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Gold And Silver Physical Market And Inventory Update From The Source: "In A Word, Ugly"
By now everyone and their kitchen sink has speculated on what caused the great precious waterfall which started on April 12 and continued for the next four days. The factual reason for the biggest gold down days in history will likely remain unknown. In fact, in a sea of unfounded opinions, the only thing missing so far has been an informed opinion on what is really happening in some market - be it the paper of physical, especially in the aftermath of the unprecedented scramble to buy physical, not paper, gold and silver. So to avoid further speculation, and focusing on fact, here is what the CEO of Texas Precious Metals has to say about the state of the actual physical market, not the one where one can create "gold" and "silver" out of thin air. The bottom line? "The physical silver market is, in a word, ugly" and more importantly, "Last week, we turned away business in excess of 100,000 ozs of silver because of stock depletion." Botton line: please keep selling your paper metals - the demand in the physical space has never been greater, and is absorbing all the available inventory at current prices.
Inventory Update
Update, 4/22/13:
Dear TexMetals Customers:
As you all know, it has been a remarkable (and historic) week in the metals market, with metals prices falling precipitously. In the past two weeks, we have sold over 350,000 ozs of silver and 11,000 ozs of gold, which (as you can tell from our website) has placed an enormous strain on inventory levels, not to mention our loyal staff. As of today, we are completely sold out of silver. The purpose of this letter is to update you on inventory levels and the state of the physical market from our vantage point.
First of all, as our faithful customers know, we are the only bullion dealer in the country that promises to ship orders no later than three (3) business days from receipt of payment*. Our motto is: "If we don't have it, we don't sell it." Or, as one of our traders likes to put it: "we sell metal, not promises." Our business philosophy is strict and logistically quite difficult given the high security of bullion transport and packaging. We firmly believe in the importance of expedited order processing because of the high level of trust our customers place in our company. We are an anomaly in the industry, and we are proud of it.
Before I comment on the state of the market, I want to extend a tremendous debt of gratitude to our vault and shipping staff, who continue to pull 18-hour days (working through the weekends) to meet our commitments to customers. Given the sheer volume of orders, most orders are now shipping on day #3 from payment date, but we are extremely proud to report that, as a company, there have been no logistical disruptions of any major significance. Way to go staff!
The physical silver market is, in a word, ugly. There is no telling at this point when mint inventories will return to normal, but you can be sure it will not happen within the next 8 weeks. Most dealers, at this point, are selling their current customer demand forward, meaning they are selling product they do not presently have, expecting to pull from future mint allocations. Consequently, future allocations will face pressure from today's demand. It is not my intent here to comment on the business practices of other companies, but I will say that no one can possibly predict future allocations at the time. The US mint, for example, releases its allocations weekly, and until then, dealers have no insight into allocation levels. Last week, we turned away business in excess of 100,000 ozs of silver because of stock depletion. However, we stand by the notion that it is better to lose a sale than lose a customer by delaying delivery two months (or more).
Here is what we know about future inventories:
US MINT: Like most government institutions, the US Mint is highly unreliable. This week, we will take delivery of only 13,000 silver eagles. These coins will post for sale on Tuesday, April 23rd, at 8am CST, and ship as early as Friday**. On the week of April 29th, we will offer a minimum of 21,000 silver eagles, which will also post for sale on the Tuesday of the week. Subsequently, based on corporate agreements, minimum weekly allocations will not dip below 20,000 coins. Unfortunately, due to the extreme supply/demand constraints imposed on our business by the shortage of product, we will be offering eagles in monster box form (500 coins) only until allocations exceed demand. Coin premiums will be higher than normal, but our aim is to keep these premiums as far below market rate as possible.
On gold, there is some tightness in the Gold Buffalo series, but as of the writing of this message, Eagles are in fair supply.
CANADIAN MINT: As mentioned in an earlier posting, the Canadian Mint has been under pressure to meet demand because of the small eagles allocations and because of the minting disruption caused by the Wildlife Series last month. It will be weeks before the mint catches up to demand. We will receive, at a minimum, 10,000 silver maples weekly until allocations return to normal. Depending on logistics concerns, these will post either Tuesday or Wednesday on a first come, first serve basis. Like the eagles, we will be offering maples in monster box form only until allocations exceed demand.
