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Silver Coin Premiums Set To Climb On Reduced Supply
Today’s AM fix was USD 1,248.75, EUR 913.10 and GBP 760.97 per ounce.
Yesterday’s AM fix was USD 1,246.00, EUR 911.89 and GBP 757.86 per ounce.
Gold climbed $7.70 or 0.62% yesterday, closing at $1,254.80/oz. Silver rose $0.32 or 1.59% closing at $20.45/oz.
Gold is marginally lower today but remains near its highest in a month. Safe haven buying has increased after a drop in equities globally due to concerns over the U.S. economy after a disappointing jobs report last week.
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Gold in U.S. Dollars, 5 Year - (Bloomberg)
Increasing demand for U.S. silver coins is set to send premiums to the highest since October according to Bloomberg.
The premium charged by wholesale dealers for American Eagle coins from the U.S. Mint may rise from 14%. The mint has said that weekly allocations will be reduced despite very strong demand so far this month.
Yesterday, the U.S. Mint said 89% of this week’s quota of 3.58 million silver eagles were sold following sales that were stopped on December 9th because of a lack of supply.
Sales of silver American Eagles rose to an all-time high of 42.675 million ounces in 2013. Purchases jumped to a monthly record in January 2013, and the mint suspended business for a week because of a lack of inventory.
The silver bullion coin market is tight with strong hands refusing to sell and mints rationing supplies. Silver's sharp fall is seeing the smart money continue to accumulate silver coins while supply is available and premiums still relatively low.
Separately, the Perth Mint has announced that they have sold out of their silver bullion coin - the one ounce 2014 Australian Kookaburra.
Silver has climbed 8.9% from a five-month low at the end of 2013.
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I look forward to looters like "TerminalDebt" coming by my place, they will provide my dogs with much needed protein.
first day bullion sales here
http://news.coinupdate.com/first-day-american-silver-eagle-bullion-sales...
3,180,500 ag coins
63,000 ounces au
99.39 tons of silver
At $20 spot silver, my local jeweller/buillion seller was charging the following premiums:
$4.50/oz for 1oz denominations (instant delivery)
$3.00/oz for 10oz denominations (pick-up after 1 week)
$2.71/oz for 100oz denominations (pick-up after 1 week)
Wanted to query ZHers for compare/contrast for local premiums (I don't buy PMs online).
I don't have access to local dealers in my location. Have been buying from AMEX to ensure purity and reliable deliverability.
Even if I were back in my home area, I wouldn't trust my local dealer; don't like his grin.
Just an FYI.
jb
unless you want eagles, silvertowne is usually cheaper, and their bars always have free shipping, ive bought a lot from them and have always been happy
That kinda sucks that you don't get to like your local guy. In Silicon Valley there are a shitload of Indian jewellery stores that deal bullion. All I had to do was walk into a few stores, ask for premiums, see how nice/genuine the owner was, and settle on a store. It's the easiest way I know to drive down the street a few miles and pick up PMs (totally guaranteed in purity).
Offered at about $3.00 over spot for 1 ounce eagles on Nucleo exchange, $23 premium for 10 ounce bars, and $120-$150 premium for 100 ounce bars depending on brand:
http://www.bulliondirect.com/nucleo/lp/US_Mint_American_Eagle_Silver_Coin_(1.00_oz).html
I've used them before but your mileage may vary.
Interesting. The 1oz and 100oz premiums are out of whack compared to the premiums I see, but 10z is pretty close (23 vs 30).
As far as "availability", Kitco has more promos and <1oz sizes of gold than I've ever seen, there.