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Scotia Mocatta Sells Out Of All Silver Bars

Tyler Durden's picture


When a week ago we noted that ScotiaMocatta sold out of the Valcambi 1 kg block, yet once again showed the 100 oz silver bar as  back in stock, we said: "We will keep tabs on how long before this also becomes "sold out."" We have the answer and it is 7 days. As of today, Canada 's biggest bullion bank is out of not only the 100 oz silver bar, but all silver bars! This follows yesterday's news that in January the US mint sold 50% more silver than in any month before.

A screen capture of ScotiaMocatta's online store page as of January 24...

And as of today:

h/t Silver Watchdog


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Wed, 02/02/2011 - 11:48 | 927395 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Silver, snitches!

Wed, 02/02/2011 - 11:56 | 927441 Dr. Richard Head
Dr. Richard Head's picture

So how long before JP Morgan and HSBC send out Blythe and her minions on camels with whips in desperation?

I'll tear her off her camel and let the beating begin.

Wed, 02/02/2011 - 12:09 | 927496 Turd Ferguson
Turd Ferguson's picture

Yes, if I was a brainless, algo-driven computer, I'd be selling silver here, too.


Dr. Head: Blythe and her minions were desperately dispatched on the afternoon of January 3 and they have been unrelenting ever since. "Turd's Bottom" is in, however, so btfd.

Wed, 02/02/2011 - 12:13 | 927525 Dr. Richard Head
Dr. Richard Head's picture

Dry powder is unavailable to me at this time, but looking to double me position here shortly. 

Love your site too Turd. I am glad I ran into you here in ZH.  The likes of this group have forever changed my reality for the better and I will never go back to sleep.

Wed, 02/02/2011 - 13:44 | 927887 Pegasus Muse
Pegasus Muse's picture

You might want to take a look at some 0% interest rate credit card offers out there.

I just got the JP Morgan/Chase "SLATE" credit card.  It offers a 0% interest for the first 18 months. 

There is something inexplicably satisfying about maxing out the card buying physical silver, knowing JPM will pay for the metal while I get an interest-free float for 18 months. 

I will pay the card off in full just before interest starts accruing if JPM is still in business. 

Wed, 02/02/2011 - 13:48 | 927954 Dr. Richard Head
Dr. Richard Head's picture

My strategic defaults and consumate settlements for pennies on the dollar preclude me from binging on credit any longer.  I feel so much more free already.  Next stop - challenge the mortgage.

Wed, 02/02/2011 - 14:51 | 928203 william the bastard
william the bastard's picture

This ladies, is what a circle jerk looks like

Wed, 02/02/2011 - 15:43 | 928370 tmosley
tmosley's picture

Trust him, he's got a LOT of experience in this arena.

He's actually a one man circle jerk when you include all of his sock puppets!

Wed, 02/02/2011 - 20:23 | 929327 assetcoin
assetcoin's picture

I hope I'm not the pivot man again.

Wed, 02/02/2011 - 14:55 | 928220 slackrabbit
slackrabbit's picture


Mate, you've made my day! I will sign up!

Wed, 02/02/2011 - 14:56 | 928225 Biosci
Biosci's picture

JPM paying our margin cost to buy the silver they've shorted.  Priceless.

Wed, 02/02/2011 - 21:46 | 929550 StychoKiller
StychoKiller's picture

Flexeril could help with the insomnia, Doc.

Wed, 02/02/2011 - 12:17 | 927548 Cognitive Dissonance
Cognitive Dissonance's picture

The rapid selling of physical silver and gold exposes the lie that is the "paper" precious market. Lies can only be maintained as long as they are useful or convenient to those who perpetuate them or profit from them.

Wed, 02/02/2011 - 13:51 | 927964 High Plains Drifter
High Plains Drifter's picture

Instead of a beating, could we pull a train?

Wed, 02/02/2011 - 15:07 | 928248 Slewburger
Slewburger's picture

Choo Choo!!!

I call shotgun on that caboose!

Wed, 02/02/2011 - 17:03 | 928603 Cathartes Aura
Cathartes Aura's picture

ahh the ultimate in male bonding, gang rape.

Wed, 02/02/2011 - 12:26 | 927590 kentfinance
kentfinance's picture

sorry that was me. i want it all.

Wed, 02/02/2011 - 11:48 | 927396 slow_roast
slow_roast's picture

Buy the silver birches!

Wed, 02/02/2011 - 12:13 | 927526 nope-1004
nope-1004's picture

I talked with a person I know in Scotia Macotta because I've been buying silver there and they told me that the reason they are sold out is because they will only order from the mint on a per order basis and do not want to carry inventory.  The reason for not wanting to carry inventory is they feel that a steep price correction would leave them on the hook for past accumulations.

I know silver demand is high, but these risk averse Cdn banks are also thinking price may fall.  I dont' think it will.... just goes to show how chicken shit they are.

Wed, 02/02/2011 - 12:16 | 927546 Hephasteus
Hephasteus's picture

That's the problem with a gold bull market as well. You drop spot on them and all the coin dealers stretch armstrong the over spot on ya. Currency markets will dead cat bounce but gold and silver will only slinky.

Wed, 02/02/2011 - 18:22 | 928941 Saxxon
Saxxon's picture

That is exactly why I trade the ETFs and hold bullion for the long-term.

