Stopped by the coin shop to see what the story was on PM’s today since silver did go down a bit(!). They were not selling. Period. Why, I asked. They had silver rounds sitting right there in the case. Why not sell them? It seems that they could not get a straight answer from their suppliers on how much the premium for restocking would be. The premium is what you pay over the spot price….the premium is basically the markup. Until last week, my guy was charging $1 over spot. So if silver was $11, I paid $12. If it was $10, I pay $11. You get the idea. When the dealer restocks, his vendor charges spot plus their premium which is usually less than the premium youre getting charged. It has to be, otherwise the dealer takes a loss. So, my guy has silver to sell but if his vendor charges him a $3 premium and and he, in turn, charges me a $2 premium he loses money on each sale. Being unable to get a straight answer about what his restocking premium would be, he cant figure out what premium to charge customers. So…no sale.
I walked every aisle in my local Albertsons to see what was thin in this increased panic buying. (Make no mistake, as I view it with my own eyes it has increased.) Paper towels, toilet paper, disinfectant, beans, canned beans, rice, pasta, jarred spaghetti sauce, instant potatoes, canned vegetables, canned soup, canned fruit, canned meat, pancake mix, stuffing mix, all were gone or greatly reduced. The meat department was down at least 50%. That was a little odd to see. Meat trays? Gone. Remaindered meat? Gone.
At the post office, everyone in line was keeping about 4 feet away from the person in line in front of them. No one lingered to talk to anyone.
No lines at the gas station yet. Nor lines at the bank. But as the penny drops for most people I fully expect that to happen.
I know people in ‘big states’…the high-population ‘big city’ states…and some of what they tell me, in terms of panic buying, government response, and marketplace changes is pretty out there. I’m glad I live where I live, although a cabin in the middle of nowhere with a good internet connection would be about perfect right now. But, my classes are now online and I don’t have to deal with people face-to-face if I don’t want to, so it could be a lot worse.
I’m spending the evenings re-evaluating my own preps and making notes. I would guess this is the most … active….bit of national hysteria since the Cuban Missile Crisis. I’m fascinated by the government (fed and local) reactions, as well as the reactions of the sheeple who suddenly realize a six-pack of Charmin and a few cans of Dinty Moore are not enough.
Even though it’s still early in this crisis, I’m making notes of what to differently in the future, assuming this eventually settles down to a ‘new normal’ which should be a fascinating normal to see. I’m not anticipating a failure of electricity or water, although it is certainly in the realm of the possible…although reduced availability seems more likely than a total dryout/blackout….but I need to get the angles on that just in case.
And, because interesting times are worth remembering, some pictures from my explorations…all from the same grocery: