Friday, March 28, 2008

Scotia Silver shortage showing signs of improvement



I decided today to wander across the street and be a nuisance at my favorite bullion counter, no big line ups, nobody making a noticeable bullion trade, no robbery, no cute little Pandora, no excitement of any kind.

So while rather bored with my field trip I do have good news for my Toronto readers; The main Scotiabank and Bay and Adelaide does have silver which finally arrived Thursday. They do not however have a full selection and they would not give me quantities(ooooh, top secret!) but as of 11:00 Friday they did have 50 oz and 100 oz bars. They also had some undisclosed quantity of 2001 silver Maples, still factory packaged in plastic.

I hope some of you can make use of this opportunity, while the price is not as good as last Thursday it's still well below our recent $21 showing. While it's still not the best situation the silver shortages discussed last week on this site seem to be abating for now, of course this post could start another run and clean them out;) Oh ,to be that popular a site.

9 comments:

Dan Tyrant said...

Gah! You're certainly on the case... Thanks for the message, CSB, much appreciated!

I called SM yesterday and they told me they're fine filling smaller orders, but they're running out of some of the more popular flavors of metal. I haven't had time to go down there just yet -- thankfully silver didn't leap up just yet!

That said, the guy didn't sound overly nervous or stressed out, so I don't think the barbarians are banging at the gate just yet!

That maple leaf is a nice looking coin indeed! Should be worth a lot of money in a year or two too! :) Do they have other weight silver maples as well? I'd love to get a few bags of dimes while they're still cheap.

Hope you don't mind, but added your blog to my links!

Cheers for the message again

-Dan

Lord of Wealth said...

that's what I'm here for, to help other Canadians get on board and save themselves from financial ruin, if it is at all possible.

Thanks for the link, anything to raise my presence and google rank is appreciated.

CSB

Lord of Wealth said...

silver Maples only come in 1oz except for the 10th year aniversary of the maple the made a short run on a 10 oz coin, I curse myself that I did not originally realize how rare their were when I failed to bid on one on ebay, I have not seen one since.

There is no point making fraction silver coins, to much work for the value. There is a nice 1/2 ounce wolf from about 3 years ago the mint tried, the premium was so high per ounce that they did not fly off the shelves.

I too would like some more junk silver, dimes/quarters. I also have a thing about 50 cent pieces and buy those when ever I can find them at melt rather than collectors premiums, they are never in good enough condition to justify the premiums but they ask anyway.

Anonymous said...

Hi, I went to the mint in Ottawa yesterday, and asked how many 1 oz silver Maple Leak coins they had in stock. The clerk check her computer and told me they had 67 coins. I cashed some of my peanuts and took possession of 10 coins.

Lord of Wealth said...

Thanks

so the mint now only has 57 coins max left. I wonder when the next run of maples is due because if they don't have any at the mint I can't see there being a lot in the system. like my post said the maples scotia had were resale being 2001 no new ones

Anonymous said...

Hi,

I went into today to Scotia Main Branch in the morning and was able to get a tube of 2008 Canadian Maples (along with some 1.5 oz of Gold).

I paid $20.40/coin when spot was around $16.65. Lord of Wealth, does that sound right? I was a little surprised at the markup.

The smallest silver bars they had were 50oz.

-G

Lord of Wealth said...

Actually it is not out of line, the premium on small silver can be over $3 an ounce with Eagles and Maples having the highest premium.

Also included in the price is the difference between ask and bid. They buy on the bid and sell on the ask which could be 30-40 cents.

That is why I have mentioned several times I buy a few maples and then only for my kids as collectables, Silver I buy for investment is big/low premium bars.

Last Friday they did not have current year maples, so the situation is improving


CSB

Anonymous said...

Thanks for the info.

I think I have enough silver coin now, so definitely will be looking at bars as you suggest.

I usually do ask if they have any bars (of the 10-20 oz) variety, but they never do (even before the shortage).

Just an FYI, a collegue went into the main branch in the afternoon around 1:30PM, and all they said they had left were 5 2008 Canadian Maples, which he bought.

What I didn't know was that the 2008's bought individually (i.e any amount smaller than tube -25) seem to be no longer sold in those plastic sheets. They were in small Scotia baggies that are basically miniature envelops that can be opened and closed.

-G

thowze said...

Glad you guys in Canada are able to get silver from retailers. In Southern California, USA, a number of shops I deal with have been out of the American Silver Eagles and Canadian silver Maples for 5 weeks. One did call on April 15 and said that they had received American Silver Eagles in stock after being out for 4 weeks. If anyone comes up with a good reason why there is a shortage all of a sudden in Canada, US and Australia at the same time I would like to hear about it.