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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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Mon, 04/25/2011 - 19:27 | Link to Comment cjcmarine
cjcmarine's picture

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

Mon, 04/25/2011 - 19:33 | Link to Comment Ahmeexnal
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 _____???

Mon, 04/25/2011 - 19:46 | Link to Comment narapoiddyslexia
narapoiddyslexia's picture

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

Mon, 04/25/2011 - 19:56 | Link to Comment narapoiddyslexia
narapoiddyslexia's picture

Ummm, why doesn't APMEX buy from Tulving?

Mon, 04/25/2011 - 20:04 | Link to Comment bankonzhongguo
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?

Mon, 04/25/2011 - 20:26 | Link to Comment New_Meat
New_Meat's picture

Scylla and Charybdis, and YES, no diff

Mon, 04/25/2011 - 21:52 | Link to Comment 66Sexy
66Sexy's picture

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

Tue, 04/26/2011 - 04:28 | Link to Comment Michael
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

Tue, 04/26/2011 - 08:55 | Link to Comment Doubleguns
Doubleguns's picture

Think they sold more than they could supply?

Mon, 04/25/2011 - 20:19 | Link to Comment Creed
Creed's picture

that's a damn fine question narawhatever

Mon, 04/25/2011 - 20:25 | Link to Comment narapoiddyslexia
narapoiddyslexia's picture

Maybe I should change that name....

Mon, 04/25/2011 - 20:28 | Link to Comment narapoiddyslexia
narapoiddyslexia's picture

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

 

 

Mon, 04/25/2011 - 21:31 | Link to Comment Ben Fleeced
Ben Fleeced's picture

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

Tue, 04/26/2011 - 00:26 | Link to Comment WaterWings
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.

Mon, 04/25/2011 - 20:55 | Link to Comment Creed
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

Mon, 04/25/2011 - 21:06 | Link to Comment nmewn
nmewn's picture

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

I like it ;-)

Mon, 04/25/2011 - 22:40 | Link to Comment Dave
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.

Tue, 04/26/2011 - 00:14 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Well played Dave

Tue, 04/26/2011 - 01:34 | Link to Comment Arkadaba
Arkadaba's picture

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

Tue, 04/26/2011 - 08:02 | Link to Comment nmewn
nmewn's picture

LOL!

Tue, 04/26/2011 - 08:01 | Link to Comment nmewn
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 ;-)

Mon, 04/25/2011 - 20:28 | Link to Comment dlmaniac
dlmaniac's picture

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

Mon, 04/25/2011 - 20:36 | Link to Comment slow_roast
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

Mon, 04/25/2011 - 21:31 | Link to Comment Botox4U2
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

Mon, 04/25/2011 - 20:58 | Link to Comment MarketTruth
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).

Mon, 04/25/2011 - 21:14 | Link to Comment MrSilverAG
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

Mon, 04/25/2011 - 21:21 | Link to Comment DosZap
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.

Mon, 04/25/2011 - 21:33 | Link to Comment dark pools of soros
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

Mon, 04/25/2011 - 22:11 | Link to Comment SheepDog-One
SheepDog-One's picture

As opposed to a charity?

Mon, 04/25/2011 - 22:28 | Link to Comment wisefool
wisefool's picture

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

Mon, 04/25/2011 - 22:15 | Link to Comment SkySavage
SkySavage's picture

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

Mon, 04/25/2011 - 19:45 | Link to Comment yabyum
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:)

Mon, 04/25/2011 - 20:16 | Link to Comment GeorgeHayduke
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.

Mon, 04/25/2011 - 20:30 | Link to Comment New_Meat
New_Meat's picture

unencumbered/disobligated be good.  closer to free.

Mon, 04/25/2011 - 20:44 | Link to Comment slewie the pi-rat
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!

Mon, 04/25/2011 - 23:07 | Link to Comment Founders Keeper
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!

 

Tue, 04/26/2011 - 01:37 | Link to Comment geekgrrl
geekgrrl's picture

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

Mon, 04/25/2011 - 20:46 | Link to Comment tomster0126
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

Mon, 04/25/2011 - 21:19 | Link to Comment Ckashan
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.

Mon, 04/25/2011 - 23:55 | Link to Comment Manthong
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. 

