With Local Gold Inventories Depleted, Panicking German Dealers Stage Run On Krugerrands

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Sun, 05/16/2010 - 14:47 | 354881 Mongo
Mongo's picture

I can tell you that something is up because messages (as been noted by ZH before) have been poping at dealers. The latest one is on Auruminvest-nw.de - http://auruminvest-nw.de/


Auf Grund der hohen Nachfrage beträgt die aktuelle Lieferzeit ca. 10 Tage


Also check out Geiger-edelmetalle.de where the silver is almost depleted, I am only waiting for them to close down for an extended period to manage the orders. The governments should fear what is now unravelling, what goes around comes around eh?

Sun, 05/16/2010 - 16:56 | 355099 cossack55
cossack55's picture

Was that Ruanda 1 oz silver coin going for 44.90 EUs.  Can we send Silver Eagles to Europe.  Ebay overseas here I come.

Sun, 05/16/2010 - 18:28 | 355230 Frank Owen
Frank Owen's picture

Ebay sucks now - costs about 9% of final amount in fees, and maybe more for paypal fees (which ebay also owns). I sold 3 ozs of gold the other day through kijiji (don't know if they have that in the States) at spot price which was better than the price i could have got from ebay after their outrageous fees.

Also found out that Canada Post will not insure coins for more than $500, no matter what (a change within the last few years). I did not look into couriers as they usually charge insane brokerage fees for crossing the border.

Not happy to sell the coins but I have been out of work for a while.

Sun, 05/16/2010 - 19:15 | 355310 MsCreant
MsCreant's picture

That is what the insurance is there for. Congrats on having the wisdom to own them in the first place. This is a success story in my book.

Sun, 05/16/2010 - 23:28 | 355740 glenlloyd
glenlloyd's picture

Ebay has sucked for a long time. I used to sell quite well there until the fees started to gouge sellers, especially those who received payment by the (ebay owned) paypal unit. And as a buyer I know it's easy to purchase and pay with paypal but it sucked to sell and get hosed for the huge fees imposed.

Ebay is now basically just a dumping ground, huge lots of the same item by "power sellers" who in the end don't sell anything at all. It's good for price discovery if you discount the fee portion but what I buy now can be purchased other places for less.

Sorry to hear you had to part with some coins, but that's what it's there for and hopefully you improved your position from when you purchased them.

Sun, 05/16/2010 - 19:58 | 355386 jaybaybaker
jaybaybaker's picture

This post and its content is a very probable indicator that we are near a significant top in gold. Will these people still want delivery in ten days when the price is significantly lower than when they ordered?

And for everyone who is still short the euro, consider this comparison of recent comments:

Euro leaders: Europe must tackle budgets (Trichet and Merkel), say they have only gained time to fix spending

Dollar leaders: White House aide Romer-more [stimulus] needed to aid recovery

Everybody betting on a decline of the euro ... what can possibly go wrong?

Sun, 05/16/2010 - 22:07 | 355445 Iam_Silverman
Iam_Silverman's picture

Define "significantly lower" please.

Do all of the buy and hold funds sell stocks after a 1% change?  Should I unload funds in my 401K if the NAV drops 1%?

A 1% drop is US$12.4859 as I write (well, type actually).

I buy PM's as a segment of my preps for any occasion - be it inflation, deflation, hurricane, unemployment, etc.  When the cost of my home, auto, health insurance goes up or down by 1% I don't shop around or drop it.

10% drop in price?  That may affect how a gold day trader responds to spot price and he may rue adding when the market was high.  I think that the point you are missing (gleaned from your anti-PM posts) is that the great numbers of folks buying into Gold and other PMs are not driven by immediate profit motive.  I'll bet fewer than a third even own stocks (outside of a 401K plan).  This is insurance.  This is something solid they can hold in their hand and it gives them a sense of protection.

Not trying to bash your position - I applaud someone trying to swim against the tide by warning others that they may be buying in on the high.  That is useful information to traders, not necessarily for those that are just trying to ensure that they can provide for their families in the event of an economic catastrophe.