Wed, 02/02/2011 - 12:26 | 927585 Nathan Smith
Nathan Smith's picture

If only there was a way for them to hedge their price risk.  Would a large bullion bank have access to a certain product that would allow for them to accumulate inventory without worrying about the price they paid for it?

Wed, 02/02/2011 - 13:57 | 927980 Hephasteus
Hephasteus's picture

You mean like a counterfiet shop in the back running a cash for gold shop in the front?

I've seen one of their workers.

Wed, 02/02/2011 - 12:27 | 927595 yellowbr
yellowbr's picture

Hm, wouldn't buy this one... It's hard to imagine that the one of only 5 bullion banks participating in the London gold fix is not hedged...

And then, about how much quantity are we talking here in inventory, that such a big bank would fear a correction? They could just reduce inventory etc.



Wed, 02/02/2011 - 13:48 | 927955 Iam Rich
Iam Rich's picture

Seems bullshit to me since they can in theory hedge their inventory with futures or some other "paper" method.  In fact, I only repeat what I've seen here on ZH many times from several commenters about how these folks should (and do) properly manage their inventory risk.  Scotia is not a mom and pop operation and should be properly hedged.

Wed, 02/02/2011 - 14:54 | 928217 Attitude_Check
Attitude_Check's picture

Maybe the point is they can no longer hedge, because no one wants to take the other side?

Wed, 02/02/2011 - 15:16 | 928272 ConfederateH
ConfederateH's picture

Proaurum in Switzerland is also basically sold out of silver:

Wed, 02/02/2011 - 19:17 | 929135 Devore
Devore's picture

What a BS excuse. There is a way to hedge these kinds of positions that sure the banks must know about.

And Canadian banks are risk averse? Next you'll tell us the Canadian banking system is the best in the world. You swallowed the marketing hook line and sinker.

Wed, 02/02/2011 - 12:21 | 927566 palmereldritch
palmereldritch's picture

Shipping is going to be.... a birch

The silver birch has been respected by pagan Celtic and Germaniac tribes as it was thought to be a 'holy' tree with sacred powers of purification so twigs were used in the ritual of driving out the spirits of the old year.


Wed, 02/02/2011 - 11:49 | 927399 ZeroPower
ZeroPower's picture

Would like to see this drought of silver bars reflected in the spot and futures market... 

Wed, 02/02/2011 - 12:05 | 927480 Quinvarius
Quinvarius's picture

I think it is being partially reflected.  If you are a PM dealer, you buy from a mint, not from the COMEX or LBMA.  But you hedge short in the paper market to lock in your premium.  So when dealers all restock at the same time, say after Christmas, there is a flood of paper shorts.

Obviously it is a temporary dislocation.  But I think that is really what kicks off the post Christmas paper weakness.  The weaker the market after Christmas, the bigger the coming surge will be as the supply chain starts delivering from exchange supply.

Wed, 02/02/2011 - 12:08 | 927501 DosZap
DosZap's picture

I have come to the sad conclusion, that until these ETF's are DOA, we have little to NO chance of affecting the markets.

Wed, 02/02/2011 - 12:11 | 927519 Ragnarok
Ragnarok's picture

Rapid and massive reduction in the holding of the ETFs at elevated prices are an indication that the end game is near.

Wed, 02/02/2011 - 12:32 | 927625 Quinvarius
Quinvarius's picture

GLD fired its auditor in Nov.  So maybe your wish will come true.

Wed, 02/02/2011 - 11:49 | 927400 BrianOFlanagan
BrianOFlanagan's picture

contrary indicator

Wed, 02/02/2011 - 11:49 | 927403 Josh Randall
Josh Randall's picture

Its hard to Buy the Dips if there is no supply, Whsikey Tango Foxtrot ?

Wed, 02/02/2011 - 12:29 | 927608 yellowbr
yellowbr's picture


Wed, 02/02/2011 - 19:26 | 929151 Devore
Devore's picture

I tried buying the dip last week, but every place I went to "just sold out" of 1oz maple leafs.

Wed, 02/02/2011 - 11:49 | 927404 Ragnarok
Ragnarok's picture


Wed, 02/02/2011 - 11:50 | 927405 financeguru500
financeguru500's picture

I would really like to know WHO is buying all of the silver from these dealers. Considering the population at large is primarily bankrupt, I have a strong feeling that it is either the rich making these purchases or possibly even other central banks such as the bank of China.

Wed, 02/02/2011 - 11:53 | 927424 Azannoth
Azannoth's picture

I think most of it, are Big Players

Wed, 02/02/2011 - 11:54 | 927431 SheepDog-One
SheepDog-One's picture

It certainly appears the elites goal of scaring the PM's out of the peoples hands isnt working too good, there isnt any supplu anywhere. Blythe Masters must be having kittens.

Wed, 02/02/2011 - 11:55 | 927440 gwar5
gwar5's picture

Sprott has been buying all he can. He says he has orders in with 2-3 months wait times.

"The physical market is tight as a drum" -- Sprott, KWN.

Wed, 02/02/2011 - 12:55 | 927722 Bigger Dickus
Bigger Dickus's picture

That's what she said.