Mon, 04/25/2011 - 19:38 | Link to Comment Hugh G Rection
Hugh G Rection's picture

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

 

/sarc

Mon, 04/25/2011 - 19:43 | Link to Comment rocker
rocker's picture

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

Mon, 04/25/2011 - 19:45 | Link to Comment Creed
Creed's picture

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

Mon, 04/25/2011 - 19:47 | Link to Comment Ahmeexnal
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!

Mon, 04/25/2011 - 19:54 | Link to Comment Hearst
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...

Mon, 04/25/2011 - 21:24 | Link to Comment MrBoompi
MrBoompi's picture

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

Tue, 04/26/2011 - 01:54 | Link to Comment PhattyBuoy
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 ...

Tue, 04/26/2011 - 00:21 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

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

Mon, 04/25/2011 - 20:48 | Link to Comment Hugh G Rection
Hugh G Rection's picture

no thanks and ship me my damn buffalos

Tue, 04/26/2011 - 04:05 | Link to Comment GlenD
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.

 

 

 

 

 

 

 

 

 

Mon, 04/25/2011 - 19:56 | Link to Comment Id fight Gandhi
Id fight Gandhi's picture

Check eBay. Nothing is selling for $3 over spot on AE. More like $10.

Better deals on 90% coins but still over spot.

Mon, 04/25/2011 - 20:16 | Link to Comment Hacked Economy
Hacked Economy's picture

No kidding.  For months, I was able to root out inexperienced buyers and buy my 90% silver coins for about 10% below spot.  But ever since it passed $40 and we started on the recent upward curve, I had to start paying closer and closer to spot.  Even those days are gone...today I had to pay OVER spot.  Kinda made my stomach churn (even though it was a really shiny AE).

<does Gollum impression, cradles shiny coin> "my.....precious...."

I'm waitin' until the Fed ends their session on Wednesday to see if we have a market pullback so I can root out some more deals again.  Until then, Ghandi's outlook is the norm.

Mon, 04/25/2011 - 21:11 | Link to Comment A Lunatic
A Lunatic's picture

An ounce of practice is worth more than tons of preaching- Gandhi

Or in today's verbage; an ounce of silver is worth more than tons of shitty FRN's

Mon, 04/25/2011 - 22:01 | Link to Comment Hacked Economy
Hacked Economy's picture

Oops.  Didn't catch this until after I signed out and came back on a different computer...

Meant to say, "...I was able to root out inexperienced SELLERS..."

Duh.

Mon, 04/25/2011 - 20:34 | Link to Comment taitamco
taitamco's picture

try www. ebay.fr, you may get discount.

Mon, 04/25/2011 - 20:33 | Link to Comment taitamco
taitamco's picture

Hercule 50, Hercule 10, Napoleon III, Louis-Philippe,...

Mon, 04/25/2011 - 21:15 | Link to Comment masterinchancery
masterinchancery's picture

I can confirm that I got the email also, but don't have any intention to sell.It is a "limited time offer".

Tue, 04/26/2011 - 02:19 | Link to Comment Tail Dogging The Wag
Tail Dogging The Wag's picture

well, it's only $4.99 right? lol

Mon, 04/25/2011 - 19:27 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

NFS, BiCHeZ!

Mon, 04/25/2011 - 19:30 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

ill buy em for $3.01 over spot

Mon, 04/25/2011 - 20:08 | Link to Comment Moe Howard
Moe Howard's picture

+ I c u and raise you $0.01

Mon, 04/25/2011 - 21:16 | Link to Comment JW n FL
JW n FL's picture

Silver Eagles are 10% over spot..

Garbage coins 40% / 90% in quanity can be had for spot..

Gold is 5%?

http://www.rechantpreciousmetals.com/

They are on the U.S. Mint directs list.

Tell JW sent ya! lol

disclosure.. I have no ownership or kick back or any other with them.. I just like the guys. Father and Son with one other guy working with them.

Mon, 04/25/2011 - 19:28 | Link to Comment mynhair
mynhair's picture

What, they don't want pre-82 pennies?

Damn.

