Apmex Starts Reverse Inquiry: Seeks To Buy "Any Quantity" Of Silver From Clients At $3 Over Spot

Tyler Durden's picture

Over the past hour Zero Hedge has been inundated with reader comments notifying us that Ampex has, validating the earlier post speculating about a possible silver shortage at the metals distributor, launched a "reverse ïnquiry" in which it will pay "you $3.00 over the current spot price of Silver for your Silver American Eagles. ANY year, ANY quantity!" and "We will pay you $38.00 over the current spot price of Gold for your Gold American Eagles. ANY year, ANY quantity!" So aside from this first public confirmation that one of the biggest wholesale retailers of precious metals is now inventoryless [sic], we can certainly see why Asia has decided to take silver down in the afterhours electronic session.

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cjcmarine's picture

First! ..no thanks APMEX, I'll keep my eagles for now. This is getting interesting though.

Ahmeexnal's picture

When shoeshine boy tells you he's buying silver it's time to sell....when APMEX tells you they are buying silver it's time to _____???

narapoiddyslexia's picture

Sounds like... High? Sigh? Lie? Die? Nie? Oh, wait a second, its BUY!!!

narapoiddyslexia's picture

Ummm, why doesn't APMEX buy from Tulving?

bankonzhongguo's picture

Fascinating.

Think of the relative cost of seeking the 'Goldline' route and not buying from any other commercial source.

They are either scaring up their own market, or they are really between a rock and a hard place.

Is this now to say that APMEX is no different than Ebay?

New_Meat's picture

Scylla and Charybdis, and YES, no diff

66Sexy's picture

Actually, that really DOES explain the price drop now...

Michael's picture

I hereby dub the Federal Reserve's new name as; "The Federal Reserve Paper Money Corporation".

It's slogan;

"The Best Wallpaper our Dollars Make".

Here in SW Florida's Cabbage Key, where Jimmy Buffet got his inspiration for Cheeseburger in Paradise, they got a head start. The entire interior is covered in Federal Reserve notes.

http://travel.webshots.com/photo/2251279120027513169ZZTNEM

Doubleguns's picture

Think they sold more than they could supply?

Creed's picture

that's a damn fine question narawhatever

narapoiddyslexia's picture

Maybe I should change that name....

narapoiddyslexia's picture

Tyler, can I change my handle? What d'ya say? Ok?

 

 

Ben Fleeced's picture

Don't do it you beautiful freak. Someone has to be else somone stalking.

WaterWings's picture

Apparently Krugman has problems with trolls:

A number of people have complained that the troll or trolls (they may be the same person, and in any case are presumably paid operatives) are degrading the tone of the comments. I agree — I suspect that they’re responding to the growing readership of this blog despite their best efforts to drag it down by getting ever uglier. To be fair, some of the supportive comments have also gotten too ugly for the Times. So while there won’t be any banning of commenters, I’m going to try to delete comments whose tone goes over the line.

Creed's picture

well don't go all out on my part :)

altho I must say I feel dyslexic when I try to read your name

nmewn's picture

"Maybe I should change that name...."

I like it ;-)

Dave's picture

That doesn't suprise me. I've been trying to figure your name out for awhile now. Oh, and I didn't junk you.

Arkadaba's picture

oh oh - I got his name - not sure what that says about me ....

nmewn's picture

"That doesn't suprise me. I've been trying to figure your name out for awhile now."

It means enemy within.

nme = enemy.

wn = within.

I created it on the observation that trading/investing will always have the competing psychological elements of fear & greed...the enemy within us all.

Now I don't trade so much...but the handle still has relevance and many other connotations if one thinks about it...as my two junkers above can vouch for, I still live completely rent free inside their heads ;-)

dlmaniac's picture

Skip Tulving and try Bob Moriarty instead who is claiming at 321GOLD that there're 16B OZs silver lurking around.

slow_roast's picture

Strangely his link explaining how there's 19,000,000,000 ounces of silver hanging around sort of states that there's 16,000,000,000 of that which can't be reclaimed.  Bob Moriarty is a fucking idiot...and his website looksl ike it was built in 1992

Botox4U2's picture

Bob Moriarty?  Good Gawd. That old poison tongued long haired coffin dodger?

Anyone here met him and his ugly wife? Trust me people when I render my opinion that he is such a loser that it would not surprise me if the Silver Users Assoc or certain futures traders put him up to this attempt at silver assassination. I can guarantee that no self respecting silver mining company will ever advertise with him again and if they do I'll be sure to phone them and call them whores.

