This page has been archived and commenting is disabled.
First Gold, Now Europe Running Out Of Silver
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.
»
- 50994 reads
- Printer-friendly version
- Send to friend
- advertisements -
It is hard to get silver at $19.50/oz, because supply and demand are not equal at that price point.
truont,
add a buck in the USA, and you can get all you want.at $21.50......FOR now.
Paying a 19% VAT on physical silver in Europe makes the deal a bit sour anyway, doesn't it?
That sucks. No wonder so many professionals have left...
be very careful 97% bulls on gold and silver...
Out of what? Less than 1% of the world population is invested in gold and silver.
I agree people should be careful not to be too bullish but, gold and silver have had their beat down and have been consolidating for the last 4 months. This run up is not over extension in the slightist.
"Out of what?"
Futures traders: trade-futures.com
BTW, the figure was also this high in March 2008 and Dec 2009.
Don't scoff -- regardless of where we are in bull market, this is powerful data. DSI was down to 20% in March '10 when gold was around 1100, which provided a very strong clue that a rally was coming.
Please stop with that Prechter crap already. Some of us are actually interested in preserving wealth as opposed to trading worthless paper tickets.
"Prechter" --- "crap" ---- but I repeat myself.
We are still waiting for that magically appreciating fiat currency to appear, Robert P.! And methinks the wait is going to be a looooooong one ---- more like an eternal one.
Spot on Mr. Gekko. Always enjoy your comments.
Prechter is one of the most famous frauds with the ability to milk his subscribers, and the MSM, off his Mother's Teat of secreted bullshit.
The guy is a supreme imposter with nothing of any importance to say. His chart-driven Drivel is simply Jim Jones Kool-Aid in sophisticated clothing.
Read the Bullshit-Master and weep.
Often missed is the Ignorance bubble. I never saw one !
watch out ,,
97% of maybe 3% of the population are bullish
gold and silver are not like paper stocks ,
they are taken off the market ,
gone zip gone. so of those 3% who see they want a better price before they move to other hands ,
yet to be buying are the central banks in quality they will strock up the fires at 1650 as well governments
the ram rods who pinch this be careful with gold are disingenuous at most and little tired people ..
theri will be up and downs all the way up gold is not a day trading nickle flip for the egg timers guys l
gold is to hold lol
Smart businessmen don't buy into parabolic moves. That German coin dealer may be doing his customers a big favor.
That seems like sensible advice, except for the fact that in the last ten years there's been at least three or four times when gold's price growth appeared parabolic...if you allowed that to keep you from buying then you would have missed out on all the big up periods that followed.
No doubt this parabolic-seeming growth spurt will be followed by a pullback, but if you wait for the pullbacks you may not find one until a much higher price has been reached.
That's why I try to ignore that sort of technical analysis and look at the fundamentals as best I can...and since I see no serious possibility that our governments will begin behaving responsibly, I'm going to be willing to buy PM. Until there is a watershed change in government mentality (which will only happen when there is a watershed change in the public's mentality - eschewing government handouts and being willing to pay higher taxes) or until the economy has seriously crashed and the gold/Dow ratio is 6 or lower, it doesn't matter if you buy on the parabolic upswings as long as you are willing to wait through the pullbacks on the other side. The pullbacks are only temporary at this point.
i concur
Bingo, and yes, I concur.
Bing-fuxking-o!
Gold has been going parabolic for 10 years now (just like the parabolic creation of non-redeemable paper ticket currencies and sovereign debt - hmmm, who woulda' thunk it? Could there be a relationship of some sort?)
gdit...gold is in PERMANENT supply decline since 2000. That is the year of Peak.
What we are experiencing is really no more than relatively constant demand (mostly) against decreasing supply. A lot of people see sinister trends in the Fed's leasing and sales, but really they could have just been meeting the supply deficit for bullion. In the past 10 years, China and India and the Gulf have continued to get richer and their consumption of the product has increased demand.
trav,
Damn, I hope Nadler isn't reading your post!.</grin>
Na, he's busy pumpin' Rhodium now.
