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US Mint Sells Record 63,500 Ounces Of Gold In One Day

Tyler Durden's picture





 

One of the more curious revelations of the New Normal is the fundamental dichotomy when investing between paper "investors", or those who chase returns based on intangible, fiat-based and central bank-backed promises, such as capital appreciation or cash flow streams, and those who would rather convert their paper money into hard assets, even if said assets can not be, in the immortal words of Warren Buffett, fondled, or otherwise generate a cash-based return. Such as gold.

Today provides perhaps the perfect example of how the former increasingly trade on nothing but momentum and speculative mania (such as the previously reported record inflow of foreign capital into the Japanese stock market well after the bulk of the easy upside has already been made and at this point there is mostly downside) and where buying begets only more buying, while rampant selling only leads to liquidations, while those who invest in hard assets (and thus have little to no leverage) have become the true value investors, purchasing more as the price of the underlying asset drops. Yes, a novel concept to most High Frequency Trading vacuum tubes, and the momentum-chasing, equity trading "expert" du jour, but nothing new to Indians, Australians, Chinese or the Japanese.

And apparently to at least some Americans.

According to today's data from the US Mint, a record 63,500 ounces, or a whopping 2 tons, of gold were reported sold on April 17th alone, bringing the total sales for the month to a whopping 147,000 ounces or more than the previous two months combined with just half of the month gone.

Punchline number one, as the chart below shows, is that the more the price of gold fell, the more aggressive the purchases of physical gold through the Mint became, rising to 96,500 oz in the last two days alone. Buying more of something you want when the price drops: what a stunning concept - explain that to the algos who nearly crashed the German stock market overnight.

Punchline number two, of course, is that the US mint charges a hefty premium for purchases: much more so than traditional vendors like Apmex or Gainesville Coins, and is usually the last resort for when nobody else has any physical at a lower premium to spot (or any metal in inventory).

So how long until the US mint "runs out" of American Eagles and Buffaloes in inventory, along with the depletion of all other precious metal vendors? And what happens if the price of paper gold hits zero (or goes negative) courtesy of bank and financial institution liquidation selling of paper derivative contracts nebulously referencing some yellow metal somewhere, even as suddenly there is no physical to be delivered to anyone, anywhere?

Inquiring minds really want to know.

h/t Alex, source US Mint

 


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Wed, 04/17/2013 - 21:30 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

Why trigger a paper sell off only to have a physical run follow straight after; they knew that was a given.

Propping up the USD or Gold Run trigger????

50/50 I reckon.

Wed, 04/17/2013 - 21:34 | Link to Comment WayBehind
WayBehind's picture

At this cheap price, I would expect more sales ...

Wed, 04/17/2013 - 21:36 | Link to Comment CharlieSDT
CharlieSDT's picture

Go. To. The. Coin. Shop.

What? You're saving the cash for something else? Overpriced College tuition, no way dude, that's a scam. A diamond ring for your mediocre entitled Western girlfriend? Please, I beg you, don't. A new flat screen TV or iPhone 5, a new car, some overpriced drinks to hit on so-so chicks? This is not the right time for that. Buy gold. Buy silver. Buy some peace of mind. Gold has no counter party risk. You can't print it. It has secrecy in an age of Big Brother monitoring all other financial transactions. And, there's a huge paper market for it that is crashing and the dealers are still selling the physical for the same basic price.

This is a once in a lifetime opportunity, in my opinion. Buying gold right now is like stepping out from in front of an onrushing bus with two seconds to spare. Waiting till later (for those without any yet) is like trying to stop and pick up a coin in the street first.

http://www.singledudetravel.com/2013/04/back-up-the-truck/

Wed, 04/17/2013 - 21:38 | Link to Comment toys for tits
toys for tits's picture

It's Germany that is ordering eagles in order to get their gold back.

Wed, 04/17/2013 - 21:38 | Link to Comment Almost Solvent
Almost Solvent's picture

Well, that escalated quickly

Wed, 04/17/2013 - 21:43 | Link to Comment erg
erg's picture

By my count, that's 13.229 Bernankes worth it's weight @ 300/pop.

Wed, 04/17/2013 - 21:49 | Link to Comment Supernova Born
Supernova Born's picture

Gold just took another big drop.

Japan and Europe banks are bleeding deposits like stuck pigs.

Physical gold rush.

Bankster propaganda on Bloomberg, CNBS at an all time high.

Wed, 04/17/2013 - 22:36 | Link to Comment aka Gil
aka Gil's picture

The cartel's response to a record day of gold selling by the US Mint is to attempt yet another price smash. Desperation, perhaps?

Wed, 04/17/2013 - 22:58 | Link to Comment markmotive
markmotive's picture

Who's buying? Mom and pop or institutional investors?

Wed, 04/17/2013 - 23:12 | Link to Comment RockyRacoon
RockyRacoon's picture

Your answer -- dig it:

The Price Smash – Who, What, How and Why? Theodore Butler

As for the Mint, it's dealers who plan to make a little in the future, and I'd suspect a lot of it is going to foreign buyers.  After all, it's cheap enough.

Thu, 04/18/2013 - 00:44 | Link to Comment Manthong
Manthong's picture

I'll gladly pay you a future Tuesday for an A.G.E. today.

Thu, 04/18/2013 - 01:57 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

If people are willing to kill or die for gold, I am buying.  Oh wait, I have it already.  Now things get interesting.

