A year ago silver was in the $8.00 range and by May it was near $15 until we got nuked soundly, falling back to a $10 range in June. Since then silver has climbed to $13 in early Sept only to fall back to about $10.70 mid month with a quick bounce back to $11.60ish today. It appears that each time we get a correction on silver the drop is less dramatic in both time and depth and then the prices start back up again. I believe this is a sign that the market is becoming adjusted to a new normal in silver value. Big investors are still buying and selling for the trade giving us the some volatility but as the trend continues the trading range is narrowing and new support prices are being built. I think these new support levels are a sign we are getting ready for a new upward leg that will likely bring us back into the May range of $14-$15 silver for the end of year.
On the demand side anecdotal evidence shows that the small physical buyer is not cashing in his hoard, the coin stores I frequent seem to have little in stock. At the Scotia Bank metals and currency counter I’ve been told that sales are not as strong as in May but still constant with buyers greatly outnumbering sellers and people on Ebay are over bidding in a bullish sentiment.
Industrially there have been a number of new products being announced in the last few months using silver. These products should add new and growing demand for our shiny friend. Silver is being woven into hospital curtain fabric and will act as anti microbial agent aiding hospitals in controlling the spread of infections. This is in addition to a number of other consumer products like band aids to fight infection and socks that eliminate odour by using silver. Also new, are plastic food storage containers that are impregnated with small silver particles that will keep food fresher longer. These products all use very small amounts of silver but have great potential in increase demand for silver by their pure volume.
Finally and the most bullish for silver is the announcement by Zinc Matrix Power that they have developed a safer, longer lasting, more environmentally friendly rechargeable battery. These new batteries are made of a zinc silver matrix, have no memory, and are claimed to last twice as long as Lithium Ion batteries. Considering the bad press exploding laptops and recalls have given the Lithium Ion technology, I think companies will be beating down the doors to access these batteries. Once scaled up in size Zinc Matrix should also make a big impact on the feasibility of plug in cars or at least plug in hybrid cars. I’ve yet to find out how much silver is used in these batteries but it is certainly more than none and once again the volume of lithium Ion batteries to replace bodes well for silver demand.
Advice for the day, If you can afford some silver today, don’t wait. Buy when you can, especially after a correction, you never know when big move will happen
Monday, October 02, 2006
Sunday, September 24, 2006
The Mogambo Guru speaks
The Mogambo Guru speaks
Several weeks ago on a whim I thought I would ask the Mogambo Guru a question and thought I would share my correspondence with you.
Mr Daughty
Any chance you could talk about how the coming crash will affect your largest trading partner, Canada. If you guys crash and burn I assume you’re taking us with you. What would be our best defense? Is it still gold, silver, oil?
What would be your CMPOFAD ? (Canadian Mogambo Plan of Fear and Desperation) After all you did come to Vancouver and not all of us PMW (Poor Mogambo Wanabees) could afford to fly in and see you.
Thanks for your informative and entertaining articles, (Your wife and family must be very good sports)
ACMF (a Canadian Mogambo fan)
Thanks for asking, but I never thought about it, but now that I am, I find I suddenly have a headache from continuously scratching my head in puzzlement. But, pressed for an answer, with Canada's massive resources, I assume that you will be fine, as you will have exports out the wazoo, while all we Americans seem to export is weapons, dollars, stupidity and hatred.
And whither gold and oil? Always a good idea! And silver? Always a better idea! File that under "CMPOFAD" with the subhead "Emergency Last Ditch Clutching-At-Straws Plan From A Real Moron, To Be Used In Case Advice From Competent Professionals Proves Somehow Inadequate."
And I am sorry that you did not get to see my speech in Vancouver, but, if it makes you feel any better, the consensus of opinion about my stupid speech was "What an idiot!", and I, of course, agreed with them, not telling them, of course, that I was secretly laughing at them for expecting anything different! Jerks!
And besides, they had enough people angrily demanding their money back and wanting to beat some sense into me without YOU adding to the hubbub!
-Mogambo
Mr Daughty,
Thanks for the answer, I didn't think I'd actually get one.
What complicates the situation is the U.S. takes up 80% of our exports,
with a possible devaluation(collapse) of the U.S. Dollar, you won't be
spending much on things you can't produce. What foreign currency you can get will be used just for Oil, leaving many of our industries floundering.
In 5 years will we have Americans sneaking across our border to work
illegally and send cash home to Alabama?
Who says we won't be spending money? Hahaha! Hell, that is the whole point of the Federal Reserve!
-Mogambo
So while not a long and detailed analysis by either of us, it would seem that the Guru is both bullish on Oil, Gold and especially Silver(as all right thinking people should be) even from the Canadians perspective. I was however a bit surprised at his bullishness for Canada in general. Should the U.S. dollar suffer a devaluation crisis I doubt the U.S. will be able to afford to import as much as it does presently. Yes they will be able to print as much paper as they want, but will our industry accept it in payment. Other considerations would be, what kind currency restrictions the U.S. invokes to buffer the dollar?, will they refuse to sell us fixed assets as happened with the port sales to Dubai? Will we be able to pass off U.S. paper into the world market to purchase our imports?
Assuming the dollar devaluate across all currencies equally we would not loose any competitive edge against other currencies except the dollar. However, since the U.S. is our biggest trading partner it would be an important consideration should they loose 50-80% of their buying power in weeks or months. I believe in such a situation the U.S. would have to import at what ever cost for a time, but eventually that will change. The U.S. will outlaw unions, close the EPA, repudiate most other environmental laws, and remove any other impediments to development. The President might even use Executive order 11000 to send people off to work camps in order to allocate needed labour at controlled prices, also expect the congress to enact stiff tarrifs and break many trade agreements.
The rational for these changes will be to return jobs and production to America. The delay in the issuing of mining permits, long environmental studies, zoning fights and labour cost all encourage the import of raw material and the exportation of jobs abroad to the detriment of the country. Eventually when the dollar no longer maintains enough of its purchasing power, previously exported jobs and primary industries will be repatriated decreasing Canadian exports to the U.S. A monetary crash is also likely to result in a prolonged depression in the U.S. which will also cut demand for our goods. It’s simple, we are far too reliant on this one market absorbing our economic output. The world will quake if the U.S. dollar implodes, and far from being immune, we could be more shaken due to our dependancy on the U.S. market.
Not that I have credentials to match Mr. Daughty but this was my take on it.
