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Silver Buyers Keep Stacking And Demand Higher ... Yet Prices Fall

GoldCore's picture




 

Silver demand keeps increasing ... silver prices keep falling ... hmmm

Recent interview on silver: 'Get REAL: Silver' 


Total Global Silver ETF Holdings - 2006 - September 2014 (Thomson Reuters)

The silver price has remained subdued this year, falling just less than 5% year-to-date, and is now near a 14 month low. Naturally, investor psychology has been affected by the price weakness.

Quoted today in Bloomberg News, Mark O’Byrne, director of GoldCore said that “sentiment remains quite bad in the silver market.”

Its well accepted that investors in the financial markets are known to experience cycles of emotion, from excitement and euphoria, through to fear and panic, before the cycle turns again after despondency and goes back to hope and optimism.

Although the silver price weakness has damaged psychology, some interesting trends have emerged which appear to be signalling that the core silver retail  and indeed institutional investor remains resilient and is even using the current price weakness as a further buying opportunity.

The overall trend in the silver market currently appears to be, when prices weaken, investors continue to hold and in some cases buy more. While the price has fallen, overall holdings of the silver ETFs still remain near an all-time high. This would suggest that silver investors are now expecting higher prices again due to continued industrial and investment silver demand. 

Globally, 26,000 tonnes of silver are mined each year and about 7,000 tonnes of silver is recovered through recycling and scrap. Industrial demand accounts for 14,500 tonnes, jewellery demand for 8,000 tonnes, coin demand for 2,500 tonnes and photography for 1,700 tonnes. 

This totals nearly 27,000 tonnes so leaves about 6,000 tonnes as a residual, some of which goes into the physically backed silver Exchange Traded Funds (ETFs). 

The investor base in physically backed silver ETFs  is predominantly retail, one element being that silver is more affordable than gold to retail investors. Gold ETFs have a higher proportion of institutional and hedge fund investors. For US based silver ETFs, retail investors account for 80% of holdings.

Retail investors tend to have a longer term investment horizon and these silver ETF investors are mostly long term buy and hold investors. Recent updates on the flows into these ETFs and their total holdings point to continued accumulation across-the-board by these retail investors. It appears that the current price weakness in the silver price has if anything, encouraged these retail investors to accumulate additional holdings.

Reuters calculated this week that the world’s six largest silver ETFs saw an additional 104 ton inflow last week and now hold 17,135 tonnes of silver in total between them. The massive iShares Silver Trust represents over 60% of this total. The iShares ETF recently reported its biggest one day inflow in the last 4 months.

Bloomberg calculates similar data but includes more silver ETFs than Reuters in its calculations. Bloomberg reports today that the holdings of silver Exchange Traded Products (ETPs) that it tracks  have now reached 19,900 tons, which is near the all-time high of 20,121.5 tons which was reached in October 2013.  According to Bloomberg, ETP holdings have risen 2.7% in 2014. Silver ETFs did not see any large outflows in 2013, unlike in gold where gold ETF holdings fell by more than 30% in 2013.

The latest Bloomberg survey of silver analysts shows a median price estimate averaging $20 for the last quarter of 2014, increasing to $20.40 next year.

Some silver mining companies have hedged part of their output so that they can sell their output at specific prices, even if the price falls, such as at $18 for Coeur Mining. Likewise hedging can backfire as prices rise and they remain committed to sell their output at a lower price.

At the Denver Gold Summit, yesterday, Keith Neumeyer, president and CEO of First Majestic Silver Corp pointed out that after all the talk by the London Bullion Market Association (LBMA) of greater  transparency for  the new LBMA Silver Price and wider market participation in the auction, nothing much has changed:

 “Any time you have a small group of people fixing a price, it’s prone to manipulation,” he said. “There’s no change from how it was done before to the way it’s done now – it’s just a different group of players and now they do it on a computer.”

To that we would add that the “group of players” is still not all that different since only one player has changed. The old Silver Fixing process had three participants, HSBC, ScotiaMocatta and Deutsche Bank. When Deutsche Bank announced in April that it was pulling out of the Silver Fixing, it precipitated the move by the LBMA to create the new Silver Price.

Then, when the new auction was launched on August 15, HSBC and ScotiaMocatta reappeared as participants, bringing Mitsui on board in place of Deutsche Bank. So it’s still the same old usual suspects continuing to fix the silver price each day in London, and there is still little or no transparency about the auction beyond a few netted out buy and sell volume figures.

It remains to be seen when if ever the LBMA Silver Price auction will allow in a wider range of direct participants such as mining companies and refiners. 

In the meantime, the retail silver investor, as indicated by the silver ETF flows, appears to be taking advantage of the lower price environment to accumulate additional metal. This is also true in the silver coin and bar market. 

Conclusion

In any period of price weakness there will always be some nervousness and fear. But market history invariably shows that this point in the cycle is usually the time when price expectations start to turn upwards.

Silver remains undervalued vis a vis gold with gold silver ratio at over 66. At $18.59, it is some 63% below the record nominal price of $50/oz in 1980 and again in April 2011.

We could see further weakness in the short term as momentum is clearly down. Support is at $18 and below that at $15.

We believe both gold and silver remain undervalued and are in the process of bottoming. We remain confident gold and silver will see new record highs in the coming years. Both will continue to act as hedges and safe havens against the considerable risk in the world today.

by Ronan Manly , Edited by Mark O’Byrne

Recent research and charts on silver here

 

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Sat, 09/20/2014 - 15:35 | 5238473 limacon
limacon's picture

deleted

Sat, 09/20/2014 - 15:29 | 5238470 limacon
limacon's picture

First , tame the silver fox . Gain his trust . Feed him up .

Then eat him .

 

See http://andreswhy.blogspot.com/2013/01/eating-fido.html

Sat, 09/20/2014 - 12:29 | 5237934 LithiumWarsWAKEUP
LithiumWarsWAKEUP's picture

Indicators on charts are lagging. None of them give entry/exit signals. 

    Here's the /Si targets.  The Futures symbol, NOT the  ETF symbol SLV. Immediate target for this 2-24-14  short is 17.20. Note, again, it is NOT the same symbol as the Authors Chart, this is the Futures Contract symbol. Current Price close is 17.79.

   Two things can happen when ANY Target hits; it can keep going in same direction which is called an Extension, or it can Pull Back and re-do a new setup, which is most common.

    Normal action tho,  is the p/b. If/when this 17.20 Target does hit, (which ain't far away) usually Price will 'pullback' and if so, 19.94 or so is max/ p/b or it will change Trend and be a Long again. That said, if P/B does not go thru that H price then the new Target from upcoming p/b on the next selloff will be 16.15. It does NOT have to p/b all that way to that H of 19.94; min. p/b tho will be 18.90 area. Most common p/b will be 19.40 area,,,then selloff again, to the 16.15 area. Because silver is 'in a short',,,until the trend ends.

    There is also a current contract working from Aug of 2013 that has a Target of 13.55 on it. It might hit, it might not. Can't 'know', just can trade the trend until it ends. Great advice if you know how, huh.

    Am I an amateur?no Pro?self  Genius?no,,uhh,,, Know WTF I'm doing since I know the algorithym?? Yeah,,,that. :) f'it ..i learned how

 

Sat, 09/20/2014 - 14:42 | 5238201 Quaderratic Probing
Quaderratic Probing's picture

 

I like self taught guys and your reply was polite and because thats the way you do it ( and it works for you ) its correct

http://stockcharts.com/def/servlet/SC.pnf?chart=CRAY,PGTLWANRBR[PA!B13][D][F1!3!!!2!20]&pref=G

Because you saw no entry/exit

Here is how I enter/exit after looking at many other things . In at 6.65 for example ...these charts really help

You will notice they are not based in time they only use price changes, this is how brokers worked before computers 

Once there settings to Trendline needs to be on and moving average set to 13

$silver is the spot price on this site

Change to Percentage from Traditional and you get a good idea who holds at what price red has been sold off

Type NEM for a picture of a full ride

Sat, 09/20/2014 - 12:52 | 5237973 Quaderratic Probing
Quaderratic Probing's picture

They lag because I dont day trade I wait for proof coming out of patterns, they show me more general momentum

I dont day trade because of tax set up here

 

I give up some at the bottom and the top as a trade off on real direction

Sat, 09/20/2014 - 19:33 | 5239092 LithiumWarsWAKEUP
LithiumWarsWAKEUP's picture

Quad writes: "I give up some at the bottom and the top as a trade off on real direction".

   Then you, Sir, are a 'good mut fund/et al Mgr', that knows 'how to chart'. Point and Figure. Yep, that is Old School. Sort of like going to the library every month and looking at the current S&P 1/4" thick magazine to get your charts. hahaha been there done that. That's where I started, anyway.

    One can't do too bad with Day chart and a good ol' rsi. I'm into 6-8 daytrades type of things w/euro mainly. so ez. Took way too long b4 i got schmart tho,,,such as life. 'g luck .

Sat, 09/20/2014 - 19:59 | 5239147 Quaderratic Probing
Quaderratic Probing's picture

50% tax free if I dont day trade. Slow and easy. Hope you trade with the wind at your back.

Sat, 09/20/2014 - 12:00 | 5237848 shuckster
shuckster's picture

The fact that silver looks cheap at $15 an ounce is good enough for me

Sat, 09/20/2014 - 11:30 | 5237752 Tony Stewart
Tony Stewart's picture

Ethics is the bottom for silver and gold. Bottom number 67454

Sat, 09/20/2014 - 11:10 | 5237677 Tony Stewart
Tony Stewart's picture

High demand, lower price? Is the author a clown or he must think we're all stupid?
Clearly NO DEMAND reflects in lower price. What will he say when gold is $500? That the demand is through the roof?

Sat, 09/20/2014 - 12:04 | 5237856 shuckster
shuckster's picture

I notice that supply/demand arguements are actually political arguements. Demand exceed supply. Yes there is 10,000 buyers with $10 breaking down the doors trying to get our product. Better to have 1 guy with a $1 million than 10,000 with $10. Whoever has pricing power determines price, and the middle class has anything but

Sat, 09/20/2014 - 07:00 | 5237357 LostandFound
LostandFound's picture

Would you buy and stack something that the largest creditors of the world are accumulating in unprecedented quantities or would buy and stack financial products that the largest debtor nations are accumulating in unprecendented quantities.

Creditor > Debtor

Sat, 09/20/2014 - 08:20 | 5237433 overmedicatedun...
overmedicatedundersexed's picture

deflation, what else can it be..here in usa with so many at poverty levels no one is buying they are living day to day..the fed has failed to bring wide spread economic growth, but has been very successful in wealth transfer to the top 1%,, where this goes is the question..for many something evil this way comes.

Sat, 09/20/2014 - 01:22 | 5237093 Notsobadwlad
Notsobadwlad's picture

Based on the Silver Institute report, I do see that propaganda was required to get demand closer to supply now that photography and silverware no longer suck up large amounts of supply. But here is the problem; stackers aren't consumers, they are simply holders of small inventories that eventually comes onto the market.

Sat, 09/20/2014 - 10:15 | 5237546 Quinvarius
Quinvarius's picture

Sadly, the same can be said about fiat paper money.  And there is a few billion times more of it coming out of hordes to the market right now.  Fiat savings is merely excess supply of fiat that always comes to the market.  Maybe the consumers of silver, even if you don't like their reasons to consume, will put some supply on the market when it bubbles up like fiat.  The last time they returned supply was in the early 80's.  Few will be the stackers who sell in current conditions.

We are looking square in the face of hyperinflation.  There is no amount of paper market fun that is going to stop it.

 

Fri, 09/19/2014 - 23:30 | 5236900 Quaderratic Probing
Quaderratic Probing's picture

http://www.4-traders.com/SILVER-16221/

short term is 30 days

mid is 60 days

long is 90 days

Guys if your not using the charts you will get killed

http://www.4-traders.com/SILVER-16221/technical_analysis-full/&plein=1 weekly

http://www.4-traders.com/SILVER-16221/technical_analysis-full/&plein=1 daily

http://www.finviz.com/quote.ashx?t=slv&ty=c&ta=1&p=d no such thing as multiple bottom break down ,really thats the horizontal line

http://www.finviz.com/quote.ashx?t=zsl&ty=c&ta=1&p=d while the shorts broke multiple tops ( and made money )

 

Sat, 09/20/2014 - 08:55 | 5237452 Seize Mars
Seize Mars's picture

Quaderratic

If you're unclear on the difference between "your" and "you're" then you're an idiot.

Anyways, why do you think charts mean anything? So all this price data exists, but you're the only one who sees it? Better yet, why do you think that price data is predictive?

Now in addition, you want to "read charts" in a market that is manipulated?? Are you kidding?

Ok let's say your "charts" are telling the future. How do you want to trade this information? You want to put Federal Reserve Notes in an account and "trade?" You want to get Corzined, be my guest. Not for me pal.

Fuck off.

Sat, 09/20/2014 - 13:30 | 5237988 Quaderratic Probing
Quaderratic Probing's picture

I save a few key stokes on the samsung sorry. The reason you have to watch price charts is because the price is manipulated by computers and they care.

I will not live my life in fear of things I cant change nor will sitting on a stash with a shot gun for the rest of my life make me happy or safe..

Know this after the reset the 1% will still be in charge because they know how to make money. If you have PM and its a threat to them your plans will not help you.

 

Sat, 09/20/2014 - 15:39 | 5238496 Seize Mars
Seize Mars's picture

Huh?

Who said I "live my life in fear of things I cant change nor will sitting on a stash with a shot gun for the rest of my life?"

I don't.

and as for this:

"if you have PM and its a threat to them your plans will not help you."

I'm not sure what you mean. But please take your stock charts and push them somewhere else.

 

Fri, 09/19/2014 - 22:58 | 5236844 Armchair Bear
Armchair Bear's picture

call it the PLATA

Fri, 09/19/2014 - 22:11 | 5236726 Manipuflation
Manipuflation's picture

True story.  It depends what you want to buy but I having some trouble finding what I want.  I we need to melt our scrap siler and make our own coins our mint and we shall issue forth.  We won't make the same mistake Mr. von NotHaus did by calling it a dollar.  What should we call this coin and how do  because that is what we weshall we trade it?  SHOULD we trade it??  We would all just end up hoarding it anyway because that is what we do anyway I thought it would fun hear some suggestions for names of this and what it should look like.  The thought popped into my head for a motto,  "In Al Bundy We Trust".  

 

Maybe another idea could be that the coins says "Fuck you" with a relief of a middle finger on the obverse.  There should probably be a naked lady on there somewhere too.  Maybe even on the reverse.  You all know how there are so many coins with some sort of woman on them.  Either it is some old bag or some woman, who is not naked, holding some torch.  We don't need anymore of those designs.  I would like to see a naked lady on the reverse of the coins.  Just some generic hot chick showing her ass and a boob in polished high relief.

To finish it off, we could do some work on the rim and instead of reeding we could have it say "Fuck You Central Banks" all around the rim.  

Now I want to BUY this coin!  Well, it probably won't happen though because who sits around and dreams about coins?  Well, we do!  If enough folks got together on that idea it just might work out.  Sunshine mint will make anything you want as far as coins go.           

Fri, 09/19/2014 - 18:55 | 5236173 flyonmywall
flyonmywall's picture

The sale of the century.

Thanks to Ben, Yellen and the Squid.

At least I can use the silver for antisepsis WTSHTF.

I will keep some fiat for wiping though.

 

Fri, 09/19/2014 - 18:11 | 5236041 exonomic halfbreed
exonomic halfbreed's picture

I am not sure if there is any truth to the idea that much of the liquidation today was to provide funds for purchasing alibaba stock (could be), but between 1997 and 99 I saw good value stocks with increasing earnings getting pummelled as long term holders sold to buy into the dot coms before the train left the station.  Luckily I did not follow the trend.  

Looking at the the collapsing property market in China and realizing that there will be a shift in investments there, I suspect the hunger for real estate will abate and the trend will get even stronger for the precious metals.

Fri, 09/19/2014 - 16:37 | 5235735 The9thDoctor
The9thDoctor's picture

Despite that epic smackdown in 2011. Silver today at $18 an ounce is exactly double as it was in Fall of 2008 as it was $9 and ounce, and its triple from exactly a decade ago. In 2004 it was $6 an ounce.

The stack and hold strategy works really well, despite all of this blatant manipulation.

This is not a day to day like stawks. This is a "keep stacking" type of investment.

Chasing monthly, weekly, daily charts measured in FRNs is silly for this type of vehicle.

Same goes with ammo. When SHTF, does it matter that your 5,000 7.62x39 rounds cost you $1,000 FRNs, or it cost you $1,475 FRNs? No, because when FRNs are worthless, you still have 5,000 rounds when your neighbor who "saved money" and has none. Now he has both no ammo and no money!

Sat, 09/20/2014 - 14:25 | 5238268 Quaderratic Probing
Quaderratic Probing's picture

How many rounds did they have in WACO?

Fri, 09/19/2014 - 15:51 | 5235501 messymerry
messymerry's picture

WTF!!! This isn't a monkey hammering today it's an effing gorilla hammering.

