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Tuesday, February 22, 2011

On the Groun' in Boise Town

What a day!

One of my coins shops was absolutely inundated with sellers. One guy walked in with 1100 ounces of silver which appeared to be collected over a century. All kinds of different pieces, fascinating stuff. I wanted to pick through them and buy a few...but the throngs waiting to sell made it necessary for me to just sit down and shut up. I wanted to yell at them...don't sell!!!

Another guy unloaded a 100 oz bar. He got his 3300 bucks and the guy behind him bought it right back from the dealer for a 50 buck premium which was kind of nice. The seller could have just turned around and sold it- and cut the dealer out of the transaction.

I headed up to my dealers on the bench. They were virtually out of silver entirely. One had three one hundred ounce bars and little else. The other dealer just had some bizarre little pieces left- although two people came in clutching odd containers full of stuff. Probably sellers. People in Boise carry silver around in weird ass containers. Those tin candy boxes are popular. Saw a tupperware container full of pieces and some guy came in with a Crown Royal sack with gold and silver in it.

Buying and selling yesterday and today was at frenzied levels, just like the futures market. Only one of the dealers was open on Monday and he said it was ape shit crazy but he said he had more buyers than sellers. You get the feeling that this is the capitulation point. I think the sellers are going to be kicking themselves in the ass as the worldwide effects of unrest and hyperinflation unfold. But that's what makes the market.

Seeing the final numbers tonight already in the futures market. Three days to go and the bankers have to be sweating bullets. Expecting to see the bankers try to drive the market down over night...

1 comment:

rawmuse said...

I have tried to buy silver Eagles at mt local coin dealer in CA for the last 3 weeks and he has been sold out. I went on line to Austria to get the Philharmonic coins. When I buy silver eagles locally I pay sales tax on them (pretty high, 8.5%) so this represents a premium that I must exceed to realize a profit. So be it.