What You Need To Know About Buying Silver At A Time When Even The Canadian Mint Says "It Has Sold Everything It Has"

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Thu, 02/24/2011 - 19:34 | 995143 66Sexy
66Sexy's picture

i keep hearing about 'shortages', yet theres plenty of silver at apmex i noticed.... someone go buy up all those monster boxes over there; once apmex has shortages, THEN i'll be convinced.

 

Or perhaps they are referring to 'BIG money buyers... like, for people with 1 mil plus to spend on silver. Then theres shortages? i know you wouldnt have any problems buying 1 mil bucks worth of shares of SLV...

Thu, 02/24/2011 - 19:41 | 995181 JonNadler
JonNadler's picture

no shortage of SLV shares, that's for sure, after all, they don't need silver at SLV, they don't need, they don't have it and it won't be there

Thu, 02/24/2011 - 19:47 | 995198 Harmonious_Diss...
Harmonious_Dissonance's picture

Well the shortages are built in, when the big boys start catching wind of "shortage" they may just decide to audit their holdings. I wonder if the TBTF will find a way to have the same small pile of silver in 5 different places at once? PSLV trades above NAV, why? Fractional Reserve Vault storage!! Too bad they still charge fees to you, because that vault is empty brother!!

Thu, 02/24/2011 - 20:14 | 995276 JohnG
JohnG's picture

"Fractional Reserve Vault storage!!"

I disagree, and would go so far as to say that this is not a true statement.  I think you do not have any idea about which you write.

Sprott has the silver.  Go read the prospectus and learn something.

I own a mountain of PSLV, and I wouldn't if I didn't know what I was owning.

Thu, 02/24/2011 - 20:20 | 995290 Harmonious_Diss...
Harmonious_Dissonance's picture

I was trying to say that's why PSLV is popular, it's audited.

Thu, 02/24/2011 - 20:27 | 995306 JohnG
JohnG's picture

OK.  Your sentence structure confused me :)

Thu, 02/24/2011 - 20:26 | 995302 Harmonious_Diss...
Harmonious_Dissonance's picture

In the Interview it's mentioned that Sprott's Stack was certainly there.

http://www.zerohedge.com/article/latest-gold-fraud-bombshell-canadas-onl...

 

Fri, 02/25/2011 - 09:17 | 996553 goldmaple70
goldmaple70's picture

While Sprott may have had a stack of silver at that Scotia vault, the PSLV trust has its silver at the Royal Canadian Mint.  That zerohedge article also preceded the launch of the PSLV trust.

Thu, 02/24/2011 - 20:28 | 995308 VegasBD
VegasBD's picture

If you dont hold it, you dont own it.

Thu, 02/24/2011 - 21:05 | 995338 JohnG
JohnG's picture

We disagree, and that's ok.  It's an opinion.

I think it's Graham Summers, article on bullion several days ago.  If I can find it I'll link it in a sec.

 

edit: Can't find it there are too many articles.  The focus of the article was the various ways to invest in metals.  It confirmed my thinking that if you own a physical trust, like PHYS or PSLV then you do own the bullion.  Either way, I am confortable with Sprott. 

I bought deep in the PSLV ipo, so keep in mind that premium to NAV is profit to me!  I can redeem for physical as well, and I don't have to pay premium over spot to buy elswhere...online, coinshop, etc.

 

 

Thu, 02/24/2011 - 20:48 | 995375 Barmaher
Barmaher's picture

That's bullshit.  If you own it at Bullionvault or Goldmoney it's a lot safer than keeping it at home.  Just ask this poor fool whos home vault got ripped off for $750K of silver bars.    If you want to keep an emergency supply at 'hand' that's one thing.  There's a reason you can't get reasonable insurance for home storage.  

http://www.resourceinvestor.com/News/2011/2/Pages/Robbers-Make-Off-with-750000-in-Silver-Bars.aspx

 

 

 

Thu, 02/24/2011 - 20:59 | 995413 Exposer of Inte...
Exposer of Internet Shills's picture

as valid as your point may be (there's always someone who gets ripped off) AND he probably didn't keep his pie=hole shut, the fact remains, If you don't hold it you don't own it despite the possible consequences of it being stolen.