Be wary, be informed , invest safely, shed debt, buy silver or gold and be prepared for a world of pain. If I might quote the Guru, "We're freaking doomed!"
Several weeks ago on a whim I thought I would ask the Mogambo Guru a question and thought I would share my correspondence with you.
Mr Daughty
Any chance you could talk about how the coming crash will affect your largest trading partner, Canada. If you guys crash and burn I assume you’re taking us with you. What would be our best defense? Is it still gold, silver, oil?
What would be your CMPOFAD ? (Canadian Mogambo Plan of Fear and Desperation) After all you did come to Vancouver and not all of us PMW (Poor Mogambo Wanabees) could afford to fly in and see you.
Thanks for your informative and entertaining articles, (Your wife and family must be very good sports)
ACMF (a Canadian Mogambo fan)
Thanks for asking, but I never thought about it, but now that I am, I find I suddenly have a headache from continuously scratching my head in puzzlement. But, pressed for an answer, with Canada's massive resources, I assume that you will be fine, as you will have exports out the wazoo, while all we Americans seem to export is weapons, dollars, stupidity and hatred.
And whither gold and oil? Always a good idea! And silver? Always a better idea! File that under "CMPOFAD" with the subhead "Emergency Last Ditch Clutching-At-Straws Plan From A Real Moron, To Be Used In Case Advice From Competent Professionals Proves Somehow Inadequate."
And I am sorry that you did not get to see my speech in Vancouver, but, if it makes you feel any better, the consensus of opinion about my stupid speech was "What an idiot!", and I, of course, agreed with them, not telling them, of course, that I was secretly laughing at them for expecting anything different! Jerks!
And besides, they had enough people angrily demanding their money back and wanting to beat some sense into me without YOU adding to the hubbub!
-Mogambo
Mr Daughty,
Thanks for the answer, I didn't think I'd actually get one.
What complicates the situation is the U.S. takes up 80% of our exports,
with a possible devaluation(collapse) of the U.S. Dollar, you won't be
spending much on things you can't produce. What foreign currency you can get will be used just for Oil, leaving many of our industries floundering.
In 5 years will we have Americans sneaking across our border to work
illegally and send cash home to Alabama?
Who says we won't be spending money? Hahaha! Hell, that is the whole point of the Federal Reserve!
-Mogambo
So while not a long and detailed analysis by either of us, it would seem that the Guru is both bullish on Oil, Gold and especially Silver(as all right thinking people should be) even from the Canadians perspective. I was however a bit surprised at his bullishness for Canada in general. Should the U.S. dollar suffer a devaluation crisis I doubt the U.S. will be able to afford to import as much as it does presently. Yes they will be able to print as much paper as they want, but will our industry accept it in payment. Other considerations would be, what kind currency restrictions the U.S. invokes to buffer the dollar?, will they refuse to sell us fixed assets as happened with the port sales to Dubai? Will we be able to pass off U.S. paper into the world market to purchase our imports?
Assuming the dollar devaluate across all currencies equally we would not loose any competitive edge against other currencies except the dollar. However, since the U.S. is our biggest trading partner it would be an important consideration should they loose 50-80% of their buying power in weeks or months. I believe in such a situation the U.S. would have to import at what ever cost for a time, but eventually that will change. The U.S. will outlaw unions, close the EPA, repudiate most other environmental laws, and remove any other impediments to development. The President might even use Executive order 11000 to send people off to work camps in order to allocate needed labour at controlled prices, also expect the congress to enact stiff tarrifs and break many trade agreements.
The rational for these changes will be to return jobs and production to America. The delay in the issuing of mining permits, long environmental studies, zoning fights and labour cost all encourage the import of raw material and the exportation of jobs abroad to the detriment of the country. Eventually when the dollar no longer maintains enough of its purchasing power, previously exported jobs and primary industries will be repatriated decreasing Canadian exports to the U.S. A monetary crash is also likely to result in a prolonged depression in the U.S. which will also cut demand for our goods. It’s simple, we are far too reliant on this one market absorbing our economic output. The world will quake if the U.S. dollar implodes, and far from being immune, we could be more shaken due to our dependancy on the U.S. market.
Not that I have credentials to match Mr. Daughty but this was my take on it.
Be wary, be informed , invest safely, shed debt, buy silver or gold and be prepared for a world of pain. If I might quote the Guru, "We're freaking doomed!"
Thursday, September 14, 2006
Gold and silver slump irrational
To say that gold and silver have taken a beating the last week or two is an understatement. Further, I can't from any reasonable stand point understand why they have fallen so far so fast.
Both South Africa and Australia have posted lower year to year Gold production, South Africa, the worlds largest producer has been following a downward production trend for 5 years. This trend is world wide as more and more of the old, easy and cheap mines are exhausted and are replaced by smaller, poorer grade and harder to mine deposits. At the same time energy which is a major component in mining costs is rising drastically. The third component to the supply side is the political/labour instability and nationalism in many producing countries. The trend in many developing countries is to change the laws and void contracts in a bid to take a larger share of mining profits for the host countries, miners are also demanding a larger share of the pie and labour disputes are becoming more frequent. Silver while showing some growth in production is matched by new industrial uses and a renewed interest in silver as an investment. All of these facts should be supporting the price if not giving it strength.
The claim is that the Gold fell on U.S. dollar strength, this sounds awfully convenient especially when there is no logical reason the U.S. dollar would gain in value.
1. the U.S. is still creating money at a breakneck pace adding just short of 5 billion dollars to the money supply last week.
2.. Consumer debt levels are still climbing, 2005 disposable income rose 1.2% while personal debt rose 11.7
3. U.S deficit spending is not slowing
4. Housing collapse, estimates range from a 5-40% housing market correction, losses already taken in Florida make the 5% look ridiculously optimistic.
5. Ford and GM are on the brink of insolvency and could destroy 300 billion + of investor value.
6. Misreporting of inflation is being noticed and some estimates such as those at International Forcaster put it over 10%
All these facts are disturbing and mean a great deal of pain for the average citizen and doubly so for investors. It is unclear at this point how this will play out but both hyper inflation and deflation can be argued for. It is also possible that a wave of one could be followed by a wave of the other and as bad as inflation and deflation could be there is even a more devastating possibility on the horizon that of a total monetary crisis.