Wed, 02/02/2011 - 11:59 | 927457 Robot Traders Mom
Robot Traders Mom's picture

Its responsible people who haven't leveraged themselves to the hills. That guy you pull up next to that drives an '89 F-150, he probably has gold and silver at home. That dipshit that pulls up next to you in the leased Lexus that makes $35k a year, he probably has an ipad at home and no gold, silver, guns, or food.

Wed, 02/02/2011 - 12:10 | 927515 Turd Ferguson
Turd Ferguson's picture

RTM: Your name and avatar make The Turd laugh.

Wed, 02/02/2011 - 12:32 | 927621 watchingdogma
watchingdogma's picture

Thanks for pointing that out - I had a good laugh once I went back to look - still laughing....

Wed, 02/02/2011 - 12:36 | 927654 Robot Traders Mom
Robot Traders Mom's picture

Turd-huge fan! keep up the good work!!! I also apologize for my son's behavior. He rides the short bus if you know what I mean.

Wed, 02/02/2011 - 13:58 | 927996 Spalding_Smailes
Spalding_Smailes's picture

Man Turd, the miners have been doused with gas and blowtorched .. 

Real tuff on the bottom buyers ...

Wed, 02/02/2011 - 14:08 | 928028 Turd Ferguson
Turd Ferguson's picture

patience, Spalding.

They'll most likely be higher a year from now so why worry?

Wed, 02/02/2011 - 14:49 | 928195 Spalding_Smailes
Spalding_Smailes's picture

I wonder how the rate hike by China will affect gold/silver ...


And did you notice gold is still down in all currencies, odd ....

Wed, 02/02/2011 - 14:59 | 928229 Attitude_Check
Attitude_Check's picture

Alot less than the tight physical supply.  Oh and when the paper shorts all have to sell to cover thier other economic loses due to the coming equities dump due to the Chinese credit crunch, then Gold and Silver will probably RISE.


But then again logical analysis and rational thought isn't what you are about is it?

Wed, 02/02/2011 - 15:18 | 928274 Spalding_Smailes
Spalding_Smailes's picture

We have jpm and the bears, australia getting hammered again, yemen and egypt, pomo, the shortage you speak of, the housing thingy, the pigs, fannie and freddie w/lehman, global warming, peak oil, and everyone knows about FIAT and ben's printing and our debt's, cali, rare earths, 2012, debt ceiling, shadow stats, food inflation ....


Why is gold falling ??? Everything should be " priced in " ..... Gold should be $3,000 but yet it's been hammered since october 20th .... And the miners and etf's are getting monkeyhammered.



Wed, 02/02/2011 - 17:46 | 928794 JonNadler
JonNadler's picture

funny that was Robot's argument yeterday, gold hasn't gone to 1650 so it never will.


The gold bugs are not buying this you moron, you have to try a new tactic.


Try this: even if gold hits 1650, you stiil can't eat it right

Wed, 02/02/2011 - 12:28 | 927606 I Told YOU So
I Told YOU So's picture


Wed, 02/02/2011 - 13:55 | 927975 smlbizman
smlbizman's picture

sorry... double

Wed, 02/02/2011 - 13:54 | 927977 smlbizman
smlbizman's picture

i have a 2007 f-150.....and 700 ounces

Wed, 02/02/2011 - 12:15 | 927537 DosZap
DosZap's picture

If you have not heard the Boomer Generation stands to inherit over 62 Trillion dollars when their folks pass,.......that's almost enough to fund Obama for a year.

There are millions of folks still with great jobs,and lots of cash.

But they trust the USD, and the GVt, as the generations before them did.,,and have no clue what the hell a Eagle or a Krugerrand is.

I carry a 1oz Libertad(one of the most beautiful I think),my cleaner owner saw it and asked to see it, he had NO Idea if it was fake or a Medallion made of pot metal.

Wed, 02/02/2011 - 20:11 | 929268 hamurobby
hamurobby's picture

I brought a fake gold $20 piece to work, only one out of 20 people knew it was fake, and he does not own any gold. My take on pm's is that they have front run inflation, once inflation starts to really show up, more people will inquire about protection. I have noticed there is less gold for sale on ebay, I guess there is less demand? however the premium paid would say not.


63 minus (1) equals 62 (that was my capcha? are you serious?

Wed, 02/02/2011 - 12:16 | 927543 tmosley
tmosley's picture

Lots of people still have cash flow.  Easy to pay for silver when you default on your credit cards, mortgage, student loans, etc.

Wed, 02/02/2011 - 15:42 | 928362 RafterManFMJ
RafterManFMJ's picture

Working as much overtime as I can rolling it into sweet sweet silver. Mmmmmm...Silver. You make everything better.

Wed, 02/02/2011 - 11:52 | 927414 gwar5
gwar5's picture

Scottia Mocatta is a bullion banks, no?

Sprott has been digging and scratching to get all he can....maybe he cleaned 'em out.



Wed, 02/02/2011 - 11:58 | 927437 Ragnarok
Ragnarok's picture

Sprott buys the gigantic London Good Delivery bars.

Wed, 02/02/2011 - 12:12 | 927524 Turd Ferguson
Turd Ferguson's picture

I'm looking forward to the announcement of PHYS2 and PSLV2...