Sun, 05/16/2010 - 21:02 | 355464 akak
akak's picture

This post and its content is a very probable indicator that we are near a significant top in gold. Will these people still want delivery in ten days when the price is significantly lower than when they ordered?

And for everyone who is still short the euro, consider this comparison of recent comments:

Euro leaders: Europe must tackle budgets (Trichet and Merkel), say they have only gained time to fix spending

Dollar leaders: White House aide Romer-more [stimulus] needed to aid recovery

Everybody betting on a decline of the euro ... what can possibly go wrong?


JayBayBaker, may I ask how you managed, very late in this thread, to post an unreplying comment near the very top of the thread, when that should not be possible? 

SOMETHING is very fishy about this!

Mon, 05/17/2010 - 11:06 | 356290 Pat Hand
Pat Hand's picture

Au contraire.  This is looking like priming for a blow-off.  $2K gold within two months, but back to $1100 by the end of the year?

Mon, 05/17/2010 - 13:27 | 356584 Common_Cents22
Common_Cents22's picture

Gold will be the new $147 oil.

Tue, 05/17/2011 - 02:13 | 1282127 Karston1234
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As a result, the premium paid for krugerrands in the secondary market has risen from about 2 per cent to 6-8 per cent.Online High School

Sun, 05/16/2010 - 14:47 | 354882 LoneStarHog
LoneStarHog's picture

I wonder what a panicking Douchinger looks like?

Sun, 05/16/2010 - 15:19 | 354922 akak
akak's picture

That asshat Denninger just made another slam at gold on Friday, feebly trying to discredit  it as an inflation hedge, or as hyperinflation insurance, as follows:

"If you fear hyperinflation do not look to Gold, instead buy a small (5% of your total portfolio) position in far out of the money LEAP CALLS on the major indices, spread across them.  Why?  Because (1) the tax structure on gold is unfavorable, (2) gold has never performed well on a contemporary basis .vs. inflation and (3) you can't eat it."


Note that he is grossly oversimplifies and generalizes in point #1, is patently incorrect and/or lying in point #2, and displays his puerile, Nadleresque mean streak and/or his profound idiocy in point #3.

Thank you, Karl, for further discrediting yourself on the topic of gold.


Sun, 05/16/2010 - 15:21 | 354928 unwashedmass
unwashedmass's picture


actually, i don't know what this guy is talking about when he says gold isn't performing well. i started buying at 425......so, over the past four years, i'm looking at a triple now, before the hysteria has really started. sure beats something like INTC which is where it was four years ago......

Sun, 05/16/2010 - 15:40 | 354942 akak
akak's picture

For all his acumen in dissecting many of the lies and the self-serving corruption paraded as "public policy" of the power elite in this country, Karl Denninger, so like so many Americans, displays a profound ignorance of monetary history and theory, and explicity takes sides with the paper Ponzi crowd when it comes to monetary matters, hating gold categorically and without reservation, and denying its past and current monetary roles and value as financial protection despite the evidence of thousands of years of history which supports those roles.  Like Jeffrey Christian, he has repeatedly expressed his wholehearted support for fiat currency and fractional-reserve banking, stating that modern life, and civilization itself, would be "impossible" without such fiscal and monetary dishonesty and corruption.  It seems that like so many others who have lived their lives and careers within the belly of the beast, Karl Denniger cannot bring himself to fully disown the corrupt system within which he has handsomely profited ---- sure, he will criticize particular aspects of it, but still refuses to acknowledge and condemn the fundamental elitist lies and manipulation that are at the very heart of it.

Sun, 05/16/2010 - 16:13 | 355027 Miyagi_san
Miyagi_san's picture

The tax structure is bad and will get worse...the Gov hacks wont stop at simple tax changes.