The devaluation over the last few years of the U.S. dollar is a warning sign of a possible implosion of the dollar. Each day billions of dollars are borrowed to float the current government debt and the continuing deficit spending. Each time the dollar weakens in value it becomes that much harder for new debt to be sold and that much more likely that countries already heavily invested in U.S. debt will attempt to sell their debt in an attempt to cut their loses. If the debt cannot sold externally the only option for the Fed is too create money and internalize the debt. This creation of money will put further downward pressure on the value of the dollar creating a virtual currency death spiral, much like Argentina in the 90s
So why has silver and gold been hit so hard recently?
There are several possibilities that immediately rear their heads some simply technical others pure manipulation.
1. The market was over sold. Many who do not believe that gold and silver have any special value beyond it's rarity as a commodity will say that the commodity run is complete and gold and silver will fall in value like all other metals, oil, houses. If most investors don't credit these metals as monetary metals but rather a simple commodity than this is reasonable. These investors are convinced in the long term survivability of fiat currencies and are most likely very wrong. History shows paper currency is not real money and eventually fails.
2. Simple profit taking by hedge funds and institutional investors. These groups buy for the trade and jump in and out of investments when they have made their targeted margin often at the whim of automated trading programs. These investors are not interested in long term retention of wealth but rather the creation of false paper wealth.
3. Manipulation of futures. Both gold and silver have huge concentrated short positions that have undo control of the market pricing. When you can sell huge quantities of a commodity you don't actually own it's very easy to drive the prices down. Despite this control, fundamentals have allowed the creation of newer and higher support levels for gold and silver over the last several years. I have no doubt that in the long term this trend will continue.
4. Government sales. For those who believe (rightly so) that gold and silver have monetary value and not just it's use in industry and for trinkets, these metals show an important reflection of money's true value. As paper currency devalues people will turn to real assets to protect their wealth. Gold and silver have a long and honoured history as real money, which can't be forged, arbitrarily created. The government knows this and when metals look too strong , it makes paper look to weak. To counter this Central banks flood the market with bullion driving the prices down, simple supply and demand.
All this does nothing to change the fact the the U.S. dollar is in real danger of imploding, but for the time being it does lessen the perception that the U.S. dollar is in danger. With elections approaching in Nov there is no chance the government will allow the dollar to slide, interest to rise or the true value of the government debt to be accounted.
This current "correction" is perhaps the last chance to get a bargain in gold and silver. Should there be a melt down of the dollar, money will flood into the precious metals market as people try to protect what value is left in their currency. This influx of cash will raise the value of gold and especially silver due to it's tighter supply issues. Gold and silver are monetary metals despite nay sayers, these metals have survived with real value through out the ages and in an enviroment like todays when bad paper is becoming more prevalent it is perhaps the only safe haven for your wealth.
Both South Africa and Australia have posted lower year to year Gold production, South Africa, the worlds largest producer has been following a downward production trend for 5 years. This trend is world wide as more and more of the old, easy and cheap mines are exhausted and are replaced by smaller, poorer grade and harder to mine deposits. At the same time energy which is a major component in mining costs is rising drastically. The third component to the supply side is the political/labour instability and nationalism in many producing countries. The trend in many developing countries is to change the laws and void contracts in a bid to take a larger share of mining profits for the host countries, miners are also demanding a larger share of the pie and labour disputes are becoming more frequent. Silver while showing some growth in production is matched by new industrial uses and a renewed interest in silver as an investment. All of these facts should be supporting the price if not giving it strength.
The claim is that the Gold fell on U.S. dollar strength, this sounds awfully convenient especially when there is no logical reason the U.S. dollar would gain in value.
1. the U.S. is still creating money at a breakneck pace adding just short of 5 billion dollars to the money supply last week.
2.. Consumer debt levels are still climbing, 2005 disposable income rose 1.2% while personal debt rose 11.7
3. U.S deficit spending is not slowing
4. Housing collapse, estimates range from a 5-40% housing market correction, losses already taken in Florida make the 5% look ridiculously optimistic.
5. Ford and GM are on the brink of insolvency and could destroy 300 billion + of investor value.
6. Misreporting of inflation is being noticed and some estimates such as those at International Forcaster put it over 10%
All these facts are disturbing and mean a great deal of pain for the average citizen and doubly so for investors. It is unclear at this point how this will play out but both hyper inflation and deflation can be argued for. It is also possible that a wave of one could be followed by a wave of the other and as bad as inflation and deflation could be there is even a more devastating possibility on the horizon that of a total monetary crisis.
The devaluation over the last few years of the U.S. dollar is a warning sign of a possible implosion of the dollar. Each day billions of dollars are borrowed to float the current government debt and the continuing deficit spending. Each time the dollar weakens in value it becomes that much harder for new debt to be sold and that much more likely that countries already heavily invested in U.S. debt will attempt to sell their debt in an attempt to cut their loses. If the debt cannot sold externally the only option for the Fed is too create money and internalize the debt. This creation of money will put further downward pressure on the value of the dollar creating a virtual currency death spiral, much like Argentina in the 90s
So why has silver and gold been hit so hard recently?
There are several possibilities that immediately rear their heads some simply technical others pure manipulation.
1. The market was over sold. Many who do not believe that gold and silver have any special value beyond it's rarity as a commodity will say that the commodity run is complete and gold and silver will fall in value like all other metals, oil, houses. If most investors don't credit these metals as monetary metals but rather a simple commodity than this is reasonable. These investors are convinced in the long term survivability of fiat currencies and are most likely very wrong. History shows paper currency is not real money and eventually fails.
2. Simple profit taking by hedge funds and institutional investors. These groups buy for the trade and jump in and out of investments when they have made their targeted margin often at the whim of automated trading programs. These investors are not interested in long term retention of wealth but rather the creation of false paper wealth.
3. Manipulation of futures. Both gold and silver have huge concentrated short positions that have undo control of the market pricing. When you can sell huge quantities of a commodity you don't actually own it's very easy to drive the prices down. Despite this control, fundamentals have allowed the creation of newer and higher support levels for gold and silver over the last several years. I have no doubt that in the long term this trend will continue.
4. Government sales. For those who believe (rightly so) that gold and silver have monetary value and not just it's use in industry and for trinkets, these metals show an important reflection of money's true value. As paper currency devalues people will turn to real assets to protect their wealth. Gold and silver have a long and honoured history as real money, which can't be forged, arbitrarily created. The government knows this and when metals look too strong , it makes paper look to weak. To counter this Central banks flood the market with bullion driving the prices down, simple supply and demand.