Mon, 04/25/2011 - 20:21 | Link to Comment Hacked Economy
Hacked Economy's picture

I have a case of pre-1982 coppers that are waiting until they're worth at least 10 cents each (compared to 2.9 cents now).  Then maybe it'll be worth selling them 'cuz of the shipping charges.

Keeping my silver, though.  Long on silver.

Mon, 04/25/2011 - 19:27 | Link to Comment BlackMagician
BlackMagician's picture

I'm loving the fact that they have yet to ship my 5oz'ers of ATB bullion that they sold to me for $968 w/shipping...while offering to buy them back.

Mon, 04/25/2011 - 19:40 | Link to Comment nwskii
nwskii's picture

you got that too, LOL They email me that and I was like...DUH that is a no brainer

Mon, 04/25/2011 - 19:51 | Link to Comment Henry Chinaski
Henry Chinaski's picture

Everything I ever bought from APMEX arrived with a greater spot value than the total price wiht premium and shipping cost at the time I ordered. BTFD.  I wish I bought more.

Mon, 04/25/2011 - 19:55 | Link to Comment Katharotes
Katharotes's picture

yeah, got this email *before* receiving one confirming shipment

of the CMLs I ordered last week!

so, on whom is the joke?

 

Mon, 04/25/2011 - 20:03 | Link to Comment RmcAZ
RmcAZ's picture

+1... hoping we actually get them.

Mon, 04/25/2011 - 20:10 | Link to Comment trav7777
trav7777's picture

did AP mex morph into CO mex?

Mon, 04/25/2011 - 20:20 | Link to Comment Rhodin
Rhodin's picture

Never had a problem with them, delay or otherwise.  My guess is they can anticipate their demand and supplies are tight, but they aren't selling without product at least inbound.  BTW i stopped dealing with them when they sent funds via the Morgue.

Mon, 04/25/2011 - 19:30 | Link to Comment T1000
T1000's picture

Silver, subordinate primates!

Mon, 04/25/2011 - 19:31 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

So what is Ben going to disclose Wednesday??? anyone?

Mon, 04/25/2011 - 19:34 | Link to Comment Jaw Knee Cash
Jaw Knee Cash's picture

Ben is going to talk more shit to further cover the truth in response to Ron Paul's push to expose the squirming reptiles to the light of day.

Mon, 04/25/2011 - 20:35 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

May the dip be plentiful and just; for silver collectors have glanced the future and prepared not in vain.

Mon, 04/25/2011 - 19:41 | Link to Comment mynhair
mynhair's picture

That he's gay, just don't tell.  Who cares.

Mon, 04/25/2011 - 19:52 | Link to Comment Miss Expectations
Miss Expectations's picture

Governor McGreevey Resigns:

http://www.youtube.com/watch?v=EPVxlBOjITI

Mon, 04/25/2011 - 19:54 | Link to Comment bothsidesnow
bothsidesnow's picture

Commencement of reverse repo.

Mon, 04/25/2011 - 20:22 | Link to Comment 1fortheroad
1fortheroad's picture

Your comments are very interesting.

 

Mon, 04/25/2011 - 22:35 | Link to Comment bothsidesnow
bothsidesnow's picture

Thnx. Like someone once told me I don't care if silver goes up a dollar or down a dollar as long as I'm on the right side of the trade. If you are interested this is why I'm making the comments about reverse repo.

http://www.marketoracle.co.uk/Article27656.html

Since I'm a scientist myself I like to base my decisions on rational empirical data.

The guns and ammo folks don't like it so they bash me. Oh well by live by these and you will be fine.

Be impecable with your word,

Never take anyhting personally,

Never make any assumptions,

Always do the best you can,

and Question the voice in your head.

 

Mon, 04/25/2011 - 23:12 | Link to Comment Almost Solvent
Almost Solvent's picture

the voice in my head questions me

Tue, 04/26/2011 - 01:53 | Link to Comment OldTrooper
Mon, 04/25/2011 - 23:52 | Link to Comment 1fortheroad
1fortheroad's picture

Thanks for the link and the words.

Mon, 04/25/2011 - 19:29 | Link to Comment Catullus
Catullus's picture

This was so funny because it's true. Best email I got all day.

Mon, 04/25/2011 - 19:30 | Link to Comment razorthin
razorthin's picture

Help me out here.  Asia has decided to take silver down because of strong evidence of a supply shortage.  Huh?