Thu, 04/18/2013 - 07:23 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Quickly divest your bank account into gold.....before the common central bankster crooks can steal it.

 

Baby go go....or get Cyprioted.

http://www.youtube.com/watch?v=xoEgVp6ZJNM

Thu, 04/18/2013 - 07:39 | Link to Comment samcontrol
samcontrol's picture

ok. I'll ask for the last time.

I cannot transfer my bank account into gold.

Next best thing?

Wed, 04/17/2013 - 22:57 | Link to Comment SafelyGraze
SafelyGraze's picture

the article implies that the mint could run out of gold

that is impossible since it is part of the treasury whose debts are backed by the FFCoUSG

http://www.treasurydirect.gov/indiv/research/articles/res_invest_article...

 

Wed, 04/17/2013 - 23:20 | Link to Comment HulkHogan
HulkHogan's picture

That chart shows that the buying went up only 25% more than the Jan 1st'ish big buy. That makes me nervous. Gold and Silver prices will continue to fall unless there's much more buying than that.

Wed, 04/17/2013 - 23:22 | Link to Comment FEDbuster
FEDbuster's picture

Gold plated tungsten rounds? The Bernake bought a 3-D printer with gold infused ABS plastic medium?

Thu, 04/18/2013 - 00:12 | Link to Comment Meat Hammer
Meat Hammer's picture

Barbarians

Thu, 04/18/2013 - 00:45 | Link to Comment Flagit
Flagit's picture

haha, did you decide your article was 9 years old?

 

the tip should have been gold at $400/oz.

Thu, 04/18/2013 - 02:23 | Link to Comment cynicalskeptic
cynicalskeptic's picture

Gold eagle proofs go on sale Thursday (today) at noon.  Despite the price drop and grid pricing you're not seeing a price reduction yet.  Will the price stay lopw enough through next Wed for a reprice?

Thu, 04/18/2013 - 06:16 | Link to Comment auric1234
auric1234's picture

I think the cartel wants to maintain this price level for a few days. Otherwise they could have been more agressive on Wednesday, when the upward momentum was fading.

Perhaps they want all dealers to run completely dry before slaming the price down again, so that noone can take the opportunity. Or perhaps they got shit scared on the physical market response and they will pause a little before the next move.

 

Thu, 04/18/2013 - 09:32 | Link to Comment smlbizman
smlbizman's picture

it doesnt matter....there is the paper price and there is the cash price....call the bulion banks and see if they will give you a cash price...so imho i think what the mints sell it for is the "cash" price....and has very little to do with the paper price

Thu, 04/18/2013 - 05:12 | Link to Comment Pegasus Muse
Pegasus Muse's picture

"Gold just took another big drop."

A reader posted this article yesterday.  It explains much.

We Have Seen Gold Prices Act Like This Before

http://www.alhambrapartners.com/2013/04/15/we-have-seen-gold-prices-act-like-this-before/

Thu, 04/18/2013 - 08:06 | Link to Comment Bendromeda Strain
Bendromeda Strain's picture

+ 31.1034  Everyone should read this as many times as is necessary to achieve understanding. This guy nails it imo. Thanks for sharing that link again.

Wed, 04/17/2013 - 21:51 | Link to Comment I think I need ...
I think I need to buy a gun's picture

the mines have to be hurting,,,,,where is all this gold coming from is the Bernak selling directly?

Wed, 04/17/2013 - 21:57 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

Excuse to confiscate? (Hegelian Dialectic in motion?)

Wed, 04/17/2013 - 22:03 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

"And what happens if the price of paper gold hits zero (or goes negative)"

Make it go negative.  Then they, and everyone else can pay me to take their gold from them!!

Wed, 04/17/2013 - 22:08 | Link to Comment Joe Sixpack
Joe Sixpack's picture

Here is a graph of APMEX's 100 ozt. silver inventory April 15th.

 

Click the thumbnail for an expanded view.

Wed, 04/17/2013 - 22:19 | Link to Comment JoeSexPack
JoeSexPack's picture

"You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:"

 

Got that when I clicked graph.

 

Since your name was taken, I changed 1 letter.

Wed, 04/17/2013 - 22:43 | Link to Comment fourchan
fourchan's picture

lol record sales causes, record price drop, only in america.

Wed, 04/17/2013 - 22:58 | Link to Comment wee-weed up
wee-weed up's picture

Hey, Kick 'em while they're down...

it's the Bernanke & TBTF way!

Wed, 04/17/2013 - 23:59 | Link to Comment tekhneek
tekhneek's picture

He keeps link baiting that. I signed up because I wanted to see it, but he's been spamming that link for days now.

Here's the graph: http://imgur.com/2TwuP6a

Thu, 04/18/2013 - 00:24 | Link to Comment MsCreant
MsCreant's picture

You rock! Thanks.

Thu, 04/18/2013 - 00:27 | Link to Comment tekhneek
tekhneek's picture

I don't comment much anymore. I'm a lurker now :)

How's life Ms?

Wed, 04/17/2013 - 22:48 | Link to Comment noless
noless's picture

just like my automated credit card transfers(playing nicely because i'm supposed to), balance is positive, so shouldn't i be generating interest on the account equivalent to charged? no? well fuck you then i guess. I love that their software lets me overpay but i would probably still get charged interest on a positic account, fuck this shit.

 

for note; yes, failure, but seriously, zirp? nirp? fuck you, i'de rather underproduce.

