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Scotia-Mocatta Sells Out Of 1 Kilo Silver Bars
It seems that not a day passes by without some major dealer running out of a precious metal in inventory. Last Thursday when we presented the most recent inventory at Scotia Mocatta (alongside the ongoing firesale at the US Mint where incidentally total silver sales in January are now at a fresh all time record 4,724,000 ounces), one of the ten market-making members of the London Bullion Market Association and one of only 5 banks to participate in the London gold fixing, we indicated that of all silver bar related products, the bank only had the 1kg Valcambi silver bar, that was listed 3 weeks ago, in stock. As of today, this object is no longer in inventory even at the unit price of CAD$980.11. Reader S. presents the two logical alternative for what is happening: "This can only conclude two things: 1. They purchased a limited amount (due to low supplies) and was sold off quickly. 2. They purchased a large amount and was sold off due to major purchases." Alternatively, the bank now has the 100 oz silver bar back in stock. We will keep tabs on how long before this also becomes "sold out." Our question is whether the ongoing shortage at most dealers, despite the so-called drubbing in PM prices, is nothing but definitive evidence that just like in stocks, precious metal investors are merely using every drop in prices as nothing more than a chance to "buy the fucking (fisical) dip"?
Compare Scotia-Mocatta eStore inventory as of January 18...
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They're gonna release a report where the anonomyous refused to name names.
Let me be the first to call Bullshit!
Where do people think this shit comes from; Realityland?
Somebody big is in trouble.
That is why we are seeing brutal selling in the PM's.
Probably has nothing to do with the PM's themselves, it is just that too many "Macro Funds" betting on a collapse in Europe and a PM explosion are getting margined out of their positions.
Link and explanation please. Catfishmouth.
http://www.youtube.com/watch?v=XqYTLgxey0s
Robot,
We agree 100% for a change....someones wiener is in the fire.
>> Somebody big is in trouble.
Interesting and possible. I'd have to wonder, if it was someone in trouble, why they would appear to be attacking the market in the thinly traded hours. That, along with the fact that this particular take down in PMs was about the most publicized I've ever seen. Although your suspicion is certainly viable, I'll have to give the nod to an orchestrated take down.
OTOH, if that "someone is in trouble" was a TBTF, and they were massively short, then it would make sense.
predatory trading is how the big houses maintain their short positions
Not trying to swim against the tide, but could these inventory problems be that they have not seen these volumes before, so is their inventory manangement just a little whack?
Now, given how big an operation a place like Apmex is, that may be the funniest question any of you have heard all day. I don't give a damn what they do. I was done buying in 09 (hey, if you're gonna panic, panic first), and it was a rewarding diversification. Interesting, because it was actually Currency Implosion Insurance, nothing more.
Its nice that SLV is there to mop up the liquidity, ya know? Gosh, they must be just stacked to the ceiling with an excess of Comex Good Delivery bars.
Now. Pull THIS finger. My ass will sing show tunes...
to all my comrads
Appalling Smell
Tworivers
Goldmiddlefinger
Whales
Listen up. I sense fear in the goldbugs hearts, they're so stupid as if anything changed, as if the world is not exploding with debt, as if Q25 is not around the corner, as if the shortage of PM's suddenly eased, as if ZH was not exposing every scam on the planet...but they still afraid the gold bull run is over.
We must take advantage of this opportunity. Hit him hard with arrogant insolence, ridicule them, tell them if they buy gold they will end up homeless and have to move in with their mother in law who will call them a loser. Your mother in law will rub it in that the misses' ex-boyfriend is making a killing with APPL. Market manipulated? ha, you sore loser!
And Robot, my brother, keep posting them nudis, a gold bug with an erection is a gold bug who can't walk to the coin shop
APPL or AAPL?
In YOUR case, I think it would not draw any attention.
Ok. But the strain on some of these guys is getting a bit much. I think they are all going to blow a gasket here pretty soon and take that long arduous journey into psychotic break land. Could you maybe give them some zanex or something. Some kind of chill pill because seriously they are just LOSING IT.
