-- Posted 1 April, 2009 | | Discuss This Article - Comments:
Source: SilverSeek.com
(Rockin the Coin Shop in Rocklin!)
Silver Stock Report
Rocklin Coin Shop
4870 Granite Drive, Rocklin, CA 95677
http://rocklincoinshop.com/
Today was our first day of business as the new owners of the 5 year old Rocklin Coin Shop.
It was wonderful to meet so many of our readers today. I think we had about 50 customers. It feels great answering up to 100 emails a day, but helping real people in the flesh face to face with many of the same questions I've answered for years was a real treat.
We are offering for our first three days of business (continuing tomorrow and the next day on April 1-2) a special on silver bars and rounds at $1.75 over spot, which was about $13.06 for most of today, so we sold most silver at about $14.81/oz. We sold at least 2500 oz., more than we did last night and tonight online at seekbullion.com!
Perhaps people feel more comfortable buying in person these days? But I assure you that our online buyers get all their silver, and FAST. Check the 269 user ratings!
http://www.seekbullion.com/user_reputation.php?user_id=100037
I feel as if God himself has a hand in helping our business. We were slammed for most of the early morning after 10AM, as it was mostly buyers all day long. Then, we had a brief pause as I conducted some other important business by phone, and then, we were busy 5-6 customers deep at times until about 3PM!
Here's the unusual part. Usually, the shop gets a steady stream of scrap gold jewelry sellers. Not today. Maybe all the silver and gold bullion buyers turned them away? Who knows, but we would have hardly had any time to evaluate and test out and buy any scrap gold if it were even offered to us, but it wasn't.
It was certainly the busiest the shop has been in the last 2 weeks.
Store Hours: 10AM to 5PM, M-F; -- 9AM to 1PM Saturday, yes, open on Saturday!
http://rocklincoinshop.com/
Located about a block off Hwy 80, just north of Sacramento, California.
Best times to show up are between 10-11AM, or after 3PM until we close at 5PM. The rest of the time, the shop is fairly busy, as customers have to wait up to 10-15 minutes or so, but most don't seem to mind.
Most popular question:
How much is it to buy an oz. of gold?
We are selling gold Eagles at $100/oz. over spot. Other gold oz. coins, such as Maple Leafs, or Krugs are at $90 over spot. The reason is that the Eagles simply cost more to replace, and are in higher demand. Surprisingly, I wanted to buy the Philharmonics for the shop, as they appear to be the best value today, but the former shop owner said that few ask for them, so I didn't stock them. Yet, here's the odd part, we had two or three people ask about them today. Seems my buyers know which bullion should be the best value, which are the Philharmonics, if we had them. I'll be sure to order some of them next! Seems I should have followed my own instincts. It's important to listen to advice, but even more important to listen to the customers!
Next most popular question:
How much is it if we sell an oz. of gold back?
Right now, the shop has been buying any gold oz. of any of those same standard gold pieces at the spot price, and sometimes a bit higher. That includes Eagles, Krugs, Maples, Philharmonics, and Pandas, but it depends on our cash levels and the market. I aim to keep tens of thousands of dollars in cash on hand to buy up to 10 oz. of gold or more from several customers. Larger sell orders might be able to get some cash now, and have to wait a few days for the rest.
Part of the problem with the wide spread in gold now is the volatility in both the price and the premiums, and scarcity from the wholesalers, caused by the rationing by the US Mint. When even the large wholesalers are often running out, as they have in the past year, it gets scary to sell gold. This last year, the Rocklin Coin shop had a serious run on the gold in the shop; as nearly half was sold out in a few days as the banks were crashing, as many other national dealers were sold out. Also, there are very few people selling to the shop; it's mostly all buying by the public, at least 10 times as much buying as selling.
So, point blank, I asked the former owner, "What do you do when you can't replace the gold you are selling from any of your wholesalers?" He simply replied, "Panic." Wonderful advice.
Fortunately, in silver, I can order bars and rounds from two major wholesalers who don't appear to have any problem locating silver in bulk, but on the other hand, it can take up to 3 weeks to obtain.
By the way, our shop should have up to 5000 oz. of the 10 oz. Academy bars by about April 15th. We will not take any pre-orders. We don't sell "paper futures"; only what we have in stock.
