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European Silver Shortage Spreads To UK
On Friday we disclosed that major PM distributor, retailer and trading house BullionVault.com had run out of physical silver inventories in Germany (and possibly elsewhere) and was advising clients to seek the precious metal elsewhere. Today, we find that the UK joins Germany in what is now becoming the second round of the global silver shortage (the first one occuring in May 2010 when it was unclear just how the ECB would deal with insolvent PIIGS). Below is the warning by British BullionByPost notifying clients that the company currently has no silver bars in stock. Inventories are expected to be restocked later in February. In the meantime, as before, we urge customs agents to do a quick check of the cargo hold of all private jets (and time shares) registered to any banker making over $25 million. After all, surely the Tunisian president didn't come up with the idea to flee with 25% of Tunisia's gold entirely on his own.
Note: BullionVault did not at any time advise its
clients to seek silver elsewhere. Obviously only the most sarcastically-impaired would take this statement seriously. Carry on.
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Ok agree with you. *wave white flag.
the local (good volume) coin shop's current rule of thumb...cash only, please.
trust me..people are on more of cash payment sysytem these days, better discounts....along with currently it is just a fiddy dollar fine if i don't send.....so will they spend more time looking at the billions of 1099's they get or the who knows how many they can't trace....only fools will attempt to comply...
Time to get me a Millenium Falcon with those scanner-proof smuggling compartments:
http://www.starwars.com/databank/starship/millenniumfalcon/
I have 10 kilos of silver in Bullionvault
I haven't run out and neither have the other people who are selling their silver!! It is only BV themselves that have run out....Excellent. Just as we hoped....
Yea, I believe that. Look! A spaceship just landed in my yard. A yeti is getting out holding 10 kilos of silver. He is wearing a United States Postal Service uniform. He is asking me if I am fredquimby...
you bought silver on a website, paid for it and let them keep it? Because everybody in the world tells the truth?
I...
I always wanted to meet a person like you!
Can I have your Visa codes? Just to have a look, I promise! You can trust me!
you bought silver on a website, paid for it and let them keep it? Because everybody in the world tells the truth?
I...
I always wanted to meet a person like you!
Can I have your Visa codes? Just to have a look, I promise! You can trust me!
Fred, you cannot trust anyone to hold your silver for you. Are you nuts? Take possession.
A lot of stuff kicking around on BullionVault currently, some of it less than reliable.
While not an advocate of BullionVault specifically (there are other services with other benefits), I would recommend familiarizing yourself with how they work before deciding whats going on.
- daily audit tally per customer username
- publication of bar serials
- internal market mechanism (price setting by customers)
- robots bid/ask large quantities near spot, representing external market
- the reserve/withdraw specific bar system, keeps internal physical market prices in line with external physical market
While being far from perfect, the fact that they are unable to offer metal to customers proves their system works and doesn't support double-counting. Otherwise they would do just that and pretend they have infinite silver to offer.
(BV's biggest problem may turn out to be the fact they charge fees in currency, not metal. Which means in a currency crisis they might have difficulties. The GoldMoney people thought about that one a bit more in advance).
Anyway, BV is having trouble sourcing silver to offer on their internal market via their trading robots. The customers themselves may sell to one another at any price they choose to set, and can withdraw the metal if they have a suitably granular amount (for a fee).
The main points that should be taken away are:
- BV is perhaps the first online metal account 'system' being faced with their prices (set by customers) decoupling from the external market.
- BV sources from the LBMA, which shouldn't be short of metal, at any time.
- The mechanism BV are using appears to be getting 'honesty tested' in an amusing and positive way.
A dealer claiming they're low on silver is one thing. A dealer claiming they're out of silver and shutting down their business is another thing entirely. I find it hard to believe multiple dealers are going to coordinate a scare by collectively shutting down their businesses and their means of income. Especially when there is hundreds of dealers ready and willing to take their customers.
Look at the selling prices of 10oz Silver bars on ebay http://oi55.tinypic.com/33xcuix.jpg The image is cut short but there are hundreds of listings sold. Don't forget these prices don't include shipping!
Eco,
Those prices are basically in line with the Dealers sales mkts.
Add their Prem, and your there, a few a tad high, but not many.
Update: Look again at today's recent ebay sales on 10oz bars and compare them with online dealer prices. Online dealer prices are floating around $300 while ebay bids are $330. http://oi54.tinypic.com/2j2x2c1.jpg
when i buy from a dealer the published price never seems to be what they want me to pay, always higher...on ebay if you work it right you can get your best price....but i think more risk, but just slightly, it depends how good you are...on the gold side the demand seams to be completly different
Just checked Tulving. No shortage and not much of a premium either.