All this does nothing to change the fact the the U.S. dollar is in real danger of imploding, but for the time being it does lessen the perception that the U.S. dollar is in danger. With elections approaching in Nov there is no chance the government will allow the dollar to slide, interest to rise or the true value of the government debt to be accounted.
This current "correction" is perhaps the last chance to get a bargain in gold and silver. Should there be a melt down of the dollar, money will flood into the precious metals market as people try to protect what value is left in their currency. This influx of cash will raise the value of gold and especially silver due to it's tighter supply issues. Gold and silver are monetary metals despite nay sayers, these metals have survived with real value through out the ages and in an enviroment like todays when bad paper is becoming more prevalent it is perhaps the only safe haven for your wealth.
Tuesday, September 05, 2006
Where can I buy silver in Canada?
It's not my intention to promote any particular business (unless of course they want to pay me, preferably in silver) but rather to enlarge the knowledge base of Canadian silver bugs on potential vendors. I will mention the few vendors I have dealt with and my perception of them and their service. I hope you will add to the conversation with insights on different vendors and those previously mentioned by myself or others.
Scotia bank- Scotia bank is a major bank and the largest bullion vendor in Canada with over 950 branches. I'm told it's possible to buy bullion from any of these branches so long as don't want it that day. Bullion is ordered from the main vault in Toronto and shipped via Brinks to local branches at your expense. I've asked at the main branch for a breakdown of these shipping fees but I was told the that only the local branches could inform me. I happen to be near the main Toronto branch so I've done all my business with Scotia in a walk up and carry away manner.
Business at Scotia is done at the bullion and currency exchange counter which can have quite long wait especially in high travel seasons. At the counter they have real time silver quotes and exchange rates which is important as metals trade in U.S. dollars. You book your order, they send the order down to the vault and you wait. I've spend from 10 to 45 minutes in line and waiting for my silver to be brought out. Scotia has silver bars and maple leafs, gold in bars, Maple leaf coins, English Sovereigns, Mexian 50 peso coins, Krugerrands, and American Eagles. Overall I've been satisfied with service but I would like to see some bullion in local branches rather than penalize everyone who does not frequent downtown Toronto, I think they are missing many potential buyers. Also why can't I watch the prices from my computer, book my own order and then just go pick it up? If I can trade stocks or buy RRSPs online why not silver?
Note: I do not know if it's a sign of total demand or just having the wrong sizes in stock but in early May I was told they were almost out of 100 oz bars and in early August they had no 5 oz or 10 oz bars.
Colonial Acres Coins of Waterloo Ontario, is primarily a store for Numismatics but they do advertise silver bars up to 100 oz and coins from the Royal Canadian Mint and various foreign mints. They sell a variety of gold collector coins including Maple Leaf in full ounces and fractional ounces, 1/2 oz, 1/4 oz, 1/10 oz, and 1/20 oz. and 1 oz bars. Colonial also has some U.S. and Canadian junk silver. I have made purchases of Junk silver, maple leafs, and some protective containers from Colonial's web site with no problem. For the last while however, Colonial has shown "sold out" on silver bars and is often behind in correcting the web site prices. If silver suddenly starts to run, check them out you might get a deal on the last stock of Maple Leafs. Is the sold out status another sign of tightening supply? I understand many small dealers out west were empty in the spring 2006.
I follow the pricing on Border Gold , out of Surrey B.C. but have never used them. I'd like some feedback from someone on these folks. Border Gold lists Silver Maples and 10 oz and 100 oz bars of silver. They also sell various collectors coins, gold, platinum and palladium. Unlike Colonial there is little chance of getting a tricky discount purchases here, final quotes and orders are done by phone.
Note: Some provinces like Ontario charge PST on Numismatics (junk silver, Maple leafs, Royal mint stuff etc) while others like B.C. do not, nor are they required to charge you if they ship to a PST province. Keep this in mind for easy savings.
I know of many U.S. operations but the added joy of cross border shipping, duty, customs has not yet convinced me of the need. I would like a pile of rounds and a few Libertads so I still might take the plunge, but not just yet.
Ebay.ca - manic buyers often push prices too high and each vendor is a new adventure. Avoid U.S. customers as shipping and duty can kill you, especially when fools label your silver rounds as coins rather than bullion and you get charged PST. I also panic when things take 4 weeks to arrive. Look at the adds closely, I often see padded shipping and insurance. I've even seen one vendor in western Canada quoting shipping in English Pounds in order to slide over priced shipping past inattentive buyers.
Please add your vendors and insights as comments
Additional vendors added 2012
My go to place for the last 3 years has been First Majestic Silver a mining company that has made a wise choice in direct marketing a portion of their silver to the public. This creates market recognition of their company which must help the stock price and their bottom since they probably have a higher margin on the bullion vs the bulk refined silver. They supply a nice selection of very pretty 1/2 oz, 1 oz, rounds, 5 and 10 oz struck bars, a nice molded 1kg bar and a 50oz rough poured job that fits poorly with their other products. Service has been quick, accurate and pleasant after a slight problem when they first opened up for business. I this is place I recommend and wish they had an associate program of some kind.
Great Panther Silver should receive much of the same praise I give First Majestic but I cannot recommend a company that is consistently around $3 an oz more expensive than their peer. I love the look of their product and I would buy it but only at a comparable price.
Speaking of prices that are way off, the day I checked a posters recommendation for Peracto they were a full $7 dollars an ounce pricier than Border Gold, a company I use for my fair value pricing comparison.
The comments section has had a bit of a flame war about Precious Metals House I've not used them yet but I will with my next purchase just to get a feel for the validity of the comments I've blocked. What I can say is they have a very nice selection of products including Scottsdale stacker bars and Mexican Libertads, both very lovely products that I count among my favorite silver. They are also not readily available in Canada so the small premium on the Libertads far out ways trying to order them from the states or directly from Mexico. They also have a bunch of high premium stuff like Pandas that I refuse to purchase because of their price.
Silver Gold Bull also gets a lot of plugs from my commentators and I found it had a very nice selection but with slightly elevated prices compared to a few other places. I've never seen silver from Fiji before and somehow missed the addition of 1/10 and 1/4 ounce walking Liberties which might well be a good purchase for SHTF money. So far most of my small stuff is 1 and 1/2 oz rounds from First Majestic but a few rolls of 1/10ths might be a good addition. Silver Gold Bull like Precious Metals House looks set up for larger purchases too something few Canadian Vendors could do when I started this blog.