Your Father was a hamster and your Mother smelled of elderberries! :>D
++++
Ah, mi amigo JonNadler!
10-4 re whacking them gold bulls! I should have mentioned YOU in Cog Dis's lament on the Vets leaving ZH (for only a few hours posted at the top). But, you have stayed...
Yo! The Bearing will very soon complete his Purchase Program of Precious Metals! I will issue a Press Release! Maybe I will become a BEAR and dis all PMs... No, wait, if I am all bought up, I have to say: "Buy gold, bitchez!", but that might make me a hypocrite...
Mmm. The difficult choices...
Maybe I'm missing something here but if silver is known to be in short supply, why don't the long positions hold for delivery?
Expiration?
I'm askin' -- I'm not a trader.
Dave, the master plan has been that. The silver cup has been emptied. Comex settles now with cash.
http://messages.finance.yahoo.com/Business_%26_Finance/Investments/Stocks_(A_to_Z)/Stocks_J/threadview?bn=10073&tid=384412&mid=384412
Thanks for the link. Looks like a train wreck coming.
or simply much higher silver prices. Or both.
Check the coin shops.
Gold spot 1326. Coins selling for 1377 for krugerands and 1400ish for eagles.
It's the old swap spread stretch.
Can't wait for spot at 1280 with krugers at 1360 and eagles at 1380.
http://cgi.ebay.ca/JOHNSON-MATTHEY-SILVER-BARS-2-10-OZ-1982-WRAPPED-/280618290685?pt=LH_DefaultDomain_0&hash=item4156274dfd I was getting some good deals on ebay until about October. Now everything is selling well above spot.
First Majestic is a producer and they are SOLD OUT and are not even taking back orders @$30/oz...uh oh.
http://www.store.firstmajestic.com/product_details.aspx?id=5
General Jim must be close to panicking.
I think he was expecting $1,340 to hold, but it has given way.
Now that's sad even for you. I doubt anything would panic him.
Mr.Jim is not worried one whit, he , as most here know it will get there when it gets there.
And RT, trust me, it will.Out of a 100 LONG term analyst that gave their take, over 75 said Gold $1800-$2k, end of 2011.
Thats Many lifetimes in the markets, and all very wealthy from them..........PM's.
People should start calling you "Double D". Not for the tits you post, but because you are dumb as dogshit.
Christ, it's like you've never heard of the very concept of a correction.
Deja Vu
USD crashing, Gold correcting...Feels like July29,2010 all over again
Jesus Christ, so many idiots buying silver at 5x production cost. Well you guys will lose your ass. Silver is money but at these prices it's just ridiculous.
I agree, silver is headed back to $2 an ounce as am sure you agree Big, it will be ther by end of February, or do you think before Big
$2.02
Do your homework.
lol, Labor Theory of Value.
If the Mao suit fits.
Hey gang, got a hot stock tip (disclosure first; I'm a sheeple aka troll around here who's been long for about 2 years). I just got back from my local 7-11 and they were out of diet Coke in 2-liter bottles, so I gots to thinkin', maybe it's time to back up da truck in da mornin' and gits me some KO. Whattya y'all thank? LOL just havin' a lil fun.
Perhaps they just decided to switch to 1 litre bottles because there is a price increase? Go long corn instead.
Corn or corn syrup?
Cool avatar only....
wait, did you say something?
gold, silver, oil, miners all blowtorched again.
the basic dividend stocks seem to be the refuge right now and PGMs
Whats the old adage?.
When do you buy?, When the blood is in the streets.
Holds true on just about everything in life.
Turd Ferguson is saying - keep the faith - but "I am losing my ass in SLW, Anacott Steel and BlueStar Airlines. You better get me out of this airline Bud Fox or the only street will be the one you are sweeping!" <s>
"What we have here is a failure to communicate..
Buy the fucking dip."
Yep. The real refuge is in XLF since there is always a buyer with deep pockets to keep it propped up. Don't forget Uncle Sam needs to unwind its obvious positions in the TBTF banks, so its in everyone's best interest to keep those stock prices proppped up.
