, I am not a "gun nut". I have slightly more ballistics knowledge than the average person, but would only use a gun for self defense as a last resort. I'm not a hunter either... I believe ppl who kill animals for sport have serious self esteem issues/insecurities.

[Cu Penny Hoarder]

The weaning of the incompetent or greedy; it has to happen periodically in a market that isn't highly regulated. Any good shop hedges their positions, and only when they fail to do that properly will a problem occur. Though even the careful could get punished over a weekend when hedging is difficult.

Good point. In March 2020 one of those nights when the silver price got smashed was Sunday, right after the futures opened at 6pm. I took full advantage and cleaned Apmex out of their $100 FV bags (just under $1000 each). A few hours after that premiums tripled... 1 day after that premiums doubled from there.

[JerrySpringer]

The weaning of the incompetent or greedy; it has to happen periodically in a market that isn't highly regulated. Any good shop hedges their positions, and only when they fail to do that properly will a problem occur. Though even the careful could get punished over a weekend when hedging is difficult.

Good point. In March 2020 one of those nights when the silver price got smashed was Sunday, right after the futures opened at 6pm. I took full advantage and cleaned Apmex out of their $100 FV bags (just under $1000 each). A few hours after that premiums tripled... 1 day after that premiums doubled from there.

March 2020 was no fun for me so I do not recollect much of the silver market. Was silver being thrown out with the bath water just like stocks?

Also, remember 2008? I swear silver dropped A LOT for a brief bit.

[natsb88]

I remember seeing some chatter on YouTube a few months ago about some LCS getting debanked (banks closed their accounts without justification). I think there were two or three examples that were out there. I wonder if they were isolated stories or part of a trend that has been continuing. It's not like there is a good news source (that I know of anyway) keeping track of those stories.

There have been a few waves of this over the years. I saw one report recently in a dealer group of a dealer running into issues, but in that case I think the bank had them incorrectly classified as a pawn shop. I think these issues tend to stem from somebody new joining or taking over a bank's internal compliance / risk assessment and misinterpreting AML regulations, or a decision from corporate to shed accounts that exceed a perceived risk threshold and/or cost them money in cash handling. It's an even bigger problem for firearms dealers and pawn shops. Small banks and credit unions are typically more willing to hear more about the business and make accommodations. Large chain/national banks don't care about them as a customer and if the corporate decision is to drop everybody in a certain business category or fitting some risk profile, they are gone.

[JerrySpringer]

There have been a few waves of this over the years. I saw one report recently in a dealer group of a dealer running into issues, but in that case I think the bank had them incorrectly classified as a pawn shop. I think these issues tend to stem from somebody new joining or taking over a bank's internal compliance / risk assessment and misinterpreting AML regulations, or a decision from corporate to shed accounts that exceed a perceived risk threshold and/or cost them money in cash handling. It's an even bigger problem for firearms dealers and pawn shops. Small banks and credit unions are typically more willing to hear more about the business and make accommodations. Large chain/national banks don't care about them as a customer and if the corporate decision is to drop everybody in a certain business category or fitting some risk profile, they are gone.

I wonder if a cash intensive business owner could just open multiple bank accounts with competing banks just so they could spread the deposits. It would all be on the up and up as long as they comply with IRS taxes. Don't know if it would be worth the time of the business owner but unless banks report to each other, in the event that the business loses a bank due to them wary of the cash's legitimacy, the business owner would have the other banks to fall back on. Once again, unless banks track customers' other banking activities with a competing bank, having multiple bank accounts may be a safety net.

[Treetop]

Ive seen people over the years think PMs will be extremely valuable in a shtf scenario. I have to agree with those that dont think that is likely. As some say you cant eat metals. Im sure some will trade hands, certainly more than paper money. Like 68 said said though, its to carry some wealth through such a scenario. Or depending on the scenario perhaps to buy up some assets as things start breaking down and possibly metals are high for a bit. In nominal terms anyway. Ive seen people who think they will be able to buy whatever with metals in rough times. Maybe, but I strongly doubt it. a box of simple .22lr rounds will likely be worth dramatically more. Or a bag of rice or beans.

[Rosco]

I just returned to Net Now in retirement home an lots of other activites . But I do feel need for PMs

[TXSTARFIRE]

Welcome back Rosco.

[Catfish4u]

People are getting destroyed by inflation. Even preppers are being forced to sell their PMs to stay afloat. To me this is a major red flag that PMs will most likely be totally worthless when a SHTF event happens. I think the price will spike during such an event, but afterwards most ppl will not want or care about it.......