Wed, 02/02/2011 - 11:52 | 927416 youngman
youngman's picture

silver is down..the graph of today is exactly like least the HFT should change a little every day...what a joke this market is..the world is going nuts...Silver is leaving Comex fast...sales are way up...and the price is down...oh and the dollar is tanking.....LOL...what a rigged market it is today....but I have the hard stuff...and when the market falls will skyrocket....

Wed, 02/02/2011 - 11:53 | 927423 Sudden Debt
Sudden Debt's picture

I'm going to try to force some of my family to invest at least a bit of their money in precious metals.

My folks are retired and to be honest, I would not be able to take care of them if pension funds would go bust.

I already tried a few times but I just can't get trough... they think it can only happen in 50 years or so, they are convinced it will happen some day to ME, but not to THEM.


Wed, 02/02/2011 - 11:55 | 927435 Azannoth
Azannoth's picture

Remind them of what they said after they come scratching on your door when the government will no longer take care of them, I did this to my folks they didn't want to listen to my good advice, well rot in hell

Wed, 02/02/2011 - 12:00 | 927466 ssp2s
ssp2s's picture

No, you let the two other little pigs move into your brick house and satisfy your revenge on the big bad wolf.

Wed, 02/02/2011 - 12:11 | 927516 pimpmysteel
pimpmysteel's picture

I have POA over my moms IRA, have it loaded up with CEF. about the best I can do for her.

One of my best friends is a the broker (UBS) of course thinks Im crazy. If i bring up PMs to him he shuts down.



Wed, 02/02/2011 - 14:12 | 928053 Math Man
Math Man's picture

You are crazy and mostly stupid. Putting all of your Mother's retirement account in any one asset is just plain stupid. 

What are you going to tell her when CEF goes back to $9?

Or lower? 

I feel sorry for your Mom.  But I guess she didn't know her idiot son was planning to ruin her retirement when she gave you POA.

If you were lucky enough to make some money on the trade, take some profits now and diversify before you ruin what is left of your Mom's life.

Wed, 02/02/2011 - 16:46 | 928582 technovelist
technovelist's picture

Most of my mother's non-cash holdings are in CEF too, at my recommendation. She has an average cost basis of about $6.

She's doing a lot better than any of her friends who trust the stock market and municipal bonds.

Wed, 02/02/2011 - 12:11 | 927522 Sudden Debt
Sudden Debt's picture

I know you're right, but I just can't help thinking about that stuff sometimes...

I happens to me like every day for 20 to 30 seconds that I actually care about other people.... SCARY SHIT I TELL YA!!

Wed, 02/02/2011 - 12:54 | 927719 Dr_Dazed
Dr_Dazed's picture

Now that's a couple of great kids - "Sorry folks.  Can't help you out.  Thanks anyway for putting a roof over my head and food on the table all those years, but it's every man for himself now."

Selfishness like that isn't going to work out very well when times get tough.

Wed, 02/02/2011 - 12:56 | 927729 Azannoth
Azannoth's picture

That is not how I see it, since I carry some of their Genes by ensuring my survival I indirectly help them, so it is perfectly logical to sacrifice the elderly for the benefit of the young

Wed, 02/02/2011 - 14:29 | 928120 SilverDOG
SilverDOG's picture

Your generation should be apologizing as all run, as the lemmings you are, over the cliff into the sea. 

Thanks for imposing limitless debt, creating mandatory double income family units, and enslaving the Gen-Xers into servitude due to lack of foresight and denial of aging's responsibility. What have you taken from us lately.

I told my parents to invest and protect themselves, as I will not; and they have not. Typical co-dependent addicted boomers. Their favorite songs "Gimme Gimme" and "Me Muh ME! MEE!"

What did you wankers do for your parents? Besides stuff 'em in a home and pass on expenses to the State. Bravo. 

Wed, 02/02/2011 - 22:27 | 929673 Al Gorerhythm
Al Gorerhythm's picture

Tell them that the $24k pickup that I bought, only cost me 17 kg bars last month. It would have cost 36 of those bad boys 2 years ago. So the car cost only $12 k in original savings allowing me to keep the other half for later. To all of those big mouth paper bugs out there who have for years been dropping in on us and bumming my ride,...... eat solid shit. Haaaaaaaaahahahaha!

Vindication feels goooood.

Wed, 02/02/2011 - 11:57 | 927445 SheepDog-One
SheepDog-One's picture

My folks are the same way, USD is 'MONEY', gold and silver are jewelry and worth nothing more, and nothing I say puts a dent in their opinion at all. And I also wont be able to do much for them when the pension goes bust, dollar goes bust, food and energy go thru the roof...oh well what can you do?

Wed, 02/02/2011 - 12:00 | 927463 Dr. Richard Head
Dr. Richard Head's picture

Let Darwin take care of it?  Some of my family have headed the advice I have pointed them to and have thanked me a few times.  The spot shakeout has changed their tune a bit and they are "profit taking" in order to convert it back into the equity market.  Oh well, we all need bag holders.

Wed, 02/02/2011 - 12:14 | 927530 SheepDog-One
SheepDog-One's picture

Yep, not much you can do, theyre 'boomers' and just assume all will be taken care of for them.

Wed, 02/02/2011 - 14:18 | 928073 SilverIsKing
SilverIsKing's picture

This is why the ponzi has been so effective.  The sheeple, and we all know many, don't truly understand the world around them.  To those that I tried to convince to buy PMs when gold was at $800 and silver at $10, they think I made a good investment.  When I now tell them that they should buy some, "it's too expensive now."

Wed, 02/02/2011 - 18:12 | 928898 ColonelCooper
ColonelCooper's picture

Mine too.  sigh.

Wed, 02/02/2011 - 12:10 | 927502 Kaiser Sousa
Kaiser Sousa's picture

"oh well what can you do?"

bro, the answer is nothing...u cant save everyone even those u care the most about when its evident the brainwashing is complete...remember, those still plugged into the banker matrix must be viewed as part of it...sad but true...

btw- movement in Silver today is a to the dealer

Wed, 02/02/2011 - 12:16 | 927539 Dr. Richard Head
Dr. Richard Head's picture

Exactly.  There is not much one can do.  A wise man recently told me that it is more prudent to prepare one's family for a Katrina-like storm rather than trying to save the village. Even though, I still scream at the villagers as I cannot help myself.  I do this knowing the words will not register till it is too late and then these fucks will be knocking on my door for help. 

Wed, 02/02/2011 - 12:41 | 927675 Kaiser Sousa
Kaiser Sousa's picture

already happening to me and another brother n Gold & Silver...

and it is only gonna get worse...assemble ur collective and have pity on the others...terrible times r upon us.....

Wed, 02/02/2011 - 12:23 | 927572 tmosley
tmosley's picture

Show them your returns.  Mine sat up and took heed when I showed how my investments had greatly outperformed theirs over the last few years.  They also liked it when I gave them some for Christmas (two years running that has been my present--I showed them this year how what I had given them had increased in value).

Dear old Dad is still waffling on buying silver, though he has told me a couple of times that he would.  I think he is waiting for a big dip.  Well, at least he is prepared otherwise, with plenty of guns, food, and other supplies stored, and belongs to a church community of likewise minded people.

Wed, 02/02/2011 - 14:13 | 928058 Sudden Debt
Sudden Debt's picture

During christmass I even had silver coins custom made with the family members names in a circle with the elderst inside and the younger they are the more outside on one side and a Flemish lion on the other.

The loved it!

But not because it was silver, but because it was like forever.


Wed, 02/02/2011 - 12:54 | 927720 Trying to Understand
Trying to Understand's picture

I'm not saying your wrong, but from an older person... I don't give a shit about buying gold or silver because I won't be around long enough to 'live through it' - and if I'm here when it starts I'd just as soon check out early... whereas you have your youth and need to worry about getting through it.

It is a mind set of older people, something the younger people cannot possibly grasp until they have lived "old age".

Wed, 02/02/2011 - 13:52 | 927966 Dr. Richard Head
Dr. Richard Head's picture

If you don't have children and care not for the fact that they will be debt slaves to the global banking occupation then, by all means, sit on your paper.  However, should you have offspring for which you want to provide, then I would suggest in helping to break the backs of the criminal banking cartel. Otherwise carry on.

Wed, 02/02/2011 - 12:01 | 927469 tickhound
tickhound's picture

Cognitive dissonance increases the closer you live to the leaking dam.

Wed, 02/02/2011 - 12:05 | 927481 TunaBear
TunaBear's picture

Feel the same here! forced my parents to buy some silver maples half a year ago. Talked to them about the 80% gains since then, but their answer was "ja, maar we zijn daar niet veel mee zolang we die winst niet kunnen verzilveren", which is a dutch saying translated as "But we don't profit unless we cash it in" where "verzilveren" literally translates as "to silver in" instead of "to cash in"... If that isn't ironical...

Wed, 02/02/2011 - 12:54 | 927721 JLee2027
JLee2027's picture


Silver is money!

Wed, 02/02/2011 - 13:39 | 927917 Hephasteus
Hephasteus's picture

But only in 60 different languages.

Wed, 02/02/2011 - 15:49 | 928402 The_Euro_Sucks
The_Euro_Sucks's picture

Gulden is derived from golden. My mom still wants the guilder back. I showed and let her handle a gouden tientje (10 gold guilders). Said that was 10 guilders and would be worth (back over a year ago) around 330 guilders and that was because of money printing. Did the same with 10 silver guilders. Now both are worth a lot more and have no problem explaining that is because of money printing by Tricky Trichet (among others). She prefers gold over silver since and never considers om ze te verzilveren (smiley).

Mom and dad are divorced and dad is still a debt junky. When he gets crushed Ill toss him a few bones every now and then but nothing more.

Wed, 02/02/2011 - 12:18 | 927552 DosZap
DosZap's picture


 I would not be able to take care of them if pension funds would go bust.


I would have a sit down, and explain this, they likely will not change their minds.....but you will have cover.