I loaded up on AGQ yesterday looking for a quick pop, so I'll probably get blowtorched, such is life.
U of Tunsinia just cold fused hydrogen and camel shit and the bi product was silver.
When I went there to get my doctorate in Camel husbandry (and boy oh boy, lemme tell you, those little Tuni's are up to their elbows in it) as a prank, we'd mix camel poop with helium, form it into nice small round flat patties that fit in the palm of your hand and then make fun of the guys who were talking funny. Every heard a fast Farsi talker with a helium voice?
Really funny shit.
Sometimes we'd even get them to sing along to Yoko Ono videos when they sounded like that. Impressive stuff.
Gad! Some of your material is just way too high-brow for this crowd! :>D :>D
The image of speculator shorts trying to source COMEX approved bars at APMEX comes to mind. Whether that's taking place or not, I do see sold out notices being overweighted now towards the kilo, 100 ounce, and 1000 ounce bars.
Kilo bars are tricky to find at any time. Why? Becasue they normally make silver in 10oz and 100oz and 1000oz bars. Good grief. I'm also having a hell of a time buying 15 eggs and 3 individual socks.
Maybe a little less of the bugus panic? There is plenty of Real(tm) bad stuff going on.
Tyler, please dump this account.
Tyler, you are losing some credibility.
Stop posting bogus stories. No-one buys kilo bars these days, that's why they make so few of them.
http://www.youtube.com/watch?v=VLnWf1sQkjY&ob=av3el
What, again?
That first milf on the dance floor is hawt!!!!
Yet between Thursday and Monday at a very minimum one (of the type that "no-one buys") was purchased. At a price about 10% over spot. The one that depleted the entire inventory. The one that could have been purchased in a physical equivalent at no premium in one ounce increments elsewhere, where "elsewhere" is every other place that has an overflow of silver, supposedly. Do we agree on that much?
ok, agreed.
People overpay for stuff all the time. We can't assume that all silver buyers are geniuses. Many are just housewives who like shiny stuff.
Housewives are out buying bullion en masse? I find that very unlikely.
All housewives buy 1000 oz bars with money from bake sales.
People overpay for stuff all the time.
Your education bill? That logic course you took; your sophomore year was the longest 5 years of your life, no?
I read the Thread 2 - 3 times! lol Luv'd it Bro..
Some might say budget cuts in shiny new depression era forcing BLS to now report Comex numbers too.
http://harveyorgan.blogspot.com/
What kind of name is Scotia-Mocatta anyway?
It sound like an all-black titty bar.
It's the vault in downtown Toronto that they're pretending is full of its customer's silver.
Is there a realistic chance that the prices will be set by the physical market? How would that work on a large scale?
I stopped by one of the PM dealers I use today. He was completely sold out of silver. I asked when he was getting some more and he told me that he wasn't. He said he is paying too much over spot. I didn't get that. I still don't. I went to another dealer, he was charging .95 per oz over spot and had plenty left. I told him I'd see him on Wednesday. Weird.
maybe the canadian bank withdrew the particular size because of low inventory or maybe that particular bar size was cast or made with silver that cost more than the current spot price and they didnt want to ttake a loss on the silver.
amazing the price of gold and silver gets beaten down supply runs out.
And dictators throughout North Africa are frantically air lifting (stealing) precious metals from their (chopped dates and banana) republics to the Netherlands and Swiss banks.
My unscientific guesstimate is that U.S. bullion dealers have about 1 to 2 million oz of silver bullion products in stock for delivery today. This seems like plenty but If tomorrow one hundred thousand lower income Americans decided to exchange their bank account for their 1st 10 to 20 oz, ($280 to $560) or ten thousand middle class Americans bought 100 to 200 oz of coins for the first time ($2800 to $5600) or if one thousand upper middle class Americans bought 1,000 to 2,000 for the first time ($28,000 to $56,000oz) or 100 wealthy Americans bought 10 to 20,000 for the first time ($280,000 to $560,000) oz this would fuck things up pretty bad. There are about 280 million people in this country. If my guess is correct there is only $28 to $56 million worth of silver money available for sale today. Our country is in debt for how many trillions? All of the above classes of people might one day get a new idea in their head at the same time. It's possible. THE SILVER MARKET IS NOT DEEP ENOUGH TO ACCOMMODATE SEVERAL NEW PHYSICAL PLAYERS! It doesn't take that much money or that many more new people to change supply/demand fundamentals in silver. I think this is a probable scenario in our lifetimes. 42 million Silver Eagles last year. It's not sustainable.
