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Silvergoldsilver.com Runs Out Of All Precious Metals In Hours
Since Zero Hedge posted (unsolicited and uncompensated) the "Crash The JP Morgue" now-viral video late last night , it appears that among the tens of thousands of viewers who have subsequently gone to the goldsilvergold.com website, there have been quite a few conversions. So much so that as of today, the company is not taking any orders and is sold out of all products. The company goes on to say that it will not be accepting any new orders until December 6. We can only hope that the profits JPM will make in its copper market manipulation will be sufficient to offset the ever increasing pain it will experience courtesy of what is gearing up to be a massive margin call.
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JPM just moved into copper. Bought up 80% of the LBMA pool. Same game, different colour metal. Now they can hold the world industrial growth baseline by the shorts.
+ pre-1982
nickels now 6.23 cents. Immediate 24% gain on every dollar you buy. Like taking candy from a baby :-)
http://www.coinflation.com/
+++
And where, may I ask, does one sell these nickels at a 24% markup?
You will have to wait until they come out with steel or aluminum nickels, as it is illegal to melt them now. Once the other types come out, Gresham's law will take effect, and the copper-nickels will disappear from circulation. They will probably still be illegal to melt for a while, but you will be able to sell bags of them to other collectors. If you start accumulating them now, you won't have to sort them, as cheaper nickels aren't out yet.
that said, I am NOT doing that. For my money, silver still has more upside than nickel or copper.
i collect nickels during daily trade at the coffee shop and toss them in my daughters piggy bank. she'll learn why when she is a bit older. all good fun!
Thanks all.
Actually, those damned useless, ultra-low value coins should not only be eliminated, they should HAVE BEEN eliminated 20 or 30 years ago already. Had our coins and currency been kept updated for the ongoing depreciation of the US dollar since 1930, our smallest coin today would be the quarter dollar, and the smallest bill would be the $20. But in their desperate denial of reality, our mint and the Fed have together held us in a fossilized currency system that is increasingly annoying and inefficient, just another measure designed, I have no doubt, to push more and more people into cashless and trackable transactions.
Nelson and Bunker Hunt, "Oh, shit, why didn't we just buy controlling interest in a bank first and then do exactly the same thing?! Oh, god! Duh! So obvious!"
Buy a spool of wire - Crash JPM!!
or water pipe, fittings, valves, motors, FMJ bullets, french sauce pans, transformers, buss bars, .... uh ... yeah pre-1982 US pennies (pre-1997 Canadian), hmmm The Statue of Liberty (179,220 pounds), bracelets, heating elements, shingles, er.. electromagnets, uhhmm.. green church spires, Triton class nuclear submarine (200,000 pounds ea.), blue fireworks, well - you get the idea - Crash JPM!
Um, I believe that Cu rapidly oxidizes (burns) with greenish light.
Don't forget the yellow sulphur required (+ green = blue)
Yeah.
And by world you mean China and Asia. Cover story in Businessweek - US vandals stealing copper to sell for scrap - final destination, China.
Is this "security" in the form of paper, or some electronic ledger entry?
Or is it something tangible?
backed by toxic assets, purchased for 100 cents on the dollar
Yes... but aren't they inflating the money supply in order to make these static debts nominally cheaper and cheaper for the TBTFs to pay back?
"Lets say you had an unlimited 0% credit line on your AMEX. You borrow 100k for gambling in vegas. You loose all 100k. The house demands payment. Now you have 100k debt. You have 2 choices. Quit gambling and find a way to earn the 100k to pay AMEX back or borrow more and hope you make it back. As a compulsive gambler, you borrow another 100k. You continue doing this until you are a cool mil in the hole. You now have 1 mil in debt. Even at 0% interest, you are still a mil in debt. So you have 2 choices. Default on the debt or demand more money from AMEX to pay the debt. Either way you are screwed. You are 1mil in debt. That is not going away unless you declare bankruptcy and default."
This actually happens and is more common than you may think. It perfectly describes the cases of Brian Molony and Nick Leeson, and many similar cases that are hushed up for business reasons.
They were tempted to break the law and risk ruin by the possibility of gain, or to get out of a financial jam. Imagine the temptation if there was absolutely no danger to yourself, your boss was backing you up, and a large gain in the form of salary promotion and bonuses was guaranteed.
lotta people gonna get burnt
Care to expand on that thought?
Especially the 99.3% of the population who have all their worth in paper currency or dominated assets.
Yeah pal.
90% of the US population are living hand-to-mouth. Get out of Boston once in a bit.
'Savings' amounts to whatever they can pry from the payday loan store. 'Savings' LOL. Wish I could move in your social circles.
that's a big wish~
How do you think most people get to those circles? Most were NOT born that way.
Even if you can only save $25 a month, it adds up. Especially when compounded with rising metals prices.
Well, yes. But I'm in agreement that it's the people holding paper who will be burnt, not silver.
But in my case, it's irrelevent. I'd gladly pay the price of a silver coin to put an end to part of this corruption. In fact, I'd be happy to pay much, much more. I honestly don't care where silver goes.
Having it go to $50, 80 or whatever, and putting the squeeze on JPM is simply extra gravy.
i will also still be buying.
http://www.zerohedge.com/forum/fiat-paper-bubble-run-your-lives
http://www.zerohedge.com/forum/plot-enslave-you
I'm Sorry. As much as I wish it were true, I'm just not buying all this "scarcity" buzz that people are trying to generate. I don't see it at the coin shops I frequent, and I don't see it at the websites that I monitor for market conditions. I just don't see it. I wish I did, but I don't.
I don't think it's scarce yet. A run on one supplier is nothing much.
But price is going up. And with very few things does increased price increase the demand.
This is one of them. Things are definitely bubbling up and happening.
You can no longer get silver from the Royal Bank of Canada whereas you could eight months ago. I haven't checked for a couple of months but they made it sound like it wasn't worth phoning back. They still had gold but only in large bars.
Check APMEX. Although they have plenty of ASE and maples, the 1oz bars are almost all gone, the 5oz bars are 80% gone and there are almost no 10oz bars. You can still get pretty good prices on the 100oz bars, if you can afford them. Almost all the silver they have left is on a delay for future delivery in January.
I'm in the business, standing on the other side of the counter.
I can verify that both our store and every significant dealer in the Northwest is currently experiencing a run on silver that has not been witnessed in recent memory.
All orders to wholesale are backlog, whatever you see in a dealer display case is there because someone brought it in within the last 4 hours.
End of story
good stuff. thanks for the feedback. i am an independent electronic futures trader, and i can tell you that friday was expiration for the gold contract. late in the afternoon, around the equity close, there was seriously heavy buying in the gold futures contract like i have not seen in a while. i believe some big players are laying it on the last day in order to catch out naked shorts in gold as well. its interesting.
http://www.zerohedge.com/forum/fiat-paper-bubble-run-your-lives
http://www.zerohedge.com/forum/plot-enslave-you
Thanks for those links. Really great!
Is it possible this is why silvergoldsilver.com is saying they are out of PMs at this time? holding the inventory for the spike your observation will cause? I'd wait to sell if I was convinced gold and silver are going to gap up Monday...
That being the case why are the gold / silver dealers even selling at all consdering that another price spike is likely just around the corner? Why not just wait until Silver =35 or even 45??
Cash flow?
Margins that good?
For the same reasons they sold when it was 7 or 14 or 18 I would imagine.
You can't do business that way because short timing the market is always a disaster. Ok, it worked this time, and next time, and next time, and then I got slammed and lost my shirt when I thought it was heading up, but it went down instead. See?
If you can book sales and profit, take it. Do not wait.
A coin dealer that tries to speculate on the prices will eventually guess wrong and be out of business. They make a living by earning the buy-sell spread over and over and over and over......
Correct. Are we coin dealers or money speculators? Coin dealers have no business speculating...that's for someone else.
Your name is a kick to me. My Grandparent's genealogy chart, now lost, claimed I'm a descendant of Eric The Red.
And Obamao's genealogy chart, now lost (along, apparently, with virtually all of his personal and academic records), shows a direct descent on his mother's side from Lenin the Red.
They are in business to buy wholesale and sell retail. They don't care if silver is $4 and they buy for $3.75 and sell for $4.25. Or silver is $40 and they buy for $37.50 and sell for $42.50.
They could speculate on the price, just like a bookie could bet on the horses, but it's safer to collect the vig.
Finally, JP Morgue and the Goldman Sack are being idenitfied as the destroyers of prosperity who rig the system.
don't forget the Ben Bernank
Turd your a pro could you help me with this, anyone have a good answer ?
How much of the gold/silver run is due to derivatives...?
What's the true floor under all the paper ?
Back in 1994, after following what I called the derivative revolution throughout
the 1980s, I commented on this very issue. In my book1 I said…”what may
benefit an individual mining company does not necessarily augur well for the
market as a whole…. On occasions, producer hedging will not only influence
the price, but may even act as a major price determinant.”
There is general consensus now that derivatives have had a major impact on
the structure of the gold market and ergo, the behaviour in the price, in a way
that has not been seen in other commodities or financial instruments. Why
has the gold experience been unique? The explanation is due to a number of
factors. The market itself is very small relative to currencies, and any
structural change imposed on it had an exaggerated effect. But more
importantly, gold remains a contango market, exhibiting a positive carry.
This explanation begs the question: what is it about the gold market that
ensures a virtually permanent contango? The answer lies in the historical
purchases and holding of gold on the part of the central banks back in the
days of the gold standard. While pertinent when the Dollar and Sterling were
backed by gold, these holdings become less and less appropriate in modern
day financial management of reserves and currencies. The gold overhang,
held inertly, failed to accrue a return, and non-interest bearing assets no
longer have a place in current portfolio management theory.
Thus it turned out that, to earn its keep, these gold reserves were gradually
mobilised. The presence of this lending provided the liquidity necessary for
this existence and execution of price risk management products. Without
liquidity, the bullion dealing community would not have been able to execute
the transactions and hence they would have been render rather useless
unmarketable products. In short, the central banks as a source of this liquidity
became a key factor in evolution of the gold market.
Now none of this mobilisation of Official gold would have been encouraged if
there had not been a willing borrower of the metal on the other side of the
liquidity equation. Enter the mining companies, all greatly excited by the
1979/80 price rally to the magical $850 level, and hence flush with exploration
money.
The Impact of Derivatives on the Gold Market -
Jessica Cross
"How much of the gold/silver run is due to derivatives...?"
That's a toughy, Spalding. I don't know.
What I do know is this, however. Silver broke out and has traded straight up, at a 45 degree angle on the daily chart, ever since our buyer(s) of size showed up back in August. It has brought gold along with it, not the other way around.
Something is definitely afoot. Smoke and fire.
Thanks. Great Blog-
Not sure if you follow EJ on Itulip. His gold call was in 2001 because of credit risk.If you go into the forum and read some of his older post hes really got great info - Hes been very early on many calls.
Hes on the fence now as far as Gold ... But has not given an update. Hes pouring money into tech startups hes a VC.
..."This is why, ultimately, private credit risk (See Credit Risk Pollution, April 2006) expresses itself as currency risk, and why we bought gold in 2001."....
...But as we explained in 2004 (See Housing Bubbles Are Not Like Stock Market Bubbles, January 2004), when housing bubbles collapse they don’t pop like stock market bubbles.The process is slow and corrosive, like rust, rather than an sudden like a stock market crash. Bank analyst Chris Whalen can be heard repeating our forecast after the fact six years later."...
"Unlike stock market bubbles, real estate bubbles don't pop. Collapsing stock market bubbles are characterized by a sudden collapse in prices because stock markets are highly liquid. You see huge volumes of transactions at ever lower prices during a stock market collapse. Collapsing housing bubbles, on the other hand, are characterized by illiquidity, a sudden collapse in transactions. Buyers and sellers seem to disappear."
Also this link.
Frankenstein Economy
"On the fence" now is a mistake but I don't blame him for being in VC, instead. Probably feels he at least has some measure of control there vs the PMs.
I really appreciate your charts and posts on your blog. Nice work!
Thanks. I'm simply trying my best to help the cause.
Don'r forget that the CFTC also raised red flags and since that time the op-ex doesn't get hammered like was happening typically before that.
Here's an interesting source for Silver:
https://www.libertyleaf.com/Home_Page.php
Yeah, bought a few from them as gifts. Not really a pot smoker, my drug is Jameson, but still a novel gift.
Bought 3 of them last week and they arrived promptly. Just ordered a roll today. They will make nice christmas gifts for some of my more free-style family members.
I bought some as gifts too!
It's a great way to introduce Silver to folks who might not otherwise consider it.
I'm pretty sure (but don't know) that after a few tokes, a solid ounce of Silver in someones hand would be pretty impressive!
Sorry for my ignorance-- ZH can be pretty technical and I'm kinda new-- but when does this short become due?
We had all hoped for Dec10. It now looks like they might make it to March.
www.tfmetalsreport.blogspot.com
Thanks! How does it get pushed back? Suggestion for book to understand shorts? Or just a good, comprehensive book that explains more?
I'm getting asked this more and more often.
If I can, I'll post a simple explanation explanation tomorrow. If not tomorrow, Monday.
Thanks for your patience.
What I am looking for is the mechanism whereby they push it back to infinity; get bailed by the Fed; do some sort of swap that nets out to zero; simply default and yet be called good anyway; or some other sort of scam that lets them off the hook.
If the current rules says they are toast, then you betcha there's a plan B,C,D... being cooked up to save them.
As was commented recently:
<double post>
People who buy silver or gold for delivery from the COMEX, have an option to either demand delivery or roll their long contract into the next month, removing delivery pressure off the scant supplies of silver and gold physical stockpiles held in the COMEX warehouses.
AT the end of each Delivery Month, the longs have to post the full price of the contract to show their intent to take delivery. If you don't post the money the contract is automatically closed out by the exchange. Usually, longs have been content to roll their contracts over into the next month. However, becoming cognizant of the physical shortages of commercial amounts of silver and gold available for delivery through the COMEX, they are smelling blood in the water and are changing their strategy. IE, they are posting money for delivery.
How does the COMEX kick the can down the road in this situation, or how do they not deliver the gold and silver they are contractually liable to deliver?
There are some plays in their book that they can draw on, eg, Force Majeure, outright default, or, what they are doing today, which is: they are cashing out the contracts at a premium to spot. The longs are accepting cash above the going retail price. The longs are unlawfully being paid cash for a contract, kicking the delivery of physical, and in this case kicking the threat of actual default, down the road.