Wed, 02/02/2011 - 18:49 | 929035 Mangadan
Mangadan's picture
I've been trying to do the same ever since the sovereign debt crisis crash landed about a hundred miles from my house, and I realised that we really weren't going to grow our way back to prosperity. Exactly the same problem.
The olds are boomers. They trust the Government to look after them. When I say that I don't trust the Government because I work for them, they think it's a wry joke. They have (currently) fat pensions and £100k in various ludicrous 3%pa savings vehicles. They actually intellectually grasp the idea that these "savings" are draining away to the banksters. Try what I may though, I can't persuade them to put any of their money in tangibles. They'll take and ask for your advice on pretty much anything else, but when you try saying that you honestly believe that the greatest financial crisis of our lifetimes may shortly and without much warning send the pound to zero, it's as if you're speaking Mandarin. So basically the upshot is that when SHTF my PMs and I end up looking after the parents, the brothers, the brother's GF and probably the old lady next door. Gap in the "precious metals crisis strategy for idiots" instructional video market? Something parent friendly that isn't presented by talking bears or rednecks who think Youtube = the hole internets, doesn't include Russian Bankers laughing nervously at Mike Moloney and doesn't feature Max Keiser crying intifada.  
Wed, 02/02/2011 - 23:44 | 929883 pasttense
pasttense's picture

" I would not be able to take care of them if pension funds would go bust."

Why not? Why can poor people in the third world take care of their parents but middle class people in the U.S. are too poor?

Fri, 02/04/2011 - 22:19 | 936677 Matt
Matt's picture

Because boomers are incredibly expensive to look after, as they still enjoy spending thousands every month, even when they only have hundreds coming in. They still go for joy rides, and take the car to the corner store. people in developing countries, and when they immigrate here, seem to be easier for their children to take care of; they seem to only need food and the tv channels from their homeland.

Wed, 02/02/2011 - 11:59 | 927456 Crispy
Crispy's picture

All sold out at those prems? Guess PT Barnum was spot on.

Wed, 02/02/2011 - 12:16 | 927544 SheepDog-One
SheepDog-One's picture

Yes Crispy Im sure youre correct, the real smart guys are buying the 100 P/E real solid investments and SPY futures.

Wed, 02/02/2011 - 11:59 | 927458 mick
mick's picture

A bullion dealer's working capital requirement must be insanely high.  No wonder they keep the stock levels low and run out from time to time.  Nothing to see here.  Move along.

Wed, 02/02/2011 - 12:09 | 927493 tmosley
tmosley's picture

Not really.  A big dealer like that will be hedged, so capital requirements are actually very low.  Some teeny tiny dealers might work like that, but not Scotia Mocatta.

All this tells you is that they aren't charging enough for their silver products.  This is likely a function of an artificially low spot price, and will eventually have to be made up with increased premiums, or else we will face shortages like this one in perpetuity.

Wed, 02/02/2011 - 12:21 | 927568 DosZap
DosZap's picture

Here's why,

ScotiaMocatta, part of Scotia Capital and a division of The Bank of Nova Scotia, is a global leader in precious and base metals trading, finance and physical metal.$$$$$$$$$$$$$$$$$$$$$$$$
Wed, 02/02/2011 - 12:11 | 927518 Black Friday
Black Friday's picture

They are a major bank, they have plenty of working capitol lol.

Wed, 02/02/2011 - 12:02 | 927473 Oh regional Indian
Oh regional Indian's picture

Maybe it's the Naked Shorts buying fig leaves in the hope of getting some cover?


Wed, 02/02/2011 - 12:05 | 927479 doomandbloom
doomandbloom's picture

how do we know who is buying silver?

The Govt could have ordered a reduction of sale...or bankers could be buying them from their bonuses...

Wed, 02/02/2011 - 12:06 | 927483 DosZap
DosZap's picture



Looks like the 1099 is GOING.

Anytime you affect this many Americans businesses, and cause closings, he pigs on the hill hear ya.

Wed, 02/02/2011 - 12:06 | 927485 tmosley
tmosley's picture

APMEX currently has 588 100oz bars in stock, and 2 1000oz COMEX deliverable bars.  Pretty good amount of the smaller denominations are left, but they have pretty big premiums.  You will pay more than $31 for less than 20 1oz bars right now.

Wed, 02/02/2011 - 12:29 | 927612 kadriana288
kadriana288's picture

Those 100 oz. bars have a Feb. 18 date next to them which I believe means they don't have them currently in stock.

Wed, 02/02/2011 - 16:40 | 927727 JLee2027
JLee2027's picture

I saw that too. Same bars, yesterday was 594 in inventory and no Feb 18 date. 

Now 563

Thu, 02/03/2011 - 03:10 | 930242 RmcAZ
RmcAZ's picture


Wed, 02/02/2011 - 14:32 | 928139 tmosley
tmosley's picture

Weird.  I'm pretty sure it didn't say that this morning.  I don't include those when I check their inventory levels (which are severely down over the last few weeks, BTW).

Wed, 02/02/2011 - 12:33 | 927629 Hephasteus
Hephasteus's picture

"APMEX currently has 588 100oz bars in stock, and 2 1000oz COMEX deliverable bars."

So you're saying the online dealer who's bank is morgan chase has 588 100 oz bars. Someone should buy them all just to see their head explode as they backtrack and backpeddle and mushmouth. The coin shop I use sold me a 10 ouncer for 284 when spot was 275 and they only had 3 in stock.


Wed, 02/02/2011 - 14:21 | 928040 Joe Sixpack
Joe Sixpack's picture

I just checked 10 minutes ago and they had 546 @ 100 ozt. and 2 @ 1000 ozt. They have been selling around 50 per day, but that is 44 in under two hours. Maybe the message is getting out?

I have been tracking come of APMEX's silver and gold since last year. Just added 100 ozt. bars due to the perceived crisis.