You checked one website and concluded this? You idiot. How many 1000 ounce bars did they have? NONE. They used to. That's one example. THE BIG STUFF IS GONE, HELLO.
Of course there's a shortage.
http://www.fortknoxmetals.com/
They are also starting to run on empty ;)
No more bars, they used to offer every Eagle from every year in quantities over 500.
Now they only have a few eagles left, some lunars that are overpriced and that's it.
Also, they don't have anymore Gold!!
And their name is so well chosen :)
I can see the headlines already:
FORT KNOX metals HAS NO MORE GOLD AND ALMOST NO SILVER!!!
There is a 15 trillion dollar debt service that has to be made. There is only one way to service that debt. Create and inflate dollars. That's it. No amount of taxation can remedy that. We have screwed the pooch. The unintended consequences of a Bernank that thinks he can print his way out of this hole is that the prices of everything will begin to soar and have begun already. A government that desperately wants to ignore reporting food and energy price increases is simply manipulating the truth. Eventually that fraud will be exposed.
Not included in CPI are tax increases. They are going on everywhere. How about health insurance costs? Are those in the CPI? This fucking sham reporting by the BLS is absolutely criminal.
So if the sheep of the world want to buy the BS of the B.L.S., go ahead. If you think the Bernank can inflate away 15 trillion in debt- good for you. I am banking that he can't and I have the solid proof of history that countries approaching 70% debt to GDP are fucking toast. And a Congress that doesn't have the balls to stop it. I like my chances.
Excellent post, lunatic! My thoughts exactly. 15 trillion in debt is low though, by a factor of 10 or more...
That comment is all you need to know to spur yourself to action. Inflating our way out while having acceptable societal impacts is not possible imo. If you agree with that, the question becomes, what action, metals or beans and bullets?
I spurred to action about 4 years ago and have all 3, worked with weapons most my entire life.Took the M1A and LAR 8 out yesterday and shot a couple hundred rounds, worked on fast target acquisition with Holosites on the LAR 8, both eyes open, nice, with excellent situational awareness...recommend the RRA LAR8, like it even better than the M1A, which I thought I would never say.
+1
APMEX appears to have a lot of silver. They have more 10 ozt. silver bars now than they had anytime in 2010 (13000-14000 right now). I know they don't make the market by any measure, but they have a lot for the moment. They seem to have a fair amount of gold bullion coins too (relative to 2010). I have been tracking select items, stickied under "Precious Metals".
www.Gold-Silver.US/forum
The US Mint shipped 3.5 MILLION ounces in the first 12 days of January.
130,000-140,000 ounces (if they really have it) will get cleaned out in a few days to a week at most.
How many 5oz bars they have?.
Likely,Zero.
7881 bars currently, promising 3778 more on Jan. 31st.
I am not stating this to "prove" there is no silver shortage. It is just anecdotal information.
Keep in mind:
1. This is only one dealer
2. They are one of the biggest in the US
3. They bank with JP Morgue
As silver goes up rapidly, some people are going to sell there private holdings to raise cash. APMEX buys and resells. Most of these 5 ozt. bars are new (Silvertowne).
Joe,
APMEX is out of a lot of stuff. Availability zero, means just that zero. A few thousand ounces in 1, 5, and 10 ounce bars is nothing. A few hundred ounce bars...big deal. Maybe they have 20-30 thousand ounces in stock. Again, that is nothing. They used to sell 1000 ounce bars and have plenty of them. Now today, zippo.
100 ounce bars are getting scarce...
Some bars available 1/31/2011 and others 2/16/2011. You used to never see that.
http://www.apmex.com/Category/518/Silver_Bars_Secondary_Market__New.aspx
They have 1173 @ 100 ozt. bars (the "Just Listed" 1135 JMs) . Not too shabby. I have tracked the 10 ozt. bars starting in May of last year (as well as 1 ozt. popular gold bullion). I stopped graphing it at some point, but just follow the thread:
http://gold-silver.us/forum/gold-silver-precious-metals/apmex-precious-metals-retail-supply-index/
We have not gotten to a Sept./Oct. 2008 type situation yet.
P.S. I saw 3 @ 1000 ozt. bars
Note: I recorded a low point at APMEX of 333 @ 10 ozt. bars on December 9th, 2010. Since then they have been increasinhg inventory.