If you want to make a premium when trading, ask for delivery, they bribe you not to follow through. It (the premium) might even negate the increase in margin costs demanded by the COMEX.
However, this is akin to accepting stolen goods from a fence. You are party to an illegal transaction. What questions this raises is another matter.
The best source of info that I have found is Harvey Organ's Daily Gold and Silver Report, blog.
I forgot to mention that the ability of "short" players to write unlimited amounts of delivery promises, also has an effect on outcomes.
Jeffery Christian of the CPM Group, revealed to the investigating regulators at their "Never Ending Story" (no outcome) hearing into manipulation of the gold and silver markets, that the 100:1 (selling 100 times over) leverage of Other Peoples Holdings at the LBMA (and other storage entities) is regarded as a "physical" transaction but that if 99 out of the 100 actually wanted delivery, they would simply be cashed out and that would be regarded as a "physical" delivery. This he claimed as "Usual Practices" when holding your gold in secure storage. The fact that the regulators are turning their backs on regulating the market as you would expect them to, dictates that the market will do it for them,
This coercion of the markets has been going on for so long that the reaction to the unwinding will be inversely proportional to the input. Maybe more-so with overshoots.
That can is becoming really battered.
Thanks for the reply, Al! Very appreciated. Part of what attracted me to start posting on ZH is that the content can be challenging and I find investing fascinating.
So, COMEX, in lieu of delivery, is just stating, "Hey, why don't we forget about that delivery if I give you a little extra?" Correct? So, by accepting the premium, the K (contract) is still alive, but delivery is pushed back a month, or more? And, since K-holders have been accepting the premium, there doesn't need to be delivery, hence JPM is still standing? But once K-holders no longer accept the premium and delivery is demanded (but there isn't enough silver to deliver), then JPM's short position comes due and JPM gets anal ravaged?
Is that analysis correct, or am I wrong somewhere?
Thanks again, and I'll also read the other link you posted.
They can just take the cash and walk away from the table I think. They don't have to roll the contract if they don't want to. But if baby is holding out candy why not take it.
I'd understand taking the premium... why not? The only part of Al's explanation that I was unsure of is whether the K-holder takes premium+spot and loses the k, takes just the premium and keeps the k (this is what I assumed), or can do either.
It would seem (and I'm just using logic without any underlying financial knowledge or education) that as long as the k-holder believes the price of silver will continue to rise, then there is a benefit to continually taking the premium and still having the k (I think that this is what Al meant by "never ending story"). The k-holder would probably only demand delivery if they believed that they are being bs'ed, and no physical silver could be delivered or they believed the top on silver was nearing and wanted to sell (eventhough they could probably just sell the silver k without physical possession of the silver?).
I'll have to read some books to completely understand, but I think I'm getting a basic grasp.
You take the Premium, you give up your position.
Cant stop you from opening a new one though.
Very lucid, thanx Al
Pleasure's mine. Turd could improve on it I'd imagine.
I would be quicker to buy Sterling Silver Flatware or jewlery. That way you can enjoy it as well. Plus, no one is looking there for their silver.
I've bought some sterling flatware off eBay this year. If you are patient and disciplined you can get some nice stuff for a very reasonable price.
Here is some in ebay running about $20 an ounce.
http://cgi.ebay.com/116pc-9-6-lbs-SCRAP-STERLING-SILVER-FLATWARE-CHANTILLY-/400175656698?pt=Antiques_Silver&hash=item5d2c53eefa#ht_9756wt_1139
You also get the craftsmanship of the pieces. You can be opulent and serve your guests with Sterling Silver Flatware. Although, you might want to count it as you clear the table. Yet owning a nice set of Sterling Silver Flatware is a must have.
Interesting that they used to refer to someone of wealth as they were born with a silver soon in their mouth.
What I don't understand is why people are applauding the replacement of one manipulation for another. Dumb question, perhaps, but why haven't the LME taken any steps to impose position limits (remember those) on JMPC? It makes no sense at all. Who at LME has allowed this to happen and why haven't they stopped it or resigned, or stopped it and then resigned, since it is obviously contrary to exchange regulations. Whoever heard of one entity being allowed to 'commandeer 50% of the tradable supplies of an important industrial metal?
In my opinion, this is a hedge - IT'S GARGANTUAN BLACKMAIL! (JMPC: 'If you don't back off on the silver market - we'll destroy all your industries which need copper.' Here are some examples: construction (including heating and plumbing), electrical goods, the motor industry, aircraft, engineering and machine tools etc., etc.
This isn't funny. This is serious stuff. The image of a cornered, wounded wild animal springs to mind.
Going back a little while the word out of London was that Asian interests were buying physical silver big time...China? Now, JP Morgan (according to two little cartoon bears, a proxy for USG) responds with a copper play that hurts who the most...China?
Trade war!
According to LME, if you buy it ALL, your required to sell/lease back for those that need /want it.
REQUIRED.
If JPM end arounds these rules/laws, would that not be the same as the Hunts on the SILVER hoarding?.
In my opinion, this is a hedge - IT'S GARGANTUAN BLACKMAIL!
Typo alert -
That should read: this isn't a hedge - IT'S GARGANTUAN BLACKMAIL!
You can actually edit the post you know.
Sorry - forgot!
Bang Dae Ho!
Bang Dae Ho, bitchez!
Bang Dae Ho and Bitchez, Bitchez!
I looked at Google Images for Bang Dae Ho and the first image is Obama, lol.
http://www.google.com/images?q=Bang+Dae+Ho&um=1&ie=UTF-8&source=og&sa=N&hl=en&tab=wi&biw=1600&bih=765
I only hope the ones getting burned will not be the weak amateur hands who are piling in on $30 silver following the "insider" info from a bunch of bears that it will hit $50-80 "soon". These guys were crumbling under the bear raids two weeks ago. If it drops now they'll sell at a loss and you won't see them back for a long time.
Amateur Hour is over. These are times when playing in the casino is dangerous to your health. These are times when the casinos cannot settle your account with them. Therefore, this is the times when the supply of small rounds and bars at retailers should be snapped up at going rates.
I'm comfortable with my tactics, having seen no improvement in purchasing power of paper currencies, world over.
Here's an "out there" projection from the way I perceive it. Silver prices at $500 will seem low not too long down the track. The transition of silver and gold as money from paper, will see the value of unsubstantiated paper purchasing power drop to Weimar proportions, world wide. There is no way out for the paper printers as printing and credit extension is their business model. My oft spoken Mona Lisa Principle holds. The more that the original is found to be replicated from the original source or through flawless counterfeiting, the less value the original holds. Same goes for currencies.
If time is on your side, grab any retail silver at these prices. It's a fire sale.
I was in CNI in Los Angeles yesterday.
I offloaded a few Palladium bars since PALL has gone parabolic.
They have plenty of inventory in stock.
www.golddealer.com
Ask for Ken Edwards
That's one of the sites I keep an eye on. Some of the best prices you'll find. Minimum order is $2000 but it's free shipping. I like the site because they clearly give both buy and sell prices so you get a clear picture of what the spreads really are on a variety of products, and you can use it as a guide if you are buying locally, eBay, or whatever.
I like the site because they clearly give both buy and sell prices so you get a clear picture of what the spreads really are on a variety of products, and you can use it as a guide if you are buying locally, eBay, or whatever.
See: http://www.bulliondirect.com/nucleo/showProducts.do?cat=Silver_Bullion&c...
Great prices, but Inglewood?!?
I would only drive down there with cash in hand to exchange for PMs so long as I bring with me my Benelli M1 Super 90....
on Fri, 12/03/2010 - 19:49
#777208
Hilarious : http://www.youtube.com/watch?v=Gl47z2g2EvI
Soon to go Viral !!
--------------------------------------------------------------------------------
WOW : I had no idea.!!
The POWER of the internet. Simply Amazing!!
Let Freedom Ring !!!!
Edit: Hat tip is to ZH for caring enough to read and follow their followers.
(ps: I am in no way affiliated with said site, company or video)
Nice to C U 1981, however, you're late!
:-)
Read it again Al !
Oh, OK, Sorry. I re-read it. It dawned on me, like that feeling that you get when you walk into a gay bar. (Just taking the piss.)
:><) (Me with a moustache).
I'm wondering if JPM is going to find out that it isn't a perfect world. I mean, everything that is happening now is almost exactly what occurred in the 1920's/30's. Again, it was a Europe defaulting that rapidly put a run on gold and silver while equities got punished until Meyer and Young forced Harrison to start raising rates to stem the rush on US gold after the gold windows were slammed shut in England and the Continent. Copper also took a beating at that time. Wouldn't it be grand that as JPM gets long copper to offset their short silver position that the copper position gets hammered along with the market if it should get caught in a European domino bankruptcy? Certainly not out of the question. The FED was flooding the markets with cash just like Berserk Baranke is doing today and it didn't do any good in the end. JPM would get caught both ways. Would that be beautiful or not. Dreamin the dream, hopin to live the dream.
agreed.. im sure there is a metric out there somewhere as to the beta of silver vs. copper vs. gold in regards to the broad market.. but what is happening here is interesting, in that silver is becoming in the "minds" of many a store of value vs. just an industrial commodity, so whatever these historical rates are, i think they are shifting... so if there is a hyperinflationary depression, i would definately want to be on the opposite side of the silver/copper spread, much like many feel have (had) felt about the gold/silver spread up until now... the other scenario, of deflation... i think bernanke has made it clear that he will not let this happen. (as seen by the evil hand of the fed on fridays trading action, defying all logic with an equity rally on a day of the worst news in months).
It could happen...there has been hoarding of copper in China for quite a while now...believe it or not Chinese pig farmers are major buyers. The irony would be if they sold copper en masse and bought silver...