The bubblevision is reporting that there have been huge sales of one oz. silver bullion lately. Last week my brother in law, who is a firefighter told me he expected inflation. Everybody is talking about inflation. The little guys are finally going back into the stock market, etc...
When the people that buy bullion by the ounce are finally in the market because of their "fear of inflation" it is because they are putting money into PM's to SAVE. Their mentality is to save. That is deflationary.
Selling bond funds, raising yields: deflationary.
Public reducing debt: deflationary
If they are the last to buy, that is a signal of a top. somewhere in here.....I'm probably early, tho.
Kind of want to agree with you...years ago I tried to tell people that when the bartender starts telling you to buy stocks...GTFO! The last canary.
I'm not in this for any kind of fiat profit, short term. I am trying to avoid wealth destruction. A bunch of bank held fiat will not make the return of 3 oz of gold priced at 1300, yoy. I'm not in with the lunch money. What deflation we will see has been suppressed. They would far rather create inflation and they will.
You have to wait for the public to get in, not for the public to first become aware. That is what you do when riding a bubble.
In this case, we have a sever silver shortage. Due to that, silver will run out long before the public gets involved in any significant way. As such, you want to wait for the industrial user panic. I expect that to commence within the year. Possibly before the end of the quarter, with silver sales going as fast as they are.
APMEX just raised prices on Silver Eagles. $2.99 over spot for a Monster Box. Must be running out of those too.
$4.49 over spot for the 1-19 quantities... getting ridiculous. It used to be $3 for that quantity range not too long ago.
$4.49 over spot is 16.75% over spot price @ 26.79 (current as of this post)... very significant markups.
Yep, makes perfect since for a price drop when there are record sales.
Just like it makes since that gold drops when Russia anounces they will increase their reserves.
Move along keynesians, nothing to see here. Hint: if you want to find the next bubble just follow the government money.
A week ago the Boss of German Refiner Heraeus stated that there is no shortage of silver in Germany.
Silver for industrial use is plentiful, only cast bars are in short supply because for tax reasons the silver is kept as pellets for industrial use for the end of the year.
in German:
http://www.goldreporter.de/heraeus-kein-genereller-silber-engpass-in-eur...
German bullion dealer Westgold offers 1kilo silver bars too.
http://westgold.de/html/prizeList.php (in German)
lol...in some cases close to 30% over spot.
Silver is taxed in Germany; 7% on coins like maple leaf and 19% on cast bars.
A company that uses the bars can deduct the tax, the end-user has to pay.
Deduct the tax and the prices are comparable.
BTW, they but gold coins ~10 euro over spot, 1 x cast bars 5 eruo below.
Maple Leafs just got bumped up to $2.99 over spot at APMEX too. Yep. Shortages are coming to the U.S. Some people on here owe Tyler an apology I think.
They owe a lot of people a lot of things, but they will never pay.
It's because they are dishonest people.
No one owes anyone an apology.
Thats what makes a market.
Whoever is ultimately wrong owes themselves an apology. Price is the final arbiter.
Worse than I thought people .2011 Philharmonics (one of my favorites) just got bumped to $3.19 at! APMEX is trying to tell us something.
maybe they paid more for them than current spot price, so they have to make up the differance?
Yes but it's bullion and their traders should be able to hedge their exposure to market fluctuations on the COMEX. This helps confirm the high demand for government minted 1 oz bullion coins. Look for the generics to rise next....and this may just be the first in the series of rises. It could go to $6 over spot again for silver eagles. They can't keep minting 5 million a month. It's frigging impossible.