Mon, 04/25/2011 - 20:09 | Link to Comment disabledvet
disabledvet's picture

i think what is meant is "buy the dips/sell the rips."  do i hear any disagreement?  no? 

Tue, 04/26/2011 - 02:48 | Link to Comment StychoKiller
StychoKiller's picture

Right now, da Boyz (Galz?) in Hong Kong are busy pulling the spot price whipsaw and the price of Au & Ag is moving upwards again -- BTFD!

Mon, 04/25/2011 - 19:30 | Link to Comment mynhair
mynhair's picture

$3 over spot to sell, yet $6 over to buy?   Is that right?

Piss off ApMex!

Tue, 04/26/2011 - 00:04 | Link to Comment nachtliche
nachtliche's picture

How dare that business try to make money by selling products for more than they paid for them.

Mon, 04/25/2011 - 19:31 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Yup. It all makes sense.

China declares they want to off load well over a $Trillion of US Treasuries and use the proceeds to buy commodities and the same day the dollar is level to up a bit and PMs are down a bit. Then APMEX starts begging for Silver and Gold and in after hours trading the price of the begged for items drops.

Makes sense to me. All is right in the world of supply and demand.

Mon, 04/25/2011 - 19:41 | Link to Comment Ahmeexnal
Ahmeexnal's picture

JPMorgan is shorting the hell outta silver via it's HK proxies.

They have the crazy idea silver is going down to $23 to cover their shorts.

THEY ARE BETTING THE FARM!!!

AND THEY'RE GOING TO BE TAKEN TO THE CLEANERS!!!

Mon, 04/25/2011 - 19:52 | Link to Comment Henry Chinaski
Henry Chinaski's picture

or they are too big to fail

and the taxpayers will be taken to the cleaners

Mon, 04/25/2011 - 23:26 | Link to Comment Founders Keeper
Founders Keeper's picture

Agreed.

For the time being, JPM is a TBTF, and all losses will be backstopped by the Fed's printing press and cloaked from scrutiny.

...for the time being.

 

Tue, 04/26/2011 - 00:09 | Link to Comment Hook Line and S...
Hook Line and Sphincter's picture

The taxpayers won't be taken to the cleaners because they have to pay taxes into the infinite future, they will only find their 200k savings having enough purchasing power to to buy 4 chickens, a pig, and a handful of non-terminator seeds.

Tue, 04/26/2011 - 01:59 | Link to Comment OldTrooper
OldTrooper's picture

All that for 200k?  There may come a day when that will seem like a great deal!

Mon, 04/25/2011 - 20:28 | Link to Comment Temporalist
Temporalist's picture

My cleaners takes me to the cleaners.

Mon, 04/25/2011 - 22:30 | Link to Comment Re-Discovery
Re-Discovery's picture

That's because Silver is used in the cleaning process. 

Mon, 04/25/2011 - 21:42 | Link to Comment Ben Fleeced
Ben Fleeced's picture

Let's kick 'em to sleep!

Mon, 04/25/2011 - 21:50 | Link to Comment Upswaller
Upswaller's picture

They won't be taken to the cleaners.  They're working for and doing the bidding of the federal government.  

Tue, 04/26/2011 - 00:28 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

Assumptions (however well thought out) or fact? Link?

Mon, 04/25/2011 - 19:34 | Link to Comment Robot Traders Mom
Robot Traders Mom's picture

@ Tyler-why would a supply problem cause metals to fall in early Asian trading?

Mon, 04/25/2011 - 19:35 | Link to Comment Missiondweller
Missiondweller's picture

Its not.

Someone (I wonder who)is trying take down the price of silver in thinner after hours.

Mon, 04/25/2011 - 20:22 | Link to Comment Temporis
Temporis's picture

I was just at my local coin guys shop... there was a fucking line of 10 people buying eagles and maples. 2-3 of those people had never bought a coin before in their life.

Never before have I seen a line of people at the coin guy...

 

The fear is spreading yet the price of silver is dropping... makes no damn sense.

Mon, 04/25/2011 - 20:57 | Link to Comment T1000
T1000's picture

It's dropping because the market is manipulated to suppress the real price. 