We have large orders in place now for 100 oz RCM bars (1-2 weeks out).
On gold, the Canadian Mint is behind on its production of gold maples, but we expect to have more in stock Thursday or Friday of this week.
PERTH MINT: The Perth Mint is the only government mint (Australia) that runs its operation like a business. It is one of the primary reasons we promote Perth so heavily. The Perth Mint has swiftly and dramatically increased production to meet demand, and therefore supplies of Perth Mint 1 oz and 10 oz bars, as well as Kangaroos, are in very large supply. We have at least two gold shipments due to arrive this week. If there are any supply constraints, it may appear on fractional gold coins, but it will be only a temporary disruption.
The Perth Mint, unlike the USM and RCM, does not produce a silver monster box. However, we have 15,000 ozs of 10 oz Kookaburra and Kilo Koala coins due to arrive on Tuesday, April 29th.
TEXAS ROUNDS: We sold out of all 50,000 Texas Rounds from our initial mint run in four (4) days. We have another 25,000-30,000 rounds being minted this week, and subsequent runs will continue every other week indefinitely.
MISCELLANEOUS: We have large orders in place with Golden State Mint for buffalo rounds and 1 oz silver bars due to arrive in the next two weeks. The junk silver market for 90% coins is completely depleted, and we are only able to source supply at the present time from customers selling back to us (which are few). We have orders in place for 10 oz NTR bars which we anticipate receiving next week.
We are restocking gold in the next two days, and slowly restocking silver over the course of the next 7-10 days. Be advised that, in some cases, we are selling product faster than we can keep it in stock. Please be patient with our staff if we sell out of the product you want. I reiterate: "If we don't have, we don't sell it."
In conclusion, some have asked me the question: "How can I take advantage of silver at these low prices if you are out of stock on everything?" My only suggestion would apply to those with some trading experience. One option is to buy SLV or Silver Contracts for a short interval at the price point you want, and then sell that position the moment we have physical supply to sell. In this way, you can lock in your spot and buy yourself time until the physical market offers your product.
I would like to personally thank all of our loyal customers for helping us become the fastest growing bullion dealer in North America.
Sincerely,
Jason Kaspar,
CEO, Texas Precious Metals
h/t Eric
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+1 Upvote the trolls. Starve the beast.
Shit, I keep forgetting!
Too bad it's impossible to forget that he keeps shitting.
There is but one Evil...boy.
Breakdown in your logic, PUD. You are tearing down the strawman.
I guess SLV, GLD, and all other "certificates" could be considered contaminates in the PM Markets.
This "Trial by Fire" should take care of the paper tigers that have risen up against the stackers.
+1 Rerun, troll effort.
"Gold is usually mined in large open-pit mines."
Since when?
You wouldn't want to let facts get in the way of advancing your agenda, now would you?
And trolls are usually lodged under the abutments of large bridges --- except when they emerge to swarm ZeroHedge.
PUD,
You sayin' same phuckin thing again and again... I just don't give a $hit.
Sigh... I remember the "good old days" back in 2003 and 2004 when the preferred troll comment was, "...but you can't EAT gold!!!"
Now I have to sit through a lecture on modern gold mining technology.
But even with modern mining technology, it still only costs $5 to dig from the ground.
There are lots of horrible things that people do to the enviroment, why are you trying (failing) to convince us away from the one that will protect us from the worst enviro-impactor (the government)
down with fiat governments
Hey PUD don't the Oligarchs you work for own most of the mining companies who sin as you state? Couldn't they use more environmentally sound processes, not employ child labor, and pay their workers fairly? But yet they coose not to, and instead they employ you to try and convince us not to buy precious metals , while your masters hoard and buy like crazy. Also you can't put the gold and silver back into ground that's alread mined, so why should we let the EVIL-garchy have it all. If anything, they've stolen most of it anyway and need to be served some justice.
The only way or AAPL to recover market share is to make gold (or silver) iPads.
