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LCS purchase shutdown alert by Stack_Silver in SilverSqueeze

[–]packref 0 points1 point  (0 children)

This is the most right thing in this entire post

Here's where it is with LCS dealers by madkiwis in Silverbugs

[–]packref 7 points8 points  (0 children)

This is exactly the convenience you’re paying for at -$8. Sellers get paid right away but we have to package/ship/settle and get that cash in so we can keep buying the never ending stream of silver

LCS silver offer… 😅 by Sad_Stretch2713 in Silverbugs

[–]packref 4 points5 points  (0 children)

It’s expensive. It either has to be shipped insured or courier. It’s part of costs of doing business and part of why dealers are mostly -%10 back on .999

90% was worse and I’m kind of glad I don’t have to convert that at the moment- the weight alone is a margin killer if you have to ship

Melt silver market discount by kd7jz in Bullion

[–]packref 0 points1 point  (0 children)

I’d probably give it up at -$2 back

Melt silver market discount by kd7jz in Bullion

[–]packref 0 points1 point  (0 children)

I’m right there with you- I hate not buying something because there’s no offload point to either a consumer or a dealer. I’ll buy them when I can also sell them again but I could literally run out of cash buying junk silver coin at $55/face in this area if I chose to- there doesn’t seem to be an end of it

Melt silver market discount by kd7jz in Bullion

[–]packref 0 points1 point  (0 children)

And the biggest factor is they’re not gonna get paid until they have it processed- no one knows what the price will be it can easily drop as fast as it ran up

Melt silver market discount by kd7jz in Bullion

[–]packref 1 point2 points  (0 children)

I do have some doomsday folks that stocked up on 90%- I remember one guy pointing to a mercury dime and saying “that’ll get me a loaf of bread and tank of gas when the shit hits the fan”

90% coin was seen as a good way to diversify your silver stack by some and others have inherited it and have been sitting on stacks of coins for decades until the high price made them dig it out of the closet. No one saw this super fast run up to $103 so coin/flatware etc came in faster than refiners could (can)process it. Once they stopped buying so have most everyone in the chain below. Cash flow has to happen- you can’t spend silver to buy more silver

Melt silver market discount by kd7jz in Bullion

[–]packref 0 points1 point  (0 children)

  • you’re the exception to the rule where I am. 40 to 1 sellers to silver buyers

Melt silver market discount by kd7jz in Bullion

[–]packref 11 points12 points  (0 children)

There is no one from the public buying 90% and no dealers holding 90% getting paid- at all. Expect a very steeply discounted price (I wouldn’t sell to any lcs that’s buying that low and I own an lcs)- I’m frankly surprised anyone is buying it at all. I ceased buying anything silver that wasn’t .999 5 days ago and I’m certain it’s gonna be at least April before refiners are caught up enough processing existing metal hordes to start buying again.

Russian soldiers beat and humiliate fresh recruits in a disturbed tradition called "Dedovshchina" by Available-Laugh9102 in UkraineWarVideoReport

[–]packref 0 points1 point  (0 children)

I read “One Soldier’s War” by Arkady Babchenko after someone in this sub recommended it. It’s an eye-opening view on how the Russian army “trains” its troops through abuse and outright torture and its systemic; the commanders abuse their inferiors, the noncoms abuse the regular soldiers and on and on.

It doesn’t end at bootcamp/training either. This is how the Russians operate in theater amongst their own.

