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gold/silver up, cash flow crunch, gone fishing?

Started by truthteller,

5 posts in this topic

truthteller

truthteller

Posted
Posted

Last week I stopped by a couple of coin shops in the Monterey, CA area. Did a bit of selling, nothing special, a few raw coins. I was talking to the dealer about the recent run up in gold/silver and he mentioned something strange. Several dealers that he knew were hesitant to buy more bullion since they maxxed out their cash and the major wholesale buyers were slow to pay. 893scratchchin-thumb.gif It didn't bother me that he said this until today. I stopped by a local coin dealer, and the shop was closed for two weeks. 893scratchchin-thumb.gif Strange, the busiest market in quite a while and people are selling oodles of coins, only to close, gone fishing? Last week this dealer had tons of customers waiting in the store to sell. confused-smiley-013.gif So, I then went to the other local coin dealer. His store is small but was packed with customers. A couple of dealers were inside and looked like vultures ready to pounce on the fresh meat(coins) that the shop owner was buying. He was so busy, he didn't even buzz me in and just shook his head. confused.gif This reminds me of the early 1980 when coin stores in SoCal only let people in a few at a time to sell. Forget collecting coins then, since it was a madhouse just getting into the shops.

 

 

TRUTH

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gmarguli

gmarguli

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I stopped by a local coin dealer, and the shop was closed for two weeks. 893scratchchin-thumb.gif Strange, the busiest market in quite a while and people are selling oodles of coins, only to close, gone fishing?

 

Perhaps business has been so good that he can finally take some time off for a vacation? Psychologically it's easier for him to take time off when money is rolling in rather than when it is slow as he fears the bills from the vacation?

 

 

. He was so busy, he didn't even buzz me in and just shook his head. confused.gif

 

Are you sure that was the reason why he didn't buzz you in? 893scratchchin-thumb.gif893scratchchin-thumb.gif893scratchchin-thumb.gif

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truthteller

truthteller

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  • Author
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. He was so busy, he didn't even buzz me in and just shook his head. confused.gif

 

Are you sure that was the reason why he didn't buzz you in? 893scratchchin-thumb.gif893scratchchin-thumb.gif893scratchchin-thumb.gif

 

 

Come to think of it, I was wearing a "Gmarguli kicks soldiers" T-shirt? 893scratchchin-thumb.gif

 

 

 

TRUTH

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Bruceswar

Bruceswar

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I am glad its not like that here in Texas.... my local dealer seems to be operating at nornal, just with a bit more action on silver and gold...

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chinook

chinook

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I have heard the the smelters are running behind and the major wholesalers are also slow in getting paid. I have also heard that for every $50 jump in gold from here to expect larger discounts and even slower payment times.

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