If you folks are willing, I'd like to do the same thing Jason Hommel is doing in asking folks to comment on their silver supplier availability of silver. Just curious.
I'll go first.
I live in Toronto, population 5-6 million including suburds. There's a dealer just north of the city who I'm confident is the predominant supplier for the whole city. There are two or so others but I haven't bought anything from them.
I called him and he said he has exactly one 10 oz silver bar in inventory. Zero 100 bars and can't find any, he could try calling, but i've heard the stories on how that goes. He has some $1 silver maples but that's too small for me. He's an honest guy and said he won't even quote a delivery date because his supplier won't quote him. He'll take the order but has no idea when they'll be delivered. This is a person supplying over 5 million population.
I just checked my local coin shop in Ohio today. The owner had 2 1oz silver bullion bars. Some old silver dollars, and nothing else on hand. He said silver isn't being sold at the spot prices.
Everything he sells is at $4.00 over spot, and he has to order it in. No time line for delivery of silver placed on order.
I also live in Toronto.
Very recently audited the vaults of Bank of Nova Scotia / ScotiaMocatta. The silver inventory on hand was shockingly low. Only 61 1000oz bars in stock, NOTHING else. They used to have thousands of the big bars on hand. The officer there said that he has not seen anything like this in over 20 years at the bank.
Bear in mind that BNS is the only bullion bank in Canada.
Sooner or later entities are going to have to take delivery of silver on the Comex, as that is probably the only place to buy the metal in any quantity. The spot markets are void. My guess is that when this happens the paper and physical prices will converge again, at a much higher price than the paper price today.
Northwest Territorial Mint will take orders for $1.14/oz premium I think it was. That's for 500-1000 silver rounds. I bought some from them a year and a half ago and the delivery time was stated as 4-6 weeks. It took over 3 months to get them, and I picked them up. They're the largest PM dealer in the Pacific Northwest near Seattle. Won't be dealing with them anymore as they wouldn't even return my calls when I started trying to check on the order after 6 weeks. And they make them right there, PAAS stamped rounds. The local coin shop didn't have inventory and said they could take orders and get the product in a week or two. Yeah, right. Didn't order any there. Just took all they had on hand. Rounds a buck and a quarter over spot. Eagles short and $2.50 over.
I am also from the Toronto area (Newmarket) and am just starting to look into in to moving my SLV holdings into physical. I have obtained quotes (about a month ago) from the 4 major banks and a coin shop called Canadian Coin and Currency. Is this the large dealer north of the city you mention? If not, would you be kind enough to tell me who this dealer is so I can attempt to get a price from them as well.
I also spoke to Border Gold in Vancouver, they don’t charge PST but there are obviously shipping charges involved.
Thanks in advance for a bit of help for somebody trying to get into physical (preferably bought locally in person).
I'll call Albern coin tomorrow and see what they've got. They were always stacked with bullion and I never had a problem getting anything I wanted. As for 100oz bars, I prefer 1oz bullion as I never viewed PMs as an investment but more as real money and a hedge against paper so if things go to crapper and we start to hyper inflate and we move to accepting bullion for goods I rather have 1oz coins than big bars.
ps. It was interesting that Vetnam banned import of gold so they could force people to accept paper money.
They don't have 100oz bars but do have 10oz bars and silver maples. Silver maples are in 17.60 area and have a discount on quantity of 100 and 1000 coins so they've got silver for anyone wanting to buy any. They don't charge gst and no pst as bullion in Canada is tax free and no need to have any documentation on purchases under 10k.
I don't know about their shipping rates but I've always bought stuff from them and you can even reserve the price with them as long as you pick it up the same day. Anyone interested their number is:403-276-8938 So silver is still available there. I never bought 100oz bars as I rather have 1oz coins so I don't know what kind of 100oz bar quantity they held in the past.
This is worth a special project on my part.
Now that I will have some time on my hands starting next week, I think I will start calling local shops to "do inventory".
According to coininfo.com, there are 280 dealers in southern California (Los Angeles county, Orange county, Riverside county, San Bernardino county, and San Diego county).
My questions will be:
1) Any bag silver coins? How many, what price?
2) Any US or Canadian silver dollars? $?
I invite you to add some other items, like bars, but be specific about what it is you want to know about.
I live in salt lake city and have bought in the past from monarch coin. Called today and they have a "few" 08 silver eagles selling for $16.55. No 100 oz. bars but they do have some 1 oz. rounds.
I know someone who closed out a Monex account a couple weeks ago and received silver eagles right away. They have silver. But a local coin shop where I live isn't selling any junk silver. He said no one is selling them silver at these prices.
Oh yeah, when I first started buying silver 4 or 5 years ago, it was always in inventory when I walked in, then gradually it increased to 3 or 4 days, to 1.5 weeks to 2-3 weeks, to now,,, don't they won't quote delivery lead time.