Wed, 04/17/2013 - 22:57 | Link to Comment Spider55
Spider55's picture

How can you tell if they are selling phsical or paper gold? Just wondering

Thu, 04/18/2013 - 07:23 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

It's all paper these days. Don't believe me? Try to take delivery of a Comex contract.

 

I double dog dare you.

Thu, 04/18/2013 - 07:30 | Link to Comment new game
new game's picture

conmex has a problem, kinda like the coke dealer that snorted all the stuff.

the corzine legacy continues...

Thu, 04/18/2013 - 07:44 | Link to Comment WhiteNight123129
WhiteNight123129's picture

The Gold move is 100% Japan related.

Japan has 20 times debt to GDP or war like Debt.

Japan consumes 20 % of budget interest even with very low rates.

FIRST THINGS WE ALL KNOW. BRIEF RECAP.

Japan has now a trade deficit because of Fukushima and because they move some their logistics out of the country to hedge against earthquakes.

More people are now moving out of the workforce then entering so in aggregate they are di-savings, creating problem for demand for JGBs.

So the debt situation is the most serious.

There is a way to avert that, and taking down the Gold price.

Japan wants to inflate away in an orderly way (like Britain post world war II) However the currency had declined by 25% in a short period of time
At the same time the Gold price in Yen was breaching a 30 years all time high.

The backdrop of this breach was a QE announced which is 2 times larger in proportion than the US.
Normally an old all time high breached after 30 years with such a backdrop would mean Gold off the races in Yen.
That would have potentially created a panic since Gold since Gold is purchased in panic.
Gold shapes inflation expectation and the secondary effect could be a disorderly JGBs.
Remember that the JGBs were showing great volatility BEFORE with 2 stops in JGBs market.
So who did the take down?
My answer is Global central banks who have debt problems and need to maintain negative interest rates on their Gov bonds.
Why? If the JGBs go disorderly, it would immediately trigger uneasiness with other sovereign bond markets.
Hence the Gold price in Yen, which could be the fuse for this event had to be squashed.

Who squashed it?

People who can do it. And they should do it in order to avoid a big problem for Japan and the rest of the world.

People from ECB (Draghi), to BoE, the US Fed.

How did they do it?

First a short recommendation by Goldman on Wednesday last week

Next Draghi says Cyprus has to sell its Gold.

However, how reliable is Goldman in warning its clients about an impending bubble?

Absolutely not reliable.

Remember Abigael Cohen in 1999 (Goldman was the biggest IPO promoter of internet bubble)

Fabrice Tourre was structuring crap to be sold to clients (while Goldman was short subprime with AIG)

Goldman made a call for 200 USD oil back in 2008.

So this is why Gold had to be squashed, the JGBs  were stopped because of daily limits while the Gold price in Yen was moving strongly above its 30 years all time high while Japan was announcing massive QE.

We had a 7 sigma move in Gold, even in 1970s you never saw a 7 sigma move, while at the same time the government with the highest risk of disorderly adjustment being halted for excessive move down? How often are the JGBs halted?? And on the same day that Gold has a 7 sigma move down.

http://www.cityam.com/blog/volatility-jgbs-sees-them-halted-again

 

Soros had figured it out that central banks would not let a panic start on the Gold in Yen terms, and he sold his Gold back in September and started to buy puts on the Yen.

Thu, 04/18/2013 - 08:02 | Link to Comment samcontrol
samcontrol's picture

+10

A small reset so they can all buy on the cheap...They may rewash and redo a couple more times.

I will sell my paper pms when we get a bounce and play the way central banks and GS do. If you can,t beat them join them.

Thu, 04/18/2013 - 08:18 | Link to Comment Bendromeda Strain
Bendromeda Strain's picture

Thanks for showing Tyler's wisdom in using a reptile brain for the traders (attempted) pondering "If they are selling... I wonder who is buying".

Wed, 04/17/2013 - 22:05 | Link to Comment Pool Shark
Pool Shark's picture

 

 

Though required to mint them by law, the US Mint still hasn't produced any of the 2013 America the Beautiful 5-ounce silver bullion coins.

When they do release them, they will be one of the best ways to buy silver bullion: they carry about the same premium as Silver Eagles, but they mint only a tiny number of them (only 20,000 of the Hawaii Volcanoes and Denali; versus nearly 40,000,000 Silver Eagles), so the numismatic value will be high.

In fact, the Hawaii and Denali coins sold just a few months ago for $180.00 each are now fetching $300.00 on e-bay and at APMEX.

http://www.usmint.gov/mint_programs/atb/?action=sbcInvestors

http://www.usmint.gov/mint_programs/atb/?action=mintageTotals

http://www.providentmetals.com/bullion/silver/us-slv/america-the-beautiful-5-oz.html

http://www.apmex.com/Product/68005/2012_5_oz_Silver_ATB___Denali_National_Park_Alaska.aspx

http://www.ebay.com/itm/2012-5-oz-Silver-ATB-Coin-Denali-Alaska-America-the-Beautiful-/140948682563?

 

Wed, 04/17/2013 - 22:07 | Link to Comment Pure Evil
Wed, 04/17/2013 - 22:27 | Link to Comment Pool Shark
Pool Shark's picture

 

 

Yep, you can subscribe to the series (that's the uncirculated P numismatic version) but the Mint still hasn't announced a release date.

However, the numismatic versions carry a MUCH higher premium than the bullion versions, even though the mintages for the bullion versions are only slightly higher. Before the recent plunge in silver/gold prices, the premium on the 5-ounce bullion coins were right around $3.00/ounce; about the same as for Silver Eagles.