Bullion Exchange in BC offers free shipping over 500 oz of silver had decent prices but a smaller selection than some companies.
MRCS in Edmonton has been suggested for local buyers but they don't appear to do online sales
I received a lot of Bullion Mart span in the comments over the last couple years and checking today I still find them moderately overpriced but no where near the obscene prices at Peracto
While I try to keep to Canadian vendors to avoid the occasional over zealous customs asshole who doesn't know the difference between coins and bullion, or pure vs sterling I do hear good things about APMEX. Amazing selection of silver and the small gold pieces I occasionally buy like sovereigns or 2, 2.5 and 5 peso coins.
I'll probably add some more vendors as I come across them, thx for dropping by.
Scotia bank- Scotia bank is a major bank and the largest bullion vendor in Canada with over 950 branches. I'm told it's possible to buy bullion from any of these branches so long as don't want it that day. Bullion is ordered from the main vault in Toronto and shipped via Brinks to local branches at your expense. I've asked at the main branch for a breakdown of these shipping fees but I was told the that only the local branches could inform me. I happen to be near the main Toronto branch so I've done all my business with Scotia in a walk up and carry away manner.
Business at Scotia is done at the bullion and currency exchange counter which can have quite long wait especially in high travel seasons. At the counter they have real time silver quotes and exchange rates which is important as metals trade in U.S. dollars. You book your order, they send the order down to the vault and you wait. I've spend from 10 to 45 minutes in line and waiting for my silver to be brought out. Scotia has silver bars and maple leafs, gold in bars, Maple leaf coins, English Sovereigns, Mexian 50 peso coins, Krugerrands, and American Eagles. Overall I've been satisfied with service but I would like to see some bullion in local branches rather than penalize everyone who does not frequent downtown Toronto, I think they are missing many potential buyers. Also why can't I watch the prices from my computer, book my own order and then just go pick it up? If I can trade stocks or buy RRSPs online why not silver?
Note: I do not know if it's a sign of total demand or just having the wrong sizes in stock but in early May I was told they were almost out of 100 oz bars and in early August they had no 5 oz or 10 oz bars.
Colonial Acres Coins of Waterloo Ontario, is primarily a store for Numismatics but they do advertise silver bars up to 100 oz and coins from the Royal Canadian Mint and various foreign mints. They sell a variety of gold collector coins including Maple Leaf in full ounces and fractional ounces, 1/2 oz, 1/4 oz, 1/10 oz, and 1/20 oz. and 1 oz bars. Colonial also has some U.S. and Canadian junk silver. I have made purchases of Junk silver, maple leafs, and some protective containers from Colonial's web site with no problem. For the last while however, Colonial has shown "sold out" on silver bars and is often behind in correcting the web site prices. If silver suddenly starts to run, check them out you might get a deal on the last stock of Maple Leafs. Is the sold out status another sign of tightening supply? I understand many small dealers out west were empty in the spring 2006.
I follow the pricing on Border Gold , out of Surrey B.C. but have never used them. I'd like some feedback from someone on these folks. Border Gold lists Silver Maples and 10 oz and 100 oz bars of silver. They also sell various collectors coins, gold, platinum and palladium. Unlike Colonial there is little chance of getting a tricky discount purchases here, final quotes and orders are done by phone.
Note: Some provinces like Ontario charge PST on Numismatics (junk silver, Maple leafs, Royal mint stuff etc) while others like B.C. do not, nor are they required to charge you if they ship to a PST province. Keep this in mind for easy savings.
I know of many U.S. operations but the added joy of cross border shipping, duty, customs has not yet convinced me of the need. I would like a pile of rounds and a few Libertads so I still might take the plunge, but not just yet.
Ebay.ca - manic buyers often push prices too high and each vendor is a new adventure. Avoid U.S. customers as shipping and duty can kill you, especially when fools label your silver rounds as coins rather than bullion and you get charged PST. I also panic when things take 4 weeks to arrive. Look at the adds closely, I often see padded shipping and insurance. I've even seen one vendor in western Canada quoting shipping in English Pounds in order to slide over priced shipping past inattentive buyers.
Please add your vendors and insights as comments
Additional vendors added 2012
My go to place for the last 3 years has been First Majestic Silver a mining company that has made a wise choice in direct marketing a portion of their silver to the public. This creates market recognition of their company which must help the stock price and their bottom since they probably have a higher margin on the bullion vs the bulk refined silver. They supply a nice selection of very pretty 1/2 oz, 1 oz, rounds, 5 and 10 oz struck bars, a nice molded 1kg bar and a 50oz rough poured job that fits poorly with their other products. Service has been quick, accurate and pleasant after a slight problem when they first opened up for business. I this is place I recommend and wish they had an associate program of some kind.
Great Panther Silver should receive much of the same praise I give First Majestic but I cannot recommend a company that is consistently around $3 an oz more expensive than their peer. I love the look of their product and I would buy it but only at a comparable price.
Speaking of prices that are way off, the day I checked a posters recommendation for Peracto they were a full $7 dollars an ounce pricier than Border Gold, a company I use for my fair value pricing comparison.
The comments section has had a bit of a flame war about Precious Metals House I've not used them yet but I will with my next purchase just to get a feel for the validity of the comments I've blocked. What I can say is they have a very nice selection of products including Scottsdale stacker bars and Mexican Libertads, both very lovely products that I count among my favorite silver. They are also not readily available in Canada so the small premium on the Libertads far out ways trying to order them from the states or directly from Mexico. They also have a bunch of high premium stuff like Pandas that I refuse to purchase because of their price.
Silver Gold Bull also gets a lot of plugs from my commentators and I found it had a very nice selection but with slightly elevated prices compared to a few other places. I've never seen silver from Fiji before and somehow missed the addition of 1/10 and 1/4 ounce walking Liberties which might well be a good purchase for SHTF money. So far most of my small stuff is 1 and 1/2 oz rounds from First Majestic but a few rolls of 1/10ths might be a good addition. Silver Gold Bull like Precious Metals House looks set up for larger purchases too something few Canadian Vendors could do when I started this blog.
Bullion Exchange in BC offers free shipping over 500 oz of silver had decent prices but a smaller selection than some companies.