I thought it only cost 5 bucks to dig it out of the ground?
Now get it right Bay, ONLY if it you are digging in your back yard is it $5.00 an ounce! Might cost a little more to dig elsewhere.
funny how the dealers keep 'setting the price' and not the paper gold market. problem is that they dont have any inventory they can sell apparently if they are turning away customers.
Wouldn't it be a great idea if there was some sort of centralized place where people like dealers could buy and sell gold and silver in some sort of standardized way? That way nobody would need to look at 8 dozen different websites to know who has inventory and what it costs. It would be a neat way to "discover" the overall price of a standardized unit of gold or silver of a standardized grade and nobody would be able to put gold up for sale that they didn't actually own. Like Ebay but for gold and silver. You could even do it for industrial metals or cows or pigs. I wonder why nobody has ever thought of that?!
There actually is such a place. It is like a forum or bulletin board. 2,500 dealers belong. They make bids and ask prices all day long. I know because I have seen my dealer use it. The big guys are know by reputation. While I was on the phone with my dealer several silver items became available. All pretty big $ amount items. Each was snapped up within 5 minutes or less. They just message each other and do deals.
Unfortunately, the system is closed to regular folks like us. You have to be approved at some level as a dealer to get into it.
It's not closed at all. It's called bulliondirect nucleo exchange. You can use it just fine.
Thanks for the link
for the first time in all of history, RETAIL has purchased an "asset" at the lows.
expect the next leg down in gold/silver to really blow you away.
@101 years and counting
I also believe this. I'm not a stacker myself, not that I think stackers are wrong-headed. No, quite the opposite. Any conversation that is predicated on the value of gold or silver in dollar terms is wrong-headed. The true value of gold and silver cannot be priced in dollars or any other fiat money. When TPTB decided to finally do a takedown on nominal gold and silver prices, it will make a speculator's head spin. Of course, true gold and silver investers won't really care, as it should be.
I was thinking this morning about the silver I bought at $40 on the way up to $50. Still have it and I don't care that I'm "losing money". It really doesn't bother me. I count ounces, not dollar value.
for the first time in all of history, RETAIL has purchased an "asset" at the lows.
expect the next leg down in gold/silver to really blow you away
Then there will be NO metals available period, BRING it.
Hongcha is a little worried here - I am loaded out the ass long paper as of last Monday and late the prior Friday.
Concerned a paper broker will go tits-up and that 'they' will repeat their paper body slam to mitigate.
That would atomize the paper price, and fuck a lot of people who trade.
If the Western world wants to do that, and in the offing destroy what remains of its credibility worldwide, and move REAL exchanges East, there is not a damn thing I can do.
Your thoughts gentlemen?
PSGWSP
These people live to destroy anyone who dares take a bet on margin, or who dares to set any sort of stop.
You have been warned.
So Jason has nothing for sale, let's examine the situation.
In any business, when a company has no supply for their customers, they make excuses why. All last week Tulving had what seemed to be unlimited gold and silver available for next day air shipping. Someone should ask Jason Kaspar why his company did not STEP UP and buy last week. The short answer is Kaspar was Spooked that the price would go down further so he held off buying, now he's left to pen letters to his customers.
Locally where I am every coin shop is out of gold and silver except one, they must have made a big buy on the Monday following the huge price drop. That shop has plenty of gold maples at only $50 over spot, and heavy inventory of silver as of last Friday, the silver was going for a higher premium than usual. I can usually buy eagles for $3.50 over spot but as I recall, they were $6 over due to the current situation.
No - A dealer such as Kaspar has no need to fear further price declines because he can simply buy physical, short paper silver, thus locking in his profits. I propose a different analysis: price has declined significantly, and as anyone knows, when prices decline, there is higher demand and thus sales volume. In order to make up for the increased costs of dealing with higher volume (e.g. paying people overtime to fulfil the orders), the premiums have arisen. It's simple market economics, and exactly what we would expect to happen.
By "ugly" you mean "beautiful"....for those of us who have some stacks. For the rest...not so much.
Is it possible that there is a "shortage" of physical silver because investors refuse to sell while the price is low? If silver shoots to $40-$50 an ounce, and then the price stabilizes, there most likely will be an abundance of silver on the market for sell as investors take advantage of the price increase to take their profits.
yep, just like what is happening to ammo
No, it's not possible, because if there was a shortage, prices would rise until the shortage was eliminated.
There's certainly no shortage of paper silver, anyway.
I think your analysis overlooks the dichotomy of paper vs. physical in the PM markets.
Just spoke to my coin dealers. Two of them. Same message from both.
1. There is NO junk silver for sale. NONE. Reason, you cannot counterfeit it.
2. All other silver products tight. Silver eagles 25% premium.
My story too, anti, on supply, however there IS countfeit junk coin fine-ish grade, it's just more expensive than paper price. If you google "counterfeit coin operation china" there were some great pics published a few years ago, presses and example of coins minted some were common mercs and sl quarters. Just FYI anti, general knowledge we all must share IMO.
Yes, my dealer says fake Silver Eagles are a real problem. There is a China firm making silver plated iron eagles. Will sell you 4 for $13. Was told to check Ali Baba. He told me a couple of stories of fake stuff in New England.
Be careful out there.
My friend bought 2500oz from Tulving last monday. He usually gets it within a day ot two via UPS. He has heard and seen nothing so far on his order.
I sold most of my gold and silver to buy other metals: LEAD & BRASS. Lead and brass trump silver and gold anyday. In an Apocalypse there will be no "gentlemanly" sales or transactions between people using precious metals. The strong will just take from the weak.
So does my 9mm, .30 Cal, 7.62 and 12gauge trump yours ?
Don't you think the "gentleman" has considered the problem of "bandits"...
I own SIVR and they hold physical.
if you look at APMEX silver bars page they are out of almost everything.
Apmex has tubes of silver eagles but they are $6 over spot, usually $4.25 over spot. They are also selling tubes of 2013 Silver North American Pronghorn Antelope for about $5 over spot. It's not exactly doomsday in terms of silver availability.
Right, it is not doomsday, but paying a 25% premium to convert from fake money to real money makes you wonder about the real price of one of them. No?
Well Apmex usually charges, I think, $4.25 over spot. Now they are $6 over for eagles and $5 over for the Canadian wildlife. These coins can be sold back to shops for what, $1 or $2 over spot. So it's not exactly THAT bad (yet).
Don't get me wrong I like physical PMs. I actually thought it would be more difficult to get physical than it is. I am tempered by Jason Kaspar's letter by some analysts who say there is room to go down in price from here, so who knows...
The Kaspar letter hits close to home because in agriculture, it happens ALL THE TIME when supply gets a little tight, traders who constantly beat the market down find themselves writing letters to customers about why they have no supply. A flow always remains from growers to the traders who take care of them through thick and thin. It's all about relationships.
What bothers me about Apmex is the shipping charges, plus they have a credit card fee, plus if you buy from them it isn't as private as supporting a local coin shop with a cash purchase.
APMEX shipping charges are very minimal for preferred ( long time ) customers . Almost any amount for $10.00 Lots of metal in stock - if you aren't real fussy.
APMEX shipping charges are very minimal for preferred ( long time ) customers . Almost any amount for $10.00 Lots of metal in stock - if you aren't real fussy.
Not when I bought from them, plus with their prems,they may have decided to lower the shipping.
Believe me, when they revalue the US$, and it looses it's reserve currency status, things will get ugly fast. I was trying to make a point in my earlier post that trade will not be done the way most suspect. And, while you can still get physical, even if supplies are tight and premiums are high, try getting primers and powder. Can't be had at any price, because it is not available at retail. Ammo for the popular rifle {and almost all pistol cartridges} are difficult to be had too.
Just to be a nitpicker, there is no such thing as a "pronghorn antelope". It is a "pronghorn", period. Antelopes are only found in Africa, and the pronghorn is actually more closely related to goats and musk oxen than it is to the true antelopes.
In the same vein, North American bison are NOT "buffalos", and have only a very distant relationship to the Old World animal of the same name.
I've never loved an ugly physical thing more!
Beauty is in the eye of the beholder.