Sun, 05/16/2010 - 16:35 | 355068 merehuman
merehuman's picture

akak, well said. You should know that you are one of my heroes on ZH. I have the utmost admiration for all of you who speak truth in the face of ridicule, harassment and exposure. We all know big Brother is watching us. These are Orwellian times, 1984 and all it implied.

I look forward to a simpler time when Honor and trust, honesty and love for the greater good prevail within us.


Sun, 05/16/2010 - 16:47 | 355085 cossack55
cossack55's picture

Guess which finger I'm going to use to poke big bro in the eye.

Sun, 05/16/2010 - 18:07 | 355201 A Nanny Moose
A Nanny Moose's picture

Occular penetration. Look ma' no hands.

Sun, 05/16/2010 - 16:49 | 355087 akak
akak's picture

Merehuman, I sometimes have this dream in which like-minded people like us could live in a consolidated community with each other, instead of just being widely-scattered voices whispering to each other over the internet.

In a truly free society, authoritarian-minded individuals would be free to assemble and form a community based on their common shared values and beliefs.  But in the authoritarian world in which we live today, freedom-loving individuals such as we are NOT free to do the same.

Sun, 05/16/2010 - 17:48 | 355167 Rusty_Shackleford
Rusty_Shackleford's picture



Sun, 05/16/2010 - 20:12 | 355402 merehuman
merehuman's picture

Akak , i lived in a community like that in oregon. One fellow was a piano tuner, others started a co op in town and sold the food we grew. I recall milking the goats and the outdoor shitter. That was 30 years ago. There is strenght in numbers and a lot of personal growth by living closely with diverse folk.  If/when the government falls i expect more of us to pull together.  So far not enough people are suffering evidently. Makes we wonder how bad its gotta get before we say NO MORE and are willing to stand behind our words.

Sun, 05/16/2010 - 20:57 | 355460 Iam_Silverman
Iam_Silverman's picture

"I recall milking the goats and the outdoor shitter."

Ewwwww, not the goat milk, but what do you get when you milk the outdoor shitter?

Sun, 05/16/2010 - 23:54 | 355765 merehuman
merehuman's picture

dollars? Poor sentence structure on my part. Lol

Sun, 05/16/2010 - 21:04 | 355465 jaybaybaker
jaybaybaker's picture

@akak You mean it is not authoritarian to ask for me to banned because I do not conform to the group think that you have chosen to adhere to.

Sorry, you have just been punked. You are the authoritarian here.

Sun, 05/16/2010 - 21:05 | 355469 akak
akak's picture

You, Jay, are a disingenuous liar and nothing but a troll.  It is YOU who are the authoritarian, trying to bully those who refuse to knuckle under to the malicious and self-destructing financial and political status-quo.  But I hardly need to state that, as everyone else here clearly sees you for what you are.

Sun, 05/16/2010 - 21:40 | 355491 jaybaybaker
jaybaybaker's picture

Do I want to ban you? Do I bully anyone? Do I use profanity?

You have more than 10 posts here, I have 3 (with this one), talking about "monopolizing". Are you representative of the ZH crowd??

Anyway, I thought this site was for adults sincerely exchanging ideas, perceptions, and info. And not for kindergartners who have to learn that they are not alone in the world.

I will stop posting here, since this is really a waste of time if nothing constructive comes back.

Have fun being the kindergarten group think thought police, I'll move on to a site for grown-ups.

Sun, 05/16/2010 - 21:59 | 355548 akak
akak's picture


The difference between my posts here and yours is that mine are made to add to the dialogue here, and are part of an honest intellectual exchange, while yours are only intended to disrupt, confront and antagonize, while adding little or nothing of actual value to the dialogue.

But please, if you feel that the discourse here is unworthy of your exalted "adult" character and intellect, feel free to go elsewhere.  In fact, I would encourage you to do so, if you cannot find it within yourself to engage in a meaningful, honest and non-confrontational discussion.

Sun, 05/16/2010 - 21:58 | 355551 Cheeky Bastard
Cheeky Bastard's picture

Anyway, I thought this site was for adults sincerely exchanging ideas, perceptions, and info. And not for kindergartners who have to learn that they are not alone in the world.