We had one customer buy 9 Gold Eagles; but sometimes, people buy up to 100 in this shop!
We had one customer want to sell 6 silver quarters and one silver dime. They declined when they realized it was wiser to keep them, and saw all the heavy buying around them. (Most purchases were well above the $1500 minimum to avoid the sales tax.)
Another silver seller kept her small silver hoard as well. This other sweet lady asked for the value of some 1964 silver coins locked up in a large wall clock, as she wished to sell. It was 2 half dollars, 2 quarters, and 8 dimes, $2.30 face value. There was no numismatic value, and the bullion value was about $22. I quoted her $11, because it would have taken us quite a bit of time to cut open the heavy plastic casing. I urged her that now was the time to buy silver, not sell it, and urged her to keep the nice clock, but didn't have time to say more.
Later, as I was driving home, I began to think that her peculiar silver entombed in plastic for 45 years since 1964 was like some sort of time capsule, a reminder from a former generation to the next that silver is money, and that at some time in the future, some future generation should probably remember that. That time is now.
So much silver is being slabbed in a hard plastic casing these days by the numismatic graders. What's the point of that? Some say that silver has less value because it is "bulkier" than gold for an equivalent value, but why then, do they take the time to slab it in bulky plastic to make it take up 3 times the space it already does? If they make it 3 times bulkier, wouldn't it logically have even less value if bulk is a factor in reducing the price? Why slab it and grade it, and reduce the fungibility, and make it less like money? I see no point in that. I envision in the future I'll have to put some wire cutters on a chain outside the shop next to a trash bucket so people can cut their own silver out of the hard plastic casing they are sometimes sold.
Yeah, yeah, I get the point. The plastic protects the silver from scratches. But nobody in the real world won't take your quarters when you spend them because of scratches. Money gets used, it gets dinged up, that's why it's money, it's supposed to circulate. A lot of bullion enthusiasts like to keep at least 1-3 one ounce silver rounds on them at all times, just to see it wear down over time, and hear the nice jingle in their pocket, and to show it off to people. That's how we think silver should be used.
Again, you can order silver from us online at our nightly auctions at seekbullion.com that many people love for the convenience and speed.
http://www.seekbullion.com/user_reputation.php?user_id=100037
In 269 user ratings, we received our first 3 star rating, all others are 5 star. Some of our bullion rounds came from the mint in a large box, with no tubes of 20, and so, they got a bit scratched up as they banged together in a box of about 500. You can see such micro scratches in our pictures. The comment was justified. We have since fixed the problem, and our mint is only shipping coins in tubes of 20. For a while, we were selling and minting silver faster than the plastic tube makers could keep up! We created a "run on plastic tubes"!
Thanks for your help. Let's keep up that run on silver!
Two links you must see:
All Talk, No Action (By the CFTC)
http://news.silverseek.com/TedButler/1238529622.php
Ted Butler explains that the major short position held by JP Morgan at the COMEX is not backed by longs in other markets, but by a further short position in other markets! As if they must manipulate silver prices lower on the COMEX to prevent further problems in their short position in other markets.
JP Morgan is the custodian of the SLV, by the way. And the iShares division run by Barclays, sponsor of the SLV, is up for sale. Maybe Barclays does not want the potential silver liability?
Chris Powell on Fox News
http://www.youtube.com/watch?v=NrAvXaSJftY
Chris Powell nails it! Gold manipulation exposed on national TV! US gold was admitted to be "swapped" and thus, perhaps a large portion, if not all of Ft. Knox gold is owned by someone else now!
Sincerely,
Jason Hommel
In case you miss an email, check the archives:
http://silverstockreport.com/ssrarchive.htm
www.bibleprophesy.org
You can buy silver in lots of 100-500 oz. at my auctions at www.seekbullion.com
Auctions end M-Th, Sat, At 7PM Pacific, but you can place bids anytime, 24/7. Wires only. USA Shipping only.
You can also buy silver at www.momsilvershop.com
Mom will ship overseas, and also in lots of more or less than 100 ounces.
See us also at:
Rocklin Coin Shop
4870 Granite Drive, Rocklin, CA 95677
http://rocklincoinshop.com/
-- Posted 1 April, 2009 | | Discuss This Article - Comments:
