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Perth Mint Demand Highest Since Lehman Brothers, Refines Coins, Bars During Weekend

Tyler Durden's picture





 

Submitted by GoldCore

Perth Mint Demand Highest Since Lehman Brothers - Refines Coins, Bars At Weekend

Gold is slightly lower today after yesterday's consolidation on last week's gains.

Premiums continue to rise on physical product across the world to reflect a significant increase in demand and very tight supplies. Premiums on gold and silver coins and bars are increasing across the world - from London to Frankfurt to Zurich to Turkey to Dubai to Mumbai to Singapore to Hong Kong to Tokyo and across the U.S. 

Physical gold stocks held at CME Group's Comex warehouses in New York have dropped to a near-five year low in a further sign that gold's recent weakness has unleashed a nascent mini gold rush of demand as people all over the world scramble to own bars and coins. 

Premiums to secure supplies in India jumped to five times the level before the slump. 

Physical bullion coins and bars for immediate delivery are not available in much of the world including in the Middle East and Singapore.

Consumers in Singapore and Hong Kong have seen premiums on bars rise sharply and Standard Merchant Bank (Asia) Ltd. said that “physical metal is still not available.”


Gold in USD, 3 Day – (Bloomberg)

Australia’s Perth Mint, the largest refinery in Australia and one of the largest in the world, said that demand has jumped to the highest level since the Lehman crisis in 2008.

Demand has been robust due to currency devaluation concerns and then the 15% price fall led to a massive surge in demand as store of wealth buyers leapt at the chance to acquire physical bullion at much cheaper prices. 

This led to the Perth Mint which refines nearly all of the nation’s bullion, having to stay open over the weekend to meet orders.

There’s been strong interest, including from the U.S., with buyers confident that the metal will rebound from the decline, Ron Currie, sales and marketing director, told Bloomberg in a phone interview from Perth.


Gold in Euros, 3 Day – (Bloomberg)

“We haven’t seen levels like this since the 2008 global financial crisis,” Currie said yesterday. “Compared to March sales, April sales have doubled or tripled,” he said.

“We worked all weekend to keep the factory running to make more stock and that was only to fill orders,” Currie said from the facility founded in 1899. “We’re being inundated with people buying products.”

As the Perth Mint's Approved Dealer in the EU, GoldCore are seeing a similar increase in demand - particularly for Perth Mint gold bars and allocated bullion accounts. 


Gold in British Pounds, 3 Day – (Bloomberg)

Bullion buyers who had been planning to buy coins and bars in the coming months have brought forward their purchases due to the much cheaper prices and concerns about rising premiums and difficulty in securing supply.

“We’re seeing people are coming into the market because the price has come down, they think they can afford it now and expect that it will go up again,” Currie said. “The U.S. has got the money to purchase metal and is doing so as a hedge,” he said, referring to individual investors. “It’s extremely busy for us in the U.S.”

Coin sales by the U.S. Mint are set for the highest month since December 2009, while premiums to secure supplies in India rose to five times the level before the slump.

While prices have gained 11 percent from a two-year low on April 16, they are still heading for the biggest monthly loss since December 2011.

Increased physical purchases may help to offset declining holdings in ETPs, which are on course for a record contraction in tonnage terms this month, according to data compiled by Bloomberg. Holdings have contracted 168 tons in April as weak more speculative hands were shook out of the market on the price decline.

Billionaire John Paulson, the biggest investor in the largest exchange-traded product backed by bullion, reiterated his bullish view on prices. 

The U.S. Mint said on April 23 it suspended sales of coins weighing a 10th of an ounce after demand more than doubled from a year earlier. The mint has sold 209,500 ounces of gold coins so far in April from 62,000 in March, according to data compiled by Bloomberg. The U.K. Mint said purchases tripled in April.

Gold is now testing resistance at the 50% retracement level and further price weakness is possible. However, the fundamentals remain as sound as ever and securing ownership of gold and silver bullion coins and bars at these prices and at these still relatively low premiums remains very prudent.

 


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Tue, 04/30/2013 - 08:38 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Remain calm......all is well.

Tue, 04/30/2013 - 08:41 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

"G'day mate. What's the good word?" "More Tung...gold needed over here!"

 

Yeah...I'm going to need you to go ahead and come in this weekend OK? Great.

Tue, 04/30/2013 - 08:47 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I'm going to see if the ammo plant is hiring.....these work conditions suck.

Tue, 04/30/2013 - 08:48 | Link to Comment Abraxas
Abraxas's picture

In other news, bitcoin soared in price due to decrease in mining and surging demand. Also, there is a genuine shortage of binary bits.

Tue, 04/30/2013 - 08:49 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I've got a portable hard drive I could loan you....let me know.

Tue, 04/30/2013 - 08:52 | Link to Comment Abraxas
Abraxas's picture

Definitely! I'm also interested in buying some property on Mars. I hear that's going to be a hot cookie in the future.

Tue, 04/30/2013 - 08:55 | Link to Comment francis_sawyer
francis_sawyer's picture

It ain't the kind of place to raise your kids... In fact, it's cold as hell...

Tue, 04/30/2013 - 09:00 | Link to Comment Abraxas
Abraxas's picture

In that case, perhaps we can send our illustrious leaders and their families over there.

Tue, 04/30/2013 - 09:04 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Just make sure you make room the incestuous media.

Tue, 04/30/2013 - 09:07 | Link to Comment He_Who Carried ...
He_Who Carried The Sun's picture

Don't you get it?

.
Ze Big Boys have left the trade.

After India's wedding season (May)

the entire trade will collapse again...

Tue, 04/30/2013 - 09:11 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

After 6000 years.....I guess this is the end.

Tue, 04/30/2013 - 09:32 | Link to Comment Shell Game
Shell Game's picture

So Morrison wasn't wrong, he was just early..?

Tue, 04/30/2013 - 12:59 | Link to Comment macholatte
macholatte's picture

 

One reason why the Perth Mint stays open ...... to make money (pun intended).

Check this out. Here's the Perth website showing spot prices in AUD and USD. Notice something different than other companies that post these kind of quotes? Yup. They're not really the spot price. When was the last time you saw a $12 spread between bid and ask on gold spot?  Apparently what Perth is calling spot prices is what they use as buy and sell prices.  Is this an example of just another government deliberately publishing misleading information? What's that about a spider and a fly?

http://www.perthmint.com.au/metalprices.aspx

Here's the Kitco website

http://www.kitco.com/market/

 

Tue, 04/30/2013 - 15:58 | Link to Comment Ident 7777 economy
Ident 7777 economy's picture

So, like, if I could immediately take delivery on 1 oz. Perth Gold and turned around to sell it back the next second I would be out 12 US?

Tue, 04/30/2013 - 23:05 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

Perth Mint 1 Gram Bar...LOL...how old is that?

Tue, 04/30/2013 - 20:39 | Link to Comment Nassim
Nassim's picture

Actually, the Perth Mint is under the tutelage of the government of West Australia - not the Federal government of Australia. They play their own tune and guarantee the solvency of this Mint.

Tue, 04/30/2013 - 09:07 | Link to Comment Hulk
Hulk's picture

I miss the Earth so much, I miss my wife...

/sarc

Tue, 04/30/2013 - 11:22 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

lolololol...

Tue, 04/30/2013 - 08:54 | Link to Comment fonzannoon
fonzannoon's picture

funny how decrease in mining and surging demand causes prices of botcoin to soar

yet gold has surging demand....and lower prices...

April 29 (Reuters) - Newmont Mining Corp, the largest U.S.-based gold miner, reported a sharper-than-expected drop in first-quarter profit on Monday, as gold and copper shipments fell more than 10 percent and realized prices for the metals slid.

 

Consolidated all-in costs rose 7 percent to $1,086 an ounce in the quarter, mainly due to lower gold and copper production, and the company said it still expects the metric to come in between $1,100 and $1,200 an ounce in 2013.

 

Newmont also cut its planned capital spending by $100 million, to between $2.0 billion and $2.2 billion for 2013.

Tue, 04/30/2013 - 09:15 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

yet gold has surging demand....and lower prices

 

We subsidize milk......why not gold?

It doesn't cost us anything to print the money we do it with.

Tue, 04/30/2013 - 11:23 | Link to Comment machineh
machineh's picture

'Surging demand' is for gold coins, a tiny component of the gold market that's accessible to retail buyers.

The coin market is like the penny stocks of the gold market. That's why the gold charlatans keep huffing and puffing about it.

Needless to say, the nickel-and-dime odd-lotters who bargain-hunt by scooping up gold coins are to be faded.

Back up the dump truck, raise the bed, and bury their ass!

Tue, 04/30/2013 - 13:12 | Link to Comment Pegasus Muse
Pegasus Muse's picture

au contraire.  your assertion does not appear to be backed up by the facts ...

=====

Casey Research

Jeff Clark, Senior Precious Metals Analyst

 

April 30, 2013 10:30am

You've undoubtedly read about the dramatic increase in demand for gold and silver bullion products since the big correction two weeks ago. Supply has gotten tight, premiums are rising, and inventory is hard to come by, especially for certain silver products.

But it's worse than you may know. Many of these reports come from the retail side of the business, including those from sovereign mints. This information is indicative, but more important is the activity among the wholesalers. It's possible the retail trade is just experiencing a giant bottleneck, which would come with a different set of conclusions than if behind the scenes the wholesale industry is seeing net sales.

So we decided to talk to the wholesalers directly: the bullion banks, traders, and refiners. These entities typically deal in wholesale trades only, exclusively in large amounts, and solely with major entities that include dealers and investment funds.

There was a catch, however. In speaking with these entities, we realized one thing: they won't publicly reveal themselves. So we can't tell you who they are, and in fact, they wouldn't speak by phone, only in person. This means you have to take our report on trust – or not – as you wish; we simply don't have permission to reveal names (we did ask). We can say this, though: we spoke with almost all the major ones.

Here's a summary of what they told us occurred during the week of April 15-19 (the 15th was gold's 9.3% selloff)…

 

continued: http://www.caseyresearch.com/articles/buy-gold-now

Tue, 04/30/2013 - 10:02 | Link to Comment DosZap
DosZap's picture

IMHO these mining companies are idiots.THEY could set the price for PM's if they just would.

At 12-1300.00oz cost to get an ounce, they should add their markup and the min for 1oz would be at least $1500.00 Before hitting the refineries.

Tue, 04/30/2013 - 13:17 | Link to Comment James_Cole
James_Cole's picture

IMHO these mining companies are idiots.THEY could set the price for PM's if they just would.

Hmm..what I'm wondering is, are the mining companies truly idiots (for not setting the price etc.) OR is there POSSIBLY something you don't understand about the market they exist in? /sarc

Tue, 04/30/2013 - 14:50 | Link to Comment boogerbently
boogerbently's picture

Do you think IF miners raised prices, gold purchasing would slow/stop ?

Kitco +/- premium avg. today:

gold 4%, silver 20%.

Of course that's WITH the "Let's all buy silver tomorrow and crash the market" agenda.

Tue, 04/30/2013 - 08:56 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

Have a BTC position do ya? Can you explain how it works to all those rich dummies? Dr. Paul, who has studied monetary theory for many many years saya BTC is "a little too complicated".

 

As is so often the case, on this issue I agree with Dr. Ron Paul:

"To tell you the truth, it's little bit too complicated. If I can't put it in my pocket, I have some reservations about that. But it has been designed in the free market. If it is a means of exchange, it would not ever be illegal...People want to see something they can know what it is, they can define it, touch it and put in their pocket. If you do not have a computer and someone running the computer and calculations, you don't have it. I am not a big supporter of that, but I am not opposed to it. I admit, I do not fully understand what is going on with it."

Tue, 04/30/2013 - 09:05 | Link to Comment Abraxas
Abraxas's picture

I wouldn't touch the goddamned thing. I'm still trying to understand how the paper money works, let alone the electronic one.

Tue, 04/30/2013 - 09:14 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

It's technical.....don't worry about it. Just get in.

Tue, 04/30/2013 - 11:25 | Link to Comment machineh
machineh's picture

That's exactly what the boiler rooms in Boca Raton tell the suckers ... don't think, just buy.

Special price just for you, pal!

Tue, 04/30/2013 - 09:39 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Maybe the dingo ate your metals.

Tue, 04/30/2013 - 08:50 | Link to Comment kliguy38
kliguy38's picture

Of course.....all boiling frogs just need to relax and enjoy the bath........once the realization that gold becomes THE asset to own it will be way too late for the sheep........Silver however will be the money that has the greatest move........as the poor man's gold outperforms. Gold is the money of Kings and not for mom and pop to be concerned about. BTW the "Kings" don't want to mess with silver......movement and storage of the actual physical becomes problematic.

Tue, 04/30/2013 - 09:57 | Link to Comment Aeternus
Aeternus's picture

Perth mint is churning out bars on the weekends now eh? Are they hiring? I could use some extra gold, er, I mean work.

 

https://www.youtube.com/watch?v=fyklt01lN_I

Tue, 04/30/2013 - 13:38 | Link to Comment akak
akak's picture

Personally, I find the products of the Perth Mint to be as ugly as sin, both their coins AND even their bars.  Why they are fixated on putting the dullest of dullest matte finishes on every one of their coins and bars is utterly beyond me --- I have NEVER seen gold manufactured into such ugly products as the Perth Mint churns out.  Talk about taking the shiny out of the shiny!

(And let's not even talk about the shamefulness of continuing to put that foreign figurehead hag on the backside of every Australian coin.  My God, grow some balls you Aussies and kick the bitch out, and off, already!)

Tue, 04/30/2013 - 08:46 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

This damn bubble just won't stay popped!

Tue, 04/30/2013 - 08:54 | Link to Comment negative rates
negative rates's picture

It's Ben's super glue bubbles, they patch themselves overnite and reflate with every rising sun.

Tue, 04/30/2013 - 08:48 | Link to Comment apberusdisvet
apberusdisvet's picture

Haven't seen MDB lately; has his FED troll license been suspended?

Tue, 04/30/2013 - 08:53 | Link to Comment espirit
espirit's picture

Please, don't troll for trolls.  We get enough as it is.

Tue, 04/30/2013 - 08:50 | Link to Comment Sudden Debt
Sudden Debt's picture

On Discovery channel there was this docu about a goldmine in America.

What fucking amazed me was that it took 4 BIG ASS DUMPSTER TRUCKS FILLED WITH ORE TO PRODUCE ENOUGH GOLD FOR 1 WEDDING RING!!!

THOSE DUMPSTER TRUCKS WHERE 2 STORIES HIGH!! MOVING HOUSES!! THE FUEL COST ALONE IS NUTS!

and enough gold in a wedding ring... is on average 3,4 grams... maybe 5 grams if you have really fat sausage fingers....

 

 

Tue, 04/30/2013 - 08:58 | Link to Comment negative rates
negative rates's picture

But if you listened closely, they were mining copper for money and finding small amounts of other PM's, and turning those into rings. 

Tue, 04/30/2013 - 08:59 | Link to Comment LouisHill
LouisHill's picture

I think it is 3 grams per ton of ore. They could not do it for 3 grams per truck load. The reporter probably got it wrong.

Tue, 04/30/2013 - 13:23 | Link to Comment James_Cole
James_Cole's picture

The grades are actually getting pretty ridiculous, some mines they were trying to get away with what would be the equivalent of 3 grams / truck. Didn't see this doc but it's possible. 

http://www.novagold.com/upload/mining-matters/WhyGold_grade_cost.jpg

 

Tue, 04/30/2013 - 08:58 | Link to Comment SpanishGoop
SpanishGoop's picture

Discovery filmed in the wrong mine.

In a good mine it only takes a wheelbarrel full of ore, seeing the price of gold now.

 

Tue, 04/30/2013 - 09:24 | Link to Comment eigenvalue
eigenvalue's picture

I'm more interested in you and your wife's doggy style stuff.:)

Tue, 04/30/2013 - 10:49 | Link to Comment Alpha Monkey
Alpha Monkey's picture

I don't trust Discovery or Nat Geo.  It seems any gold documentaries I've seen on nat geo have a negative bias.  Plus they are owned by the MSM conglomerates that run the same anti-gold financial news.

For example:

CBC "Secret world of Gold" - about paper manipulation of prices by large financial institutions.

Nat Geo "Secret world of Gold" - about south american peasants strip-mining and poisoning themselves with mercury to get a few grams of gold a day.

Tue, 04/30/2013 - 13:39 | Link to Comment akak
akak's picture

The so-called National Geographic channel is a farce and a total mockery of what it once was, having become one of the main propaganda channels of the status-quo power structure in recent years.  Just look at their programming lately:  anti-drug, anti-'hoarders', anti-gold, pro-police, pro-military.  Sickening.

Tue, 04/30/2013 - 13:35 | Link to Comment Colonel Jessup
Colonel Jessup's picture

Watch the one on Canadian TV, probably widely reported here, that goes into more detail. It's called the secret world of gold, and it's a very informative piece. Talks about secured vs. unsecured bullion accounts - and why soverign nations like Germany can't get their gold on demand.

Tue, 04/30/2013 - 13:44 | Link to Comment Colonel Jessup
Colonel Jessup's picture

Watch the one on Canadian TV, probably widely reported here, that goes into more detail. It's called the secret world of gold, and it's a very informative piece. Talks about secured vs. unsecured bullion accounts - and why soverign nations like Germany can't get their gold on demand.

Tue, 04/30/2013 - 08:51 | Link to Comment espirit
espirit's picture

Gold has fundamentals?

Whowouldathunk?

/sarc

Tue, 04/30/2013 - 08:52 | Link to Comment madcows
madcows's picture

Looks like lots of people aren't buying the "Everthing is fine" Public Announcements.

Tue, 04/30/2013 - 08:54 | Link to Comment Debeachesand Je...
Debeachesand Jerseyshores's picture

Just buy Gold and Silver at these good prices.

Tue, 04/30/2013 - 08:54 | Link to Comment buzzsaw99
buzzsaw99's picture

I find your lack of faith (in joobux) disturbing. http://www.youtube.com/watch?v=EsyzRUKwgng

 

Tue, 04/30/2013 - 08:56 | Link to Comment JustObserving
JustObserving's picture

Fractional Paper Bullion Market is Collapsing

Regarding the Bundesbank/Fed situation, recall that the Bundesbank asked to have some portion of its gold sitting - supposedly - in the NY Fed vault in NYC sent back Germany. The total amount is 1800 tonnes.  After behind the scenes negotiations, the Fed agreed to ship 300 tonnes back over seven years.  To this day, the time required for that shipment has never been explained.  Venezuela demanded the return of its 200 tonnes held in London, NYC and Switzerland and received it all within about four months.

And regarding the ABN/Amro situation.  ABN/Amro offered a gold investment account product that offered physical delivery of the gold in the investment account when the investor cashes out.  About a week before the gold price smash, ABN sent a letter to its clients informing that the physical delivery of the bullion was no longer available and that all accounts would be settled with cash at redemption.  

I believe it was these two events that triggered the big scramble for physical gold by wealthy families/entities who were suspicious of the integrity of their bank vault custodial arrangement anyway.  

In fact, what we are now seeing is the final stages of the paper gold/silver bullion market, which has grown at a parabolic rate over that last 13 years, and includes Comex futures, LMBA forward contracts, OTC derivatives - which is an even bigger paper market than the Comex - leased gold claims/contracts and warehouse receipts.  

http://truthingold.blogspot.com/2013/04/the-global-fractional-paper-bullion_6103.html

Tue, 04/30/2013 - 09:01 | Link to Comment Watson
Watson's picture

So we have a world-wide surge in retail buying physical.
Which makes the gold-bugs happy, because they focus on the word 'physical', thinking that will somehow cause their conspiracy theories about 'paper' gold prices to come true.

Me, I focus on the word 'retail' and think that if they are buying big, followed by CB's buying big in 2012, then the price has a _long_ way to go down.

Although inflation generally is too high, there is _nowhere near enough_ to justify gold at these levels.

Tue, 04/30/2013 - 09:09 | Link to Comment espirit
espirit's picture

Don't understand inflation in the things you want, and deflation in the things you got?

It's called the "New Normal".

Google it, fool.

Tue, 04/30/2013 - 09:58 | Link to Comment Watson
Watson's picture

Still 'nowhere near enough', and some of that is justified (world-wide bad harvests, unlikely to be repeated - the farmers usually plant too much in response to the higher prices and smash themselves next season - in the days before gov got involved guaranteeing prices).

But the important point is that history shows that if retail gets involved, in size, in anything, it's time to go the other way...

Tue, 04/30/2013 - 13:45 | Link to Comment akak
akak's picture

So, if you were in a burning theatre, and everyone was rushing for the exits, you would automatically run into the heart of the fire merely because everyone else, quite rightly, was racing the other way?

But the important point is that history shows that if retail gets involved, in size, in anything, it's time to go the other way...

"In size".  Yeah, like that is EVER going to happen in the Western World with gold.  Right.

Tue, 04/30/2013 - 14:05 | Link to Comment Watson
Watson's picture

'In size': That is precisely what the premiums on small-lots measure...and all these articles are about the premiums shooting up all over the world.
Maybe 'this time is different' for retail, but don't hold your breath...

Burning theatre: rushing for the exits, unless you are in the first wave, probably means getting crushed to death.
What about trying for the lavatories...cool, water supply, ventilated etc?

Tue, 04/30/2013 - 15:23 | Link to Comment Overfed
Overfed's picture

Watson sez: "What about trying for the lavatories...cool, water supply, ventilated etc?"

That's a good short-term solution, but the fire will eventually get there, too.

Tue, 04/30/2013 - 12:47 | Link to Comment ndb
ndb's picture

"Price" will go down; all the way to zero.

Paper price, that is.

"Real" price will reach its natural (unihibited) level, which will astound idiots such as yourself.

 

Tue, 04/30/2013 - 13:17 | Link to Comment Watson
Watson's picture

If you think there is some big conspiracy such that the price of paper on the Comex and physical are materially different (or Comex is out of gold, or...), why don't you simply team up with a bunch of friends and buy one Comex contract (100oz?) at the current 'bargain' price, and elect for delivery.

There are precisely two possible outcomes:
1. You and your friends get 100oz, at a price that you regard as a 'bargain' (I don't, but that's irrelevant); or
2. Comex fails on delivery - in which case you've got real hard evidence of a problem (and not just another sad conspiracy 'theory').

And _either_ of these outcomes should be pleasing to you - so why not give it a try?

Tue, 04/30/2013 - 13:54 | Link to Comment Colonel Jessup
Colonel Jessup's picture

Wrong Watson - core inflation is really around 8-9%. You of course know that food & energy are not included in the reported inflation stats, right? What do you think hits average people the most? inflation on food & energy is a stealth tax on the working class - one that they cannot even understand when explained calmly & clearly.

Tue, 04/30/2013 - 14:11 | Link to Comment Watson
Watson's picture

Food: True but caused by a one-off world wide poor harvests. Unlikely to persist, though doubtless the farmers/food lobby will tell you it is a permanent feature.

Energy: I think there's actually quite a lot of natural gas and oil...and coal too...

Tue, 04/30/2013 - 09:00 | Link to Comment IdeasRbulletproof
IdeasRbulletproof's picture

Meanwhile...the cheerleaders over at market watch are doing their best to keep the BS smelling nice and fresh...

http://www.marketwatch.com/story/us-to-pay-down-debt-for-first-time-in-s...

Tue, 04/30/2013 - 09:04 | Link to Comment buzzsaw99
buzzsaw99's picture

come on, would joo-lew lie?

Tue, 04/30/2013 - 09:09 | Link to Comment Shell Game
Shell Game's picture

Thanks.  Next time I have sweaty, skid-marked undies I'll be sure to supply a link to them...

Tue, 04/30/2013 - 09:21 | Link to Comment IdeasRbulletproof
IdeasRbulletproof's picture

Sounds bullish to me. Where do I sign up?

Tue, 04/30/2013 - 09:49 | Link to Comment Shell Game
Shell Game's picture

It's easy, just answer the CAPTCHA:  'A sphincter says _____?'

 

;)

Tue, 04/30/2013 - 09:05 | Link to Comment Mediocritas
Mediocritas's picture

Perth Mint premiums are huge for some products (particularly silver coins). You'll generally find a better deal if you look for the same product being sold by one of the Mint's approved dealers. That's because the dealers buy in bulk (cheaper) and sell partitioned with less markup.

Good luck finding stock though...

Tue, 04/30/2013 - 09:33 | Link to Comment Taint Boil
Taint Boil's picture

 

 

I’ve been buying American Silver Eagles on eBay – about the same price and “free” shipping. Bullion dealers have been “shipment is pending” for about a week now. So I pay a buck or two more – so what, just trading my fiat for physical. 

Tue, 04/30/2013 - 09:05 | Link to Comment ak_khanna
ak_khanna's picture

Gold is no longer a safe haven it used to be primarily because of a faulty price discovery mechanism. The problem today is that the price of Gold is not derived by it's physical demand or supply but more by the speculative positions standing long or short on the commodity exchange like any other traded commodity, stock or currency.

The basic mechanism of price discovery (based on demand and supply for actual use) of anything traded on an exchange has been terminally infected by speculators having access to unlimited funds and super fast computers for trading leading to volatile price swings. This has been made worse by the launch of ETFs for anything and everything under the sun by the financial community.

The price of everything including Gold is likely to suffer when the speculators unwind their positions due to some event that they have not anticipated or foreseen. 

 

http://www.marketoracle.co.uk/Article35345.html
www.letstalkmoney2012.in

Tue, 04/30/2013 - 09:13 | Link to Comment espirit
espirit's picture

So, you infer it's becoming cheaper to mine it?

WhoooWhee! Another winner!

Tue, 04/30/2013 - 09:13 | Link to Comment Troy Ounce
Troy Ounce's picture

 

 

So? No conclusion? Your view is only that of a paper lover. What do you think will happen after that. 

Tue, 04/30/2013 - 09:29 | Link to Comment Quinvarius
Quinvarius's picture

Nope.  Gold and silver are uncontrollable due to their properties as money.  The main property being the ability for anyone to store them for an infinite amount of time.  So you can write all the IOUs you want.  No one on the other side buying your IOU has to close their position.  Gold and silver don't go bad.  Closet space is free. 

The reality is, the exact opposite of what you are saying is true, and only true for PMs.  The prices cannot be affected over any amount of time without actual physical supply. 

Tue, 04/30/2013 - 10:08 | Link to Comment Bay of Pigs
Bay of Pigs's picture

That is some first class faulty logic. Nice work...

Tue, 04/30/2013 - 10:11 | Link to Comment sumo
sumo's picture

Must be an economist.

Tue, 04/30/2013 - 12:55 | Link to Comment silverserfer
silverserfer's picture

well u know the scope of conversation is still free here on ZH when any fucktard can come on here and blabble a bunch of nonsese like they are teaching us all something.

((((((((bitchslaps)))))))))) akkhanna across the face

Tue, 04/30/2013 - 09:05 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

gold/silver is in hands of ave joe public ave chinese,ave Indian ....they will hold it, buy n hold is very strong ethic, even some national's want gold back in their own vaults..local buy your gold and coin stores are closing d/t no one selling at some point supply will be paper only. this is the reason PM's will continue to incr in value..

Tue, 04/30/2013 - 09:08 | Link to Comment howenlink
howenlink's picture

I sort of like a country that can put a Kangaroo on a coin.

Tue, 04/30/2013 - 09:17 | Link to Comment Hulk
Hulk's picture

"Physical gold stocks held at CME Group's Comex warehouses in New York have dropped to a near-five year low in a further sign that gold's recent weakness has unleashed a nascent mini gold rush of demand as people all over the world scramble to own bars and coins. "

This is what they call weakness ???

Tue, 04/30/2013 - 09:19 | Link to Comment Shell Game
Shell Game's picture

Yeah, and the Military Law lock-down in Boston is what they call keeping us safe.  Backwards world is a funny place...

Tue, 04/30/2013 - 09:17 | Link to Comment BigInJapan
BigInJapan's picture

A lot of the silver I'd bought a few years back came from bullionbourse.com  in Australia.

 

Good folks to deal with, honest to a fault, but they have a ridiculous surcharge for credit card or Paypal payments.

Tue, 04/30/2013 - 11:46 | Link to Comment RSBriggs
RSBriggs's picture

Nevermind....

Tue, 04/30/2013 - 09:38 | Link to Comment mee-mee-mee
mee-mee-mee's picture

I'll head in tomorrow and see if there are any big lines or bullion left..  Perth Mint is one of the only places you can walk in and buy bullion, under 5k no ID required.

Tue, 04/30/2013 - 09:44 | Link to Comment Lndmvr
Lndmvr's picture

Going to Gville coins today to pick an order from the beginning of the month. Altho I got an order confirmation to email, never recieved a come pick it up email or call. 2 calls yesterday said they would call back with confirmation and did'nt. Then finally an email saying in store , ready. Deffintely the last time I ever plunk down cash for future delivery.

Tue, 04/30/2013 - 10:43 | Link to Comment jjsilver
jjsilver's picture

And the criminals are still capping gold and silver in the futures market

Tue, 04/30/2013 - 10:46 | Link to Comment LostPolarBear
LostPolarBear's picture

Curious as to what most would recommend for a new PM investor without a lot of funds:

 

If I start buying the physical stuff on a monthly basis, should I go with silver or fractional gold coins?  Or, instead of buying monthly, save up for a couple of months and go with 1oz gold coins?

 

Thanks!

Tue, 04/30/2013 - 11:38 | Link to Comment Divine Wind
Divine Wind's picture

 

 

 

LPB,

Welcome !

If you are starting with a small cash stash, buy silver, however you can get it, and act soonest possible.

Purchase, find a special hiding place and by all means, be quiet about what you are doing and where you store things.

Finally, give a shout out to Tyler et al for providing this forum.

The education you have been and will continue to receive will be invaluable.

 

 

Tue, 04/30/2013 - 11:51 | Link to Comment LostPolarBear
LostPolarBear's picture

Thanks, DW!

I purchased a few oz of silver last month as well as some fractional gold coins (haven't actually recieved the items yet - everything is delayed as I'm sure many have experienced).  I hope to be able to buy more soon.

And, yes, I'm very thankful for Tyler(s) and for all of the wonderful information available on this site!

 

 

 

Tue, 04/30/2013 - 11:49 | Link to Comment Divine Wind
Divine Wind's picture

 

 

LPB,

Further, understand that a move into metals is different than most other vehicles.

Particularly these days, you are likely to see incredible variations in price throughout each day, as well as from day to day.

Do not let this shake you.

Even if you see massive plunges in spot prices, do not be troubled.

Games with pricing will be played by governments and central banks.

But in the end, the metals will prevail.

Stand firm, do not be shaken by MSM news stories about how awful PM investments are for one's portfolio.

Above all, do not piss your days away hitting refresh on the KITCO site.

Get it, hide it and go on about your day confident that you are protecting the product of your hard work.

Tue, 04/30/2013 - 13:11 | Link to Comment silverserfer
silverserfer's picture

 also, keep calm and look at where we are at long term on the kitco site.

http://www.kitco.com/scripts/hist_charts/yearly_graphs.plx

Tue, 04/30/2013 - 14:01 | Link to Comment Colonel Jessup
Colonel Jessup's picture

Hello LPB,

Start with silver first - in this order - 90% silver coin ( can be used for barter, and easier to portion), then silver rounds ( private mint), and then bars. I would stay away from Silver Eagles due to the premiums, but others might disagree.

For gold, same deal - fractional coins are best, but you will not find them. good luck searching though.

Buy bullion coin only - no collectibles, and always take delivery. This is what I would do if I were in the market for PMs.  You'll find folks on here have had alot of boating accidents though....

Tue, 04/30/2013 - 14:48 | Link to Comment LostPolarBear
LostPolarBear's picture

Thanks, CJ - I hadn't considered the 90% silver coins but I think that is good advice - I'll look to add some of those next!

 

Tue, 04/30/2013 - 11:19 | Link to Comment boeing747
boeing747's picture

Average inversters buy high and sell low, that's why 80% of time they lose money. This is best time (or after sequester) to buy gold before hyper-inflation hits.

Tue, 04/30/2013 - 11:35 | Link to Comment shutdown
shutdown's picture

Where's PUD?

Tue, 04/30/2013 - 11:49 | Link to Comment RSBriggs
RSBriggs's picture

Please don't rub the magic troll lantern...  You already know how it goes - starving African children have to eat mercury while scratching in the dirt for chicken nuggets, or something like that.

Tue, 04/30/2013 - 12:06 | Link to Comment RottenAlpha
Tue, 04/30/2013 - 14:01 | Link to Comment Colonel Jessup
Colonel Jessup's picture

China drives demand for copper, and their economy is tanking. Supply is outstripping demand for copper right now, they will have to scale back production to bring things back into balance and tighten supply before you see too much movement there.

Tue, 04/30/2013 - 13:24 | Link to Comment Diablo
Diablo's picture

Since when is the retail customer considered 'smart money'?

oh well, the little trinkets will collect dust along with their beenie babies and tamagotchis.

 

Tue, 04/30/2013 - 16:28 | Link to Comment auric1234
auric1234's picture

Just came back from the coin shop. With my purchase they completely run out of gold coins. I was very lucky that I managed to buy the last one.

It appears they run out of bullion too. If I wanted some, I would have to register in a waiting list.

It's amazing. This is one of the biggest retail shops in my area (> 1 million population). They don't sell anything other than precious metals, and they're completely dry!

 

Tue, 04/30/2013 - 16:53 | Link to Comment DowTheorist
DowTheorist's picture

Almost unnoticed, the secondary trend for gold and silver turned bullish yesterday. This is not in itself primary bull market, but merely a secondary (bullish) reaction within the primary bear market. However, it denotes a change of trend, which could turn into a new primary bull market as explained here:

 

http://www.dowtheoryinvestment.com/2013/04/dow-theory-update-for-april-2...

 

 

Do NOT follow this link or you will be banned from the site!