Guys, I guess it is very simple, Fur Buyers pay "wholesale or black book" prices for our furs. When you send to auction you realize "Retail prices" less drumming and commission. A Fur buyer needs to have a return for his time and expenses plus risk of market changing before he sells the skins. Also cost of capital to buy the fur. My thoughts are high capital costs probably put NAFA under as CIBC no longer wanted to share the risk with them.
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