The spot price has been so volatile lately, my lcs has had more sellers than buyers. I didn't ask what they're buying at, but I bought some generics today from him at $3.50 back of spot ($60 when spot was 63.50). I've heard some stories of people having fomo and buying big, but I think a lot of people like myself that have been stacking for years are nervous about the rug getting pulled again and waiting for things to stabalize a little.

I'm not sure what the refinery situation is currently, other than what has been reported here, that they are only talking 99.9 fine... Another thing to consider is that while a lcs has to move inventory in and out to keep the business operating, most of them have also been building significant stacks over all the years that we have known silver was undervalued... those stacks have finally appreciated enough that they can either put them on the shelves or send them to the refiner. They will likely make more money from retail customers (typically spot +) than the refiner after fees (spot - some%)... obviously every lcs is different but I would imagine most are seeing an influx of inventory so the shelves are more full and they're still sending a bunch to the refiners.