It didn't take the drone industry long to try and capitalize on the Boston bombing.
http://m.cnsnews.com/blog/joe-schoffstall/drone-industry-invokes-boston-...
Can drones be used to drop weaponized backpacks?
http://www.youtube.com/watch?v=SNPJMk2fgJU
Great Texas company
Texmetals.com
Very fast delivery
http://www.marketwatch.com/story/golds-fair-value-is-800-an-ounce-2013-0...
Gold's fair value is $800/oz.
That is golds "fairy" value...
You need to get that message out to all the new upper-middle class buyers in China and India, and I suppose to Chinese, Russian, etc. central banks. They obviously missed your memo.
Thor, god of bullshit.
this is awsome. copy and paste marketwatch article.
state article as fact. done. easy.
MDB eat your heart out.
That would make the gold/oil ratio 9.5. Which is well below the 70 year average.
Fuck Marketwatch.
with this recent metal takedown, why is the massive landslide at the Kennicott mine in Utah (the worlds largest copper mine) geting minimal attention and copper dropping as hard as it has. This is a major supply disruption. If copper drops about another nickel/LB a copper cent will become worth less than 2 cents folks..
W.. T...F.
That should tell you how low the demand for copper truly is.
I bought gold from TexasMet on the low last week. I have been researching who to use for a few months and quite honestly with this article I feel I made the right choice.
Provident is another excellent (Texas) company. Fast shipping, great sales and inventory.
My LCS guy was able to scare up a mess of silver buffaloes and NTR 10oz silver bars last week. We have beers, so he tells me what's going on with his wholesaler. They're not letting anything go for less than 25/oz. He is selling for the Buffaloes and 10oz bars for 27.50/oz and Eagles for 30.25/oz. I definitely understand he's gotta make money and can't be going by this bullshit paper price. I snagged 2 10oz bars and 30 oz's of Buffaloes. To me that's a great deal at this point since most people are out and I'm still stackin' shiny phyzz for a decent price under 30 FRN's per ounce! Just wish I had more dry powder, but this Friday is pay day, so hopefully I can still grab another bar or two.
I'd love to be grabbing some gold at these prices, but with the GSR at nearly 61:1 I just can't justify pulling the trigger on gold right now. I'm not sure if it's a gamble or not to try and wait for the reversal and see if the GSR eventually gets down below 40:1 or 30:1, etc. and then hope there's still some gold available to swap some silver for gold.
I suppose even if the GSR shows 30:1 at some point that dealers won't go by that because it's still based on a fraudulent paper price. They will still probably alter the ratio to align closer to whatever the general phyzz price consensus might be at the time. Who knows...anyone got any theories?
Maybe I should just buy some smaller gold like 1/10's or 1/4's even though the premiums are a little higher it would be good to have some smaller fractional gold coins in the stack.
Try to believe in the historical GSR, which makes Ag the better deal. Too much premie in < oz bullion coins, although easier to swallow.
This is happening all around. See APMEX sites silver dollar bags. Of 17 items listed, only three had inventory and small numbers to like 2 of one item, 5 of another, and 18 of yet another...
http://www.apmex.com/Category/1255/Silver_Dollars_by_the_Bag_Morgan__Peace.aspx
Central States Numismatic Society, will hold its annual event in the Chicago area from April 25 to 27. This is a big event not only for mumismatics but also bullion dealers. Check their web site. It will be interesting to get reports from this event as to what a lot of dealers are saying concerning their inventory levels. Also interesting would be how many people are there to "sell" their physical gold and silver.
http://www.centralstates.info/dealers.html
Appearantly not ugly enough.
ehm ok
sell paper, buy physical... hearing that for over 10 years now. :)
there was a collapse in gold but only downwards lol :<
Also in Texas and great for PM IRA's - Sterling Trust. Although, one must keep in mind that the "gubermint" might come after your IRA which because of that fact, might be considered a dinosaur investment in today's environment...
Here is what JWillie says about gold/siver premiums (dated 4/20/2013)
http://sherriequestioningall.blogspot.com/2013/04/jim-willie-golden-jack...