Thu, 02/24/2011 - 21:06 | 995437 Dr. Porkchop
Dr. Porkchop's picture

Yes, I'd have to say that this guy was sitting on a very impressive pile of silver and just couldn't resist either showing someone, or talking about it. That, or his wife or a disgruntled kid sold him out.

Fri, 02/25/2011 - 01:37 | 996095 Oracle of Kypseli
Oracle of Kypseli's picture

You need to have two vaults. One with 10% of your stash. The other one should be very well hidden and only you know. Also, for that much money, he should have had gold coins, which are easier to hide. 50-60 times less volume. Think PVC pipe painted gray among other plumbing.  Two meters of PVC will hold 700 1/oz Maples = $1MM

Large silver bar will turn gray after awhile and look like lead. Use it as a doorstop in the bedroom. 

Thu, 02/24/2011 - 22:21 | 995638 dumpster
dumpster's picture
by Barmaher
on Thu, 02/24/2011 - 19:48
#995375 \\ gold money bullion vault ,, needs the Internet to sell,,  and they know where you have the account Internet goes down for a week ,, your sucking eggs .  and you sell they transfer the dough to a middle man .. maybe a bank that will release the funds in a week , you know bank holiday and such. Where as silver and gold hidden well ,, can be exchanged for goods ,,, mano to mano , keep thinking the internet is a safe way to go.. 

 

Thu, 02/24/2011 - 20:55 | 995400 Exposer of Inte...
Exposer of Internet Shills's picture

originated by Ponce Cuba :)

Fri, 02/25/2011 - 00:19 | 995923 dhengineer
dhengineer's picture

Central Fund of Canada (CEF) has audited metal as well... it has approximately half silver half gold.  Been holding them in various quantities since the stock was at 8.00.  It's not silver or gold in hand (have that as well) but it is used to pay future bills...

Fri, 02/25/2011 - 02:49 | 996203 Hook Line and S...
Hook Line and Sphincter's picture

If you have purchased SLV then you likely understand that it uses fractional vault storage. That said, in the case of foreknowledge you'd want to pay these 'storage fees' to protect against those very mean and meddlesome individuals who might audit, take a peak, or elsewise mess with your complicity.

<sarcasm off>

Thu, 02/24/2011 - 19:56 | 995215 Hearst
Hearst's picture

Speaking of shortages, the US Mint reports that 'production of uncirculated Silver American Eagles continues to be temporarily suspended because of unprecented demand'

 

Are we to try and believe that today's smash down in Silver price was anything other than outright manipulation?

http://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?catalogId=10001&storeId=10001&categoryId=13738&langId=-1&parent_category_rn=10191&top_category=10191

 

BTW is this old news regarding the US Mint?

Thu, 02/24/2011 - 20:04 | 995244 Herd Redirectio...
Herd Redirection Committee's picture

Manipulation undoubtedly.  Ask yourself if you think people will be trading their silver for dollars a few years, or will they be trading silver in exchange for A COMPLETELY new currency.  Probably backed by silver!  You won't really be exchanging your silver, you will be taking bullion in to the Mint, and walking out with money!

Check out the Captial Research Institute's latest, "The Elephant in the Room":

http://www.capitalresearchinstitute.org

"We have all heard the expression at one time or another. An uncomfortable fact that every one is (at least dimly) aware of, yet is not spoken of. When discussing the global economy, the turmoil and the unrest the world is experiencing the elephant in the room is undoubtedly the Federal Reserve. The Fed (and other central banks) have unleashed the most recent spate of food inflation on the world through their ZIRP (zero interest rate policy) and use of ‘quantitative easing’ (which simply put, is money printing).

Money that would have been kept in savings accounts has been withdrawn (because it earns no interest) and invested largely in stocks, and commodities. On top of that, more money has been conjured into existence, without an increase in real economic activity to accompany it, leaving a larger amount of money chasing the same pile of goods and services. The result, obviously, is a loss of purchasing power, as each newly conjured dollar buys less than the one before it.