The hair on the back of my knuckles is standing up. Something big is in the works!!!

Fri, 09/19/2014 - 15:01 | 5235319 HDaryl
HDaryl's picture

Dollar Cost Average

Opportune time to drop average basis cost across the portfolio.....

If it drops further, repeat....

Fri, 09/19/2014 - 16:37 | 5235732 Quaderratic Probing
Quaderratic Probing's picture

Never ever average down.  Wait for the turn at the bottom and proof it is coming back up.

Sat, 09/20/2014 - 08:27 | 5237437 Grosvenor Pkwy
Grosvenor Pkwy's picture

The concept of averaging down is irrelevant, neither good nor bad in itself.

Consider a simple artificial example. You buy 100 sh of ABC at $500/sh then 6 months later it is $200. Should you buy sell or stand pat?

The fact that you bought at $500 is totally irrelevant to your decision, because that is money already spent, and can no longer be changed. You should buy if you believe $200/sh is a good price, based on future prospects, and it has nothing to do with what you bought 6 months previous. If you are convinced that future prospects are poor, you should sell and take the loss.

The reason why "stackers" continue to stack is that they believe long-term future prospects are very good, and furthermore that they can weather the storms to avoid needing to sell off in the short term.

Fri, 09/19/2014 - 21:51 | 5236683 SAT 800
SAT 800's picture

Ha-Ha, I can tell you're a real expert. What "proof"; do you get phone calls through your tin-foil hat? LOL.

Fri, 09/19/2014 - 22:27 | 5236765 Quaderratic Probing
Quaderratic Probing's picture

Silver was building a base but it broke down. It will fall more. Chart below my gift to you, dispite the nasty remark

I'd say its not rocket science but in fact it is

My tin foil hat has made me a millionaire.

At SAT 800 you should be too. Or am I talking to guy with a roll of quarters? ( my nasty remark )

Either way if you dont know averaging down is bad you should lose its a great lesson.

http://www2.barchart.com/chart.php?sym=^XAGUSD&style=technical&template=&p=WO&d=X&sd=&ed=&size=L&log=1&t=CANDLE&v=0&g=1&evnt=1&late=1&o1=&o2=&o3=&sh=100&indicators=EXPMA%2834%2C%29%3BEXPMA%2813%2C%29%3BSTOSL%28144%2C55%2C16711680%2C153%29%3BSMACD%2889%2C144%2C55%2C16737792%2C10053375%2C13421721%29%3BCHKMF%2889%2C2135825%29%3BCCI%2875%2C6710886%2C100%2C26367%2C16724736%29%3BEXPMA%2889%2C%29%3BEXPMA%28233%2C%29%3BBBANDS%2834%2C2%2C10066431%2C3227936511%29%3BMACD%2855%2C89%2C34%2C16737792%2C10053375%2C13421721%29%3BOBV%286710835%29&chartindicator_12_code=EXPMA&chartindicator_12_param_0=34&chartindicator_12_param_1=&chartindicator_13_code=EXPMA&chartindicator_13_param_0=13&chartindicator_13_param_1=&chartindicator_14_code=STOSL&chartindicator_14_param_0=144&chartindicator_14_param_1=55&chartindicator_14_param_2=16711680&chartindicator_14_param_3=153&chartindicator_15_code=SMACD&chartindicator_15_param_0=89&chartindicator_15_param_1=144&chartindicator_15_param_2=55&chartindicator_15_param_3=16737792&chartindicator_15_param_4=10053375&chartindicator_15_param_5=13421721&chartindicator_16_code=CHKMF&chartindicator_16_param_0=89&chartindicator_16_param_1=2135825&chartindicator_17_code=CCI&chartindicator_17_param_0=75&chartindicator_17_param_1=6710886&chartindicator_17_param_2=100&chartindicator_17_param_3=26367&chartindicator_17_param_4=16724736&chartindicator_18_code=EXPMA&chartindicator_18_param_0=89&chartindicator_18_param_1=&chartindicator_19_code=EXPMA&chartindicator_19_param_0=233&chartindicator_19_param_1=&chartindicator_20_code=BBANDS&chartindicator_20_param_0=34&chartindicator_20_param_1=2&chartindicator_20_param_2=10066431&chartindicator_20_param_3=3227936511&chartindicator_21_code=MACD&chartindicator_21_param_0=55&chartindicator_21_param_1=89&chartindicator_21_param_2=34&chartindicator_21_param_3=16737792&chartindicator_21_param_4=10053375&chartindicator_21_param_5=13421721&chartindicator_22_code=OBV&chartindicator_22_param_0=6710835&addindicator=&submitted=1&fpage=&txtDate=

Fri, 09/19/2014 - 17:41 | 5235908 HDaryl
HDaryl's picture

Disagree. This could be the bottom. Keep some dry powder. If it drops further buy more.....