What? Where? It's not in your link or mine. Stop making stuff up Joe.
i just ordered 100 z bar from scottsdale...shipped in 3 days..the order originally said 3 weeks....i will get another one soon, than another, than an....
I've watched APMEX inventories on their website for 4 years, never saw them out of stuff as much as lately. I buy from others but they have a nice website and lovely pictures of PMs
And then the silver colored actor climbed into the sling and the retractor pulled him, lower and lower and lower...and then everything changed in the blink of an eye.
Fake Silver bars?
http://about.ag/Lead100OunceBars.htm
The shortages don't appear everywhere at once. Different sellers have different amounts of inventory. Apmex has had some items delayed for a while. Bottom line, shortages mean artificial price suppression. That is an economic LAW.
Silver Fundamentals Explained 3 - Office Series 9
http://www.youtube.com/user/BrotherJohnF?feature=mhum
When my insignificant little coin store in an insignificant corner of metropolitan Detroit runs out of silver, then I'll consider the possibility of a shortage. Until then, I just don't believe it. They have plenty.
If current supply is limited, wouldn't the futures go into backwardation, or lease rates surge? I don't trade PM's, just holding physical for the last 10 years. Always assumed a shortage would show up in one of the above, what am I missing?
11 years ago gold was at $286/oz. No doubt this author would have been telling us to SELL SELL SELL then as well.
Frankly, those 4 reasons you refer to could be interpreted as reasons to buy.....
People are buying the JP Morgue dips. Silver is available, but getting tighter. Physical and paper are disconnecting. This is a sign of a tipping point. We've been waiting for it, we've been predicting it. Gold may not be far behind.
Colorado Gold has 21 day wait on silver bars
Sunshine mint is having trouble making deliveries. Gainesville coins out of sunshine mint rounds.
NWT has an 8 week wait on junk silver. How is that possible.
I also bought a lot from www.straightsilver.com
bullionbypost.com charges it's silver coins +20% because taxes in the UK are higher then in the US. That's why I buy US silver.
NWT always states a long lead time for their products. Can't comment on Sunshine Mint. APMEX has 7 @ $1000 Face bags, plus smaller bags. This has been typical at APMEX for a while (I don't track it, but I check sometimes).
I would never recommend NWT for anyone. The lead times are absurd. They are under a consent decree with the WA St AG - which I had to contact when NWT delayed an order I placed with them multiple times. NWT, IMHO, will be busted when the gold/silver market really rips. They will be no better then SLV, GLD. That's my opinion, and it's based upon experience with the company.
same experience here. 2 sizeable orders 4 years ago each took 2.5 months for delivery ... never again.
I concur. My silver monster box ordered on Oct 2nd. delivered jan 4th. never again
Bust COMEX
http://standfordelivery.com/stand.php
some big player must be cashing out a few tons of paper or something, that number is getting up there. 3 million+ ounces
1. Economy basics. Lie your ass off. Let everyone make decisions and valuations based on those lies.
2. Tell truth blame people you don't like anyway.
3. Profit. Either from moving out beforehand or if you want to hide better the oversnapback.
one stupid question :
How much of Silver is too much ?
how many Kilos ?
When should we stop buying ?
an ounce of silver will feed your family for a week when SHTF
not much else will matter.
you might be able to barter gold or silver for gasoline if you can find a station that is still getting deliveries.
last thing to worry about is debt servicing. pay debt with inflation paper, buy real things you need to live with PMs.
No anount is too much.
As many kilos as you can without collapsing the structure.
Never stop buying!!!!!
No amount is too much.
As many kilos as you can without collapsing the structure.
Never stop buying!!!!!
Food, water, medicine, and means of defense are the first necessary purchases...Then PM's.
I have heard it said that you will know when you have enough.
The other point sometimes made is can you lift it? Then, can you lift it in two loads?
My advise:
Make minimum debt payments and put all cash that would otherwise service debt into PMs.
The only difference between Weimar and today is that the masses had or have access to credit backed by nothing. Use it wisely.
There is no difference how a central bank responds to a financial or debt crisis today than their response throughout history.
Pretend and extend while you can. Try and cheat until reality catches up with you.
Do not think for a minute that Fed & Co. are believing anymore in their paper than you are. They all know their gig is up any minute. Hu's a pretty powerful man and he speaks truth.
But Hu should know that his own toilet paper currency is worthless just the same which is why the Chinese are going to hoard PMs more and more.