Even now, you can still get the remaining 2011 bullion versions (with higher mintage figures) for under $140 each at Provident.

When the series is complete in 2020, I expect collectors will be paying a pretty penny for complete sets of all 56 coins. Even now, the initial 2010 coins are all going for well in excess of $200 each as collectors who started late, scramble to put together complete sets.

Wed, 04/17/2013 - 22:44 | Link to Comment Captain Benny
Captain Benny's picture

Hah, good luck having a complete set.  My bet is that the entire system fails long before then.

Wed, 04/17/2013 - 22:46 | Link to Comment fourchan
fourchan's picture

lol for real i literally laughed out loud^

Wed, 04/17/2013 - 22:54 | Link to Comment Pool Shark
Pool Shark's picture

 

 

Well, if the system does callapse, and you can't sell them; at least they make really cool coasters...

 

Wed, 04/17/2013 - 23:41 | Link to Comment Lore
Lore's picture

Just give me the damn bullion. I couldn't care less whose face is on it.  I just want OUT OF MAFIA PAPER.  And yes, that includes coupons like BitCoin.

Thu, 04/18/2013 - 06:33 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Reap the wind.....the bitcoin way.

 

Thu, 04/18/2013 - 07:33 | Link to Comment new game
new game's picture

anyone seeing a trend

guns

ammo

gold

Fri, 04/19/2013 - 15:43 | Link to Comment AlphaHunter001
AlphaHunter001's picture

 

 

guns? LoL what does having a gun and a market move have anything in common?

 

Did you see soybeans and Zynga also fell, get your guns out!

Wed, 04/17/2013 - 22:13 | Link to Comment kchrisc
kchrisc's picture

What, they aren't following the law. Better send in the FBI just like at Liberty Dollar:

2007: A company that makes and distributes Liberty Dollar coins in various denominations has announced it is shut down – for now – after a raid by FBI and U.S. Secret Service agents in which documents, records, coins and gold and silver were confiscated.

What's good for the goose should be good for the gander, don't you know.    hujel

Thu, 04/18/2013 - 00:52 | Link to Comment Flagit
Flagit's picture

yea, they are confiscating silver, weapons and ammo, and now milk......its almost as if....

wholly shit, the guberment is PREPPING!!

Thu, 04/18/2013 - 06:21 | Link to Comment auric1234
auric1234's picture

Milk??

 

Thu, 04/18/2013 - 06:35 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

No milk here......but I've got some .223 ammo I'll trade you for some.

Thu, 04/18/2013 - 00:08 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

Go Liberty

Wed, 04/17/2013 - 21:45 | Link to Comment westboundnup
westboundnup's picture

Yeah!  That really got out of hand fast!

Wed, 04/17/2013 - 22:24 | Link to Comment UH-60 Driver
UH-60 Driver's picture

I killed a man, with a trident!

Wed, 04/17/2013 - 23:07 | Link to Comment Meat Hammer
Meat Hammer's picture

You should probably lay low for awhile.

Wed, 04/17/2013 - 23:43 | Link to Comment EvlTheCat
EvlTheCat's picture

ROTFL.  Deadpan humor is the best!

Thu, 04/18/2013 - 00:49 | Link to Comment Antifaschistische
Antifaschistische's picture

BINGO Toys,

Here's the game...Germany gets the physical Eagles and puts it "on their JP Morgan Chase credit card".   Then, they refuse to make a payment on the credit card until the US delivers the physical.

Thu, 04/18/2013 - 06:45 | Link to Comment toys for tits
toys for tits's picture

hahaha

They could also accept delivery and then claim to the Chase credit card people that they never got them for the mother of all chargebacks.

Wed, 04/17/2013 - 21:41 | Link to Comment rajat_bhatia
rajat_bhatia's picture

DONT BUY GOLD YOU MORONS. BUY DOLLARS. 

Wed, 04/17/2013 - 21:45 | Link to Comment toys for tits
toys for tits's picture

We're going out and shopping ... otherwise the terrorists win.

Wed, 04/17/2013 - 22:05 | Link to Comment Pure Evil
Pure Evil's picture

"BUY DOLLARS"

Yeah, that makes a lot of sense.

I guess I'll head down to my bank Anytown USA and tell the teller I'd like to purchase some of your FRN's.

How much for a US 1 dollar bill?

Wed, 04/17/2013 - 22:22 | Link to Comment Rustysilver
Rustysilver's picture

$.95

Wed, 04/17/2013 - 22:36 | Link to Comment Jreb
Jreb's picture

Yep. That about sums it up.

Thu, 04/18/2013 - 00:11 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

You are paying way too much

Thu, 04/18/2013 - 00:56 | Link to Comment Flagit
Flagit's picture

how the fuck can i shop when the country is coming down with exploding trash can syndrome?

Wed, 04/17/2013 - 22:08 | Link to Comment MythicalFish
MythicalFish's picture

How about yesterday's newspaper? They ain't gonna print any more of it..

Thu, 04/18/2013 - 02:22 | Link to Comment Reven
Reven's picture

You sir just explained why bitcoins collapsed.

Wed, 04/17/2013 - 22:29 | Link to Comment Help Is Not Coming
Help Is Not Coming's picture

But I AM buying dollars. The Silver Eagle is $1 and the Gold Eagle is $50. When I get some more FRNS I'll buy some more $5 and $50 dollars.