Wed, 02/02/2011 - 15:14 | 928267 kadriana288
kadriana288's picture

Interesting link. I remember when Apmex was really low and thought they might sell out for a while. I think if we saw a sudden spike in silver price, you could see them sell out of a lot items. Even then, they would probably have 10 oz. bars left.

Wed, 02/02/2011 - 12:07 | 927486 Camtender
Camtender's picture

Copper is at an all time high, even as gold/silver is flat to down.  1982 and older copper pennies are worth 3X face. 

There is no way in the world we should have been hoarding copper instead.

Wed, 02/02/2011 - 12:08 | 927499 EscapeKey
EscapeKey's picture

Yeah, but that's alright, because JPM sit on a substantial long position in copper. And Platinum isn't usually used as money, so that's allowed to soar as well.

Nothing suspicious here, look over there.

Wed, 02/02/2011 - 12:35 | 927649 Hephasteus
Hephasteus's picture

The old. Don't break my legs. I have platinum and copper instead play.

Now how did that big hedge in copper work out for them in the great depression. I forget. Oh ya. Fuck you let's go to war.

Wed, 02/02/2011 - 13:11 | 927790 Camtender
Camtender's picture

If you believe the "only buy where there is value", I cannot find physical gold or silver even at spot, but I can buy copper at 66% discount with a guarantee of no loss on these stupid little round pieces of copper -  i.e. pennies.

Wed, 02/02/2011 - 22:01 | 929581 hamurobby
hamurobby's picture

You cant just buy 95% copper pennies (pre 1982) for a penny each in bulk. However you can walk into your bank and buy nickel's (1946 - 2011) at .05 that have .072 cents worth of copper and nickel in them, 144% of their face value, zero risk. They have nice $100 boxes of them from companies like brinks, and they will hand them over for five $20 bills. If you want more than a few, just keep hitting different branches, they all keep boxes and boxes of them. I have a feeling that the composition of the nickel will go the way of the penny very very soon. (zinc)

Wed, 02/02/2011 - 12:18 | 927558 bunkermeatheadp...
bunkermeatheadprogeny's picture


Buy it at face, so completely guarded against it ever going below .01

Only upside potential with 0% downside risk.

Wed, 02/02/2011 - 12:20 | 927564 Burnbright
Burnbright's picture

Actually I have been hoarding copper since I realized the potential for copper. As I see it the three basic monetary metals are Gold, silver, and copper. And when all three were demonetized through the legal system (forced slavery through fiat) each lost value because they were no longer inter exchanged for goods and services and Gold retained more of its value, silver less, and copper even far less as their value became determined solely based on either their allure or industrial use. 

Wed, 02/02/2011 - 13:39 | 927919 Camtender
Camtender's picture

Just looked at ebay, never knew people sold copper pennies there. 

Wed, 02/02/2011 - 14:09 | 928037 bunkermeatheadp...
bunkermeatheadprogeny's picture

Well, think about.

It was only a few years ago that 40% halves were trading around 3.5 x face.

Now we are coming up on that with pennies.

The reason I buy from gas stations and hadji marts is that drunks pay with couch pennies and penny jar pennies.

The pre-82 ratio of the pennies I buy are much higher than what I would get if I bought them from the bank or grocery store.

Wed, 02/02/2011 - 22:06 | 929608 hamurobby
hamurobby's picture

We were getting about 18 per 100 when we were going through them by hand in rolls from the bank.

Wed, 02/02/2011 - 12:26 | 927586 DosZap
DosZap's picture

Some place was selling Copper ingots, in various sizes.

Wed, 02/02/2011 - 12:09 | 927490 EscapeKey
EscapeKey's picture

All silver bars gone, as are Philharmonics and Maples (essentially the two cheapest silver coins).

Wed, 02/02/2011 - 12:18 | 927553 Kali
Kali's picture

Stopped by my local dealer yesterday, they were wiped out on silver.  First time I have seen pickings that slim. 

Wed, 02/02/2011 - 12:28 | 927601 tmosley
tmosley's picture

In my experience, that is the best time to get rid of any junk you have.  I had some odd bars that I bought a long time ago for a little under spot, didn't realize how hard they were to sell, and sold them to a wiped out dealer for spot+30 cents.  Not bad!  Used the proceeds to pay for some renovations for my mother's house.

Wed, 02/02/2011 - 13:05 | 927754 Math Man
Math Man's picture

The best time to buy - When everyone is selling.

The best time to sell - When everyone is buying.

Fortunes are made by figuring out what the heards are doing, and doing the opposite.

This is the best time to sell silver...shorts like this don't come around often.

I've bought a shit load of real estate since the summer of '09.

When silver crashes, I'm going to buy more with my spoils.


Wed, 02/02/2011 - 14:38 | 928154 tmosley
tmosley's picture

Well, good luck with that.  

BTW, I would have gotten more fiat at a lower premium had I sold at the highs.  Real buying pressure was much less then, at least at the retail level.  Local coin dealers had plenty of inventory then, but I didn't have a reason to sell (was actually there getting casings for a friend's wedding gift--Some ASE's).

Wed, 02/02/2011 - 12:07 | 927492 Alex Lionson
Alex Lionson's picture

I don't get it, why they don't simply go to COMEX where JPM has an extended New Year Sale of silver at highly discounted prices??? 