**** GAME OVER ****
gotta admire walstreetpro, signing up for credit cards like it was going out of style, maxing them out with silver, then defaulting
Update: Look again at today's recent ebay sales on 10oz bars and compare them with online dealer prices. Online dealer prices are floating around $300 while ebay bids are $330. http://oi54.tinypic.com/2j2x2c1.jpg
By Doug Hornig
I live in the Commonwealth of Virginia, which, along with our sister commonwealth to the north, Massachusetts, may rightly be considered the cradle of liberty. Most of the founders of the nation came from one or the other.
A commonwealth is a bit different in spirit from a state. As Webster notes, it is a political unit “in which supreme authority is vested in the people.”
We’re quirky, in that we hold our elections in odd-numbered years, with the governorship up for grabs in the year following a presidential election. Some see that vote as an early referendum on the president. If so, then it’s telling that since the late 1970s, Virginians have always voted for a governor of the opposite political party to the successful candidate for the White House. We dislike ‘em all.
Virginians, who took the lead so much of the time in the early days of the republic, have not been heard from much of late. Despite our status as a swing state, we’re relatively unimportant. Political attention tends to focus instead on such voter-rich states as Florida, Texas, and California.
That may be about to change, as Virginia legislators prepare to debate the firing of a shot directly across the federal bow.
Our state legislature formally convenes on January 12, but some resolutions were prefiled. Including, on Jan. 5, House Joint Resolution No. 557, which proposes: “Establishing a joint subcommittee to study whether the Commonwealth should adopt a currency to serve as an alternative to the currency distributed by the Federal Reserve System in the event of a major breakdown of the Federal Reserve System.”
Longtime readers will be unsurprised that we think such a measure is long overdue. But let’s get to the meat of it.
The resolution begins with a long bunch of WHEREAS’s, all of which pretty much pertain to a distrust of the Fed. These will give you the flavor:
“WHEREAS, the present monetary and banking systems of the United States, centered around the Federal Reserve System, have come under ever-increasing strain during the last several years, and will be exposed to ever-increasing and predictably debilitating strain in the years to come; and
“WHEREAS, many widely recognized experts predict the inevitable destruction of the Federal Reserve System's currency through hyperinflation in the foreseeable future; and
“WHEREAS, in the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System, for which the Commonwealth is not prepared, the Commonwealth's governmental finances and Virginia's private economy will be thrown into chaos, with gravely detrimental effects upon the lives, health, and property of Virginia's citizens, and with consequences fatal to the preservation of good order throughout the Commonwealth;”
And so on. (Anyone who simply loves reading govspeak can view the whole document here.).
Then: RESOLVED [my condensation], that a joint subcommittee should look into the possibility of something other than DC’s funny money.
The bill urges adoption of “an alternative currency consisting of gold or silver, or both,” and that the Commonwealth “make the alternative currency available, and enable it to be used in competition with and preference to the Federal Reserve System's currency, to the degree that the need for such use became apparent.”
Okay, it’s not a law. It’s not even a proposed law. It’s just a call for legislators to look into the matter. And chances of the state legislature giving it a thumbs-up are slim to none, and Slim was last seen heading to Aruba.
Nevertheless, it’s a direct challenge to Washington’s monopoly on money. And the central government does not tolerate any such affronts to its authority. Just ask the folks at the Liberty Mint, which was shut down by federal agents in 2007 for producing silver coins that bore only a passing resemblance to the Mint’s official products. (As if people would think any coin that actually came from the U.S. Treasury would bear the likeness of Ron Paul.)
It’s possible that those sponsoring the resolution may already be in violation of the law as it is currently applied. But arresting Virginia government officials… that’d be a bit sticky.
In the end, probably the best we can hope for is that this proves to be a small, preliminary skirmish in what becomes a long and serious conflict. With my home once again a battleground for liberty.
Virginia is the 8th or 9th state to introduce similar legislation.
http://www.24hgold.com/english/gold_market_premium.aspx
http://www.24hgold.com/english/silver_market_premium.aspx
totally bitchin' mullet bro!!!!!!
My local coin dealer and some of my friends are reporting that kids as young as 6 are now collecting silver coins. Everyone needs to tell their kids that this is the next big thing not unlike the longtime fad of collecting sports cards which mostlly ended in 1991-2
So lets get the children into buy silver coins. Yes a lot of them have the money to buy a coin every week or month.
time for silver pokemon and transformer bars...
Gold and silver daily charts give bearish warning.
http://stockmarket618.wordpress.com
Just confirmed my supplier in EU is out. 3nd largest inEU...
The unmining of silver:
http://www.youtube.com/watch?v=7FVvn-P_gdc