Thu, 04/18/2013 - 00:34 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

Why would I buy some coins with US shit one them?  Why not just measured amounts in bricks or smaller rounds.  Why would I want something tht approximates coins of yesteryear?  I am serious.  This is the country that has declared WAR on GOLD and I am supposed to buy their crap AT A PREMIUM NO LESS?????

There are other coins and countries that will get my fiat money, thanks

 

Except if you want me to stuff a 100 OZ silver brick up Jamie Dimons, Lyod BlankFuck or the Bernank's rear end.  Now that sounds like a good "investment"

Thu, 04/18/2013 - 06:22 | Link to Comment Long_Xau
Long_Xau's picture

Your words make sense. In my book a dollar is defined as a silver coin of certain mass and purity.

Wed, 04/17/2013 - 22:10 | Link to Comment tip e. canoe
tip e. canoe's picture

dude, you made your point the 2nd time you copied and pasted.

now you're just being a douchebag.

Wed, 04/17/2013 - 23:29 | Link to Comment tenpanhandle
tenpanhandle's picture

Just farming the green arrows.

Wed, 04/17/2013 - 22:44 | Link to Comment MythicalFish
MythicalFish's picture

Queueing in Chinatown at the gold shop now. Second day of the stampede. Wearing my ZH shirt. Good vibe here.. BTFD!

Wed, 04/17/2013 - 23:08 | Link to Comment beentheredonethat
beentheredonethat's picture

was at the coin shop in california today- he says he is the last two shops in the entire city with silver, and the lead times on gold and silver are now 7 days. no more stock. monday was busiest day he ever had. his web site has 4x the hits in the last 3 days. and the premiums to buy are way up even though price is down.. 

Thu, 04/18/2013 - 07:21 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

"What? You're saving the cash for something else? Overpriced College tuition, no way dude, that's a scam.  A diamond ring for your mediocre entitled Western girlfriend? Please, I beg you, don't. [....] some overpriced drinks to hit on so-so chicks?"

Youngbloods, listen to the man.  All those other things can wait.  Seize the moment.

Wed, 04/17/2013 - 21:35 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

With money velocity and consumer credit levels as they are, Gold retail is better than I expected.

Wed, 04/17/2013 - 21:42 | Link to Comment johngaltfla
Wed, 04/17/2013 - 21:54 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

LOL, amazing!!!!
Price drops, paper sell off, and physical run.
Mexcellent-Smithers-Mexcellent!!!!

Wed, 04/17/2013 - 22:06 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

Dow is gonna tank tomorrow too I bet.  Sell in May and go away is here.  Ramp in summer.  Watch out in October.

Thu, 04/18/2013 - 00:00 | Link to Comment Lore
Lore's picture

JohnGaltFla - The message at your link above makes no sense.  Western bankers slamming gold merely presents Eastern buyers with a discount, which is an incentive, not a deterrent.  The BRICS Development Bank is probably buying hand over fist. 

Wed, 04/17/2013 - 21:34 | Link to Comment bania
bania's picture

some folks out there understand tradition.

Wed, 04/17/2013 - 21:43 | Link to Comment MilleniumJane
MilleniumJane's picture

And some refute that, calling it a barbarous relic.  I choose your statement over theirs.

Wed, 04/17/2013 - 22:12 | Link to Comment rich_wicks
rich_wicks's picture

Well, the people selling better have a buttload of silver and gold, otherwise, this will be remembered as the crime of the millenia - and it will crash the entire fiat money system.

In my opinion, the barbarious relic is paper currency, it's been tried again and again, and every time it fails, and every time it's resurected, and it fails again, and again, and again, and it's going to fail again.

If the system worked, we'd have had a fiat currency standard for the last 1000 years, not the last 42.

Wed, 04/17/2013 - 22:37 | Link to Comment espirit
espirit's picture

+1  Ding Ding Ding.  We have a winner!

Thu, 04/18/2013 - 00:29 | Link to Comment Lore
Lore's picture

Fiat serves its purpose beautifully. It introduces instability that allows the system to oscillate in boom/bust cycles.  The excess can then be trimmed like loose material from the lump of clay on a potter's wheel.  All those trimmings accumulated over the centuries now measure in QUINTILLIONS. When the system's about to fold, the potter stops the wheel, reshapes the clay into a new lump, and starts again. True to form, these are the same hypocrites who rolled out the modern Agenda 21 "sustainability" movement, which actually drives society in the opposite direction.

Thu, 04/18/2013 - 04:59 | Link to Comment Obadiah
Obadiah's picture

Not only that, the bastards Crusified Jesus too!

Wed, 04/17/2013 - 21:55 | Link to Comment Pure Evil
Pure Evil's picture

US mint website says they're out of Buffalo's, not available again until 5-23-2013.

Wed, 04/17/2013 - 22:07 | Link to Comment Argos
Argos's picture

Just added some gold buffalos to my stash today.  My favorite coin.

Wed, 04/17/2013 - 22:03 | Link to Comment rich_wicks
rich_wicks's picture

Why trigger a paper sell off only to have a physical run follow straight after; they knew that was a given.

No they didn't.

They are assuming that the people buying are the same sort of people buying stocks - people that are looking to make a quick return on their investment.

The people that are buying are people that don't believe that the financial system is honest, they think it's entirely corrupt - and I'm one of them.