It's like the old bread lines in soviet russia - you could theoretically buy a loaf of bread for cheap, but there was no suppliers of that bread at that price. The shelves were empty. No bread to buy at that low price, because that price never was a true representation of the actual market that existed for bread.

Same way for the metals. It's a false market price, so people don't want to sell at such a manipulated price, so no silva for you! 

If silver were selling at $10,000,000 / oz (barring a hyperinflation scenario). You'd have all the supply you wanted. But not for $45 / oz. 

Mon, 04/25/2011 - 21:13 | Link to Comment Idiot Savant
Idiot Savant's picture

I was just at my local coin guys shop... there was a fucking line of 10 people buying eagles and maples. 2-3 of those people had never bought a coin before in their life.

Never before have I seen a line of people at the coin guy...

The fear is spreading yet the price of silver is dropping... makes no damn sense.

 

Lmao - this isn't fear, it's mania! All aboard the silver train, we're all going to get rich!

Look, I own gold and silver and believe they're fine hedges against inflation. I have nothing against PMs. However, they're not a religion for me. I think a lot of newcomers are going to get burned by rushing to buy at the top. I just think there is too much exuberance and not enough caution. We'll see who's got minerals if/when silver corrects down to the thirties.

Until then, throw caution to the wind and go all in on silver! Cash out your 401K and get in before all the silver is gone! /sarc/

Mon, 04/25/2011 - 21:19 | Link to Comment A Lunatic
A Lunatic's picture

And the pity of it is that it's all orchestrated to break the backs of the holdouts who didn't get raped in the housing market. I'm long on physical wheat. Three loaves for a Gold Eagle, (I guess this is where I add Bitches?)

Mon, 04/25/2011 - 21:21 | Link to Comment Robot Traders Mom
Robot Traders Mom's picture

I am really curious what your logic is that they are trading at the "top."

Also, just because the ZH community and a few people, here and there, are buying silver doesn't mean that a large population is buying. If you are in a decent sized city, go by the Apple store and look at all the dumb fucking sheep that have no clue what silver even is. Once the Apple store is empty and my secretary starts talking about how she wishes she could afford silver, then I will know the end game is near.

Until then, not even fucking remotely close.

Mon, 04/25/2011 - 21:49 | Link to Comment dark pools of soros
dark pools of soros's picture

soon a couple ounces will get you the iPad of your dreams!!!!!!

Mon, 04/25/2011 - 21:53 | Link to Comment Ben Fleeced
Ben Fleeced's picture

I'm in the Appalachians. Coin dealers and pawn shops still have plenty. I gotz no clue where the "over bought" exists. Hookers here charge 20-30 plus a 5 premium without teeth (don't tell me you didn't pause for a second).

Mon, 04/25/2011 - 22:43 | Link to Comment Re-Discovery
Re-Discovery's picture

Where is this again, and is tipping standard?

Mon, 04/25/2011 - 23:47 | Link to Comment Ben Fleeced
Ben Fleeced's picture

T.I.P.S. over the tailgate of an F250 is indeed standard. Jay's house is up on the right.

Mon, 04/25/2011 - 21:59 | Link to Comment Idiot Savant
Idiot Savant's picture

Well, I said buying, not trading. My logic is based on anecdotal evidence from what I'm seeing on ZH, Kitco and a few other boards. The higher silver goes, the more people rush to buy. Is this not confirmed by this piece on APMEX?

Yes, I understand that only a small percentage of the population is buying silver. That doesn't mean this isn't a mania phase though. To me, it's mania when 90% of investors seem to think silver has nowhere to go but up.

Look, I don't want to argue about this. I hope silver goes to $500.00 and everyone, including me, gets rich. But, I don't for a fucking second underestimate Wall Street and the FED. Do you really think they've lost control of silver? Do you really believe that they can't run silver into the ground with paper?

It's all right; you fellas bake in QE3 and push "all in". I'll bide my time and stay patient until summer. Maybe I'll miss out on some monster gains, or maybe I won't. Good luck to all.

Mon, 04/25/2011 - 23:18 | Link to Comment RockyRacoon
RockyRacoon's picture

Uh, APMEX is sending the email to the people they know HAVE silver/gold.  It's not a blanket spam email.   I got it, deleted it, without a second thought.   They know I have silver!   My dumb-shit neighbor did not get the email.   See?

