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ScotiaMocatta Sells Out Of Silver Bars

Tyler Durden's picture




 

And an appropriate story to end 2010 with: ScotiaMocatta, one the world's biggest bullion banks, is now sold out of all silver bars.

Carry on

h/t Omega3ala

 

 

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Sat, 01/01/2011 - 14:19 | 841609 GoinFawr
GoinFawr's picture

Play-aaah!

Happy NY SW

Sat, 01/01/2011 - 15:53 | 841706 DosZap
DosZap's picture

"Iran had dozens of tankers loaded with crude sitting in the Persian Gulf awaiting offers to buy."

Just like the last 2-3 yrs off the Gulf?.

Rented FULL tankers, nowhere to offload, and leased,anchored and waiting for the prices to spike before unloading,bought at $30.00/$60.00...........

Same thing in the Oil Crisis of the late 70's/80's.

Every tank,hole,storage facility in America filled to the BRIM.

Yet we were in lines and on Odd/Even days to buy.

Why?, to see WHAT the response would be by the American people, a special ops program run by you know who.

Sat, 01/01/2011 - 19:37 | 841930 RockyRacoon
RockyRacoon's picture

Lemme guess... Obama? ... in diapers.

Sat, 01/01/2011 - 12:03 | 841487 Vendetta
Vendetta's picture

"everyone".  You mean the less than 1% of investors that pay attention to this stuff that are bullish on silver?

Sat, 01/01/2011 - 23:03 | 841934 RockyRacoon
RockyRacoon's picture

Yo, huggy, had you been a tad more perspicacious you might have picked up an education along the way.

Fri, 12/31/2010 - 20:13 | 840760 Ecoman11
Ecoman11's picture

I reported this earlier today..he he.

Now that SoctiaMocatta has joined the empty silver band-wagon along with JPM and the US Mint, you can only imagine they are on their knees praying for an interest rate hike to knock down silver and gold. I won't be surprised if we get an announcement by the Fed Tuesday. There's always something about Fed meetings scheduled after long-weekends that makes me paranoid.

Happy New Years!

 

Sat, 01/01/2011 - 08:35 | 841359 Snidley Whipsnae
Snidley Whipsnae's picture

If Ben raises rates the US Economy is dead in the water.

Of course Ben would like to spank the PMs but he can't do it without admitting that his attempt to avoid the unavoidable has failed... and killing the stk mkts, T mkts, res real estate, commercial real estate, the US States, ad infinum.

 

Fri, 12/31/2010 - 20:20 | 840774 Philidor
Philidor's picture

Buy coins, not bullion.  Gold bars are OK for preserving value, but you;ll need specie after the fiat meltdown.  Listen to the robot's advice, http://www.youtube.com/watch?v=Iu5surELOU4 

Fri, 12/31/2010 - 20:35 | 840804 Birddog
Birddog's picture

I'm thinking at the turn of the new year, to take delivery (In Kind) on my IRA physical silver bullion, bite the bullet on penalties and tax...we'll see if they can deliver with no delays

Sat, 01/01/2011 - 00:58 | 841138 Goolie
Goolie's picture

you don't need to pay penalties.  I set up a passport ira this year and have my bullion in my local safe deposit box.  Check out passportira dot com.  It cost me around $3k to set up the paperwork and LLC and ongoing around $300 a year in fees.  At some point I might move 100% of my IRA assets to physical if need be and never have to worry about penalties.

Fri, 12/31/2010 - 20:36 | 840806 Dimeboy
Dimeboy's picture

Scotia is the Canadian JPM.  Arrogant shorting scum.  The "official" Chartered bank for retail Canadian PM transactions and they NEVER deliver without a hassle.  Doing their part in Western suppression.

BoC Gov. Carney even stated during the last G20 that "gold has no place in modern monetary policy".  I guess he has to say this since we sold it all for nothing at the same time the Brits did. BoC holds NO PMs at all in reserves. 

Buy a Maple, screw a beaver!

Fri, 12/31/2010 - 20:59 | 840830 akak
akak's picture

BoC Gov. Carney even stated during the last G20 that "gold has no place in modern monetary policy". 

Actually, I agree with Mr. Carney (appropriate name, too!) completely --- in a totally corrupted, faith-based, centrally-planned, Ponzi, Bizarro-world system like the current one, gold indeed has no place.

Left unsaid was the pivotal role gold will play in the post-modern monetary system.

Sat, 01/01/2011 - 12:15 | 841497 Vendetta
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+1000

Fri, 12/31/2010 - 20:52 | 840824 Ecoman11
Ecoman11's picture

"Gold has no place in modern monetary policy" but Mr. Carney has been quietly buying gold. Compare Canada's accumulation of gold reserves (While SDR's are getting dumped) here. http://www.fin.gc.ca/pub/oir-ro-eng.asp

 

Sat, 01/01/2011 - 01:51 | 841192 Dimeboy
Dimeboy's picture

That measley $150m CDN of gold is not a reserve on a $400b economy - it's what they have to import monthly to keep the RCM stamping Maples at 99999.  Jeez - It's only enough to make one of the 100 kilo coins  - nothin.