The people running the financial system are probably finally figuring out that this is a big fuck you to them.  Jon Corzine isn't in jail, Franklin Raines isn't in jail, Dick Fuld isn't in jail, and Angelo Mozilo isn't in jail.  Because of this, many people do not trust either the financial system or the government, and why should anybody with a brain trust the financial system or the government at this point?  Criminals run free, get tons of free money, and the government lies to us about everything from weapons of mass destruction in Iraq to the stability of the financial system.

Physical ownership of gold is a barometer of trust, and right now, it's pretty damned low.

Wed, 04/17/2013 - 22:47 | Link to Comment Jreb
Jreb's picture

Amen.

Wed, 04/17/2013 - 22:54 | Link to Comment ThaBigPerm
ThaBigPerm's picture
“Money is the barometer of a society’s virtue. When you see that trading is done, not by consent, but by compulsion–when you see that in order to produce, you need to obtain permission from men who produce nothing–when you see that money is flowing to those who deal, not in goods, but in favors–when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed. Money is so noble a medium that does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half-property, half-loot”

-Ayn Rand

Wed, 04/17/2013 - 23:05 | Link to Comment Notarocketscientist
Notarocketscientist's picture

Exactly.  This has backfired on Beranke spectacularly.  He clearly did not believe that the forced tanking of PM would be seen as a) a buying opp and b) exposing the utter desperation of the Fed

This has scared the shit out of people - and they are hedging... accordingly.

Wonder how Ben is sleeping this evening?

Wed, 04/17/2013 - 23:45 | Link to Comment rich_wicks
rich_wicks's picture

He's sleeping like a baby.

He doesn't give a shit.  He's set for life and well paid off.  If you think any of these people have the least bit of trouble sleeping, you just don't understand what a sociopath is.

This man is stealing from everybody that has stayed out of debt, who hasn't screwed over creditors, and who have lived within their means.  He's utterly aware of this.  He doesn't care, one bit.  If you think for a moment these men aren't sociopaths, why not?

Wed, 04/17/2013 - 22:44 | Link to Comment markettime
markettime's picture

I wonder how many silver eagles were sold. It has to be more than the 2-3 mil on the website. 

Thu, 04/18/2013 - 01:33 | Link to Comment Right-on Left-off
Right-on Left-off's picture

Here's my take and what I have emailed to fellow futures traders.

"The only alternative/recourse!"

 


"The only way to combat a failure to deliver is to get rid of all of the longs or a sufficient amount that can be delayed or settled with cash.  Therefore there will be naked shorting all the way into Last Trade.  Of course naked shorts are cost free.  If you are short and an owner or delivery source for a futures exchange, all you have to say is 'only kidding' , I don't need to cover and take delivery and make a profit.  In fact I 'donate' my profit back to the exchange as a favor.

 

Interesting, huh.  Having never lived thru or experienced a true outright failure to deliver as I am sure no one alive has, we are all seeing what can arise as far as what to do to escape the delivery failure.  I actually don't think futures markets as an exchange are that old.  Everyone is actually learning."

 

Ha!  Looked it up.  The first exchange was in 1710 in Japan.

 

Thu, 04/18/2013 - 06:38 | Link to Comment Lets Buy The Dip
Lets Buy The Dip's picture

yes you are right the USD is all of sudden perking right up isnt it. 

That will put pressure on the US indicies and equities. 

THIS LIVE VIDEO HERE SHOWS the BULLS ARE ABOUT TO GET KICKED IN THE NUTS! - WATCH VIDEO HERE!

Thu, 04/18/2013 - 07:16 | Link to Comment jekyll island
jekyll island's picture

Collapsing fractional reserve gold market, hammering down the price to repurchase metal or will be in default.  Probably shouldn't have loaned all the gold bullion for sale, right Timmay?  

Wed, 04/17/2013 - 21:28 | Link to Comment RhoneGSM
RhoneGSM's picture

Let them eat cake?

Thu, 04/18/2013 - 00:21 | Link to Comment let-them-eat-cake
let-them-eat-cake's picture

Probably, more like "eat fiat", but I'm picking up what you're throwing down.

Wed, 04/17/2013 - 21:29 | Link to Comment toys for tits
toys for tits's picture

deleted

 

Wed, 04/17/2013 - 22:23 | Link to Comment Spitzer
Spitzer's picture

As I posted in the morning. Canada is out.

Scotiabank's outlet for all of their physical is in Toronto. I tried buying in Edmonton today and the manager said that not only is Calgary and Edmonton out but Toronto is out of everything. He said Toronto will get more in 2 days and then 2 days after that, the other cities will get shipments

Wed, 04/17/2013 - 21:27 | Link to Comment The Duke of New...
The Duke of New York A No.1's picture

PAPER Gold/Silver on the way out?...

 

http://www.youtube.com/watch?v=QGZ5f1G1Ep0

Wed, 04/17/2013 - 21:31 | Link to Comment Captain Benny
Captain Benny's picture

Ouch.  In other news, every major dealer is sold out of the retail level 100oz bars of silver....  Seems the retail masses have got stronger hands since May 1, 2011....

Even Tulving has been increasing premiums significantly this yesterday.  The retail investors are sucking up gold and silver like a line of coke!

Wed, 04/17/2013 - 21:40 | Link to Comment fonzannoon
fonzannoon's picture

Blanchard seems to be one of the few places with no out of stock signs.

(I have never bought from them, nor do I reccomend it)

Wed, 04/17/2013 - 21:42 | Link to Comment Captain Benny
Captain Benny's picture

Their website indicates 20436 100 ounce silver bars available.  I really doubt they have that many vaulted.  They may have some, but no way they have that much.