Wed, 02/02/2011 - 12:07 | 927497 ciscokid
ciscokid's picture

I see no problem here in Europe for silver.

Just bought from and delivery in 3 days.

Wed, 02/02/2011 - 12:30 | 927616 Sabremesh
Sabremesh's picture

The only bullion bars coininvestdirect have left are 1kg bars, and they cost £744 ($1,200). This includes VAT, but the price is still outrageous.

Wed, 02/02/2011 - 15:59 | 928436 The_Euro_Sucks
The_Euro_Sucks's picture

The local shops where I live have limited supply.

Wed, 02/02/2011 - 12:10 | 927509 jmcadg
jmcadg's picture

Can't get anyone to understand here in the UK. If I do get to mention it, it is deemed a problem Stateside. Lol. We'll go first, we don't have muppets like The Bernanke and Little Timmy Geitner to keep the dream alive!!!!

Wed, 02/02/2011 - 12:14 | 927532 topcallingtroll
topcallingtroll's picture

You are right. I think it will bite you brits in the ass first. That is too bad because i like the brits. I long ago forgave you for that king george thingy....oh and burning down our capital.....that too.

Wed, 02/02/2011 - 12:18 | 927556 jmcadg
jmcadg's picture

Thanks for that, I'll forgive you too for the inflation you're sending us. I think you'll have the last laugh. :)

Wed, 02/02/2011 - 12:28 | 927602 DosZap
DosZap's picture

Better hope they get it and soon, they will be likely the FIRST HUGE Western Nation to fold.


Wed, 02/02/2011 - 12:10 | 927513 bunkermeatheadp...
bunkermeatheadprogeny's picture

I feel I have enough physical silver.

Now I'm buying penny rolls from gas stations and hadji marts that are happy to get rid of them.

Then I separate the pre-82s from the rest.


Wed, 02/02/2011 - 15:10 | 928257 Biosci
Biosci's picture

I appreciate the idea behind this, but seriously, how much money per hour do you make doing this?  You can't possibly get minimum wage.

Wed, 02/02/2011 - 15:49 | 928400 bunkermeatheadp...
bunkermeatheadprogeny's picture

A pre-1982 penny saved is more than a penny earned, because it isn't taxed.

If you do it long enough, you start to get a feel for the pre-82's, and it goes fast.

Wed, 02/02/2011 - 12:12 | 927523 Hephasteus
Hephasteus's picture

Canada can make maple syrup bars to make up for this can't they? I know a crazy belgium with a habit for it who has silver.

Wed, 02/02/2011 - 12:14 | 927531 jmcadg
jmcadg's picture

I'd buy at $31 oz, it equivalent of $39 + here in UK. Bar humbug. Still a steel though, or should that be silver Lol!

Wed, 02/02/2011 - 12:15 | 927533 Goldbugger
Goldbugger's picture

There isn't a shortage , this is just one dealer..Jim Puplava talked about this over the weekend..

Listen too the Bigger picture with Evelyn Browning.


Wed, 02/02/2011 - 12:17 | 927547 Ecoman11
Ecoman11's picture

The shortages being reported are in 100oz bars, not coins.

Wed, 02/02/2011 - 12:18 | 927551 Dr. Gonzo
Dr. Gonzo's picture

Few are alive today that remember how bad the population got fucked during the Great Depression and 3 day Bank Holiday. Most people don't even know that a large segment of the population lost nearly everything and were locked out of their bank. The grandmas and grandpas that hid their money under the mattresses that we all laughed at are all dead now. This lack of information is great for the syndicate and bad for the people because they have no idea how bad they can get bent over and ass rapped. The syndicate needs our trust desperately because of their fraudulent accounting and gaping insolvencies. I've been trying to tell my friends this for a long time. Most have listened. Some don't want to hear. It's fine to play the markets and try to get ahead with the information you have but if you have zero gold/silver coin in your investment portfolio you are a fool. Didn't Noah get ridiculed by all his neighbors when he was building his ark? My thought is that are government won't really give a shit about the people once they are powerless to give out free bread. The people need to to take precautions for a complete breakdown in the monetary system. It's just common sense.  

Wed, 02/02/2011 - 12:24 | 927578 Kali
Kali's picture

True dat.  I am so grateful I had the opportunity to know relatives of my grandparents and great grandparents age.  They instilled in me, at a very young age, to be thrifty, stay out of debt and to not trust banks/wall street.  I am making small head way with my younger sis.  Very small.  They are still keeping a nice wad of cash in a savings account at a bank!  The other day, she asked me what bank I kept my savings in, I laughed and asked her why I would do that at less than 1% interest.   She and her husband still do not get it, $$ still in the bank.  I have resigned myself to knowing I will have to support her when TSHTF.  At least they don't have children.

Wed, 02/02/2011 - 12:22 | 927573 Ecoman11
Ecoman11's picture

Look at Kitco's silver lease rates

Wed, 02/02/2011 - 12:23 | 927579 topcallingtroll
topcallingtroll's picture

I still stand by my call that the top is in for the foreseeable future. We will know who the true bagholders are this time next year. See you at fight club.

Wed, 02/02/2011 - 12:26 | 927588 jmcadg
jmcadg's picture

I'm with you. Possibly earlier. Can I be Brad Pitt!

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