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

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Mon, 04/25/2011 - 19:27 | 1205729 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 | 1205773 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 | 1205834 narapoiddyslexia
narapoiddyslexia's picture

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

Mon, 04/25/2011 - 19:56 | 1205879 narapoiddyslexia
narapoiddyslexia's picture

Ummm, why doesn't APMEX buy from Tulving?

Mon, 04/25/2011 - 20:04 | 1205925 bankonzhongguo
bankonzhongguo's picture


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 | 1206050 New_Meat
New_Meat's picture

Scylla and Charybdis, and YES, no diff

Mon, 04/25/2011 - 21:52 | 1206297 66Sexy
66Sexy's picture

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

Tue, 04/26/2011 - 04:28 | 1206891 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.


Tue, 04/26/2011 - 08:55 | 1207322 Doubleguns
Doubleguns's picture

Think they sold more than they could supply?

Mon, 04/25/2011 - 20:19 | 1206016 Creed
Creed's picture

that's a damn fine question narawhatever

Mon, 04/25/2011 - 20:25 | 1206049 narapoiddyslexia
narapoiddyslexia's picture

Maybe I should change that name....

Mon, 04/25/2011 - 20:28 | 1206070 narapoiddyslexia
narapoiddyslexia's picture

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



Mon, 04/25/2011 - 21:31 | 1206234 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 | 1206631 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 | 1206153 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 | 1206177 nmewn
nmewn's picture

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

I like it ;-)

Mon, 04/25/2011 - 22:40 | 1206423 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 | 1206608 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Well played Dave

Tue, 04/26/2011 - 01:34 | 1206734 Arkadaba
Arkadaba's picture

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

Tue, 04/26/2011 - 08:02 | 1207201 nmewn
nmewn's picture


Tue, 04/26/2011 - 08:01 | 1207198 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 | 1206052 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 | 1206103 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 | 1206233 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

Mon, 04/25/2011 - 20:58 | 1206159 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 | 1206200 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 | 1206221 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 | 1206245 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 | 1206355 SheepDog-One
SheepDog-One's picture

As opposed to a charity?

Mon, 04/25/2011 - 22:28 | 1206399 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 | 1206363 SkySavage
SkySavage's picture

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

Mon, 04/25/2011 - 19:45 | 1205842 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 | 1206001 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 | 1206065 New_Meat
New_Meat's picture

unencumbered/disobligated be good.  closer to free.

Mon, 04/25/2011 - 20:44 | 1206127 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 | 1206488 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 | 1206738 geekgrrl
geekgrrl's picture

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

Mon, 04/25/2011 - 20:46 | 1206131 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 :)



Mon, 04/25/2011 - 21:19 | 1206208 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 | 1206583 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 | 1205789 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



Mon, 04/25/2011 - 19:43 | 1205823 rocker
rocker's picture

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

Mon, 04/25/2011 - 19:45 | 1205829 Creed
Creed's picture

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

Mon, 04/25/2011 - 19:47 | 1205851 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 | 1205888 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 | 1206225 MrBoompi
MrBoompi's picture

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

Tue, 04/26/2011 - 01:54 | 1206763 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 | 1206613 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 | 1206138 Hugh G Rection
Hugh G Rection's picture

no thanks and ship me my damn buffalos

Tue, 04/26/2011 - 04:05 | 1206883 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.










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