Wed, 04/17/2013 - 21:51 | Link to Comment fonzannoon
fonzannoon's picture

we should find out :)

Wed, 04/17/2013 - 22:32 | Link to Comment Help Is Not Coming
Help Is Not Coming's picture

I've bought a substantial amount from Blanchard over the years and they've always delivered at a fair price.

Wed, 04/17/2013 - 21:58 | Link to Comment westboundnup
westboundnup's picture

May I ask why? 

(I brought gold from them quite some time ago)

 

Wed, 04/17/2013 - 22:01 | Link to Comment fonzannoon
fonzannoon's picture

I was just kidding. I meant people on here should buy and wipe them out. It was a dumb joke. I make them all the time.

Wed, 04/17/2013 - 22:03 | Link to Comment Scro
Scro's picture

Tulving sucks, you are warned.

Wed, 04/17/2013 - 22:09 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

Why is that?  Since I have no precious metals, food or ammo,  I can't say from my own personal experience, but let me just say I know people who have bought from Tulving and never had one problem with them, ever.

Wed, 04/17/2013 - 23:05 | Link to Comment Gold Dog
Gold Dog's picture

Tulving reviews run the gamut. I got screwed on delivery dates and some bitch lying to me about when my BIG order would ship. I won't use them ever again.

Others swear by them. DYODD

Dog

Wed, 04/17/2013 - 23:54 | Link to Comment zjxn06
zjxn06's picture

Only good experiences with Tulving.

Best prices if you are willing to buy in volume (20+ oz Gold or 500+ oz Silver).

Only issue was when Hannes had his stroke a few years back.  Hospitalized and everything shut down.  

Sold some gold back to him for a down payment on house. Brother did not have authority to cut me a check. Had to wait for a bit.

All fixed now.  Last purchase in January no problem.  Will do business with Tulving again.

Hannes does not suffer the ignorant lightly.

Thu, 04/18/2013 - 00:22 | Link to Comment seek
seek's picture

Same here. All I would say is they're probably not the company to use for your first buy or if you're uncertain or hesitant, want to talk, etc.

I've done many large orders with 120-second or less phone calls. It's just a no-nonsense business, call with your order of X AGEs, get a price, confirm, and wire the payment. AU waiting for a signature at the door 3-4 days later.

Thu, 04/18/2013 - 08:12 | Link to Comment Defiant1968
Defiant1968's picture

I have been buying from tulving since the 80's. last order was lied to and took almost a month to get a 40 oz order of gold. Tulving co sucks and customer services lies! Did not get my order until I went to the better business buerua

Thu, 04/18/2013 - 08:13 | Link to Comment dow2000
dow2000's picture

Tulving customer service here: Please confirm you shipping address?

Thu, 04/18/2013 - 00:08 | Link to Comment rich_wicks
rich_wicks's picture

All competitors say Tulving sucks, because he undercuts everybody.

Always there's rumors about him fucking somebody over, but you never ever find out who got fucked.

Tulving is a bit famous for being very too the point, he's practically a one man operation, he doesn't advertise, he won't hold your hand, and if you don't get straight to the point, he'll consider that you're wasting his time and tell you to go screw yourself.

Normally, I'd say he has something to learn about customer service, but because of his lack of it, you get it at pretty much the best possible price.  If you can't deal with that, don't bother him, and he doesn't want you to bother him.   Do both yourselves a favor.

Wed, 04/17/2013 - 21:28 | Link to Comment gratefultraveller
gratefultraveller's picture

...and it is getting cheaper again!

Wed, 04/17/2013 - 21:29 | Link to Comment ShortTheUS
ShortTheUS's picture

*Payable in tungsten or another reasonable substitute metal.

Wed, 04/17/2013 - 21:30 | Link to Comment Jacque Itch
Jacque Itch's picture

It's down over $30 right now.  Wow!

 

Wed, 04/17/2013 - 21:32 | Link to Comment Charles Nelson ...
Charles Nelson Reilly's picture

Getting shellacked again.... $1350 and dropping fast. Might be better buying opportunities by Friday (if anyone has any left).

Wed, 04/17/2013 - 22:04 | Link to Comment e_goldstein
e_goldstein's picture

Bought today. There was less than 750 ounces of non-numismatic silver in the store and an entire 10 ounces of non-numismatic gold.

Wed, 04/17/2013 - 21:34 | Link to Comment scatterbrains
scatterbrains's picture

speaking of metal, copper looks like it's about to shoot for 2.70ies.  Do we btf pre-war dip or let it collapse to shit ? I don't think I want to touch it.

Wed, 04/17/2013 - 21:50 | Link to Comment Panafrican Funk...
Panafrican Funktron Robot's picture

Indeed, copper is a mere 8 cents over that all important $3 mark at this point.  Amazing that we're basically back to May 2010 crash prices in "Dr. Copper".  Crude hanging on for dear life trying to stay above $85.  

We are getting really, really close to a major event.  I didn't think this would happen until at least 2014, but I don't think we're going to make it to the end of the year at this rate.  This summer/fall is going to fucking suck.

Wed, 04/17/2013 - 22:07 | Link to Comment Panafrican Funk...
Panafrican Funktron Robot's picture

Another extremely disconcerting thing to note is that the yen has actually been strengthening since April 11th, in spite of double plaid ludicrious speed printing.  I don't have any explanation for how that's even possible, apart from some situation elsewhere somehow being even worse.