Mon, 04/25/2011 - 23:50 | Link to Comment Idiot Savant
Idiot Savant's picture

Yes, I'm aware that this wasn't a spam email. However, you got the email because your dumbshit neighbor is now buying. Capice?

Tue, 04/26/2011 - 01:35 | Link to Comment Hephasteus
Hephasteus's picture

I didn't get an email. I bought some silver but it turned out to be lead with silver spray paint. But I threw it out and have forgiven them.

Tue, 04/26/2011 - 00:54 | Link to Comment Missiondweller
Missiondweller's picture

Excellent post.

Mon, 04/25/2011 - 21:44 | Link to Comment MrBoompi
MrBoompi's picture

If the paper price determines the physical price shortages don't really matter....at least for a while I would imagine.

Mon, 04/25/2011 - 21:50 | Link to Comment oddjob
oddjob's picture

So what you are saying is a coin shop was selling coins...nice find.

 

Tue, 04/26/2011 - 00:11 | Link to Comment Hook Line and S...
Hook Line and Sphincter's picture

"The fear is spreading yet the price of silver is dropping... makes no damn sense."

That's tide goes way out before the tsunami come in.

Mon, 04/25/2011 - 19:34 | Link to Comment Elephanthead
Elephanthead's picture

Yeah I don't get why silver would be down on this - should be flying if this is right.  Help out there?  You saying asia trying to manipulate it down to buy more?  Doesn't make alot of sense to me.

Mon, 04/25/2011 - 19:36 | Link to Comment T1000
T1000's picture

Read from the turd, then learn from the turd.

http://tfmetalsreport.blogspot.com/2011/04/be-cautious.html

Mon, 04/25/2011 - 19:43 | Link to Comment Robot Traders Mom
Robot Traders Mom's picture

yes, i know. we all read and love turd. there is nothing about the apmex affecting early asian trading like tyler said.

Mon, 04/25/2011 - 20:47 | Link to Comment T1000
T1000's picture

Wah? He said it tongue in cheek, like the market makes total sense, which of course is crazy, cuz we all know the market is rigged, 'wink', 'wink', like that's why the price is falling, because there's no more supply. 

If that's doesn't work for ya, then they're selling due to the backward asians. 

 

Mon, 04/25/2011 - 21:31 | Link to Comment Robot Traders Mom
Robot Traders Mom's picture

thanks dude, you make perfect sense.

Mon, 04/25/2011 - 22:46 | Link to Comment SheepDog-One
SheepDog-One's picture

Turd call to a T.

Mon, 04/25/2011 - 19:32 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

Is it wrong that my first thought was, "Eat shit, and die."?

Mon, 04/25/2011 - 22:05 | Link to Comment Clay Hill
Clay Hill's picture

As long as your second thought was "BTFD", it's all good

Mon, 04/25/2011 - 19:35 | Link to Comment thatthingcanfly
thatthingcanfly's picture

Ooh, ooh, me first! Buy mine back first!

Mon, 04/25/2011 - 19:36 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

Helicopters don't fly.

They are so ugly, the Earth repels them.

Mon, 04/25/2011 - 19:39 | Link to Comment thatthingcanfly
thatthingcanfly's picture

People used to ask me, "What's it like to fly a helicopter?"

"Hours of boredom punctuated by seconds of sheer terror."

Mon, 04/25/2011 - 19:41 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

You have my respect flying something that is trying to kill you every half a second.

Mon, 04/25/2011 - 19:59 | Link to Comment XitSam
XitSam's picture

Nah, it ain't that bad.  My battalion only had one guy die, and that was from walking into his tail rotor.

Oh, and APMEX ... no deal.

Mon, 04/25/2011 - 20:07 | Link to Comment Miss Expectations
Miss Expectations's picture

I recall a very brutal executive meeting in which one of the sales executives was essentially crucified.  I told him later that I was impressed with how he handled it.  He told me he flew helicopters in Viet Nam.  "Nothing scares me anymore. That meeting was nothing."

Mon, 04/25/2011 - 19:33 | Link to Comment digalert
digalert's picture

Hmmm, fiat FRN's for the real mckoy...no deal.