It is and continue to offer your view. I dont want to be a part of an echo chamber. As for your second sentence; You are, and will, forever, be; alone in the world; and contrary to popular belief; every man is an island; the difference being some are connected with bridges and ferries with other islands, while some are deserted and function on their own. 

Sun, 05/16/2010 - 23:57 | 355768 merehuman
merehuman's picture

TO be. Nicely put CB

Mon, 05/17/2010 - 01:00 | 355823 Bolweevil
Bolweevil's picture

stay down jay

Mon, 05/17/2010 - 01:32 | 355850 Bringin It
Bringin It's picture



Is jaybaybaker = V-Idiot?

Like Batman and Bruce Wayne they never appear in the same place at the same time?


Mon, 05/17/2010 - 00:48 | 355810 Bringin It
Bringin It's picture

Community is a threat to the PTB.

Mon, 05/17/2010 - 01:25 | 355842 MsCreant
MsCreant's picture

You can keep bringing that.

Mon, 05/17/2010 - 01:35 | 355856 Bringin It
Bringin It's picture

Thanks MsCreant.  I do what I can.

Sun, 05/16/2010 - 18:03 | 355192 A Nanny Moose
A Nanny Moose's picture

"When destroyers appear among men, they start by destroying money."

currency based on the physical world, and not the whim of politicians might teach us the value in conserving, rather than consuming so many of the world's limited resources.

At the very least, it would limit the ability of The State to steal the wealth of other nations at the point of a gun.

Sun, 05/16/2010 - 21:16 | 355490 economicmorphine
economicmorphine's picture

I stopped reading Denninger months ago.  Anyone still demanding that the criminals be brought to justice obviously isn't playing with a full deck.  Between that and his petulant little fits where he bans everyone, well it just isn't worth it.  The clock is ticking Karl....14:57...14:58....14:59.....

Sun, 05/16/2010 - 23:16 | 355718 trav7777
trav7777's picture

Douchinger brags about having made his money in the .com bubble.  He's a paper pusher.

He's also lined up with EVERY SINGLE DEFLATIONIST and announced that he is going to convert his FRNs to real assets prior to the collapse of the FRN.

All of them on TF say that.  They intend to scoop up land, housing, producing assets, gold, younameit, as the FRN gains in value due to the deflation.  Besides this being vulture-like and classic rent-seeking, they all foresee the dollar rising in value but then self-destructing.

So in other words, they are all closet hyperinflationists.  None of them could be stupid enough to believe that the notes of a bankrupt state, a massive debtor, in the throes of a deflationary spiral, would remain worthful for long.

The problem with deflationists like Douchinger is they cannot understand or study history.

Argentina is a CLASSIC deflationary example.  When everyone ran to access their money, they locked the banks!  You cannot get a PURER form of sucking money out of the system than that.  They throttled ALL velocity to a standstill.

But, then they revalued.  I can see how the math suggests deflation, but I don't see how history and reality suggests that I will be able to stockpile cash and access it "when the time is right."

Sun, 05/16/2010 - 23:32 | 355745 akak
akak's picture

You know, trav777, I really hate this overused phrase, but I can only say:

Spot on.

Mon, 05/17/2010 - 01:37 | 355858 Bringin It
Bringin It's picture

Argentina was the dress rehersal.  Lock them in and detonate.

Sun, 05/16/2010 - 15:44 | 354955 Johnny Bravo
Johnny Bravo's picture

"before the hysteria has really started."

"Panicked Germans are buying gold faster than dealers can meet demand."

Hmmmm... to me, those statements don't reconcile with one another.

Sun, 05/16/2010 - 15:56 | 354978 akak
akak's picture

Hey there Johnny!

Just curious, why is it that you ONLY post comments here on ZeroHedge when the topic turns to gold and/or monetary collapse, and always with a pronounced anti-gold, pro-establishment bias?

