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US Mint Reports Unprecedented Buying Spree Of Physical Silver
Three days ago we noted that in just the first week of January, the US Mint had sold 2,221,000 ounces of silver "a number which if run-rated would be an absolutely all time monthly record," A quick glance at the tally today, shows that something very scary is going on. In the subsequent three days, the number has surged by 50% and has hit 3,407,000 ounces of silver! In just the first 12 days of the month we have already surpassed the total monthly sales of 9 separate months of 2010.
And some additional observations on what is becoming a physical buying frenzy from CoinNews.net:
An increase in 2010 Silver Proof Eagles and record-approaching 2011 Silver Bullion Eagles are the most interesting aspects in the latest US Mint sales report.
The Proof Eagle coins have seen two weekly adjustments since they sold out in late December. The latest brings them up 3,644 to 860,000, which would seem like a natural stopping point. Collectors will have to wait until the July time frame for the 2011 Silver Proof Eagles to make their appearance, according to the US Mint.
2011 bullion eagles launched on January 3, 2011. Silver Eagles already have last year’s January record in their sight. The coins have raced to 3,407,000 in less than two weeks after their latest weekly pick-up of 1,322,000. Until January 2009, the silver coins had never topped the 3 million mark during the first month of a year. Those record sales totaling 3,592,500 may get clobbered in mere days. The all-time monthly high of 4,260,000 which was just set in November could be the next victim. As a side note, the 3,407,000 sold this month includes 469,500 of the 2010-dated issues. The US Mint had buyers order one 2010 Silver Eagle for every five of the 2011′s.
Bullion one-ounce 2011 Gold Eagles are running, but not sprinting like their silver counterparts. US Mint sales has their tally at 42,500 for a weekly increase of 29,000. As a comparison, buyers ordered 85,000 in January 2009. Inventory of the 2010-dated coins also remains. There were 53,000 at the start of the year. US Mint Authorized Purchasers must order one old for every four of the new ones.
Mike Krieger presents the following disturbing observation on this trend: "In the first 12 days
of January 3.4 million silver eagles have been sold. I have never seen
anything like this. The amount of physical being taken off the market
on this paper sell off is EXTRAORDINARY. We must be VERY close to the
end." Whoever has adopted JPM's legacy paper silver short position is in
for some very troubling days ahead.
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TO ALL SILVER BUGS OUT THERE:
http://www.youtube.com/watch?v=zx4oFRz8LOA
I wasn't going to click, but now I'm glad I did.
I don't really listen to that kind of stuff, but it's a nifty video.
Silver here in Europe costs about 25% more then in America. There is some good business to be done over here :)
Just sold 200 oz and bought 250 oz on a US site with only the shipment costs are a extra.
TAXES ARE FOR LOSERS!
A man could make a good living out of this :)
they call that bootlegging
I call it damn smart.
He's been getting Gold at prems we dream of.
.
and what about customs..
I ordered on the 'dip' around $28.60 160 silver eagles on a German site. Can't get them cheaper here.
How is everyone doing with the Banning of credit cards to buy PM's?
Credit card...what is that?!? ;)
on Thu, 01/13/2011 - 15:50
#874179
Credit card...what is that?!? ;)
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its your wife paying to suck someone elses dick... thats what it is.
I used a Master Card to buy 16 oz from Coast to Coast Coin on Monday. Only $5 to ship the order! No fees either. I bought Pandas, Kooks, and Koalas and they were ALL cheaper than APMEX. Coast to Coast coin is awesome for alot of your needs. Slightly more expensive for Silver Eagles though
Is there a limit, and did they hit you with the surcharge?
If they paid freight, I guess it makes zero differnce
Check out their site man. They shipped it the next day too instead of waiting 10 business days. Their Maples are cheaper than APMEX too unless you have enough to buy 100. I never wanted to pay the premium for a Panda and wanted as much bullion for the $ but now I'm just rounding out my collection and don't mind aying a premium for a few foreign coins. Good times. Coin collecting is fun stuff.
Coast to Coast has been a Coin World advertiser for many years and they are a trusted dealer. I've bought from them with no problems. Flat shipping charges are common with most dealers of this size. Paying any outrageous shipping charges should be a warning that the dealer is making some spread from shipping -- bad practice. I ship most of my PM sales for free when selling on eBay. It's a small expense when you think of 1 ounce will ship USPS First Class for the 2 ounce rate of 61 cents.
I just ordered another moderate amount of silver, as I have done and will continue to do as the funds are available to me.
http://www.gainesvillecoins.com/
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The worst people in the world to deal with... GAINESVILLE COIN!
Dear Mr. Castellano, As you know from the below email, our office has the honor and responsibility of representing Ms. MXXXXXX. We would appreciate confirmation as soon as refunded our client in full. I am at a loss to understand why you required wire instructions when a credit will suffice. In any regard, please refund the amount in full promptly and be sure to reply to me that same has been completed.
Thank you for your assistance. Rusty Huseman
William R. Huseman, P.A.
3733 University Blvd. West, Suite 305A
Jacksonville, Florida 32217
(904) 448-5552
Fax (904) 448-5653
And so everyone here who knows me, will know that was my Mother's order... and I called those scum bag fucks after hearing about them here!
Posted at Colorado Gold:
There are some delays in silver. Please check individual product delays by using the red box to the left of each item.
Chat with Ampex:
Do you have any delays for delivering silver?
Alycia: it depends on the item. our stock was somewhat depleted during the holidays and we are working to get more inventory in.
Very few delays. Don't panic!
I don't buy from CG, but love Don's rants:
http://www.coloradogold.com/archive/
Unless I missed it, I saw no prices,.Dealers that show no pricing, do not even get a time of day.
That was the rant section.
http://www.coloradogold.com/
There he lists prices.
Again, I have never used his service, just read his enlightened musings.
I recommend Apmex and Gainesville coins. NWTM is good for unique items like:
https://store.nwtmint.com/product_details/2920/Stagecoach_Silver_1_Ounce...
I've done both Ag and Au from him. His son is a bit easier to deal with over the phone, they do zip in terms of things like e-mail notification etc, but I've always received every oz I've ordered from them without issue. Good people.
by Selah
on Thu, 01/13/2011 - 17:09
#874520
I recommend Apmex and Gainesville coins.
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http://www.gainesvillecoins.com/
*********************************************************************
The worst people in the world to deal with... GAINESVILLE COIN!
Dear Mr. Castellano, As you know from the below email, our office has the honor and responsibility of representing Ms. MXXXXXX. We would appreciate confirmation as soon as refunded our client in full. I am at a loss to understand why you required wire instructions when a credit will suffice. In any regard, please refund the amount in full promptly and be sure to reply to me that same has been completed.
Thank you for your assistance. Rusty Huseman
William R. Huseman, P.A.
3733 University Blvd. West, Suite 305A
Jacksonville, Florida 32217
(904) 448-5552
Fax (904) 448-5653
And so everyone here who knows me, will know that was my Mother's order... and I called those scum bag fucks after hearing about them here!
Who the fuck is selah? And why would listen to someone who never posts giving you no history of intention to work with.
Good buying opportunity, seems to be a hard bounce off the bottom.
Sauron and Saruman are tightening the noose. The battle for Helm's Deep is over. The battle for Middle Earth Begins!
I'm surprised that no one here seems to have noted that the dollar dropped as much as silver today. Think about that for a moment. The system really is starting to run amuck.
Or maybe gold, silver AND the dollar are in a "bubble" and will all drop to zero at the same time...
EURO is running higher because Trichet has inflationary farts ahem, "thoughts" and because central bankers declare they will print, the price explosion of paper upwards and PMs decline is only logical.
It makes no more sense than the last ditch attempts by the central planning committee of the Soviet Union did.
Forget the paper price, forget even what you have in "cash" in your trading or banking accounts.
When the perception of worthless money hits the common man, you want to own stuff. Simple as that.
I did, and was surprised we saw no UP move, instead we got all the weeks gains taken.
Makes NO Sense.
Wait till the Asian Mkts get into it.^^^^^
Don't get discouraged by these coordinated Central Bank Raids. Its all the US and UK primary dealer bullion banks carrying out Fed mandates in my opinion. Keep the facts squarely in front of you and when they attack like this, buy more if you can and then take a walk, turn off the computer and remember:
1. Silver inventories have declined from 10 billion ounces in 1940 to 1 billion today.
2. There is now approximately 3.8 billion ounces of above ground gold available.
3. Silver is not only a monetary precious metal but a highly useful and irreplaceable industrial metal used in high technology,
medical and other manufacturing applications.
4. Very little of the silver used in industry is recycled.
5. The historic ratio between silver and gold is about 16.
6. The current ratio between silver and gold prices is about 48.
7. Physical demand for physical silver and silver coins is at all time highs and accelerating.
So, silver is actually substantially more rare than gold and yet the price ratios do not reflect the physical reality. This means that the long term price suppression of silver via the extreme concentrations of short positions by some of the largest Bullion banks has created a sling shot of potential upward price energy. If the CTFC investigation into silver price suppression or any of the current law suites, class action or otherwise, fully reveals the degree and level of ongoing suppression, silver may quickly revert to its historical ratios, and given its increasing rarity and industrial and technological usefulness, climb well beyond its less rare cousin, gold.
Duffminster
I am skeptical what inventories really are at. They can't possibly know the inventories on US silver 90 coinage(plus other country's old coinage), actual silverware and various other forms of silver housewares. A nice chunk of that inventory could be smelted, at the right price.
Don't get me wrong, I am a big silver bug. However, both sides try to distort the "facts" to sell their bill of goods.
I'm willing to bet there is less than 10B ounces, though. I own gold, too, but favor silver.
Silver is money. Gold is wealth. FRNs are tokens.
* silver is money *
Exactly.
$30 or less per ounce. Get 'em while you can!
Silver is money.Gold is wealth.
Both are money, always have been, always will be.
I'll give you one of these for an oz of silver:
http://www.milliondollarbillshop.com/liberty_trillion_dollar_billa.jpg
I'll give you $15 for an ounce of silver
Wd still be a 3 bagger for me but . . . no thanks, eh?
How embarrassing if it turns out the sheeple buy all the physical, and the preeefeshionals buy all the paper?
Gold. Gold will be atomized
Here's the rub - certain mints are rumoured to be halting supply to dealers that can't shift over a certain weight of metal per month - that's going to cause supply problems for the little guys.
Before xmas, our local chappie (true gent) was saying that the mint he deals with (in Switzerland) was significantly backordered. Oh, and the price in Sterling still hasn't dropped (as of yet).
Interesting times ahead!
Based on the demand I foresee that the US Mint will start to allocate the silver to the APs, just like they did most of last year.
As an old Clingon friend of mine said, just before getting into a bar fight.
"Today is a good day to buy!"
At least , i think thats what he said.
Regards
Ozzy
Its important to keep in mind that silver demand is accelerating. According to the Silver Institute and its report for 2009 "...Total fabrication demand totaled 729.8 Moz and industrial demand posted 352.2 Moz in consumption" and "...Implied net silver investment increased by a staggering 184 percent to 136.9 Moz last year, recording its highest level in the past 20 years...," which is sure to have increases substantially in 2010. By my calculation this brings total silver consumption for 2009 to 1218.9.
Total supply from mining in the same year is reported by the Silver Institute to be "709.6 Moz".
Silver Scrap of $136.9 Billion and Government sales made up for the rest of the supply.
What is clear is that mining supply can not keep up with demand and if indeed there is any substantial pickup in the greater economy and car sales and the like make a substantial uptick, industrial silver supply will jump. In the meantime, as this article on demand for silver bullion coins indicates, investment demand has more reason than ever to surge and indeed it is surging.
Silver is far more rare than gold and in my opinion far more valuable. In time that reality will be the consensus in my opinion.
Duffminster
Rarity of silver (its relative quantity available) to gold is not the issue. Gold has different characteristics which make it more suitable as currency. Price is another matter so I assume that is your point. The price can be higher on a relative basis due to the commercial and industrial uses of gold, but not due to its scarcity alone. Just sayin', don't lose the perspective on their differences and be blinded by availability alone.
http://jsmineset.com/
Not Silver, but wherewith Gold goeth, Lil Brother goeth also.
Read the link,and be steeled in thou resolve!!!!
Soooo, anyone know what happened to www.silvergoldsilver.com? After hearing of them via ZH at the beginning of Dec.
http://www.zerohedge.com/article/silvergoldsilvercom-runs-out-all-precio...
they seem to have fallen off the face of the internet. Their site has been "upgrading" for awhile now. What's that all about?
So are the proles buying all these coins or the oligarchs? The more proles that own silver coin the stronger we become. They just halved our fluoride dosage so look out because we might start getting uppity with our new found silver power.
I'm a silver bull but isn't this US Mint silver eagle stuff pretty much peanuts compared to large investment and industrial buyers?
Not if all you can afford is peanuts.
I'm a peanut guy too, but my point was, how much difference to the market does it make for mom & pop buyers to be getting a few oz week or whatever?
How many of the Joe Publics bought on-line in 1980 vs. waiting in line at the store?
You keep referring to on-line purchases in 1980.
Where were you in 1980?
There was no on-line retailing in 1980.
Amazon started selling books in 1995.
WASHINGTON, Jan 13 (Reuters) - The U.S. futures regulator
revived on Thursday its proposal to prevent big speculators
from distorting commodity markets, and appears likely to move
forward with the plan despite spirited opposition from at least
one of its commissioners.
The Commodity Futures Trading Commission was expected to
get enough votes at a hearing on Thursday to open up the
proposal for public comment, reigniting a long-simmering debate
about the role banks and funds play in energy, metals and
agricultural markets as prices again soar to lofty heights.
Commissioner Michael Dunn, a Democrat, told the hearing he
would support the new rule to gather more information, but was
concerned the plan "was a cure for a disease that does not
exist."
He added, "If there is more than anecdotal evidence that
there is excessive speculation distorting the prices in our
markets, we need to see it."
Great find. As if it was a matter of speculation when commodity prices go sky high.
The fucking money is worthless! Someone give Commissioner Michael Dunn a history lesson.
His own central bank, the privately owned FED has the marching orders from the UST to buy the US debt because nobody else will! The interest on the debt cannot be paid either so more debt needs to be created to cover that as well.
This is laughable at best. Another last ditch effort by the US central planning committee to fool the people and try to control the market.
Epic fail.
Dunn knows. He's a blocker for the other team
"Three days ago we noted that in just the first week of January, the US Mint had sold 2,221,000 ounces of silver "a number which if run-rated would be an absolutely all time monthly record," A quick glance at the tally today, shows that something very scary is going on. In the subsequent three days, the number has surged by 50% and has hit 3,407,000 ounces of silver! In just the first 12 days of the month we have already surpassed the total monthly sales of 9 separate months of 2010."
Something wicked this way comes. That sales volume isn't small potatoes.
Where's the article that presented the case for a silver delivery shortage and Comex being forced to settle with a premium? It was said that it took only about one billion to dry up the silver contracts for March. Funds were getting into the game to force a higher settlement price because Comex cannot deliver.
Fact is there is so much liquidity on balance sheets with no place to go. Markets have been trading sideways for a while now. Bonds are being liquidated and gold and silver are priced cheap compared to the amount of liquidity that's out there.
Folks, take delivery. Don't muck around with perceived paper wealth anymore. Nothing adds up anymore and people are catching on. Before the internet, the government in totalitarian countries had control over all news and all media. Truth was sanctioned by the government.
Totalitarian governments generally control the market, all markets. Propaganda keeps people stupid for a while and government will not accept any blame or failure when over time things don't add up anymore. On the surface it all looks to be in order. The official currency seems to be stable and "under control". But people will notice when their "legal" tender just doesn't give them what it used to. That's when people wake up. Next chapter is when people start looking for an alternative and a black market emerges that has usually better goods but requires a different form of either currency or other valuables.
Folks, when every kid in the US realizes that the paper money you're holding in your hands right now really has no backing anymore then that paper money will get ridiculed, perceived as worth less and less and from there things unfold like a domino effect.
You won't hear it on CNN or "Good Morning America" that the paper Dollar has no value. It won't get reported anywhere.
Gold and silver miners will increasingly question whether or not to accept paper for their product. Gold and silver producers have healthy balance sheets and don't need cash. Most of them anyway. They need oil and fuel products to run their operation, they need food and other amenities to run their companies. The guys that have the oil and fuel products may not want to accept cash for their product either and instead ask for something more tangible.
When central bankers print money ad infinitum to buy their own nation's debt and to pay the interest on the existing debt, raising or maintaining the debt ceiling does not really matter anylonger.
The truth is out. Again, get physical gold and silver as soon and as much as you can. The central banker's game of pretend and extend is up. Cash and other paper debt notes are increasingly worth less and less.
"If industrial demand falls off because of another major downturn, we still have the massive money printing and debt problems which still put silver in a good position as a hedge."
yes - also, most silver (60-70%) is produced as a by-product of mining industrial metals like copper, lead and zinc - when industrial demand falls off the supply of silver drops because demand for copper, lead and zinc drops
this little factoid is the counter-point to anyone trying to say that the price of silver will drop during an economic downturn
I don't usually do this, but coins and mints reminded me of one of the most remarkable and coolest music videos ever. This is from 1906, and one of the first 35 mm videos ever taken, and was shot from a camera mounted on the front of a trolley car going down the length of Market Street in San Francisco all the way to the old Ferry building. A typical street scene unfolds before you.
It was shot just 5 days before the big 1906 quake. The bucolic street scene and many of the people looking back through the lens of time at you will be destroyed. The San Francisco Mint was then just 52 years old and was still pumping out gold coins, and the Federal Reserve was 7 years away from being created.
New age Music is by Air La--Femme D'Argent (whoever that is, but it's very cool)
YouTube - San Francisco 1906 with music by Air - La Femme D'Argent
Thank you for posting that video.
What a trip!
And how very many street/cable cars they had running!
Great music.
Wonderful interlude - thanks!
I like 10oz bars because they are a bit "gangster" and junk silver because you get a little bit of history mixed in with your bag.
http://www.gainesvillecoins.com/
*********************************************************************
The worst people in the world to deal with... GAINESVILLE COIN!
Dear Mr. Castellano, As you know from the below email, our office has the honor and responsibility of representing Ms. MXXXXXX. We would appreciate confirmation as soon as refunded our client in full. I am at a loss to understand why you required wire instructions when a credit will suffice. In any regard, please refund the amount in full promptly and be sure to reply to me that same has been completed.
Thank you for your assistance. Rusty Huseman
William R. Huseman, P.A.
3733 University Blvd. West, Suite 305A
Jacksonville, Florida 32217
(904) 448-5552
Fax (904) 448-5653
And so everyone here who knows me, will know that was my Mother's order... and I called those scum bag fucks after hearing about them here!
I just bought from Gainesville, they have excellent prices if you buy over $2,000. The only problem is you have to pay by wire, which is a slight pain in the ass.
Gainesville Coin is filled with a bunch of Jersey Shore Types...
part duex... Gainesville Coin is not, NOT a direct dealer to the Mint (if eagles are your thing) http://www.usmint.gov/mint_programs/american_eagles/?action=lookup
Which means you are getting ass fucked on price..
You wanna buy from them, good fucking luck and enjoy over paying along with the wire.
Silver Eagles vs. Maples?
I think Lady Liberty is much more beautiful than Margarete Thatcher, but I like the Maple Leaf better than the Eagle.
Anyone else have an opinion?
I have both, but more maples. I also have some Perth mint silver with Chinese motifs, great, but slight premiums. I like maples because it's non-USA based. Just me. I have yet to buy some pre-1964 junk coins but think that is next for their small denominations and usefulness and it'd be fun.
Cheaper than sovereign silver mint coins are fine silver .999 "rounds" which are non-official coins, no $ denominations, and usually trade at a discount of about $1.50 cheaper (average)/oz than a maples, eg.
If you just want silver for silver, rounds are good, smaller increments than bars. I haven't had trouble getting anything so far and I ask about future availability outlooks and dealer always says no problem. Though I did get some of their last 2010 Buffalo Head gold oz before they sold out.
Not to be picky, but it's Queen Elizabeth on the Maple, not Maggie Thatcher. Over the years, the Maples have reflected the aging of the Queen. I have some from the early 1980's that depict a much younger Queen.
I would certainly agree the Silver Eagle is one of the most beautiful coins ever struck and the Maple is just plain Jane (or lizzie).
shhhh.
Fontella Bass and Bobby McClure " Don't Mess with a Good Thing" 1965
http://www.youtube.com/watch?v=ufQQUdeCaec
The price of physical silver and gold has not gone down at all, in fact it has probably gone up.
The current spot price is simply the deposit.
If you want delivery of the physical JPM and others will pay you a premium to go away. Find out what that premium on top of spot is and thats the current 'price' of gold & silver. Probably JPM are happy with this as most don't ask for delivery.
What premium have they been paying I wonder?
Currently $1,372 plus 30% ? = $1,783
More and More Sheep are waking up..
Getting out of paper assets....trading
up to quality money..
Question ...? what is better than 200
Silver Maple Leafs.... ?
220 Silver Maple Leafs.....
I might add that anybody get rid of their physical silver and gold at current spot prices are mad.
Wasn't Sprott supposed to receive delivery of a million or so ounces of silver two days ago? Nothing on their website... does anyone here know something?
Its kind of interesting the raid came before the JPM quarterly results.......timing and a show of power I think...
http://www.youtube.com/user/BrotherJohnF?feature=mhum
Is there any documented case of a 400 oz. good delivery bar every being gold-plated tungsten or silver-plated molybdenum? The best I've come across is Rob Kirby's breathless description of mysterious Chinese billionaires (unnamed) who had bars drilled. Zero backup.
It is hard to believe no one would catch such counterfeits. Homogeneity testers would find them cheaply without requiring a remelt.