Dare I be the first to say it?
RHODIUM BITCHEZ!
LMAO!
<sarcasm>Oh, a man of that stature would surely not be giving up RHODIUM for a bunch of worthless fiat money without a good reason. He must be stocking up on guns, ammo, cattle & fertile women. </sarcasm>
Peak Oil means it's not worth the effort and money to extract oil from the ground with alternative fuels as a viable method for energy. Its not PEAK oil if people pay $6 a gallon for it. Its peak oil if users stop paying after a price point.
Gold is just getting retail interest NOW. Just because it's 1240 an ounce doesn't mean it's expensive. it means that currencies are falling. PEAK gold would indicate there were real alternatives
However, you are entirely correct that there will be a pullback.
As someone who has been buying gold since $400., there is ALWAYS a pullback and THAT is is time to buy. It has been every thus.
So it was at $450, and and $600, and especially at $750, and also $850, and at 970.
It will also be at $1140.
Patience, says the Vulture, Patience.
I was holding out for $12 or so since August, but jumped in in early Feb 10 at around $15 and have not looked back on Ag
What kind of gibberish are you talking. The only parabolic move is in unfunded liabilities at the Federal, State, and Local level.
Girl, you know it's true.
Its not just the german dealer. lots of dealers in europe are sold out.
https://www.thesilvermountain.nl/american-silver-eagle-c-120.html?langua...
but this happened in 2008 as well and eventually supply caught up.
We are probably near a pullback but so many people are complacent about their digits in the bank gold and silver will ultimately go higher. So will non-financial capital (natural, human, social and built). can't eat gold as you know.
Demand for gold is up significantly in Europe, I've read a lot of reports in the last couple of days from bullion dealers that have seen sales skyrocket.
Swiss refinery Argor-Heraeus reports sales of small gold bars shot up tenfold!
http://in.reuters.com/article/domesticNews/idINLDE64B28Y20100512
For all those anti-gold paperbugs who would ridicule these Europeans snatching up all available gold and silver, I have to point out that sometimes, panic is the appropriate and only logical response to a situation spinning out of control.
Agreed - what is harder to defend is a belief that fiat money is the place to be. Hard to find any financial history to support that belief. People all through history, all over the world, would find it entirely unremarkable that sensible people want their money in PM during times of uncertainty. Anyone who counsels that the sensible thing to do is to leave you saving in paper money, at the whim of the government printing press, is eventually going to look seriously foolish.
I agree completely, except with your use of the word "eventually" in the last sentence. They ALREADY not only look foolish, but ARE foolish. But as is usually the case throughout history, when it comes to matters of significant financial or political importance, the majority will invariably choose to be foolish --- this is precisely the reaction that the powers-that-be count on, and use to their advantage time and time again.
Hooray for fools. Can you imagine the price of PMs if the great unwashed had a clue. Goobemint schoolers, the lot of them.
cosack,
and until that happens, no way Gld/Slvr is going Parabolic.
If the PM's were not manipulated, NO WAY in hell we could touch ONE ounce of either for 10x's the price we are able to buy it now.
When the GP, overwhelms the Mkt, that's when they cannot control the prices, and they WILL go parabloic,as you well know.
Another point - the Europeans have a way better learning/understanding of history than US people do (on the whole). As a result, what may seem to be panic buying to some (in the US) is simply the result of knowledge of what has preceded before and likely to do so again.
Oh, the "sophisticated Europeans"-argument... I really doubt this is the case (I am an European, although from the the periphery).
I could counter your view by saying that Americans have a way better learning/understanding/seat of the pants feel of how a market economy (including monetary systems) works. Wasn't it Europeans who proudly joined a common currency, shipping their central bank gold into vaults in Frankfurt, while some Americans told euro won't last 15 years? No proper criticism towars euro from inside Europe at that time.
Most West European countries have been spoiled by welfare states, and people fully expect the allmighty state to take care of them. Always. East Europeans have seen Orwell's "1984" from the inside, but they're not the ones who are now buying all those small 5g, 10g gold ingots.
