Your understanding / explanation is incorrect. FM do not sell "paper ounces" (that's the COMEX). Shares in a mining company are not silver certificates or anything of the like, it's just equity in the company, just like any other equity stock.
FM do have an attached store where they sell their refined / minted silver directly to retail customers and do give a discount to purchasers who are also stock holders I believe.
Perhaps you're thinking of an ETF like Sprott (PSLV)
Your understanding / explanation is incorrect. FM do not sell "paper ounces" (that's the COMEX). Shares in a mining company are not silver certificates or anything of the like, it's just equity in the company, just like any other equity stock.
FM do have an attached store where they sell their refined / minted silver directly to retail customers and do give a discount to purchasers who are also stock holders I believe.
Perhaps you're thinking of an ETF like Sprott (PSLV)