Ben Bernanke has come out and attempted to justify his actions, but what has been lost in all his posturing? That the criticism of his policies are legitimate!"

Thu, 02/24/2011 - 20:05 | 995253 66Sexy
66Sexy's picture

i have to think its manipulation, because the dollar did not benefit... margin selling, nonexistent money buying and selling nonexistent silver determining price; how low can they get the price so we can get physical supplies and turn 'shortage rumors' into reality? imo, the shortages will come on price drops... not price rises.

Thu, 02/24/2011 - 21:56 | 995380 Michael Victory
Michael Victory's picture



nice bit j.c..

Thu, 02/24/2011 - 21:55 | 995385 Michael Victory
Michael Victory's picture



clarky is solid.


Thu, 02/24/2011 - 19:48 | 995207 SilverFiend
SilverFiend's picture

Plenty at Provident Metals.  Placed the order yesterday

and it shipped today.  Been in since $15.  Stayin in!

Thu, 02/24/2011 - 21:05 | 995434 SilverRhino
SilverRhino's picture

Thanks for the clue on these guys.  

Thu, 02/24/2011 - 20:06 | 995247 JLee2027
JLee2027's picture

i keep hearing about 'shortages', yet theres plenty of silver at apmex i noticed.... someone go buy up all those monster boxes over there; once apmex has shortages, THEN i'll be convinced.

Laughable - you clowns can't see the forest for the trees. My wallet has $50 dollars in it. Does this prove I'm got plenty of money?

Nope. It proves I have $50 dollars. That's all. But if I owe a million dollars and only have $50 to pay people with, then yeah I am broke.

Thu, 02/24/2011 - 20:26 | 995257 66Sexy
66Sexy's picture

nonsense. As long as silver can be bought in bulk (like apmex), then there aint no shortages and I gotta call bullshit. i dont like being led a certain direction when there is plain evidence to the contrary... but i expect there is alot of pent up demand for the physical product and if we see a price collapse we will have no supply and low prices with astronomical premiums... thanks to their paper manipulation.

imo creating a sense of urgency during the price RISE is creationism... and the sense of urgency that will emerge when the prices tank and supplies are gone will be realism. i think we should start underweighing the fiat prices because they will mean less and less over time; especially now the dollar is not benefitting from the silver price drops like it used too..

Thu, 02/24/2011 - 20:56 | 995403 tmosley
tmosley's picture

Find me a COMEX deliverable bar available for immediate purchase ANYWHERE.

You can't.  Becuase there is a shortage.

Fri, 02/25/2011 - 11:19 | 996849 tmosley
tmosley's picture

Spot +$.60!?  Christ, I might as well buy crappy bars from APMEX (http://www.apmex.com/Product/156/Generic_Silver_999_Fine___As_low_as_089...).  That premium is the HIGHEST I HAVE EVER SEEN for bars of that type.  Normal is 20 cents over spot.

Now APMEX has one as well, for the same premium.  This is nuts.

I'll call them later when they open and see if they have any in stock.  I kind of doubt it.  It looks like they don't update their inventory on that website.

Fri, 02/25/2011 - 13:56 | 997355 tmosley
tmosley's picture

I promised to call and I did.  They are all sold out.

APMEX still has two.  Normally they have dozens.  Those two will likely be gone by next week.

Fri, 02/25/2011 - 13:41 | 997330 searcher68
searcher68's picture

Same as everywhere else I look. No 100 oz. bars available... None! Only 10 oz. or less. Less than a month ago this was not the case. Everyone and their mother still showed availability on the big bars. There most definitely is a shortage imho.

Thu, 02/24/2011 - 21:29 | 995494 The Fonz
The Fonz's picture

The point remains and is valid. There are liabilities soon to come due that represent more than can be repaid. This issue has existed since the first receipt for gold was used in transactions. Those who have the vaults and secrets in their favor always find printing a few more receipts a clever idea... until they are destroyed by it. The repetitions of this scenario in history are so regular that the only shocking things about them is that so few people know that this has happened before, or that anyone is surprised when it happens again.