If you dont like JWillie, you do not have to read it...........
I LOVE Willie. That man is awesome and I listen to every interview he does and what he writes. He is writes about what is really going on, imo.
All I know is that its nice to see I'm making up my premiums before it even makes it to my house. It was a very nice entry point and I spent all I could. Thanks manipulators!
rising global demand for gold has also fueled demand for a far less prized metal, mercury. The toxic metal is used by millions of miners every day to separate and collect gold from rocks and soil. Miners say mercury is easy to use, readily available, and cheap.
The United Nations Environment Program estimates that small-scale miners use up to 1,350 tons of mercury each year, making it the single largest use of mercury worldwide. In southeastern Peru, the gold rush has attracted some 20,000 small scale miners to the pristine rain forest and rivers of the Madre de Dios region.
The devastation caused by widespread mining is easy to spot, with huge swathes of the forest turned to barren desert, but the damage caused by the heavy use of mercury is harder to detect. Mercury from small-scale mines travels widely, settling in sediments and moving up the food chain into fish, fish-eating wildlife and humans. Scientists and medical researchers only recently started to measure the impact of mercury here.
This fish is called mota. This is a very popular fish around the region. You will find it on a lot of dinner tables, a lot of restaurant menus. This fish is at the top of its food chain. And what that means is it consumes a lot of smaller fish. And a lot of these small fish have mercury in them. And through a process known as biomagnification, this fish accumulates a lot of mercury.
In fact, if a person consumes two servings of this fish per week, they're getting seven-and-a-half times the safe limit of mercury, according to the World Health Organization.
It takes two ounces of mercury to produce a single ounce of gold. That means 50 tons of mercury are used to extract the 25 metric tons of gold mined here each year. Miners mix the soil with mercury, often using their hands and feet, creating a clump of amalgam that contains gold. And yet most miners are unaware of the dangers posed by mercury to the environment and to their health.
It takes a very special unethical person to ignore this+1 Yep, I'm it Troll. I'll upvote every post of yours I can, and cut your commissions to the bone.
I just hope I can get everyone else on board and...
Starve the beast.
As an aside, I think of you as a desperate loner, antisocial, and possibly a threat to society.
I am a loner. I am not desperate. i might be a threat. You are dysfunctional
+1 Troll. Keep it up.
There's nothing I enjoy more than a nice refreshingly cold glass of mercury on a hot summer day!
It's just what the (traditional Chinese) doctor ordered when washing down a delicious plate of elephant kebobs. Keeps one rather regular, too.
You should try disolving some powdered Rhino horn in it, way better than Viagra
Thanks Pud! Always knew I was special
Viva la mota!
of all the global fucking atrocities on the planet, you're hung up on this one?!
I can only hope you're protesting all the overfishing, the GMO crop planting, the mass produced meat industry, the oil industry and their bloody legacy, but then again, I'm guessing your drive a car and eat fast food now and then.
I want to buy actual silver. If I wanted SLV, I wouldn't be calling APMEX. There's just no reason on Gods green earth why the price for physical silver should be under $40. But earth is something you can touch and feel, unlike the shit JPM sells.
The earth is a whole lot less green because of this lust for metal
Oh Lionfuck.....provide some sources for us to read so that we may be educated....
Peru's February Gold output 11,419kg that would be a lot of mercury in the rivers of that beautiful country too
I assume you know how to do the google? It's all there if you look but I'm happy to provide the information and save you the laborious task of self education
I'm lazy....I like it when others do the digital heavy lifting.....
+1 Treehugger. What are you? Sierra Club? Peta?
no, just an average intelligent rational free thinker not given to group think and herd behavior
LOL!
Try "subaverage, unintelligent, historically and economically ignorant troll", and that would pretty much hit the mark.
+1 Troll, I'd bet you're a whole lot "cooler" online.
I changed the oil in my truck over the weekend. Was going to take the used stuff down to the muncipal recycling center to do my share but since you've been such a douchebag I'm going to drive it down to the local wetland preserve and dump it in the water. Then I'm going to stomp a few turtules to death, get back in my truck and run down any deer or other mamals I can on the way out.