MRCS in Edmonton has been suggested for local buyers but they don't appear to do online sales
I received a lot of Bullion Mart span in the comments over the last couple years and checking today I still find them moderately overpriced but no where near the obscene prices at Peracto
While I try to keep to Canadian vendors to avoid the occasional over zealous customs asshole who doesn't know the difference between coins and bullion, or pure vs sterling I do hear good things about APMEX. Amazing selection of silver and the small gold pieces I occasionally buy like sovereigns or 2, 2.5 and 5 peso coins.
I'll probably add some more vendors as I come across them, thx for dropping by.
Saturday, September 02, 2006
In silver, size does matter
So you've finally come to your senses and have decided to invest in silver, now it's decision time.
Assuming you want physical silver rather than some substandard paper product, you must now decide both the form and size of this silver. In making this decision the first thing you must realize is that size does matter with silver, it modifies the price per ounce, it also complicates storage and it reflects your rational for buying the silver in the first place. The following information and personal reflections should help you make your purchasing decisions.
The Bar charge- when you first go to buy silver you expect to pay roughly the price quoted on sites like Kitco, but this is not the case. These prices are based on large purchases made up of nominal 1000 oz bars. These bars are poured, polished, weighed and stamped involving certain labour and handling costs. If you make 10 bars at 100 oz or 100 bars at 10 oz, the total labour and handling cost increases in each case vs. the cost minting a single 1000 oz bar, his added cost is called the bar charge. If you are dealing with Scotiabank, the biggest bullion outfit in Canada the bar charges are as follows
10 cents per oz on 1000 oz bars
30 cents per oz on 100 oz bars
90 cents per oz on 10, 20, and 50 oz bars
2.10 per oz on smaller units. (I believe)
For example a 1000 oz bar at $10.00 per ounce would be $10,100 + $5.00 transaction fee for a total of $10,105
The same amount of silver would cost $10,305 in 100 oz bars
$10,905 in 10 oz bars, and even more in smaller bars --you get the idea.
So size will impact how much silver you can afford to accumulate.
Beyond the normal bullion bars discussed above are also four other categories of physical silver you can invest in.
Numismatics
Art bars
Rounds
Junk silver
Numismatics are collector coins which vary in price on the grounds of age, rarity, and condition. This is a great way of spending money and time, but has limitations as an investment. Coin fans will tell you this is a great investment, but I don't buy into this. Since these coins are sold at very high premiums over their metal content so you are really investing in rarity, age, and condition not silver. During hard times, I can see people selling valuable coins below collector price out of desperation simply for lack of another collector to buy it. You have to figure, if you're desperate enough to sell it's quite likely many others are hurting too. Desperation means, you might not get more than metal value if you rush to sell. Numismatics is hobby that takes a great deal of time and research -- not only what you're buying, but also how to grade coins, how to spot fakes etc. If you like to look at beautiful coins, fine, go buy some, but if you want to invest in silver for silver's sake, don't buy numismatics. The Canadian silver Maple leaf is both coin and bullion, they are very pretty, have a $5 face value and .999 purity, but sell at the highest premium over spot price of any silver bullion. While I do have a few of these but I certainly would not recommend building your hoard with them.
Art bars are small silver bars that have been visually enhanced with pretty stamped images. These are great for gifts and can act as a hook for those unwilling to admit they are Silver Bugs. If you want someone you love to have some silver but they don't understand or believe your rational, art bars are great way of sneaking them some silver. Wait for some occassion, buy them some art bars and they will be forced to hold onto them out of sentiment. After some time admiring them and asking you questions you just might convince them you’re not mad. I see nothing wrong with buying art bars as long as they are marked .999 silver, you can identify the mint, and they are not sold at an unrealistic premium over other silver.
Much like art bars, silver rounds are usually struck by smaller independent mints like Northwest Territorial Mint who make their own rounds and bars and also those for Pan American Silver. As long as rounds are from a reputable mint and are marked .999 these are usually a good buy. Rounds generally have a lower premium than small bars from the big established bullion companies like Johnson Matthey, Engelhard or the Royal Canadian Mint. While rounds are coin like in size and shape they are measured by the weight and have no face value. I rarely see rounds offered often in Canada so a large purchase would likely involve an order from the U.S. and dealing with customs and duty.
Junk silver are old coins that have more metal value than collector value. At one time U.S., Canadian, and other world coins had a sizeable silver content. Those that did not get melted down have been saved by people in small coin collections or huge bags of up to 1000 dollars face value. Depending on country and year of mint these coins range from 40%-90% silver content. A 1000 dollar face value bag of 90% U.S. coin has approximately 712 ounces of silver content but it's not pure or quickly recoverable silver. Junk silver can be a good investment with a low premium over spot price but it is not accepted by all dealers and banks will only give you face value. Junk silver is probably best suited for survival coin in case of finacial crisis.
Junk silver is often sold in $1000 face dollar bags and is currently going for about $8.10 per face dollar. This means a bag is running about $8100.00 plus shipping and handling. Smaller bags are available but they will cost a bit more per face dollar or you could split a big bag with someone you trust. One problem with Junk Silver in Canada is that it's not pure enough to be rated bullion which is tax free, this rule means that gst, and in some provinces pst is charged. I figure buying non collectible coins is simple making change and should be tax free, however I don't make the rules. If you often travel to the states, buy a bag, store it in a safety deposit box and bring some back each trip. You can bring some back in your pockets, some in the ashtray, and some in a souvenir piggy bank the kids are told to fight over at customs. If it gets noticed, play dumb and pay the tax but I suspect 9 out of 20 times you'll get it through. If you are not preparing for fiscal crisis there is no real sense in collecting junk silver, while cheaper per ounce it's much harder to resell.
The various sizes of bars can also complicate the storage of your bullion. Some people may have a small safety deposit box at best, but many don't have one at all. These boxes can range from 1.5"x5"x24" up to 10"x10.75"x24". The smallest box cost $35 a year but the largest was $230. If you do happen to rent a safety deposit box you'll find that many of the older rough bars will only just fit height wise of the smallest boxes available and depending on the shape of your bars you might get only 2-4 100 oz bars in the box. If you did buy a 1000 oz bar I'm not sure a how large a box you would need to hold it or how available these boxes are. The smaller bars or rounds will stack nicely in any sized box, they are also nicely sized for stashing small amounts in hidey holes if that is your decision. Remember, Canadian safety deposit boxes are a tax deduction, don't forget to declare them.