I think JPM, after GATA took their ass to task is wondering about this.
http://www.youtube.com/watch?v=1uaPs8sxqB0&feature=related
Sincerely, Cash4Gold. Positively loltastic!
http://imgur.com/or2dv
I lol'd.
+++
Last wednesday I talked to a insider at umicore (I'm in the metal business myself) and he told me that the only thing that's keeping the silver price down is the scrapping of old silver.
Enormous amounts of silver are brought in to be melted.
Once the news starts to announce shortage in silver, this scrapping will stop and silver will really start to go up.
As we speak there is still enough silver in the warehouse to keep the price down for another 2 to 3 Q's. If demand doesn't pick up much more.
And for my sake, I really hope silver goes down 1 more time because I want to make another big purchase and these funds only come available in 2weeks :)
and you let them advertise here. what is the % of commission they take? if they conceal it that way what is the value of silver for $ you pay ? how much are they making?
I really wonder this everybody in this site is talking about buying physical coins of silver/gold , In my country it is almost 2% bid/ask spread in gold coins, and this is a lot of money going to dealers, (it is infinite years deposit interest rate!), how is it over there?
melters are now paying 1$ above spot price here in europe. It doesn't really cover the 17% tax on silver, but never before did they pay such high prices.
http://www.apmex.com/APMEXTop40/Default.aspx
Out of quite of bit of their top 40 silver products...
don't buy on the mainstraim sites. There are still a lot of good deals to be done and silver to be bought way below spot.
You just have to find them. I've got 3 recources (which I won't post here :) )and the only thing that holds me down are funds.
But if you compare it to 2 months ago, all of these are drying up.
My favorite is out of stock:
http://www.apmex.com/Product/5126/500_50ct_Roll_90_Silver_Coin___Mercury...
They have 17 rolls of Franklin halves left, so I might get some more...
I completely understand the need to go for precious metals in these times, but I can't help but hear the cynical side of me chime in. As much as I'd love to see JP Morgan be taken to task for their massive manipulations, I'm concerned it will result in just another law-rewrite, move-the-goalposts or other 'exception' to the rule.
Or maybe, just *maybe* they get nailed to the wall. I'll be watching with great interest, that's for sure.
Once you start buying silver, the silver bug will bite you and give you silver fever.
Theres nothing more fun to watch a silver stash.
That's also why I don't think this is a one time thing. And the more the gov. tries to get a hold on silver, the more the price will go up.
Sudden: There are better things to watch than silver, but, that will need the use of mirrors and video;) Perhaps if the deed is done in a pile of Mercury dimes everyone will get a thrill.
How right you are! It's SO fun that I have now limited myself to "viewing" only on days where the price increases...haven't had too many withdrawls lately.
How right you right are you are right re PMs!
Geez this guy is observant! I will check his reports while I am in Peru
Hasta la vista baby!
Ahh, Peru, so laid backed re gold... Not to mention Lima parks for practicing Tai Chi!
...
Do not forget Peru as an escape hatch (with its imperfections) as a possible escape hatch!).
PERU fans do not forget me!!! Mariposa and Oracle of K and have contacted me...
BEST to all of you who have doubts about our system!
Vaya con Dios amigo!
All the commentary on this site convinced me to start buying silver a few months ago and even though I don't have much, I do indeed get a kick out of buying it and adding to my little pile.
Kitco.com premium on silver coins is as high as I've ever seen. What does this say. I've only been involved for a couple of years so I'm not exactly a seasoned pro here.
this relates to 'return on capital'. since the price of physical metal is higher, the amount of cash that it consumes in its dealings requires a higher premium to achieve the same overall return on capital in percentage terms.
http://www.zerohedge.com/forum/fiat-paper-bubble-run-your-lives
http://www.zerohedge.com/forum/plot-enslave-you
Kitco is not the place to buy any metals IMHO.
Maybe if your Canadian, and can walk in.
But all Canuck pricing is higher than US.
Kitco has a lot of overhead, Nadler,etc.
LOL
Today I bought some silver (more than 100 American Eagles) from a local coin dealer in San Diego. Price $32.38/coin and will be delivered in two weeks. I searched the internet and this dealer's price is better than anybody else.
sun city coin in socal silver eagles $3 over spot
Fantastic. If we can do this, there is no stopping us. Well, then there is The Bernank, but now congress is new and hopefully improved. Fuck off the negative commenters. This is a great start.
Here's what I have available in inventory. I'm a professional,series 3 licensed broker & metals solicitor: http://www.PalladiumTrading.com/buy-precious-metals
Silver American Eagle, 2010: $32.52: quantity: 20,000 minimum 100
Silver Canadian Maple, 2010: $32.17: quantity: 23,000 minimum 100
Palladium Maple Leafs, various: $806.30: quantity: very limited
Gold American Eagle, 2010: $1,481.49: quantity: 4,100
We also have 1,000 oz of 1/10 oz Gold Eagles.