Thu, 02/24/2011 - 22:27 | 995654 JLee2027
JLee2027's picture

nonsense. As long as silver can be bought in bulk (like apmex), then there aint no shortages and I gotta call bullshit.

As I said...you're a clown.  APMEX is getting crumbs.....Industrials need 10's of million of ounces per month. By the time APMEX runs out, silver will be 500 an ounce.

Fri, 02/25/2011 - 12:56 | 997156 66Sexy
66Sexy's picture

i hope your right. but your need to insult people when making a counter point shows a lack of maturity, and weakens your argument... not strengthens it.

you are speaking from an emotional standpoint... not a rational one.

Thu, 02/24/2011 - 20:22 | 995295 DosZap
DosZap's picture

I caught a spot I liked, yesterday, snagged several bars.Usually I get next day dely (wires), and it did not show.

Called and asked where it was.(once they had a shipment, marked local).

They were out,but since I pulled their chain, they found enough to fill me.

First time since early '09 I have had to wait on any silver bars.

They are sucking wind on Slvr of all kinds now............2 weeks ago, no issues.(unless Eagles/Mapes).

Thu, 02/24/2011 - 20:43 | 995362 Tapeworm
Tapeworm's picture

There were real shortages when slAg collapsed to their 8.80 during the financil/hedgefund rout. The premiums on 1 oz to 1000 oz stuff was far higher than the COMEX price. Premia alway expand greatly during a large price fall.

Thu, 02/24/2011 - 22:15 | 995621 bankrupt JPM bu...
bankrupt JPM buy silver's picture

I thought silver was a bubble?

 

www.silvergoldsilver.blogspot.com

Thu, 02/24/2011 - 19:31 | 995147 High Plains Drifter
High Plains Drifter's picture

Kitco has  a buy button by all of their silver and gold charts. They have lots of over priced coins to sell to the suckers.........Maybe you call them up and talk to two tongues Nadler about it.

Thu, 02/24/2011 - 19:36 | 995164 JonNadler
JonNadler's picture

somebody would like to talk to me? Sure, we have pleeeeeeeeenty of silver at Kitco. Try to buy some though. 

 

ha ha HA HA ha ha

Thu, 02/24/2011 - 20:11 | 995269 High Plains Drifter
High Plains Drifter's picture

Nadler and Mish Shedlock are good buddies because they both drink each other's coolaid. I remember a few years ago, they both tried to gang fuck Ted Butler, when he was talking about PM manipulation.  Then later on, they tried to jack with Schiff.

Thu, 02/24/2011 - 20:34 | 995330 Sokhmate
Sokhmate's picture

Mish is out to monetize adwords. Quote me on it.

Thu, 02/24/2011 - 20:39 | 995349 EscapeKey
EscapeKey's picture

I didn't realize "deflation" pulled in that much.

Thu, 02/24/2011 - 20:43 | 995363 Sokhmate
Sokhmate's picture

that's where the irony lies.

Thu, 02/24/2011 - 20:24 | 995299 DosZap
DosZap's picture

Add frt if your stateside, and they are not even in the hunt.

Thu, 02/24/2011 - 19:33 | 995148 JonNadler
JonNadler's picture

Anybody seen Bigger Dickus? he said silver to 25. Now we have Mathman with silver 20.

Troll life expectancy on ZH decreasing rapidly. I give Mathman a week at most

Thu, 02/24/2011 - 19:43 | 995184 Harmonious_Diss...
Harmonious_Dissonance's picture

Next Tuesday??

Thu, 02/24/2011 - 19:48 | 995208 JonNadler
JonNadler's picture

when's options expiry.?

Thu, 02/24/2011 - 20:27 | 995307 DosZap
DosZap's picture

Don't know BD, but I agree we will see it at $23-25, and Gold @ 1250/1290, before LAUNCH.

Not that I want it to, but I expect it to, if it does, I smile and BTD.

Thu, 02/24/2011 - 20:52 | 995389 RockyRacoon
RockyRacoon's picture

MethMan blew his cover by admitting he has a Ferrari and a beach house instead of solid, appreciating assets.   He might just be gone from these hallowed halls.

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