Then again, Germans could be an exception. Not many Weimar period people alive anymore, though.
Here is what some Europeans remember
"It was horrible. Horrible! Like lightning it struck. No one was prepared. You cannot imagine the rapidity with which the whole thing happened. The shelves in the grocery stores were empty. You could buy nothing with your paper money."
Friedrich Kessler, a law professor at Harvard and University of California Berkeley, who experienced the Weimar Republic hyperinflation as interviewed by Ralph T Foster in his book "fiat paper money"
@hulk
The shelves were empty mainly because of price controls. Farmers refused to sell their produce at a loss, and the same was true for dry goods suppliers. The Weimar government responded with anti-hoarding laws and threatened confiscation for the "profiteers" who dared to ignore the mandated prices.
So think about that bit of history in the context of today's fiat money and precious metals held outside goverment vaults. The "hoarders" and 'profiteers" will be treated like criminals if they refuse to sell their stashes at the government mandated prices.
Understood.Will deal with government mandates as they occur...
Kessler went on to say that anyone with silver was quite comfortable and recommended that everyone should own some PM's
Molon Labe: Come And Take It
Time to move on to tulips.
Situation should soon be rectified. All they need to do is buy on the Comex and take delivery to re-build their inventories...
Poetic Justice
As long as we're not running out of Laserdiscs with this song http://www.youtube.com/watch?v=k7bKx0-shPI we're safe! Humanity will prevail!
I love his sticker on the synth...the "I love zyx sticker"..classic
Here is a flash player with all your favorite 80's italo disco songs
http://www.italo-disco.net/HTML/HTML%2080%20Italo%20Disco/80%20Flash%20Player%20Ephonic.html
you think this is bad? wait till america runs outta ammos for sale...
We are pretty well stocked up over here....
+1, stocked & packing
All the ammo in the world won't help you if the people who want your gold have smartbombs.
I have my own personal smartbombs ...aka...farts
All the smartbombs in the world aren['t going to help you when your own populace turns on you because you started bombing citizens.
Jeez....
Bob Hoye of Institutional Advisors mentions that the citizenry is in the process of worldwide government revolt and will probably rectify irresponsible monetary policy peacefully. Its a process where the people demand that government and industry abide by the same laws that we all abide by. Currently we have a multi-tier caste system of welfare leeches,productive workers, government stooge class,union ticks and robber baron bankers and investment parasites. Notice the middle-class is the only part of that equation that makes real wealth in the rogues gallery.
The process takes decades of new politicians,rewritten rules and teaching your children ethics. What's wrong with this planet is that it's rife with moral hazard and a lack of ethics.
So, a gold(bi-metal) standard will be enforced out of necessity-taking away the power of money creation from the corrupt and self-serving government and alpha-rich class.
In the meantime, prepare oneself for a HUGE bull run on gold and the industry that supports it. Miners, juniors,explorers(get them now for 50 cents) and support drillers are going to go north like a rocket. Somebody,SOMEBODY, has to find all that gold that was created on the COMEX. Or else it's force majeure and default.
All the smart bombs in the world won't help you if the people you use them on have absolutely no forgiveness. And hold grudges.
All the gold in the world won't help you if the people don't want your gold.
That is precisely why you should buy the equipment to reload!
Lee dies are affordable and work very well. Most calibers are available at our local range or Bass Pro / Cabelas. There are a variety of powders that span several rifle calibers - Hogdgons Varget comes to mind, works from .223 all the way up to 30-06 and some hotter 45-70 loads. The .308 caliber bbullet is very common and buying a mid-weight (i.e. 125gr HPBT) loads many, many popular rounds. Pistol and shotgun powders are also interchangable. You can load some pretty hot buckshot loads or even mold your own slugs.
After hearing everyone complain about shortages last year, I grew to appreciate the hobby! I even go down to my local range and scavenge brass for free. At work we have created a brass trading ring. I pick up everything, and we sort it out amongst ourselves.
sheeple,
Dude.....where you been for the past year and a half?.