You could also buy a safe or hide your silver, I've seen many discussion on where and how to hide your silver if you don't want to pay the cost of storage, or you simply don't trust the government and banks. I think hiding your hoard is worth a post of it's own at a later date. I've seen suggestions that run from crazy to brilliant, and some are even crazy brilliant.
The next consideration is motive. Why do you wish to own silver? How long do you expect to keep it? Under what conditions would you be willing to or expect to sell your silver?
If you are buying your silver for short term gain, and you expect to sell your entire holding at a certain target price then big is beautiful: buy as much as you can afford in the largest bars. This also simplifies accounting, handling and lowers you average buy price. However, take into account your ability to move 1000 oz of silver -- if you have a hard time carrying acase of beer or a bag of groceries you are in for trouble hiking these monster bars around.
The moster bars could be scaled back to mid sized bars which would allow you to sell a portion of your bullion at one target price and ride the rest knowing you've recouped your some or all of your original capital. 100 oz bars are a happy medium of reasonable premiums, manageable weight, and ease of accounting. For private sales, 100 oz bars are probably the largest you would want, when silver hits $50-$100 per oz the likelihood of selling a 1000 oz bar to anybody but the bank is slim. Note: If you sell to the bank they record the transaction and you had better account for and declare capital gains, lest the bank do it for you and you get nailed with evasion.
If you are buying silver out of fear of some fiscal crisis such as hyper-inflation, massive devaluation or collapse of fiat monies, your buying pattern will be totally different. In this scenario you would want a good part of your investment to be in smaller sized bars, rounds and even junk silver, (sometimes called survival coins). These small, portable and proportioned units of real silver, could once again become accepted currency and would retain their buying power vs. inflation or fiat collapse unlike paper currency. In this situation hoarding would take place and leaving very little bullion on the market, for this reason small is good! If you make a transaction in silver you may find you're unable to get anything you value as money back for change. This is why all gold bugs should have at least some silver in their holdings. Gold while sharing the same strengths of a real asset with silver, will appreciate so much you would be unable to use it in most day to day transactions. If you find it hard to break a 50 dollar bill at a Tim Horton's today you certainly can't expect to pass an ounce of gold during a crisis. The exception for this would be very large and privately held transactions unless for some reason you want to be followed home by thugs after flashing your gold in public. If fiscal crisis is your rational for owning bullion and especially silver, your first purchase should be 1 oz bars/rounds and junk silver which you would then divide and store in small quantities in a variety of locations for security.
Gold is ok in a fiscal crisis if you wish to hoard large amounts of personal wealth in less space than silver or if you have need to smuggle your wealth somewhere else, otherwise it all comes down to how much you are planning to invest. Under 25 thousand I think you should stay in silver only, It's likely a better investment and it will be easier to spend. If you must have a mix of gold, I would suggest that coins in pure gold like the Canadian Maples leaf are a bad choice because they would easily damage if used in day to day commerce. Gold coins with scratches would be sold at a discount based on damage so it's best to avoid softer coins. I would suggest gold Sovereigns, they are alloyed to 22k giving them more durablity to survive in circulation. Each Sovereign is .2354 troy oz making it easier to pass than a full ounce of gold. Other alloyed coins like the Krugerrand or American Eagle are common and can sometimes be found in other sizes like 1/2 oz, 1/10 oz. which would also be easier to spend. More obscure, harder to recognize coins should be avoided. If you do have 1 oz. bars, or any size of Maple leaf please leave them in whatever protective packaging they came with to maitain their value.
I hope this gives you something to think about while you're digging holes in the foundation to hide your stash.
Happy Hoarding
Lord of Wealth.
Assuming you want physical silver rather than some substandard paper product, you must now decide both the form and size of this silver. In making this decision the first thing you must realize is that size does matter with silver, it modifies the price per ounce, it also complicates storage and it reflects your rational for buying the silver in the first place. The following information and personal reflections should help you make your purchasing decisions.
The Bar charge- when you first go to buy silver you expect to pay roughly the price quoted on sites like Kitco, but this is not the case. These prices are based on large purchases made up of nominal 1000 oz bars. These bars are poured, polished, weighed and stamped involving certain labour and handling costs. If you make 10 bars at 100 oz or 100 bars at 10 oz, the total labour and handling cost increases in each case vs. the cost minting a single 1000 oz bar, his added cost is called the bar charge. If you are dealing with Scotiabank, the biggest bullion outfit in Canada the bar charges are as follows
10 cents per oz on 1000 oz bars
30 cents per oz on 100 oz bars
90 cents per oz on 10, 20, and 50 oz bars
2.10 per oz on smaller units. (I believe)
For example a 1000 oz bar at $10.00 per ounce would be $10,100 + $5.00 transaction fee for a total of $10,105
The same amount of silver would cost $10,305 in 100 oz bars
$10,905 in 10 oz bars, and even more in smaller bars --you get the idea.
So size will impact how much silver you can afford to accumulate.
Beyond the normal bullion bars discussed above are also four other categories of physical silver you can invest in.
Numismatics
Art bars
Rounds
Junk silver
Numismatics are collector coins which vary in price on the grounds of age, rarity, and condition. This is a great way of spending money and time, but has limitations as an investment. Coin fans will tell you this is a great investment, but I don't buy into this. Since these coins are sold at very high premiums over their metal content so you are really investing in rarity, age, and condition not silver. During hard times, I can see people selling valuable coins below collector price out of desperation simply for lack of another collector to buy it. You have to figure, if you're desperate enough to sell it's quite likely many others are hurting too. Desperation means, you might not get more than metal value if you rush to sell. Numismatics is hobby that takes a great deal of time and research -- not only what you're buying, but also how to grade coins, how to spot fakes etc. If you like to look at beautiful coins, fine, go buy some, but if you want to invest in silver for silver's sake, don't buy numismatics. The Canadian silver Maple leaf is both coin and bullion, they are very pretty, have a $5 face value and .999 purity, but sell at the highest premium over spot price of any silver bullion. While I do have a few of these but I certainly would not recommend building your hoard with them.
Art bars are small silver bars that have been visually enhanced with pretty stamped images. These are great for gifts and can act as a hook for those unwilling to admit they are Silver Bugs. If you want someone you love to have some silver but they don't understand or believe your rational, art bars are great way of sneaking them some silver. Wait for some occassion, buy them some art bars and they will be forced to hold onto them out of sentiment. After some time admiring them and asking you questions you just might convince them you’re not mad. I see nothing wrong with buying art bars as long as they are marked .999 silver, you can identify the mint, and they are not sold at an unrealistic premium over other silver.