Must Watch: Brent Cooke CEO of Endeavor Silver
http://siliconinvestor.advfn.com/readmsg.aspx?msgid=27329394

MarketTruth's picture

Tulving is also out of Silver American Eagles and have a feeling his allocated incoming is not enough to meet demand. Tulving is also offering to buy ANY known good silver product, plus make special deals for those looking to sell Silver American Eagles for 'junk' silver (old USA silver content coins).

MrSilverAG's picture

Tulving has none in stock either - they are buying at spot + $2.75, they say they should have some starting week of May 2

DosZap's picture

It's a gimmick, to get new customers.

Their prices are way over most,and they have 4 tiered price structure.

They will not match prices(and I am not talking give away prems).Where are those?.

Check out the price of one Gold Eagle there..also their Top 40 sellers.

The prices shown are at MAX quanity.

It's a profit center.

dark pools of soros's picture

they are a business right??

 

anyway, only silver is in shortage... not sure why they are buying gold from customers too except that $38 is a low premium to what most turn around and sell so they looking for a quick buck too

wisefool's picture

Yeah, I am not an expert, but isn't this how a derivative works? This seems like sacrilege for "hard" money.

SkySavage's picture

So why is silver off 2.5% in the spot market? 

yabyum's picture

Like I posted earlier, The coin guy was out of bars, rounds and had little junk. You could buy fancy at a premium, but I was looking for low premium AG. I should get the rounds in 2-3 days, these guys are good. It is getting thin out there...thin is good if you have the metal:)

GeorgeHayduke's picture

A couple weeks ago I sold a few misc 1 oz. rounds and bars (non-Eagle bullion) to my local coin dealer to pay off a debt. They paid $0.50 over spot. When I looked at their display case for silver it was empty. When the transaction was completed, the lady told the manager that they now had some bullion available. Non-numismatic silver was pretty thin 2 weeks ago. Looks like it still is.

One lady I talked to had just bought a tube of silver Eagles. As we talked she mentioned that we might be better off keeping the silver and riding out the debt, something I mulled over for some time before I sold. I'm still glad I sold and paid off a bill as it's one less hook the system has in me.

New_Meat's picture

unencumbered/disobligated be good.  closer to free.

slewie the pi-rat's picture

good to use silver in trade w/ coin dealer. 

get rid of something you aren't wild abt (generic rounds) and get out of debt!  yay!

Founders Keeper's picture

[I'm still glad I sold and paid off a bill...]---GeorgeHayduke

Thanks for posting George.

And I have to tell you, it's refreshing to hear someone taking personal responsibility for their financial obligations.

Hat tip to you!

 

geekgrrl's picture

Any debt paid-off is a good investment for peace of mind! (IMHO)

tomster0126's picture

I'm down for rounds, also down for the random junky stuff--i have a melting station and press set up in my garage :)

 

www.forecastfortomorrow.com

Ckashan's picture

If in fact we are moving away from fiat money, pure paper medium of exchange, then there is no 'right' time to sell silver only a 'right' time to move your wealth out of fiat form.  Currently gold/silver are acting as competing forms of money at least more apparently than before.  Really for the first time in a while there is competition in the market for money where there was none.  Which ever side you think will win, sell the other but please make up your mind.

Manthong's picture

When the shoeshine boy takes a pre-2012 bullion nickel for a shine we might be at the point where it's time to trade out Ag for land, business equity etc.

But a good premium to spot for selling back and a thin buy/sell margin is a sentiment and scarcity signal.

Eventually it will be like this all the time everywhere. 

Hugh G Rection's picture

someone tell those morons at APMEX that silver only cost $5 to dig out of the ground

 

/sarc

rocker's picture

The problem is they have orders they want to fill right now.

Creed's picture

yes they have orders to fill that they sold without the merch in hand

Ahmeexnal's picture

How about selling APMEX a piece of paper for unallocated silver which you shall be under your custody?

Here APMEX, I'll sell you some IOU's!

Hearst's picture

Yeah think we'll ever see a similar offer begging the public to send in their SLV shares? 

These types of offers must be why Silver got knee capped today...

MrBoompi's picture

Maybe Jamie can sell them some silver out of that licensed COMEX vault.

PhattyBuoy's picture

Maybe the Morgue is trying to fill its vault in a hurry by buying up Apmex reverse repo as the price falls ...

Al Gorerhythm's picture

Don't envy the Morgue! Seven years of (deep storage) orders to fill, like yesterday.

Hugh G Rection's picture

no thanks and ship me my damn buffalos

GlenD's picture

An australia miner quoted production costs of $A18 (about US$20) an ounce for recent "near surface" discovery of silver, which doesn't inlude delivery, minting costs or profit. If silver isn't near the surface then production costs can be much higher. Most producers quote over $400 ounce to mine gold so silver production costs could be as high as $40 an ounze for deeper digs.