Six months to get one box of .380 Auto, Match Rifle centerfire, $12.95bx to $27.00bx,IF you could find it. Still is, MilSurp cost's what Match used to.......when you can get it (762x51- .308).Primers, $100.00 per 5k, WHEN you could get them....RARE.
Just now, starting to level off, and able to get it, prices still off the charts.
80 Million weapons owners, and trillions of rounds bought and cached since '94.....................THE one thing O has sold really well.
Now, that's lead Bitchezz.................LOL
Day after the election, a friend of my brother in rural NC went out and spent $12,000 on guns & ammo.
He can fire 2000 rounds without having to reload. He's got a big gun collection, not just the Beretta and AK-47 that lil ol me has...
Walmart is the worst place to find ammo. Low-priced leader my arse.
I can find anything I want in just about any reasonable quantity within a 10 mile radius of my house. We have a Ft. Thompson, a Gander Mtn, and about 10 gun shops/ranges in this little 1 mile circle. Not a problem. That's central Arkansas. Heh.
There is a local push for open carry as well. So much for the "backward" state of Arkansas. Lots of farmers and folks with chickens, etc running around in the yard -- yet still maintaining a facade of suburban America. It's the best kept secret going until just now.
debt based currency is finally meeting its moment of truth.....soon the politicians and banksters will too....
Ive got jm 100z silver bars for sale....4000 dollars per oz....shit sorry, I dont take dollars, or euros....but I will take DM-II's
I have a AK47 varriant of a .223 with 700 rounds of ammo I will trade for that, or how about a 12g shotgun and .22lr with 2k rounds of .22 and just 100 or so shotgun shells?
OMG please don't pass that AK 74 5.45x39mm off as a useful weapon. Shotguns are not useful combat weapons either, good for indoors though.
You can aquire useful pieces easily enough. Look to assult rifles from H&K and FN. The US crap is ancient and much better is available.
Pen,
He said .223, an AK 47, typically is not a 5.45x39,(it can be) but most are 7.62x39/.223/5.56 NATO.( U.S. Versions)
You are correct sir AK 74's are 5.45x39's, typically.(can be 7.62x39's).U.S. versions.
Shotguns are not good combat weapons?...LOL
Been used in every war since WWI............extensively, and yes sir, do make hell of a house gun..............depending on load.
Are there better, yeah, but depends on your AO, and what your trying to accomplish.
Not to bust your nuts,( just clarifications) but the weapons you noted are not ASSAULT weapons......in the US,(Unless Class III).
Have to be Intermediate caliber, and capable of Full auto & Select fire.
Assault weapon, is the terminology of the Gun haters............anything that's black, has a pistol grip, and has a detachable large cap mag, is a Machine Gun/ Assault weapon to those idiots...
Now, back to the PM's......................YES!
It is actually a Saiga .223. It is very nice.
Edit: I actually wish I just got a Kimber .45 1911.
I would rather have a weapon I could carry with me if SHTF that doesn't make me seem noticeable.
Huh-wuh?
M1A's kick ass. Iron sights are better. Easier maintenance. More reliable. But the the German/Belgian stuff is pretty good, though. Read Boston's Gun Bible and see the hardcore stats.
My 18" Scout Squad barely kicks for the punishment it delivers.
I wish I could get an M1A they are a bit steep though, 1200 or more. Although the kimber I want is roughly the same price.
M1As are like divorces. They're expensive because they're worth it.
I'm totally stealing that phrase! I love my M1A ...and the other gent is right... barely a kick/damage ratio. Too bad ammo is so effin expensive.
Mosin-Nagant 91/30. The poor man's sniper rifle. If you ever saw the movie, "Enemy at the Gate", this was the gun the Russian sniper used to kill hundreds of Nazi's! You can buy them for USD $100-150 with ammo pouches, bayonet, oil can, tool kit, strap, and instruction manual all included.Solid, reliable, and very accurate!
http://en.wikipedia.org/wiki/Mosin%E2%80%93Nagant
I will pay one ounce Gold for the entire United States.