If you call or email me now ( I answer the business line 24/7) early and get your account info set up, you can order now for delivery next week
There are minimum orders - 100 oz silver and 2 oz gold
We can't process deliveries until funds clear, so those who get to the wire fastest will get their product first. Call to talk to me 205-202-1442 - Mark
Hey ALGO(gonebad),
I think he is late !! Better late than never tho !!!
LOL
Hey Mark, calling you right now! LOL
.
People, you have no idea how high it's going. Anybody who says it's a bubble is so clueless it's laughable. There is ten times the amount of gold as there is silver above ground. Now think about that fact and look at the chart below and your brain will melt:
http://goldenreturnscapital.com/images/charts-graphs/17395_a.png
yeah, but if i may point out to you, we have discovered the perpetum mobile - we can print as much as want, at virtually no cost (to the taxpayers which are our most concern!)
to summarize: this time is different - we are not the peasants our ancestors were, digging a hole to mine some barbaric relic and then pay an army to guard it...no, we are the best, and the smartest this Earth has ever seen...
ha, ha. exactly. well put! :)
http://www.zerohedge.com/forum/fiat-paper-bubble-run-your-lives
http://www.zerohedge.com/forum/plot-enslave-you
I heard the most ridiculous commercial on the radio yesterday. It was along the lines of:
"Have you recently inherited gold or silver from a relative? Turn it in to real cash with us. Don't be fooled by pawn shops or send it in the mail, blah, blah, blah."
I wish I could find an audio clip to post. It was absolutely ridiculous.
They are tapping a market made up of people who may have inherited some form of precious metal, but cannot afford to hold it...they need cash to buy food. Kroger does not take gold for food.
As a holder of the physical, I've often wondered about the possibility of playing the ETFs in a simple, but powerful way for when SHTF: SHORT SLV, LONG PSLV
Playing that spread seems like a solid money maker. PSLV will have a huge premium when the physical shortage is realized. SLV will be way under spot when people lose faith in JPM ability to deliver. Now if I could only find a decent retail broker that had a decent risk management system that would allow proper leveraging and protections to make this a large set of positions.
Anyone know any decent retail brokers that would allow this without insane margin requirements?
shorting is very dangerous, when the shares can be called in on 24 hrs notice. been burned twice. shares fell significantly, days later, after I had to buy to cover, at a higher price.
Try JPM - I am alamo certain they will be more than happy to separate you from your physical...well, i meant holding it for you...good luck trading!
I've been a coin whore for 9 years now. California Numismatic www.golddealer.com popped my cherry with 10 palladium bars for $200 a pop.(big shout out to Sal) I've been a slut ever since bopping around to Coastcoin.com loading up on choice BU St. Gaudens and double eagles for $500. Then Comex silver bars at APMEX. All the monster boxes of the differnet mints. gold bars. Platinum eagles. junk silver. I couln't stop there. I had to buy gold shot too so I could have a jewler make me serious bling. (no taxes.) I've done it all. The whole time my family and friends thought I was stupid. Now they are all like me. In all I'm claiming responsibility for well over 10,000 oz of JP Morgue silver bullets not counting the gold gold bombs and Noble Metal nuclear weapons. I have little cash in the bank from a my 9 year long orgie with treasure but for some reason I don't care. I don't want Fed notes. I don't get into debt with them either. Just enough to pay my taxes thanks. I measure wealth by a different standard than they do. I think my way is working.
Do you haver a sister? Daughter?
working to move in higher social circles...hmmmmm...i see....once you make it, pls start a blog to share your experience with the rest of us (losers)...pls
I have a few Silver Eagles and Canadian Maples for sale. First come, first serve....poof...and they're gone! Sorry :(
+1 classic
I also think that it is interesting that everyone is buying precious metals. Does that not figure into what Bernanke is doing? It is taking the Money supply out of the system. People buying precious metals will not spend them, they will hoard their metals and not sell. This keeps money out of the system that could have been used to reinflate the economy.
So what happens when someone loses their job or some other emergency? Where will they sell their precious metals? Who will they sell them to and for how much? I really do not know but to me the precious metal thing does not make sense. Neither do stocks for that matter.
I for one just think that you need a good stock pile of food and other things. Like a wood stove, gas powered chain saw, whole house generator, well pump, etc. These are things you can use today. To help lower your energy bills, buy food on sale, protect against power outages.
It seems like everyone is running around like Chicken Little saying the sky is falling. When in fact we are helpless against the Money Printing of the Fed. A few silver or gold coins will not save you.
"A few silver or gold coins will not save you."
What about a lot of silver and gold coins, a bunch of 100 oz Johnson Matthey silver bars, and a Mossberg 590?
tell that to ww2 refugees, who got out of germany, and purchased their own lives, for a few gold coins.
590 was my latest purchase. Body armor is next. I think I like you.
Wfs,
My opinion is that many of the folks here who are purchasing PM's also are preparing/prepared for the other necessities. I am all set for TSHTF with regards to your list (and more) and am buying PM's solely for the insurance side of things.
