First Gold, Now Europe Running Out Of Silver

Tyler Durden's picture

Earlier we noted that the Austrian mint was on its way to depleting its gold reserves following "panicked buying" from Europeans, who now openly fear the demise of their currency. Now, courtesy of Slim Beleggen, we understand that the situation in the silver market is just as bad and has also spilled over to Germany: the contagion is no longer one of sovereign debt, but of precious metal physical inventory. The primarily silver focused (but holding gold as well) Kronwitter precious metal online retailer is not only not accepting any orders, but has entirely taken down its website.

The only message left for visitors is (translated from German) as follows:

Dear customers,
due to the enormous number of orders we can take at the moment no new
orders via the Internet, email or fax contrary.
All previously purchased and paid for coins are shipped. In order not to delay the extradition unnecessary to ask is to refrain from requesting payment or tracking number. When shipped our you will automatically receive a shipping confirmation. We hope to do everything within two days and then re-open the shop to buy. Thank you for your understanding. Marie-Luise Kronwit

Soon coming to an LBMA vault near you - a run on physical and a total collapse of the 100x diluted Precious Metal market.

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Common_Cents22's picture

I'm gonna have some gold/silver home buying parties and buy a pawn shop!  

cossack55's picture

Damn fine idea.  Then sell it to History Channel.  be a star.

Carl Spackler's picture

Oh my gosh. This is pandemonium.

What about the dentists? 

Will the teeth of Americans now resemble those of the British?

And what of Obamacare?  They - obviously - never figured in the increasing cost of gold and silver when calculating the "decreases" in health care costs!

We are so hosed, but I still have my palladium.



Gold...Bitches's picture

no doubt - especially if you only have to pay the rates the 'cash for gold' places do.

Hephasteus's picture

Ya but it's confusing. Germans say You speaky de dutch. Spraken de deutshe. So you gotta realize that german people speak dutch. I know it's confusing.

False_Profit's picture

wundebar!  supa!  wir mussen alles gold gehaben jetzt! 

herr villie is eine ubermench...

speculator's picture

Nein, Niederlaandish is nur schlechtes Deutsch!

Hughe Crapper's picture

Also Also, Dutch oder Deutsch. Ich bin ein Amsterdammer. Smelten Sie meine käzen und anschau diese goldmachinen.

Only in Abu Dhabi, the first gold dispenser:

BlackBeard's picture

yeowsah.  And it begins.

nuinut's picture

If you want physical silver, try here...

They still have good stock, well priced.

I have found both the product and service to be top notch.

boiow's picture

or if you live in the uk. you can get them here.

vat free.

DosZap's picture

What do the Canucks charge for shipping to US?.

Customs charges?.Also?.

nuinut's picture

Mine was shipped to NZ, so I don't know, but I did think it was pretty cheap.

$20.30/oz is quoted price today.

justbuygold's picture

There are several recent reasons for silvers recent runup.

1)  Gold is surging due to recent $1 Trillion Europe Bailout and huge demand for precious metals by Europeans.

2)  Scramble by a hedge fund to cover 10 Million ounce short. 

3) JP Morgan investigation for manuipulation of silver market. They can no longer hold the price by shorting more paper while under investigation.

Smart money knows they are dead in the water as any attempt to cover will cause an exposion in the silver price.

4)  Central Fund $375 MM raise yesterday means they needed almost 10 million ounces of silver.  This has essentially dried up any supply to the  Comex and LBMA.

from Ed Steers....

"The first story today pertains to the wildly successful offering by the Central Fund of Canada yesterday.  It was the biggest offering in the company's history... and they raised US$376 million, which includes the underwriter's rights.  This translates into about 7.8 million ounces of silver and around 151,000 ounces of gold.  I wonder how long it will take them to get all that silver?  It's a bit over four days of world silver production... and as you know, dear reader, this kind of quantity is impossible to find in the open market.  So, without doubt, they will be standing at the refinery door waiting just like everyone else... including SLV.  The headline of the story reads "Central Fund Increases Equity Offering to U.S.$376 Million as Underwriters Exercise Their Rights to Purchase Additional Class A Shares"... and the link to the story is here."


5) SLV is way behind in obtaining physical silver bars to allocate to its ETF holdings.  Estimates on how much they still need varies but I would guess its as much as 50 MM ounces.