All Canadian production is now foreign owned.

At least they are being honest, unlike "unaudited" reserves claimed at Fort Knox and Westpoint.

Fri, 12/31/2010 - 21:04 | 840834 Brutlstrudl
Brutlstrudl's picture

All the local jewelers are buying for cash. I'm getting better prices than from the coin shops

Sat, 01/01/2011 - 19:41 | 841940 RockyRacoon
RockyRacoon's picture

You're selling?  I guess that says a lot.  Thanks for sharing.

Fri, 12/31/2010 - 21:25 | 840864 Ecoman11
Ecoman11's picture

Speaking of local jewelers, this story was front cover of The Toronto Star a few days ago with the headline "City Gold Wars." 

http://www.thestar.com/news/crime/article/913103--city-s-gold-war-ignites

 

 

Sat, 01/01/2011 - 05:44 | 841313 Black Friday
Black Friday's picture

They also removed 5, 10 ounce bars and 1 kilo bars from their listed inventory.

Sat, 01/01/2011 - 05:52 | 841315 put_peter
put_peter's picture

isnt this one of the classical signs that the demand is peaking and about to collapse??? Just wondering...

Sat, 01/01/2011 - 19:45 | 841947 RockyRacoon
RockyRacoon's picture

Um... no.  I had the very first acquaintance ever ask me about gold just yesterday.  One of those ordinary folk that we speak of who would not normally even think of PMs.  She asked me because she knows I'm a coin dealer.   She knew absolutely nothing about either silver or gold... period.  She is a very smart lady over 65 years old and has the bucks to spend on some substantial metal holdings.  Get this:  Her financial adviser mentioned it as a possible way to diversify.  When I get 20 to 30 phone calls a day I'll know we're topping out.   Got a ways to run yet.

Sat, 01/01/2011 - 15:13 | 841568 Nostradumbass
Nostradumbass's picture

.

How amazing is it that a 1964 Kennedy Half Dollar Coin (.3617 oz. of silver) sells for about $12 today?

So glad I have been buying now-and-then over the last few decades...

I remember buying some for around $2, then $3, last time was about $4.50.

Purchased quarters and dimes as well.

Still... I can't eat it (but can use the silver as a disinfectant/antimicrobial)!

Sat, 01/01/2011 - 19:48 | 841950 RockyRacoon
RockyRacoon's picture

I just sold a lot of 50 Morgan dollars (1921 common dates) to a person for $1,200.  I'll wish I had them back soon.

Sat, 01/01/2011 - 22:12 | 842104 Nostradumbass
Nostradumbass's picture

Yep. You may indeed wish them back.

I am not a seller of Au or Ag.

Holding until I can swap for fertile land with fruit and nut trees and with or without an exhisting house in a place I want to live in during the coming New Austerity.

I guess you needed the ca$h?

 

 

Sat, 01/01/2011 - 23:06 | 842149 RockyRacoon
RockyRacoon's picture

No.  Didn't need the money.  Sold them to a friend of 20 years or more.  He knew what he was getting and why.  He was very appreciative even tho I told him to hold on to the dry powder for a pull-back in the first quarter of the new year.  I still think a pull-back is coming and that should shake loose some PMs for the rest of us.  I sold at what I consider to be a high price (hell, some of 'em only cost me 3 or 4 dollars) and I'll use the cash to load up later.   I still have a few pounds of them left, but all out of 1921s.  Hey, it's not the end of the world -- yet.

Sat, 01/01/2011 - 14:37 | 841625 TruthInSunshine
TruthInSunshine's picture

Does anyone not at least acknowledge that governments will act  [choose whatever method - that's not the point] to restrain or knock PM prices down?

I realize that if one believes in the long term relative value of many tangible things, such as gold and silver, and they are liquid, it won't have any or as much impact to their means.

I'm specifically focused on the manner by which governments, including the U.S. government, could and would induce panic selloffs in PMs.

The more intense a rush out of all fiat currency and into PMs become, the more direct a threat to governmental schemes of survival become, no?

A dollar of fiat currency shifting into a dollar of PMs equals some % of fiat that can't be used to further ponzi activity.

I'm just thinking about the true effects of any significant abandoning of the use of fiat to store wealth or conduct commerce would be, on every level.

It would represent a profound challenge to fiat-backed governments and central banks.

Sat, 01/01/2011 - 14:45 | 841644 put_peter
put_peter's picture

How about this:

http://www.the-privateer.com/1933-gold-confiscation.html

I guess this would cause some action in the market. Military is the only ultimate currency that holds its value yet that is not an option to a retail investor :)

Sat, 01/01/2011 - 15:06 | 841658 TheGreatPonzi
TheGreatPonzi's picture

Except that this confiscation was a total failure and only one person has ever been prosecuted.

Do you seriously think the gov is able to track down every ounce of gold on an immense territory?

This executive order just scared the sheep and the slaves.