I think it is wise 'to keep some dry powder'! In shtf situations you want to be buying when the price dips and not selling! The gold and silver will flow from the weak hands to the stronger hands and the "rich will get richer" while "the poor get poorer"! jmho

[chris6084]

Agree that in a worst case scenario PMs will be of low value for a time. But, if civilization recovers, they will again resume their historical transfer mechanism of wealth from one side of a crisis to the other. If civilization doesn't recover, then it won't matter.

You and I have agreed many times about the value of non PM prepping. Must do it!

On the censorship happening to your YT posts, are there any "code words" that will pass their censorship? Like "self defense products"

A "code word" I have seen on face book for guns is "pew pew". As far as I have seen, it does not get censored.

[Cu Penny Hoarder]

Agree that in a worst case scenario PMs will be of low value for a time. But, if civilization recovers, they will again resume their historical transfer mechanism of wealth from one side of a crisis to the other. If civilization doesn't recover, then it won't matter.

You and I have agreed many times about the value of non PM prepping. Must do it!

On the censorship happening to your YT posts, are there any "code words" that will pass their censorship? Like "self defense products"

A "code word" I have seen on face book for guns is "pew pew". As far as I have seen, it does not get censored.

"Pew pew" and "lead" do not get censored by the YT algos.

Think about how evil this is... social media sites censoring people. I can understand if you are making vile threats, but this is just plain wrong.

[Silver4face]

Agree that in a worst case scenario PMs will be of low value for a time. But, if civilization recovers, they will again resume their historical transfer mechanism of wealth from one side of a crisis to the other. If civilization doesn't recover, then it won't matter.

You and I have agreed many times about the value of non PM prepping. Must do it!

On the censorship happening to your YT posts, are there any "code words" that will pass their censorship? Like "self defense products"

A "code word" I have seen on face book for guns is "pew pew". As far as I have seen, it does not get censored.

"Pew pew" and "lead" do not get censored by the YT algos.

Think about how evil this is... social media sites censoring people. I can understand if you are making vile threats, but this is just plain wrong.

The only social media I ever use is THIS SITE. Is this site actually considered social media?

[Cu Penny Hoarder]

The only social media I ever use is THIS SITE. Is this site actually considered social media?

No, we are anti-social media.

[Silver4face]

The only social media I ever use is THIS SITE. Is this site actually considered social media?

No, we are anti-social media.

I'm glad this site is not considered social media because I like this site. I do not consider this site a waste of time whereas other sites (or things) ARE A WASTE OF TIME.

[Know Common Cents]

The song "Should I Stay or Should I Go" immediately comes to mind. People (and, yes, even those whom trust their gut at most times with success) are just about torn in half trying to figure out silver's next move. I'm usually in the "rising tide lifts all boats camp" and actually believe I'm going to camp out here for at least another month...or longer. There really seems to be a multitude of sinister forces building throughout the world. We're just in the middle of a potential flashpoint that most rational thinkers wouldn't even consider. Our rational thinking processes don't allow our "WHAT IF..." brain to consider all the possibilities. Those are the scary ones that not only bite, but could swallow us whole.

[shinnosuke]

As crypto, specifically BTC, draws attention on the possibility that the SEC gives BlackRock and others the go sign for ETF's, I suspect many smaller investors are spending their disposable income on BTC/ETH. Hence, less cash flows into coin shops.

[fasteddy]

I just returned to Net Now in retirement home an lots of other activites . But I do feel need for PMs

Hey Russ good to see u post.

[Recyclersteve]

The weaning of the incompetent or greedy; it has to happen periodically in a market that isn't highly regulated. Any good shop hedges their positions, and only when they fail to do that properly will a problem occur. Though even the careful could get punished over a weekend when hedging is difficult.

Good point. In March 2020 one of those nights when the silver price got smashed was Sunday, right after the futures opened at 6pm. I took full advantage and cleaned Apmex out of their $100 FV bags (just under $1000 each). A few hours after that premiums tripled... 1 day after that premiums doubled from there.

March 2020 was no fun for me so I do not recollect much of the silver market. Was silver being thrown out with the bath water just like stocks?

Also, remember 2008? I swear silver dropped A LOT for a brief bit.

I wish I’d thought about this during the early COVID days.

[JerrySpringer]

I wish I’d thought about this during the early COVID days.

It's crazy. I listened to the Saturday airing of Ric Edelman and he was almost pounding the table that the March 2020 dip was a buying opportunity of a generation more or less. It was a great buying opportunity. My SO got angry at me for buying at the time. I saw the chance to scale into blue chip companies.