Next week I'm putting a "God Hates Fags" sticker on it too. I personally support the rights of Gays to do whatever they want but I figure that sticker would piss you off. Also getting some yosemite sam mudflaps.
PUD
The fucking world is finished! GET USE TO IT! Yup, man destroyed it. Fukushima will contaminate the entire planet and it will stay contaminated for thousands of years. Nobody can fix it! Along with fracking, the shifting polar caps, climate warming, and soon to be a war to end all wars (cause nobody will be left), IT"S OVER!
So would you kindly STFU!
climate warming,is not hapening, and the SO called meltdown of the caps is BS also, Anarctica's ice mass is growing at at rapid rate.Just like the friggin Polar bear extinction BS, (they did an actual accout and found there were more NOW than ever recorded.
Now FukUshima is a whole nuther ball game, and I agree that is a MAJOR catastrophe of EPIC proportions, because little to nothing is being done on it.Once the oceans die, bye be.
I wonder if BEA has considered counting "bathing jobs" into account in their new "Intangible" category?
(e.g. http://www.zerohedge.com/news/2013-04-21/us-gdp-will-be-revised-higher-5...)
i wrote a song about stackin'....I contributed to GDP....YOU ARE FUCKIN' WELCOME!
Do you know how fucking tough it is to try to explain to the wife that when I stack I AM NOT BUYING SOMETHING AND MONEY IS NOW GONE. I told here, "It is like savings in a different form!" She smiled and then said, "I now get to buy that leather bag I wanted." Ugh.....women.
Going to Kohls is 'fun' for them. I don't see how. Good thing they have vaginas. I'd be far richer if I were gay though.
You'd pick a guy who wanted to redo the home every five years...
There are some of us women out there who earn our own money, split the bills, and buy our own stuff (and stack). You just don't pick those partners.
Try and find a partner, man or woman here in Europe who doesn't think guns are dangerous for society (whatever the latter is) and conducts even minimal preparedness. We're singled out, sometimes literally.
Try not looking like Silas from Duck Dynasty and you may have better luck. Good hunting!
That's because they're like precious metals, very rare.
We knew that. What you make is yours. What the man make is ours and divisible in court.
About understanding women, see http://www.gocomics.com/nonsequitur/1999/06/08
To quote Wiley Miller, "Thus, man's interests turned away from relationships to science, as it was easier to understand everything else in the universe."
Send her shopping in UT or AZ with some ASEs and maybe she'll get the point. An FX transaction?
1) Secure Storage
The Trusts' physical gold, silver, and platinum bullion is fully allocated and stored at a secure LBMA-approved third party storage location in Canada. The physical palladium bullion is fully allocated and segregated in a secure third party storage location in London and Zurich. The physical bullion is subject to a physical count periodically on a spot inspection basis and subject to audit procedures by the Trusts' external auditors on at least an annual basis.
There is NO such thing as SECURE STORAGE outside your reach.
Hot off the web,
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/23_Sinclair_-_Swiss_Bank_Just_Refused_To_Give_My_Friend_His_Gold.html
They have really shot themselves in the foot as far as I'm concerned.
The ONLY way they are going to stem the buying frenzy and get some selling going is with significantly high prices.
I personally will chase the price down to as low as want to take it and keep buying, 1400, 1300, 1000, 600 just does not matter to me anymore.
My mindset is I'm just trading in fake money for real money, if they want to give me more real money for the fake stuff that is their problem not mine.
When "Monster Boxes" are sold out....
https://www.texmetals.com/silver-coins/texas-silver-rounds.html
Somehow, every time I read that phrase, I think of Oprah.
‘No State Shall make any Thing but Gold and Silver Coin a Tender in Payment of Debts’ 1787 US Constitution: Article I, Section 8.
Jees, ridiculous, just buy the Sprott Physical Trust (PSLV) no premium to NAV now.
http://sprottphysicalbullion.com/why-sprott-physical-bullion-trusts/
1) Secure StorageThe Trusts' physical gold, silver, and platinum bullion is fully allocated and stored at a secure LBMA-approved third party storage location in Canada. The physical palladium bullion is fully allocated and segregated in a secure third party storage location in London and Zurich. The physical bullion is subject to a physical count periodically on a spot inspection basis and subject to audit procedures by the Trusts' external auditors on at least an annual basis.