6) Essentially the silver coffers are dry amongst record demand.  It will take prices well above $50 oz to draw any silver back out into the market.

Segestan's picture

Nice...Got Gold???

BrianOFlanagan's picture

a preview of what's to come here when the people wake up.  Get some physical while you still can!

Sudden Debt's picture

But what if the wearwolves come back... and the vampires...

Dude... are we in a mess or what...

UGrev's picture

The kind you have to shoot in the melon.. that's what my .308 is for :)

PierreLegrand's picture

.308 double tap to their dead heads....

hedgeless_horseman's picture

The movie is wrong. 

.308 no double tap required. 

.380 definitely double tap, or better yet, Mozambique.  2 in the chest, one in the head.

Even better,  screw the .380 and get a Rohrbaugh R9 for less than an oz of Au and it still fits in your jock strap.

Or best, and you know what I am saying darling....

Saiga 12 , bitches!!!!!!!!!!!!!!!!!!!!!!!!

merehuman's picture

During times like these desperation at times leads to suicide and murder.

Please remember me in your will. Thank you in advance.

Howard_Beale's picture

You are coming along merehuman...looks like MsCreant got through to you and good to see your sense of humor coming through! Nice post.


UGrev's picture

.308=nothing left of head after 1 shot. 

Saiga 12 FTW(CQB)

downrodeo's picture

Japanese steel...

you don't have to reload a sword


jkruffin's picture

I hope all those derivatives JPM has puts their ass out of business forever.

Hulk's picture

Thats your sign post up ahead,your next stop,  the no PM zone

cougar_w's picture

Yeah I saw that episode. You know how it ended? The government required everyone to redeem their PM holdings for Treasuries at a set price within 30 days or face a felony.

I don't see how anyone sees pushing the fiat govvies into a PM-free corner is going to end in anyway other than martial law. Remember, these people are modern-day Visigoths.

False_Profit's picture

...yeah, but the visigoths were defeated as well.


Gott mit uns...

Crab Cake's picture

Time to take delivery, if you're in paper.  Run don't walk.

Time to get the final preparations in place, TSHTF very soon.  July is my bet, if we're putting down lots. Smoke'em if you got'em.

PS Better get any cash you might need out of the banks too, if you haven't already. 

silvertrain's picture

  Oh but the comex can settle in cash..It says so in the fine print..

Rusty_Shackleford's picture

I've often wondered how exactly this worked.


It would be like going into a store and saying "Here's $100.00.  I'd like that coat there with a $100.00 price tag on it.  The clerk then takes your $100 looks at it and then hands it back to you and says "OK, we're all settled up then."

How long would this store stay in business?


So I'm trying to buy Silver for cash, but instead of Silver, your just giving me my cash back?



Gen X Gen Y Hybrid's picture

Actually, it is like the store owner saying that he really doesn't feel like selling the coat anymore and gives you back $125.

Rusty_Shackleford's picture

Not much help if you needed the coat because you were cold.

Especially since now, when you look around, the prices of coats in every store are now $130.

cougar_w's picture

And to extend your analogy a bit, once you are dead from exposure because you couldn't get the coat when you needed it, the coat merchant rifles your corpse for the $125 he "returned" to you, knowing for a fact you have that much at least on you.

They want to know who wants gold, then they know who to go after when they want all the gold back. It's worse than a bad transaction ... it's a trap.

Oracle of Kypseli's picture

I don't get it. You can buy 400 oz bars for $497,600 each at this moment by phone and have them delivered by armored truck anywhere in the world. Why do you want to deal with comex?


WaterWings's picture

(Ernie laugh) k-k-k-k-k-k-k

Hulk's picture

If only I had traded in my Ca RE, pre crash, in for 3 of those 400 ozers,

being 25 bucks short wouldn't be an issue! Yah right...

Howard_Beale's picture

LMAO...I'm $42 short.


Hephasteus's picture

Haggle with them. They'll do it to make a sale. This is how I got my $80,000 dollar porsche for the low low price of $79,950. Because they had pity on me. And I totally took advantage of them.

genieous's picture

Good price for tungsten, IMHO

Mr Creosote's picture

Get possession of physical PM so you don't end up like Admiral Ackbar