Sat, 01/01/2011 - 15:16 | 841665 put_peter
put_peter's picture

Government actions are full of failures... however it becomes quite hard if not impossible to use gold as a currency if it becomes illegel to own it. Sure it is possible to buy stuff from black market and possibly drugs etc. But essentially the value of gold would zero in currency terms. JMHO.

Sat, 01/01/2011 - 16:06 | 841721 Beam Me Up Scotty
Beam Me Up Scotty's picture

If that happened, do you think the fiat in your hand will suddenly be worth more?  You might have wheelbarrows full of it, so your hauling costs might go up.

If they make gold illegal, something else will take its place, like food.  They can't confiscate everything.

Sat, 01/01/2011 - 16:10 | 841723 akak
akak's picture

Sure it is possible to buy stuff from black market and possibly drugs etc. But essentially the value of gold would zero in currency terms. JMHO.

And that is why pot sells for $0.50 an ounce today, and cocaine for $1 per gram.

Sat, 01/01/2011 - 16:24 | 841734 TruthInSunshine
TruthInSunshine's picture

To be full in this analysis, one must consider what happens to the pot/cocaine seller/buyer who is "caught" (I can't think of a better term than "caught," even though I despise it, but I also couldn't think of a better alternative).

Sat, 01/01/2011 - 22:19 | 842108 Nostradumbass
Nostradumbass's picture

Perhaps if some Au were held outside of the national border, it could be sold for cash denominated in the local fiat and that cash then be used as needed?

No?

Sun, 01/02/2011 - 15:29 | 842762 Dimeboy
Dimeboy's picture

Casey Research asked their newsletter readers back in November to comment about "What Trips Gold Up?" since this is a common question to all those who are nervously invested in PMs.

It took them a month to sort through the flood of replies but the answers were very telling:

http://www.caseyresearch.com/displayCdd.php?id=610

Seems like the concensus is the strong hands are in now and .gov can't do much without making their problem worse.  I'll repeat my earlier warning about mine nationalization, but that, and most other results of the survey seem to point back to the same message: Buy physical while you still can!

Sat, 01/01/2011 - 17:28 | 841784 irishlink
irishlink's picture

I am reading all your postings and a niggling thought came to mind. Has anyone got the total gold increase by the G20 central banks since the crises erupted? What better way to controll the sheep than to try and corner the physical and when the fiat collapses the governents can eradicate much of their debth as they own the majority of the NEW currency.What is their percentage holding of the total gold ever mined? 

Sat, 01/01/2011 - 17:35 | 841791 TruthInSunshine
TruthInSunshine's picture

I don't know about the aggregate for the G20 nations, but the U.S. Government claims it owns approximately 8.25 tons (264 million troy ounces) of gold.

From Charles Hugh Smith's site:

 

http://www.oftwominds.com/blogjan09/quiz-gold01-09.html

 

Interestingly, CHS says, in closing:

"This works out to about $264 billion at $1,000 an ounce; if gold were valued at $10,000 per ounce the value would rise to $2.64 trillion."

Sun, 01/02/2011 - 02:51 | 842339 omi
omi's picture

Wait, do you expect people that work in a bank to not have holidays towards xmas and New Year? The entire supply chain is 'sleeping' so to say. It's absolutely ridiculous to make a point that on holidays, when no one is working there could be a supply issue. 

I actually  wouldn't be surprised if people would be cashing in on silver.

Sun, 01/02/2011 - 16:30 | 842868 ArrestBobRubin
ArrestBobRubin's picture

Hang on- - while many people who bought Ag at far lower cost p/oz have taken some profits in the $20 to $30p/oz leg, few of them have done so because they think "a top is in" for silver. For a nice sunny vacation maybe, but not for fear of loss. 

Those smart and far-sighted enough to have bought this industrial/precious metal from $4 to $10p/oz (when no one else wanted it) are also the type to realize that silver's fundamentals and the breakdown of the JP Mordor price manipulation racket mean that silver is going to $50p/oz by Spring. On its way to $100 by the end of this year.

By the end of this month, silver at $31 will be a fond memory. Many will wish they'd bought as much as they could afford for what will then be seen as a bargain price.

Please get yourself a piece of the action, and do it soon!

www.bulliondirect.com

or

www.monarchpreciousmetals.com

 

 

 

 

Mon, 01/03/2011 - 02:25 | 843658 omi
omi's picture

I'm not an 'investor', there is no way on earth anyone can get me to play silver, so if it makes you happy, keep all the action to yourself.

From KWN metal wrap, some brokerage owner was also commenting that people are selling into $30, not just my opinion.

I'm also not saying that the top is in, it can run, but I make money on range trades, not breakout trades.

Sun, 01/02/2011 - 16:08 | 842830 ArrestBobRubin
ArrestBobRubin's picture

Wait- - they sold all 14????

 

Happy 2011 all!

Sun, 01/02/2011 - 21:16 | 843259 Hephasteus
Hephasteus's picture

They should just sell certificates. Entitling you to one ounce of MY ASS Versus A HOLE IN THE GROUND. Because that pretty much sums op the entire precious metals industry.

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