2) Bullion Assets Not Held With a Bank Owned CustodianUnlike most traditional exchange-traded precious metals funds, the Trusts hold their bullion assets in custody at a Federal Crown Corporation of the Government of Canada. There is no levered financial institution between the unitholders and the Trusts' physical bullion and no risk of financial loss in the event of a bankruptcy or nationalization of the financial institution.
3) Potential Tax Advantage For Certain U.S. Investors*For U.S. non-corporate investors who hold units for one year and timely file a QEF form, gains realized on the sale of the Trusts' units are currently taxed at a long-term capital gains rate with a maximum of 20%, versus a maximum of 28% applied against most precious metals ETFs and physical coins.
For more information, please see ''Tax Considerations-U.S. Federal Income Tax Considerations" in the Prospectus and always consult your tax accountant regarding your particular situation.
4) Ability to Redeem Units for Physical BullionSubject to minimum redemption amounts, Unitholders have the ability to redeem their units for physical bullion on a monthly basis. Please see "Redemption of Units" in the Prospectus for details.
The bullion Custodian can deliver the bars almost anywhere in the world via an Armored Transportation Service Carrier. Physical redemptions will never dilute remaining unitholders. All physical redemptions are equal to 100% of the NAV of the redeemed units, less redemption and delivery expenses, including the handling of the notice of redemption and the applicable bullion storage in-and-out fees.
5) Investment in Physical Bullion OnlyWith the exception of cash held by the Trusts to pay expenses and anticipated redemptions, the Trusts exclusively invest in physical bullion. At any given time, the Manager intends to hold 97% of the total net assets of the Trusts in physical bullion in London Good Delivery bar form for the gold and silver bullion and in Good Delivery plate and/or ingot form for the platinum and palladium bullion. The Trusts do not invest in precious metals or platinum or palladium certificates or other financial instruments that represent precious metals or platinum or palladium or that may be exchanged for precious metals or platinum or palladium.
6) Fully Allocated Physical Bullion - No ExceptionsThe Trusts' bullion holdings are fully allocated. Unlike other bullion funds, the Trusts do not have an unallocated account that is used to facilitate transfers of bullion between financial institutions that act as authorized participants. Without exception, all of the bullion owned by the Trusts is held in the Trusts' allocated accounts in physical form.
Here in Toronto one of my usual PM suppliers is now extending their hours to meet increased demand. And quoting over $29/oz on silver maples. The guy down the hall is cheaper tho - $28.50!
Silver does not cost $23.50/oz. Silver PAPER costs $23.50!
beauty is in the eye of the beer holder
First Majestic Silver has plenty of inventory. Their spot price is $27.00 right now.
https://www.store.firstmajestic.com/
that's all junk silver.
First Majestic Silver has plenty of inventory. Their spot price is $27.00 right now.
https://www.store.firstmajestic.com/
try placing an order and let us know what happens.
First the stampede for ammo. Next came the stampede for PMs. Next will come the stampede at the grocer for food.
... and then the stampede for exit visas.
Its probably old news, but, just walked out of my dealer's shop: No silver rounds (zero), no OTC and no ordering. They are not even taking orders. That was the creepy part. The only thing you could order were 100 oz bricks. OTC gold was $100 over the price if you ordered. I was quoted $1530 CDN, which given the exchange rate of $1USD= $1.0264 CDN = $67.38 above spot, or, 4.6%. I have to wait until May 3 (or thereabouts) for delivery. Bummed about not being able to buy silver. Much easier to satisfy the stacking addicition with silver than gold. cheers ZH'ers
Yup. And it's only going to get worse. It may flow like tides, when in later January we suddenly had a burst of silver available in the market, but that's now eaten and gone.
If "they" have run out of SLV inventory to keep the market afloat, there's not much time left.
Sure sign that the bull is dead.
Stupud ! Etremism in ad hominy attacks in the name of freedom is no vice !