Regarding re-inflating the economy, I personally think that it is an impossible task until the necessary corrections have taken place. The actual SAVING of money (AU/AG) is a most important step in what will be the "renewel" of our economy someday.
Just my humble opinion(s).
agreed.
http://www.zerohedge.com/forum/fiat-paper-bubble-run-your-lives
http://www.zerohedge.com/forum/plot-enslave-you
Im glad you are "opting out"
that leaves more gold and silver for me !!!
Woo hoo !!!
I will address your comment instead of going ballistic. Of course, every day I understand Travis better.
The econmy is been inflated by the bernank already. Trillions in POMO. Trillions to the ECB, etc. Pumping money into an economy to re-inflate it only works when you already had a shortage of currency in the system as the cause of the deflation (see US post 1873).
This collapse is been caused by a loss of the value of the real estate market. The bernank pumped trillions of dollars into the banks to refill their coffers from the losses they took from the exploding real estate bubble. The true solution would be to mark the assets to reality and allow overextended banks to fail, freeing up currency and credit to those that can actually make a profit. Instead it is been tied up in keeping zombie banks and multi-national corporations (GM, et al.) on artificial life support and to pump up the stock market to give the illusion of a recovery (wealth effect).
In a coin dealer or a "we buy gold" rip-off dealer. See Argentina as a reference. You purchase Au and Ag as a wealth preservation instrument. If you need some currency before the new fiat is issued, or the system collapses, you trade enough of your PM savings into currency at the day's exchange rate. If you keep your savings in paper, or worst in a "savings account" your purchasing power is destroyed along with the fiat.
And most of us already have stored food, arms and other critical needs. The PMs are another tool in the arsenal.
Au contrair, if there is a tomorrow after the SHTF, PMs are the only thing that will transfer your wealth to whatever the new normal is. We are not chicken little, the sky is really falling. We are just getting our umbrellas ready.
But, to each its own. I wont be joining you in the bread lines.
Goldsaver,
You obviously understand Gold and Silver as the bridge to the next currency.
I can only pray that there are many more with your mindset than those who calculate how many $FRN they can get for an ounce...
I will not be in a bread line I own rental real estate. Which is another hard asset. And they are not making any more of it. I also receive a decent yearly return.
the arrogance of the State central planners. the laws of financial physics do not apply to them. they are gods among peasants.
just bought a nice, gently used, savage arms, 12 ga pump. new firing pin, plug removed, sawed off by gunsmith to legal limit.
it goes into the safe next to the pile of silver.
kind of a symbiotic relationship.
When you need to use the 12ga and you don't get them all symbiotically or not; when do you sleep? Just Fred C. Dobb's n you.
It's not a symbiotic relationship at all. It's responsiblity. You are responsible for protecting your wealth violently. If you hand that responsibility over to other people you will be robbed through trickery and left with excuses for why they failed at thier duty of protecting what is yours.
You might want to reconsider the location of your weapon. If someone is trying to penetrate your safe, you may not have access to your gun. Although I have many guns, most of them are in cabinets, as I guess I kinda collect them. However, I do keep a Browning High Power under the edge of my bed that I have filed crosses into the nose of the soft point bullets for maximum expansion and tissue damage, and I keep a loaded shotgun in the corner next to my bed, it is a 24" double-barrel with one open and one modified choke, that I keep one 4/0 buck in one chamber, and a #8 shot cartidge in the other chamber. The 4/0 is for shooting through the corner of the wall or the door if I hear any kind of miscreant coming down the hall. The #8 is to blow their guts out if they make it past that barrage. The Browning is to execute them if they are not yet dead. Of course, this all assumes they get past my first lines of defense, which is a full-on security system with cameras, portal alarms and full-scan heat sensing alarms. This is in tandem with a 160lb male Caucasian Mountain Dog that has very large teeth, and an 800lb jaw clamp force. Just for backup, I have a 14" Bowie knife under the edge of my bed that is honed to a razor's edge, and a backup 375 S&W magnum with anti-vest loads in it. My Wife keeps a 9mm Makarov under her edge of the bed. If a large force of Al Queda, Michigan Militia, wogs, miscreants, dopers, gold thieves or poor people come at me at once, I do have options for them as well.....a brace of Remington pump shotguns with cartridges hand-loaded with ball bearings (shoot through vests or car doors), several high-powered hunting rifles, and a half-dozen assault rifles. My kids are checked out on all the above so are capable of providing a devastating enfilading screen while I catch the invasion force head on with a direct barrage that is guaranteed to pin them down. Once they are on the defensive, they can be picked off at will with my hunting rifles equipped with night scopes. If it is a determined siege, then we have the means through legal materials to quickly McGyver various destructive devices using gasoline, soap, eggs, blood of the fallen enemy, fertilizer, smokeless reloading powder and other things to fabricate Molotov Cocktails, napalm and hand-hurled bombs. So....maybe I got into this a little deeper than originally planned, but think seriously about the location of your weapon.