I will pay 2 ounces Gold for the entire United States.
Ah, NOW we have a market!
Yes, but both of you overpaid! Do you realize how much debt you just took on?
HAHAHAHAHAHAHAHA!
(even more maniacally)
HAHAHAHHAHAHAHAHAHAHAHAHAHAHAHA!!!
HAHAHAHHAHAHAHAHAHAHAHHAHAHAHAHAHAAA
Wait why are we laughing. Sometimes I wish MB was here so I could laugh in his face, ...sometimes.
I heard he changed his name to jonny bravo.
We laugh with the satisfaction of being right all along and to show our contempt towards the likes of Prechterites.
Prechterites, Schmecterites.
I wipe my ass with Prechter's charts daily.
Actually, thrice-daily, I am very regular.
Hear Hear
Maniacal goes muwahahaha.
No, that's the way megalomaniacs laugh!
Also villains.
i was thinking of something like this http://www.youtube.com/watch?v=bDmb4YQqizQ
I have a pile of gold ore in my back yard. It will be funny to see my "stupid rock wall" actually turn into a significant part of my retirement.
That is clever. But it better be a big ass wall.
This article begs the queston...........How large of a PM dealer is this "Kronwitter precious metal online retailer"?
Is this some mom and pop PM dealer with two monster boxes on hand at one time, or is this the German version of APMEX?
Anyone know?
They aint large any more if they shut down. Any smaller and they would be a black hole.
Most sites are "sold out or closed for a few days"
http://westgold.de/html/prizeList.php
http://www.proaurum.de/ (thats one of the large ones is also closed)
pretty nasty
Ima thinkin dat da world is gonna wake up tomorrow with a silver surpirse!!! wippee!
disclosure: long physical silver (if u never noticed)
wippee!
Wow. From what I understand, proaurum is a big one.
i told my relatives to order 1kg on monday, paid on tuesday @ proaurum...
today they closed the shop.
lets hope they still can deliver in the near future
Achtung, aufgrund der starken Kundennachfrage mussten alle Online-Shops bis auf weiteres geschlossen werden.
Be careful, because of strong customer demand required all online shops will be closed until further notice.
Not sure how big they are, but they're pretty well known among gold bugs in Germany and other European countries. Other bullion dealers are seeing massive demand as well.
Estimated value: $12,962
A real market mover if spunn the right way.
Good Luck.
Uh huh, and www.Tulving.com is said to be 'worth' $11,123 according to cubestat.com. And your point is ?????????
As many here on ZH know, Tulving sells hundreds of millions USD a year in PMs.
I know y'all must be tired of me repeating myself, but what can I say? I've said it all before:
http://gordongekkosblog.blogspot.com/2010/03/its-going-to-implode-buy-physical-gold.html
ur one of the best on here, you can gloat
Repeating the truth to those who may be new on board is not gloating.
It is providing a public service. That's Gordon, bless his li'l solid-gold heart.
I gave it an n + 1 read...ending paragraph coming about
You guys got it. Gordon the man.
Just wait Gordo, I will be gloating when silver is over 100 dollars an ounce and about to reach 10/1 ratio with gold.
Siiiiiillllllveeeerrrrrr!!!
Sounds better than Paaaaaalaaaaadium!
give paladium a few years and I think it will blow.
It will? Talk about return on your investment!!
+1
Gonna get me some o' that! (So to speak...)
There's a wife joke in there somewhere, but in the interest of the children...
"What's the difference between a wife and palladium?"
About 600kj-Mole -1 ionization energy?
Palladium is face centered cubic and wife is body centered cubic structure?
Crap. I'm totally going to fail this test.
Any sign of gold going into backwardation? If so, its really time to say "oh shit!".
Cool. Better place my next order.
For those in the uk i came across this interesting thread about VAT on silver bullion in the uk
http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm21024.htm
http://forums.silverseek.com/showthread.php?9132-UK-Clarity-on-Import-Ta....