Wed, 04/17/2013 - 22:54 | Link to Comment Renfield
Renfield's picture

I'd expect it's Japan selling US Treasuries, if that makes any sense. When an economy is in as much trouble as they are, in "emergency" mode, what do they do? Sell assets - and Japan has a lot of assets in the form of US Treasuries. So they'd sell enough of those that would depress the dollar and raise the yen some.

I don't know the answer but this is what I would think to be the case.

Wed, 04/17/2013 - 23:09 | Link to Comment Agstacker
Agstacker's picture

Buy rolls of nickels from the bank, they will be made of steel or some other alloy soon enough.

Wed, 04/17/2013 - 21:33 | Link to Comment Dr. No
Dr. No's picture

Dear US Mint,
I recommend you use the Fort Knox reserves to mint the coins. This will swell your balance sheet significantly and make you look the hero in the eyes of your Keynesian collegues. You will be getting rid of this high maintanence liability in exchange for crispy Benjamins. Your next quarter results will be in the black and far from the sequester budget axe.

Wed, 04/17/2013 - 21:34 | Link to Comment erg
erg's picture

Anything not nailed to the floor bitchez!

Wed, 04/17/2013 - 21:33 | Link to Comment Bay of Pigs
Bay of Pigs's picture

And I wonder how those American Silver Eagles sales are going? Will the US Mint fudge the numbers again just like last month?

What bullshit we are seeing going on now in the PM sector. Utter madness.

Wed, 04/17/2013 - 21:45 | Link to Comment MilleniumJane
MilleniumJane's picture

I agree, but I don't sweat it anymore.  Their time is almost over...

Wed, 04/17/2013 - 22:18 | Link to Comment Alexandre Stavisky
Alexandre Stavisky's picture

Buy for ten years from now.  With a shrinking economy, zero growth, but more than 18 trillion dollars of monetization in the next ten years, only that held outside the system will survive.  You will have shoes that wear out less than the paper money system.  It is inevitable.  It is irresistable.  It is irreversible.

But then again don't listen to me, I'm always wrong.  Just hold those bond, stock, and IOU tokens, they're money good.  See you at the barter blanket on the other side.

Good money after bad.  Sometimes better money after good.  The marrow grinding destruction ahead as reconciliations are forced upon all actors.  Don't 'spose tuh care tuh see it.  Don't 'spose tuh care.

Wed, 04/17/2013 - 21:35 | Link to Comment ptolemy_newit
ptolemy_newit's picture

Heavy, long deflation first - then inflation!    China will deflate?


 

Wed, 04/17/2013 - 21:54 | Link to Comment CURWAR2012
CURWAR2012's picture

Completely agree, deflate this year, inflate significantly next few years. Metals will have their best years starting 2014 not 2013

Wed, 04/17/2013 - 21:37 | Link to Comment JLee2027
JLee2027's picture

Just combining the orders of a couple days together and then posted. They don't update this everyday Tyler.

Wed, 04/17/2013 - 21:38 | Link to Comment Manipuflation
Manipuflation's picture

Sorry ZH brothers but I had to start up my own online store to throw a price floor under this mess.  I am concerned the pricing might be too low.  You can get your guns, gold and silver here.

http://www.boatingaccidentnews.com/boating-accident-news-guns-ammo-and-pm-store/

 

I have three hours into this one.  I hope you like it.  Remember, it is a blend of ZH and the Onion and not to be taken too seriously.

Wed, 04/17/2013 - 21:44 | Link to Comment toys for tits
toys for tits's picture

Funny site.  I predict that one day your prices in dollars will be below the market rates.

 

For all you guys that have had boating accidents, what are you going to do when TSHTF and they shut down the satellites for the GPS's?

Wed, 04/17/2013 - 21:54 | Link to Comment tip e. canoe
tip e. canoe's picture

x marks the spot

Wed, 04/17/2013 - 22:10 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

You didn't make a treasure map?

Wed, 04/17/2013 - 22:32 | Link to Comment Pool Shark
Pool Shark's picture

 

 

Manipuflation:

Well played sir!

[golf clap]

 

Wed, 04/17/2013 - 22:43 | Link to Comment Manipuflation
Manipuflation's picture

Thank you very much Sir. 

Thu, 04/18/2013 - 01:02 | Link to Comment Ag Tex
Ag Tex's picture

Manipulation:  Your prices are comparable to Cheaper Than Dirt!

Wed, 04/17/2013 - 22:23 | Link to Comment toys for tits
toys for tits's picture

 

x marks the spot

 

But you might not get the same boat.

Wed, 04/17/2013 - 22:16 | Link to Comment MikeMcGspot
MikeMcGspot's picture

I will most likely be lost in the woods some place, trying to call up Sprint because my Android won't tell me where I am or who I am. Then I may take out my how to use a compass book and how to do simple geometry book.

Sure the droid will run out of gas before I figgure it all out.

I will be FucXd!

Thu, 04/18/2013 - 01:42 | Link to Comment Flagit
Flagit's picture

you need a book for simple geometry?

fucking retard. :)

Wed, 04/17/2013 - 21:44 | Link to Comment tip e. canoe
tip e. canoe's picture

We have a strong distaste for Roosevelt in general but the premiums are the lowest on that asshole for good reason and we will pass the wastings on to you.

haha, that's some funny shit.   accept banner ads yet?   been thinkin about starting a line of tippy canoes...for when you just need to drop those dimes...

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