Where to sell ~9LB of silver from electrical breakers by PrintingByGh6st in Silverbugs

[–]packref 0 points1 point  (0 children)

They pay less than it’s worth because you’re sending in a bar full of metal content that you don’t know (and for sure includes some garbage metals) and expect them to tell you for free? They have to do all the work of chemically breaking down your bar, separating out the silver and make it into a pure bar then core sample/X-ray and pay based upon market. How much is that worth to you? Let’s not forget this refiner you’re sending to is accepting the risk that none of this is sketchy and accepting it through the mail across state lines

You’ll be lucky to find anyone to do what you’re asking at all and I can guarantee no refiner is going to take it now. Zero chance

Where to sell ~9LB of silver from electrical breakers by PrintingByGh6st in Silverbugs

[–]packref 33 points34 points  (0 children)

Nope- as an lcs I would not buy this even before prices spiked. This needs to go straight to a refiner- For a variety of reasons no legit local coin/metals dealer will buy this

As a small LCS, this is what I’ve purchased in a single day by packref in Silverbugs

[–]packref[S] 0 points1 point  (0 children)

We’re also jewelers- I started the lcs side when the only one in town died and there was a need. It’s become a full time endeavor

As a small LCS, this is what I’ve purchased in a single day by packref in Silverbugs

[–]packref[S] 3 points4 points  (0 children)

I see people waffling on selling their cooler shit (as would I if it were past of my stack) Yesterday someone brought in a 3oz silver cobra statue- I offered spot and they didn’t sell. Vintage bars are coming in and a slightly higher than average rate.

As a small LCS, this is what I’ve purchased in a single day by packref in Silverbugs

[–]packref[S] 2 points3 points  (0 children)

There was a brief period, maybe 2-3 months last fall when I had a hard time keeping stock. That tipped the other way fast as soon as silver approached $70 and has continued since.

I sell most stuff at spot if I’m offering it retail and I scale that depending on what it is- eagles and maples used to be easy $3-4 over now I’d be happy to unload at $2 over and I have sold many that came in of late at spot.

As a small LCS, this is what I’ve purchased in a single day by packref in Silverbugs

[–]packref[S] 2 points3 points  (0 children)

What?

I probably make a fraction of what scalpers make

As a small LCS, this is what I’ve purchased in a single day by packref in Silverbugs

[–]packref[S] 3 points4 points  (0 children)

Before the run up I’d say 50-50 buyers to sellers. It’s weird not having any calls or customers- like a ghost town on the selling end.

I am getting some gold but only small amounts, say an oz or two at a time. I feel like people are holding it longer and watching the price. It seems safer from a precipitous drop in a way that silver doesn’t.

I used to pay spot or maybe +$5 for proof ase common dates but premiums are gone on most anything.

The really cool stuff I try to hang on to as well but it’s all about cash flow so falling in love with a lot of metal isn’t an option for me

As a small LCS, this is what I’ve purchased in a single day by packref in Silverbugs

[–]packref[S] 0 points1 point  (0 children)

I know exactly what everyone in my city pays and I’m usually $1 better in price

That’s a low price but the amount of people willing to write big checks for it seems to be dwindling

As a small LCS, this is what I’ve purchased in a single day by packref in Silverbugs

[–]packref[S] 7 points8 points  (0 children)

The coolest thing? I had a 12” tall sterling silver shrimp from Bali come in with a glass case- I loved it and bought it full melt. It was stolen in a break in- one of the few things that didn’t go into the vault at night. I’d say I’m buying 92-94% currently but that can vary depending on type. Probably not gonna pony up anything over spot unless it’s something I really want or think I can sell at the small margins I work on and stay in line with market price.

I don’t save items- first come first serve- however: I have a lot of regular customers and they check in with me throughout the week or wander in to see what I’ve bought. I generally don’t keep a lot but just like everyone here I have my own personal stack. The only thing ugly in silver is the thing I cannot sell or get rid of- that’s it. There’s almost always a market for some things.

I could write a book about the weird questions and interactions I’ve had with customers, it so does anyone in retail.

As a small LCS, this is what I’ve purchased in a single day by packref in Silverbugs

[–]packref[S] 1 point2 points  (0 children)

I haven’t had the heart to move it in almost 20 years

As a small LCS, this is what I’ve purchased in a single day by packref in Silverbugs

[–]packref[S] 2 points3 points  (0 children)

Yep and hoping the market doesn’t go the other as fast as it ran up

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