UK Royal Mint Silver Production Surges 100% - Sovereign Edward Supply Tight But Bullion Premiums Low

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Thu, 07/07/2011 - 07:45 | 1431953 KlausK
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PM. Best things in life aren't free. But you can still BTFD.

Thu, 07/07/2011 - 10:43 | 1432394 Ahmeexnal
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Meth Man -the Jesus Christ of ZH ("I just want to save you guys!")- says it only costs 5 bucks to dig an ounce of silver outta the ground.

Thu, 07/07/2011 - 14:07 | 1433306 jerry_theking_lawler
jerry_theking_lawler's picture

after some research, i agree with MM's assessment.....$5 to dig out of ground. probably $10-15 for exploration, $5 for environmental permitting (for mines) from the lefties, another $5-10 for refinining, $5 for shipping/minting. There you have it: $35-40/oz.

So yes, MM's assessment is correct, just not complete.

Thu, 07/07/2011 - 08:11 | 1431979 pitbull pappa
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Silver Bitchez!!

 

 

Thu, 07/07/2011 - 08:20 | 1431993 moriarty
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Here in Blighty Maples, Eagles & Philharmonics are all better value than Britannias and when SHTF it all silver after all.

Half Sovereigns also very convenient to use when thay are the only real money again.

Thu, 07/07/2011 - 10:01 | 1432263 Sabremesh
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Maples, Eagles & Philharmonics are "cheaper" but they are not legal tender. The premium for Britannias is offset by the fact that they are exempt for CGT, unlike your "cheaper" options.

Thu, 07/07/2011 - 11:10 | 1432523 moriarty
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Thanks for the heads up, just shows what can happen to the ignorant.

I have them as a hedge to use for their bullion value if we lose faith in paper and I am relying on the fact the silvers silver and in such a time the local purveyor of the goods I need will not care.

Thu, 07/07/2011 - 08:28 | 1432001 Lmo Mutton
Lmo Mutton's picture

Silver Eagles.

 

That is all.

Thu, 07/07/2011 - 08:43 | 1432036 Manthong
Manthong's picture

9.75:1 Ag/Au sales ratio is interesting.

Thu, 07/07/2011 - 08:58 | 1432068 flacon
flacon's picture

Very interesting.

Thu, 07/07/2011 - 09:06 | 1432098 PaperBear
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As silver retakes $36.50/oz, I think we are leaving $33/oz silver behind.

I bought some more physical silver this week - WOOHOO.

Thu, 07/07/2011 - 09:17 | 1432145 Major Priapus
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In a related development:  If current German finance minister Schäuble gets his way; the German Treasury will be able to ignore civil rights as defined by the rule of law!  
 
Cash on the barrel will be against the law i.e. Cash Transactions in excess of 1 000 Euros will no longer be permitted.
 
This extends to the purchase of precious metals.  After 2012 - any transaction in excess of 1 000 Euros or any purchase of precious metals in excess of 1 000 Euros will be considered  potential money-laundering and any such transaction must be registered with the authorities together with presentation of identity documents.
 
Sceptics could consider this a belated attempt to prevent a run on the Euro...  or even a transparent mechanism to aid future government expropriation  - particularly any cache of precious metal by prudent Germans who mistrusted the Euro-experiment all along.

for more - http://tinyurl.com/6js254h

Thu, 07/07/2011 - 12:04 | 1432813 Cthonic
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Interesting, thanks.  Dovetails with what the U.S. tried to pull with the 1099 fiasco.

Thu, 07/07/2011 - 09:32 | 1432176 Clint Liquor
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From the link below:

One year ago, COMEX REGISTERED inventories were at 61,996,400 oz. as of 6/23/2010. Today they're at 27,517,070 oz. If we want to see what the depletion rate for that set of data is, we simply divide the inventory loss by 365 to get a daily loss of 94,464 oz. This becomes the daily average depletion rate (including weekends and holidays). Projecting how long it might take to deplete the entire inventory then becomes a simple division exercise where we divide the current inventory by the average depletion rate: 27517070/94464=291 days=0.79 years.
Using the above data, you might conclude the comex will not default for another 291 days. However looking at more recent data, the depletion rate gets worse.

If I use this same exercise on the last 100 days as my time frame, the loss becomes 135,912 oz./day resulting in a depletion projection of only 202 days.
It gets worse and worse as the depletion rate is going exponential and will soon go hyperbolic.
Using the last 25 days of data, we see a depletion average of 143,424 per day resulting in a total comex depletion projection of 191 days.
This Means that the "COMEX REGISTERED WILL BE COMATOSE" by December 31st 2011. Using the data from both "Total and Registered Categories", we might conclude that the comex could default anywhere between Dec 31st 2011 and Feb 21st 2012---Take your pick.
Again, I thought you all my get a kick out of this.

http://silverdoctors.blogspot.com/2011/07/registered-silver-also-at-high.html

Thu, 07/07/2011 - 09:40 | 1432198 Dr. Gonzo
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Bullion premiums for 2011 Britianias at APMEX $10 over spot. That's not very low.

Thu, 07/07/2011 - 10:11 | 1432283 Vlad Tepid
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324,421 ounces may only be worth $12 million, but they cost considerably more...

Thu, 07/07/2011 - 10:15 | 1432300 Sabremesh
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The article is remiss in referring to "King Edward" sovereigns. There have been eight King Edwards in English history, two of which reigned in the 20th century. There are no more than a handful of Edward VIII sovereigns in existence and these are worth a fortune. Now, Edward VII sovereigns are relatively common, but do command a small premium over most other modern sovereigns (Victoria, George V, George VI, Elizabeth II), and this is presumably what the article is referring to.

Thu, 07/07/2011 - 10:17 | 1432301 JW n FL
JW n FL's picture

http://www.royalmint.com/store/BritishSilver/BR11AGN.aspx

 

1 British pound sterling = 1.5969 US dollars

so 47.50 ='s $75.8528 that is not a proof coin.

 

Thu, 07/07/2011 - 10:47 | 1432418 Ahmeexnal
Ahmeexnal's picture

maybe those britannias cost 5 pounds sterling to dig outta the scottish highlands.

Thu, 07/07/2011 - 11:28 | 1432611 HungrySeagull
HungrySeagull's picture

You mean blast, haul and crush the rock. Not dig.

No. They simply let the Aussies and other ex colonies do the work.

 

I am content with the state of affairs re metals. yeehaw!

Thu, 07/07/2011 - 11:43 | 1432691 Problem Is
Problem Is's picture

UK Mint: Won't See Me Buying Their Coins
I'd check that shit for silver plated lead... Nothing is more corrupt and fraudulent than anything out of the City of London...

You could be buying Charles' nickle plated balls...

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