CRAP! VAT on silver is scary enough, no need to read further.
vat free silver bullion for uk investors. http://www.sarniasilver.com/firstmajesticcoins.html
i have ordered from them and they send each round individually and thus bypass the vat import threshold.
and its still cheaper than uk based dealers even with the postage.
using those channel islands dealers to order individual silver coins VAT free has only just become better value than using larger dealers, unless you literally only wanted a few coins. granted, some of the uk only dealers are a rip-off but german company (with london offices) coininvestdirect has been one of the better options for uk peeps.
worth noting that bullionvault offer silver bullion ownership without the 17.5% VAT on it too.
I fail to understand why my state charges sales tax on the in-state sale of gold or silver that is a product of the U. S. Mint. It is legal tender. It's like going to the bank and getting a $10 for 2 $5s and they charge sales tax on the transaction. It's money for money. That situation has got to change or there will be a barrier in place to control the use of precious metals in daily operations or retail market transactions. Anyone have a view on that?
Also, as a coin dealer, I encounter various state laws around the country which do/not make coin dealers at a coin show charge sales taxes. Some states do, and the rules require the full application for a state sales tax license. Some have limited laws that exclude "trade show" transactions. There should be some level standard in place for sales/trades at coin shows.
RockyRacoon,
You are absolutely correct in your logical assumptions.
Unfortunately, the state bureaucrats do not subscribe to logic.
They are only interested in skimming the most money off any transactions that they can.
Until they are successfully challenged in court and the plaintiffs are vindicated, you will have to submit to the fleecing.
End of report.
I've been buying gold and silver coins and bars since 2008. I first noticed that with frequency a lot of the popular products from U.S dealers began becoming "unavailable" in 2009. They would be replenished occasionally but always, especially today, sell out fast. You basically have to check a few dealers several times a day to grab stuff you want. Recently seems like inventories have gotten even more scare.
This story basically confirms what many U.S buyers already knew. Should we be surprised? Look at the money printing, what else are we to buy?
the kitco client service beotch told me most of her 100oz bars sell out as soon as she gets them
That's only because their customers are all so justifiably eager to use those silver bricks to bash the thick skull of Kitco's resident anti-precious metals disinformation agent, Jon Nadler.
I've read Kitco's site for years now, and was always amazed that a company in the business of selling precious metals would hire as their supreme spokesman a Perma-Bear on Gold.
Then, one day, it struck me.
He is just a compensatory shill for entertainment purposes -- a "Devil's Advocate" poster-boy, if you will.
Because he stirs up so much shit with his perposterous and proven-stupid predictions, he draws far more traffic to the site then if they had an in-house court fool parrot who just spouted the company line.
If you want to attract attention, hire a high-profile flack that will draw traffic, NO MATTER WHAT HE SAYS!!!
For what it's worth, 2 weeks ago I was in Zurich. At a downtown internet cafe, I noticed several (English-speaking) people with price lists from local gold/coin dealers, busily looking up the specs and values of those coins.
Seems to me the demand has increased - this isn't something I've ever seen there before.
That were just Marla, Jana and Briwerk buying gold to feed it to the server gods which rule over ZH accessibility in order to keep them happy. AFAIK gold is still cheaper than a nice virgin, and easier to come by. You do not want to piss off the server gods.
Just noticed, Kitco is now selling Rhodium Sponge.
Maybe I was wrong about the tulip thing.
Yeah, Nadless has been desperately pushing rhodium sponge on Kitco I notice, as the continued gold bull market roars past his feeble and laughable efforts to not only talk it down, but to deny its very existence.
Jon Nadler, may I introduce King Canute?
Rhodium ran from $300/oz to $9.5K -- makes gold look like a total laggard. If I wanted to play in the PM casino, seems like Rh has more upside than either gold or silver.
Hey, Jon, Welcome aboard!
You can push your Rhodium here too!!
Can you eat rhodium? The spongy type sure would go down better. Maybe wash it down with a Silver Bullet.
LOL Rocco! Touché!