Mon, 04/25/2011 - 19:33 | Link to Comment Campagnolo
Campagnolo's picture

shortgage!....I ain't selling shit....in fact, waiting to the price to go a little down to buy another 1,000 oz from Tulving

Mon, 04/25/2011 - 19:37 | Link to Comment Catullus
Catullus's picture

It's the "anti-investment" on Steriods.  It's such an anti-investment that the people who sold it to you immeditately want to buy it back from you.

That's right.  I'm laughing at you, James Saft.

Mon, 04/25/2011 - 19:35 | Link to Comment JPDG
JPDG's picture

8% decline in the price of silver today and I have freakin' dealers asking us to sell?!

 

Nice. 

Mon, 04/25/2011 - 19:37 | Link to Comment SheepDog-One
SheepDog-One's picture

Apparently this could be some kind of weak panic attack to get people to dump their physical holding while giving Comex a breather? Who knows, but Im not selling a damn thing.

Mon, 04/25/2011 - 23:23 | Link to Comment RockyRacoon
RockyRacoon's picture

I'd say APMEX got shorted by one or more of their suppliers, and the "2 to 3 week" delay in filling some orders suddenly became NEVER.   The paid orders will have to be filled at almost any price so they are beating the bushes to shake out some of the weak hands.

Tue, 04/26/2011 - 00:42 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

Got white knuckle grip syndrome and cramping hands.

Tue, 04/26/2011 - 02:18 | Link to Comment OldTrooper
OldTrooper's picture

Could very well be, Rocky.  I suspect that more than a few orders were placed over the weekend, too.  Mix some manic buying with supply disruption and you end up with a problem.

Mon, 04/25/2011 - 19:38 | Link to Comment SheepDog-One
SheepDog-One's picture

Im not selling a damn piece of silver or gold until I see some kind of sanity creep back into this clusterfuk, until then Ben will print the dollar to oblivion while PM's gain big.

Mon, 04/25/2011 - 19:57 | Link to Comment Rainman
Rainman's picture

thanx for the convincing. I worked the numbers. 107 quarter '93 AU eagles will fetch 44,351.50 fiatscos. Think I'll wait for a 4x4 full size pickup truck giveaway.

Mon, 04/25/2011 - 19:38 | Link to Comment Re-Discovery
Re-Discovery's picture

5% chance of

Surprise 25-50 BP rate hike to defend dollar and cool off "initial signs of inflation (not that this would make a dent.)

95% chance of

Fed will need to consider just a little more QE (by a different name) to bolster a strengthening but still vulnerable recovery.

Mon, 04/25/2011 - 19:40 | Link to Comment FrankIvy
FrankIvy's picture

We'll be in trouble when the local grocery store offers 1 dollar over spot for a bag of rice.

Mon, 04/25/2011 - 19:39 | Link to Comment Creed
Creed's picture

telling

 

hey where's all the fucking trolls? aren't you going to come poop on this thread too dammit? getting tired of wading thru your crap

Mon, 04/25/2011 - 23:20 | Link to Comment TerraHertz
TerraHertz's picture

Their salary cheques didn't come through last week for some reason. So they are on strike. Poor things.

Mon, 04/25/2011 - 19:41 | Link to Comment Dr. Gonzo
Dr. Gonzo's picture

Thanks for the offer APMEX but I think I'd rather bury mine in a field than take irredeemable Federal Reserve notes for them. Let me think. Maybe for $100 I'd reconsider....Nope still not interested. I will however accept 1 oz of platinum for each of my gold eagles if you want to do that. How embarrasing to be Ben Bernake right now when the world reserve currency finishes a distant 3rd to gold and silver after they rig the game so much in thier favor and you can't even get the Chinese to hold on to them. He should be on suicide watch right now.

Mon, 04/25/2011 - 19:42 | Link to Comment Twindrives
Twindrives's picture

J.P. Morgan is APMEX's banker.  Blythe Morgan probably screwed them out of their physical.   

Mon, 04/25/2011 - 20:06 | Link to Comment Missiondweller
Missiondweller's picture

LOL! JP Morgan's e-mail to APMEX:

"Silver Delivery Not Possible"

Do NOT follow this link or you will be banned from the site!