Tulving is offering to exchange brand new 100*10oz or 10*100oz bars for any 1000oz bars. Someone looking for good delivery?
Maybe they are not really out of stock. Maybe they just don't want to sell given that prices have fallen so much so fast. Maybe they would lose money if they sold at the current price.
No. Physical supply is tight, paper market is low because of futures.
Bullion dealers make money off of the spread.
You're gona' pay a premium at sites like ebay but ounce bars are getting consistent hits at 31 -33, and I've even seen 45 get hit with 11 bids http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&autorefresh=true&hash=item4156461716&item=280620308246&nma=true&pt=LH_DefaultDomain_0&rt=nc&si=YZD7IfB3sdhqWVRBtQQp20Myp4g%253D
I would think Apmex wouldn't take preorders for items then like the 100 oz Apmex bar. They wouldn't be taking preorders on items if they weren't wanting to sell.
I could give a rats ass what the fiat price is. Personally I would rather invest in piece of dog shit than put my money in a bank that uses my deposit to create a ponzi loan 9x larger than my deposit and at 20x the interest rate that they give me. They then sell this loan to some dope who bids against me on a home.
Who cares about the fiat price, this thing is bigger than the price. We can't create a run on the banks because they own the printing press and can just print more toilet paper. We can cause a run on the comex though. Crash JP Morgan, buy Silver!
Can I get an amen brother?
Amen to that, Bankriot!
there are all short of indicators that show that the physical silver shortage is getting wider.The CFTC 's weekly COT report show that the commercial hedgers in COMEX silver market hold their smallest net short position since silver was trading around 16usd/oz .The biggest 8 entities have the smallest net short position since silver was trading around 14usd/oz. The monthly Bank Participation report in 4 January 2011 show that the US banks hold their smallest net short position that when silver were trading under 10usd/oz!So now that they created another sell off their net short position would be even smaller.This prove that US banks know and are afraid of the future wholesale physical silver shortage and close their shorts positions before that.Buy physical silver now!!!Check my videos in www.youtube.com/user/silvershortagetv
Here are some potential price targets based on previous corrections in 2004/2006/2008
http://www.bullionbaron.com/2011/01/silver-price-correction-update-on.html
That said with physical product drying up, ASE sales blitzing new records I wouldn't be surprised if we were already close to a bottom.
BTFD!
Does the 30 Valcambis I had delivered from Mocatta last week mean I'm a market maker now?
Guys, has anyone done a reboot thought here.
In 2007 oil, food, went parabolic.
Gold, silver supplies dried up
The market were frothy
What happened next?
I can't believe an exact repeat is happpening. But it is.
Be careful here, something is up. The next leg down is gonna take everythign with it probably including the precious due to the stupids and leverage and margin calls.
It will bounce back as it did then, but keep your wits about you.
Check the gold/silver chart for Jan 2007 to December.
If this scenario is playing outthen Thursday to April will be the last rise before a serious take down.
I am longgggg but be prepared for bankster bitch fuck up here.
Not so much. There is far more physical interest than there was back then, and the world economy is far weaker than it was then. Rates are already zero. All they can do is print more money.
Markets rarely perform the same way twice. Its much more likely that it imitates 2008, then everything blows up.
Guys, has anyone done a reboot thought here.
In 2007 oil, food, went parabolic.
Gold, silver supplies dried up
The market were frothy
What happened next?
I can't believe an exact repeat is happpening. But it could be.
Be careful here, something is up. The next leg down is gonna take everythign with it probably including the precious due to the stupids and leverage and margin calls.
It will bounce back as it did then, but keep your wits about you.
Check the gold/silver chart for Jan 2008 to December 2008.
If this scenario is playing out then Thursday to April will be the last rise before a serious take down.
I am longgggg but be prepared for bankster bitch fuck up here.
I went to buy silver today at the coin shop and they were sold out, not expecting any deliveries for three weeks. First time that's happened since I started buying there in November... I locked in some oz at today's price.