You can clearly see the desperation in the intervention of the Euro the past two days trying to keep it from going below 1.26 as it has tested a couple times. Then goosed back higher in less than 10 sec back up to 1.2630/40 range. As soon as it drops through 1.26 I bet there are massive stops there going to get taken out and the EUR will collapse very fast. So as far as Europeans buying gold and silver, they should be, instead of watching their dollar wilt away.
Snicker. But the gold and silver bugs have one more rude central bank awakening waiting for them. It is not quite the time to shine.
This fall? There are no limits on the price after gold passes the $1500 mark. At least in current "dollars" not trade dollars.
Pray tell?
It doesn't matter what the price is today or tomorrow, even if it takes a dive.
The whole point of owning PM is their price when the SHTF. People are buying because they now realise the probability of this and vaguely sense its magnitude.
The guy with $10m knows some horrible shit could be going down in the future. Wants to be sure he maintains some wealth, any wealth. Thus $5m goes into gold, silver regardless of price. He isn't buying an investment, it is insurance.
Bingo.
The most important day you want to have your metal in hand is the day you go to kitco and the charts are offline and never come back on.
Europeans fear inflation, not demise of currency. When people lose trust in their currency, it´s the last straw, a complete crash. Euro would be worth 0,00001$ in that case. The only Europeans who "fear" the demise of euro are the brits. But that´s not really fear, rather a wet dream ;)
Judging from what we hear about the absolutely panicked purchases of gold and silver in Europe right now, I am inclined to suspect that rather more Europeans are indeed worried about the very real threat of the demise of the Brussels' bureaucrats' precious single currency than you may think.
The problem with a collapse the the EMU is that there is nothing stable to convert one's Euro holdings. You can buy food, you can buy expensive goods, you can buy PM, but you cannot hold Euros. Until the dust has settled any currency you are holding could end up being trash some morning, redeemable at 10:1 or worse.
Gold is a fairly safe place to hold, as is silver. As is just about any metal actually. So long as the rule of law holds and the government doesn't simply walk in and take it, you are fine. Then when some solid currency does emerge (maybe years down the road) you convert back to paper for transactions.
Folks, this is all an end-game. This is not hedging and this is not even investing, this is getting the fuck out.
Best post of the YEAR!
This should be in large, flashing, bold red letters on the top of the homepage of ZH!
Thank you, Cougar, for summing up EVERYTHING so succinctly!
Could be. My favorite Cougar line is when he said "An entire global economy sinking, the damage is done, it cannot recover, many will perish and never understand why."
That is good, and true.Folks are not going to know what hit them...
Folks, this is all an end-game. This is not hedging and this is not even investing, this is getting the fuck out.
In a word, poetry.
Long metal detectors......
No. Long high-precision scales !!!
It's like owning the pipeline, when everyone else is thinking of the oil.
One more benefit of reloading - my electronic scales measure in grams, ounces, grains, etc.!
No need for fancy scales! Check it out. Better get yours before they get scarce:
http://www.fisch.co.za/orderonline.htm#products
With the Fisch you can buy your gold coins from whom you want, when you want and where you want. Just check the coin with the Fisch. If it passes, it is not a common metal fake. There are Fisch for all the popular gold bullion coins like the Krugerrand, American Eagle & Maple Leaf.
Very nice.
I wonder what kind of EBITDA multiple the owners of the Fisch are looking for in a change of control transaction???
Check it out. This could even make the Deals & Dealmakers section of the WSJ, trumping the cleverly corrupt techniques of the Squid...American uses worthless fiat currency to purchase manufacturer of THE TOOL of the new world order...the Fisch!
I may also want to go long hydrochloric acid, in addition to my high-precision scales!
But how do we know that it's an authentic Fisch?
Do they have a Fisch for the Fisch?
Its Fisch's to infinity baby...
If you are attempting to sell anything, like a used car or something, demand payment in physical gold or silver. DO NOT ACCEPT CASH or CHECK.
Once enough people wake up, which it seems they are judging by the run on physical PM's in Germany, then the shit will hit the fan so fast you will not have time to react.
Don't say you weren't warned.