The bigger and smarter coin dealers hedge their purchases. They do not need to buy a comex contract, they can also buy a mini which is only 1000 oz of silver. When I sold silver 2 weeks ago, spot was $46.60 and I got $46.40 for my 100 oz bars. I sold over 1000 oz part bullion and part 90% coin, so he could have hedged with a mini contract. If prices go down, he could deliver metal to close the hedge and come out even, and if he sold when prices were higher he could pay off the hedge and keep the profit and mark up. He probably had buyers already lined up and said that they were selling more than they were buying. The place was full of people and all the sellers were old European Amercans while 90% of the buyers were from India. He also told me that he does not need to report the sale as long as I do not sell over 1000 oz of bullion or $1000 face of 90% coin. So theoreticly, people can sell 999 oz of bullion and $999 face silver coin and it is not reported.