Much like art bars, silver rounds are usually struck by smaller independent mints like Northwest Territorial Mint who make their own rounds and bars and also those for Pan American Silver. As long as rounds are from a reputable mint and are marked .999 these are usually a good buy. Rounds generally have a lower premium than small bars from the big established bullion companies like Johnson Matthey, Engelhard or the Royal Canadian Mint. While rounds are coin like in size and shape they are measured by the weight and have no face value. I rarely see rounds offered often in Canada so a large purchase would likely involve an order from the U.S. and dealing with customs and duty.
Junk silver are old coins that have more metal value than collector value. At one time U.S., Canadian, and other world coins had a sizeable silver content. Those that did not get melted down have been saved by people in small coin collections or huge bags of up to 1000 dollars face value. Depending on country and year of mint these coins range from 40%-90% silver content. A 1000 dollar face value bag of 90% U.S. coin has approximately 712 ounces of silver content but it's not pure or quickly recoverable silver. Junk silver can be a good investment with a low premium over spot price but it is not accepted by all dealers and banks will only give you face value. Junk silver is probably best suited for survival coin in case of finacial crisis.
Junk silver is often sold in $1000 face dollar bags and is currently going for about $8.10 per face dollar. This means a bag is running about $8100.00 plus shipping and handling. Smaller bags are available but they will cost a bit more per face dollar or you could split a big bag with someone you trust. One problem with Junk Silver in Canada is that it's not pure enough to be rated bullion which is tax free, this rule means that gst, and in some provinces pst is charged. I figure buying non collectible coins is simple making change and should be tax free, however I don't make the rules. If you often travel to the states, buy a bag, store it in a safety deposit box and bring some back each trip. You can bring some back in your pockets, some in the ashtray, and some in a souvenir piggy bank the kids are told to fight over at customs. If it gets noticed, play dumb and pay the tax but I suspect 9 out of 20 times you'll get it through. If you are not preparing for fiscal crisis there is no real sense in collecting junk silver, while cheaper per ounce it's much harder to resell.
The various sizes of bars can also complicate the storage of your bullion. Some people may have a small safety deposit box at best, but many don't have one at all. These boxes can range from 1.5"x5"x24" up to 10"x10.75"x24". The smallest box cost $35 a year but the largest was $230. If you do happen to rent a safety deposit box you'll find that many of the older rough bars will only just fit height wise of the smallest boxes available and depending on the shape of your bars you might get only 2-4 100 oz bars in the box. If you did buy a 1000 oz bar I'm not sure a how large a box you would need to hold it or how available these boxes are. The smaller bars or rounds will stack nicely in any sized box, they are also nicely sized for stashing small amounts in hidey holes if that is your decision. Remember, Canadian safety deposit boxes are a tax deduction, don't forget to declare them.
You could also buy a safe or hide your silver, I've seen many discussion on where and how to hide your silver if you don't want to pay the cost of storage, or you simply don't trust the government and banks. I think hiding your hoard is worth a post of it's own at a later date. I've seen suggestions that run from crazy to brilliant, and some are even crazy brilliant.
The next consideration is motive. Why do you wish to own silver? How long do you expect to keep it? Under what conditions would you be willing to or expect to sell your silver?
If you are buying your silver for short term gain, and you expect to sell your entire holding at a certain target price then big is beautiful: buy as much as you can afford in the largest bars. This also simplifies accounting, handling and lowers you average buy price. However, take into account your ability to move 1000 oz of silver -- if you have a hard time carrying acase of beer or a bag of groceries you are in for trouble hiking these monster bars around.
The moster bars could be scaled back to mid sized bars which would allow you to sell a portion of your bullion at one target price and ride the rest knowing you've recouped your some or all of your original capital. 100 oz bars are a happy medium of reasonable premiums, manageable weight, and ease of accounting. For private sales, 100 oz bars are probably the largest you would want, when silver hits $50-$100 per oz the likelihood of selling a 1000 oz bar to anybody but the bank is slim. Note: If you sell to the bank they record the transaction and you had better account for and declare capital gains, lest the bank do it for you and you get nailed with evasion.
If you are buying silver out of fear of some fiscal crisis such as hyper-inflation, massive devaluation or collapse of fiat monies, your buying pattern will be totally different. In this scenario you would want a good part of your investment to be in smaller sized bars, rounds and even junk silver, (sometimes called survival coins). These small, portable and proportioned units of real silver, could once again become accepted currency and would retain their buying power vs. inflation or fiat collapse unlike paper currency. In this situation hoarding would take place and leaving very little bullion on the market, for this reason small is good! If you make a transaction in silver you may find you're unable to get anything you value as money back for change. This is why all gold bugs should have at least some silver in their holdings. Gold while sharing the same strengths of a real asset with silver, will appreciate so much you would be unable to use it in most day to day transactions. If you find it hard to break a 50 dollar bill at a Tim Horton's today you certainly can't expect to pass an ounce of gold during a crisis. The exception for this would be very large and privately held transactions unless for some reason you want to be followed home by thugs after flashing your gold in public. If fiscal crisis is your rational for owning bullion and especially silver, your first purchase should be 1 oz bars/rounds and junk silver which you would then divide and store in small quantities in a variety of locations for security.
Gold is ok in a fiscal crisis if you wish to hoard large amounts of personal wealth in less space than silver or if you have need to smuggle your wealth somewhere else, otherwise it all comes down to how much you are planning to invest. Under 25 thousand I think you should stay in silver only, It's likely a better investment and it will be easier to spend. If you must have a mix of gold, I would suggest that coins in pure gold like the Canadian Maples leaf are a bad choice because they would easily damage if used in day to day commerce. Gold coins with scratches would be sold at a discount based on damage so it's best to avoid softer coins. I would suggest gold Sovereigns, they are alloyed to 22k giving them more durablity to survive in circulation. Each Sovereign is .2354 troy oz making it easier to pass than a full ounce of gold. Other alloyed coins like the Krugerrand or American Eagle are common and can sometimes be found in other sizes like 1/2 oz, 1/10 oz. which would also be easier to spend. More obscure, harder to recognize coins should be avoided. If you do have 1 oz. bars, or any size of Maple leaf please leave them in whatever protective packaging they came with to maitain their value.
I hope this gives you something to think about while you're digging holes in the foundation to hide your stash.
Happy Hoarding
Lord of Wealth.
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