Isn't there some pro-fiat currency, pro-Federal Reserve, or pro-equities blogs that you could swarm, in which to make affirmative or postive posts?  What motivates you so highly to incessantly troll every single gold-related thread (and ONLY the gold-related threads) here on ZeroHedge, to slam somebody else's particular chosen vehicle of financial investment and insurance?

I hate fiat currency, central banking and our monolithic two-party political dictatorship, but I do not seek out online forums dedicated to such themes in order to criticize, annoy, denigrate and attack those participating in them --- in my mind, that would he hateful and destructive.  I choose to be positive and constructive.  But I guess that's just me.

Sun, 05/16/2010 - 16:10 | 355023 ufamizm
ufamizm's picture

I welcome the JBs.

Disagree with them heartily, but welcome the diversity!

Sun, 05/16/2010 - 17:11 | 355118 DoChenRollingBearing
DoChenRollingBearing's picture

Yeah, me too.  The JBs and Leos are important and welcome as far as I am concerned.  Help us make OUR side's case better.

Sun, 05/16/2010 - 22:02 | 355557 Cheeky Bastard
Cheeky Bastard's picture


Even if they appear totally moronic in wholly without an knowledge; it welcome them; as i said; i dont want to be a part of an echo chamber. Fuck the whole "impose your opinion on others" bullshit. We are all grown ups and can think for ourselves; if they want to et burned; be it. Diversity is good; it challenges your mind. Embrace it or GTFO.

Sun, 05/16/2010 - 23:21 | 355729 trav7777
trav7777's picture

I am going to disagree with you.

There is nothing inherently wrong with fiat currency.  The government should print and tax the money out of existence, like tally sticks.  It's an inherently stable system.  The problem comes when the sovereign defaults, which they always do eventually.

A production-backed or asset backed currency is the answer and will be the eventual outcome, where labor and goods back real bills.  Simple system, really; let the market decide.

But governments don't like markets or physical laws or reality.  They want it THEIR WAY.  Must be megalomania or something, trying to repeal the law of gravity.

Mon, 05/17/2010 - 01:41 | 355862 Bringin It
Bringin It's picture

Must be megalomania or something, trying to repeal the law of gravity. 

To me, the game is not to repeal gravity, but to timeshift the gain from the future to the pockets of the connected few today.

Sun, 05/16/2010 - 16:25 | 355052 tmosley
tmosley's picture

Do you know how to read, you ignorant fuck? He clearly said he bought at $425, quite a bit before the current panic.

I mean, there is no other explanation for it other than you are a paid shill.  That or your Mommy came in to read it for you and left that part out.

Sun, 05/16/2010 - 17:48 | 355166 Oracle of Kypseli
Oracle of Kypseli's picture

It's time to repeat this story:

While I was traveling in the Sinai dessert, I stopped at a town to buy gold jewelry. A Bedouin family traveling with Camels was buying 22K gold wire. (Semi-circle profile 1.4″ wide.) At the end of the bargaining, the store owner cut the wire into several 6-7 inches long pieces and crudely created bracelets. The Bedouin wife dressed in long black garb lifted her long sleeves and slipped the bracelets into her arms. To my amazement it looked like she had bracelets going al the way up to her underarms.

The owner explained to me later that they were traveling between Egypt, Israel, Gaza, Jordan and other countries. No trust in paper money and counterfeit bills. Any time they make money on trading, they buy more gold wire, anytime they need money, they go to the gold market of whichever country they are in and sell bracelets.


Sun, 05/16/2010 - 21:02 | 355466 Iam_Silverman
Iam_Silverman's picture

Ahhh, the portability of Precious Metals!  It is like having a universal translator.  No matter where you go you can convert it to local scrip.

That is one reason why I recommend recognizable PM's to friends and family.  Silver Eagles, Silver Maple Leaves, 10 oz. bars marked from reputable and known foundries.

Junk silver may not have the same universal recognition, same as generic rounds.

Do NOT follow this link or you will be banned from the site!