This page has been archived and commenting is disabled.

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.


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 04/25/2011 - 19:27 | 1205729 cjcmarine
cjcmarine's picture

First! 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 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.










Mon, 04/25/2011 - 19:56 | 1205885 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 | 1206000 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 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 | 1206197 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 | 1206319 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..."


Mon, 04/25/2011 - 20:34 | 1206079 taitamco
taitamco's picture

try www., you may get discount.

Mon, 04/25/2011 - 20:33 | 1206088 taitamco
taitamco's picture

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

Mon, 04/25/2011 - 21:15 | 1206205 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 | 1206798 Tail Dogging The Wag
Tail Dogging The Wag's picture

well, it's only $4.99 right? lol

Mon, 04/25/2011 - 19:27 | 1205735 slewie the pi-rat
slewie the pi-rat's picture


Mon, 04/25/2011 - 19:30 | 1205741 Lets_Eat_Ben
Lets_Eat_Ben's picture

ill buy em for $3.01 over spot

Mon, 04/25/2011 - 20:08 | 1205959 Moe Howard
Moe Howard's picture

+ I c u and raise you $0.01

Mon, 04/25/2011 - 21:16 | 1206202 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%?

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 | 1205742 mynhair
mynhair's picture

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


Mon, 04/25/2011 - 20:21 | 1206017 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 | 1205743 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 | 1205797 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 | 1205858 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 | 1205891 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 | 1205942 RmcAZ
RmcAZ's picture

+1... hoping we actually get them.

Mon, 04/25/2011 - 20:10 | 1205958 trav7777
trav7777's picture

did AP mex morph into CO mex?

Mon, 04/25/2011 - 20:20 | 1206023 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 | 1205746 T1000
T1000's picture

Silver, subordinate primates!

Mon, 04/25/2011 - 19:31 | 1205747 Lets_Eat_Ben
Lets_Eat_Ben's picture

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

Mon, 04/25/2011 - 19:34 | 1205761 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 | 1206087 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 | 1205824 mynhair
mynhair's picture

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

Mon, 04/25/2011 - 19:52 | 1205876 Miss Expectations
Miss Expectations's picture

Governor McGreevey Resigns:

Mon, 04/25/2011 - 19:54 | 1205873 bothsidesnow
bothsidesnow's picture

Commencement of reverse repo.

Mon, 04/25/2011 - 20:22 | 1206032 1fortheroad
1fortheroad's picture

Your comments are very interesting.


Mon, 04/25/2011 - 22:35 | 1206416 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.

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 | 1206509 Almost Solvent
Almost Solvent's picture

the voice in my head questions me

Tue, 04/26/2011 - 01:53 | 1206764 OldTrooper
Mon, 04/25/2011 - 23:52 | 1206582 1fortheroad
1fortheroad's picture

Thanks for the link and the words.

Mon, 04/25/2011 - 19:29 | 1205752 Catullus
Catullus's picture

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

Mon, 04/25/2011 - 19:30 | 1205754 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 | 1205955 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 | 1206831 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 | 1205755 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 | 1206590 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 | 1205759 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 | 1205800 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.



Mon, 04/25/2011 - 19:52 | 1205862 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 | 1206531 Founders Keeper
Founders Keeper's picture


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 | 1206597 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 | 1206770 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 | 1206066 Temporalist
Temporalist's picture

My cleaners takes me to the cleaners.

Mon, 04/25/2011 - 22:30 | 1206409 Re-Discovery
Re-Discovery's picture

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

Mon, 04/25/2011 - 21:42 | 1206276 Ben Fleeced
Ben Fleeced's picture

Let's kick 'em to sleep!

Mon, 04/25/2011 - 21:50 | 1206291 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 | 1206641 Al Gorerhythm
Al Gorerhythm's picture

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

Mon, 04/25/2011 - 19:34 | 1205764 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 | 1205786 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 | 1206002 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 | 1206151 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 | 1206194 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 | 1206215 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 | 1206220 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 | 1206295 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 | 1206307 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 | 1206422 Re-Discovery
Re-Discovery's picture

Where is this again, and is tipping standard?

Mon, 04/25/2011 - 23:47 | 1206556 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 | 1206318 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 | 1206519 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 | 1206573 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 | 1206736 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 | 1206687 Missiondweller
Missiondweller's picture

Excellent post.

Mon, 04/25/2011 - 21:44 | 1206282 MrBoompi
MrBoompi's picture

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

Mon, 04/25/2011 - 21:50 | 1206290 oddjob
oddjob's picture

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


Tue, 04/26/2011 - 00:11 | 1206602 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 | 1205765 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 | 1205788 T1000
T1000's picture

Read from the turd, then learn from the turd.

Mon, 04/25/2011 - 19:43 | 1205820 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 | 1206126 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 | 1206242 Robot Traders Mom
Robot Traders Mom's picture

thanks dude, you make perfect sense.

Mon, 04/25/2011 - 22:46 | 1206444 SheepDog-One
SheepDog-One's picture

Turd call to a T.

Mon, 04/25/2011 - 19:32 | 1205766 Rodent Freikorps
Rodent Freikorps's picture

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

Mon, 04/25/2011 - 22:05 | 1206334 Clay Hill
Clay Hill's picture

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

Mon, 04/25/2011 - 19:35 | 1205767 thatthingcanfly
thatthingcanfly's picture

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

Mon, 04/25/2011 - 19:36 | 1205777 Rodent Freikorps
Rodent Freikorps's picture

Helicopters don't fly.

They are so ugly, the Earth repels them.

Mon, 04/25/2011 - 19:39 | 1205791 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 | 1205804 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 | 1205893 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 | 1205940 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 | 1205771 digalert
digalert's picture

Hmmm, fiat FRN's for the real deal.

Mon, 04/25/2011 - 19:33 | 1205772 Campagnolo
Campagnolo's picture

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

Mon, 04/25/2011 - 19:37 | 1205783 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 | 1205784 JPDG
JPDG's picture

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



Mon, 04/25/2011 - 19:37 | 1205793 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 | 1206526 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 | 1206664 Al Gorerhythm
Al Gorerhythm's picture

Got white knuckle grip syndrome and cramping hands.

Tue, 04/26/2011 - 02:18 | 1206796 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 | 1205787 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 | 1205900 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 | 1205790 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 | 1205799 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 | 1205807 Creed
Creed's picture



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 | 1206516 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 | 1205808 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 | 1205815 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 | 1205948 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!