Fri, 09/19/2014 - 21:39 | 5236650 dark pools of soros
dark pools of soros's picture

wait but shouldn't we buy ALL IN NOW for the opportunity of the century??  how can you hold onto ANY dirty fiat with these prices??

in fact wernt we suppose to buy all in last dip and the dip before?? and the 50 dips before that and also back when it was $48?? it was going to $200 so of course everyone bought all in then too!!!

 

THE FACT IS THAT NUTTERS CANT RAISE THE PRICE

 

you all talk of Silver being manipulated now at $18 but it was also manipulated to $48 as well

 

Fri, 09/19/2014 - 19:55 | 5236353 Quaderratic Probing
Quaderratic Probing's picture

Silver just broke down on a long term wedge it will go lower.

Buying down trends always ends in tears. Its simply mathematically wrong in maximum gain probability.

Wait till it stablizes flatlines for a time and then shows signs of life then you win right away.

Fri, 09/19/2014 - 21:54 | 5236690 SAT 800
SAT 800's picture

Different markets have different characteristics; what you read was about traditional agricultural markets. Metals like to turn and reverse on a point.

Fri, 09/19/2014 - 23:01 | 5236849 Quaderratic Probing
Quaderratic Probing's picture

silver futures graph notice the large traders ( grey ) getting smaller this is not fast is relentless and it does hurt silver price. When they start buying silver price will rise.

All the other markets are here too but you knew this already right?

http://www.nowandfutures.com/images/cot/SI.png

 

Fri, 09/19/2014 - 13:26 | 5234839 Gringo Viejo
Gringo Viejo's picture

I believe nothing I read about the silver market. Too much disinformation. I only know that it is priced below "all in" cost of production and is therefore, an undervalued asset.

Fri, 09/19/2014 - 15:53 | 5235581 Cynicles
Cynicles's picture

Silver Fixing appeared several times in the article...

Sure, I like to take it in a more typical meaning of the term as silver is certainly fixed.

Fri, 09/19/2014 - 14:28 | 5235171 HDaryl
HDaryl's picture

Agreed. And, try to find $18.xx Silver. Eagles and other official 1 ouncers are selling at a $4-5.00 per ounce minimum premium over spot. This far wider than normal coin price spread equates to a 20-30% premium. Of course, the "coin" cost is more than spot, and has always been. But it has never been this high....

There seems to be a fantasticly large disparity between paper fix prices and physical coin prices.....

Hmmm....

 

 

Sat, 09/20/2014 - 13:39 | 5238156 Quaderratic Probing
Quaderratic Probing's picture

Greedy store operators. The ones who made the real money in the gold rush were the sellers of picks and shovels. For every one who hit pay dirt they sold a shovel to thousands.

$19 I want silver, sorry none today come back later. I'll pay $22, nope got none. How about $25, well I can sell you mine just don't tell anyone.

Fri, 09/19/2014 - 15:59 | 5235594 Cynicles
Cynicles's picture

Not sure what carnival operation you have been turning to for Eagles @ 4-5 bucks ea. over spot??

Even the quite expensive APMEX offers them up (as of 12 seconds ago anyway) at (as low as) $2.49 over/per

Fri, 09/19/2014 - 17:37 | 5235936 HDaryl
HDaryl's picture

Goldcore is $21.63 ($1,500 minimum) while spot is $17,88. Difference of $3.73, or 21% premium.

Apmex is $21.81 (small quantity) while spot is $17.88. Difference of $3.93 or 22% premium.

The point is, last year at this time you could pick up Eagles for $1.00-$1.50 over spot.....

Fri, 09/19/2014 - 19:07 | 5236221 mkkby
mkkby's picture

It's not some conspiracy.  Tulving went out of business in March.  They were the lowest spread provider.  With them gone, everyone can raise their price and make out like the bandits that they are.

Sat, 09/20/2014 - 18:05 | 5238874 TeethVillage88s
TeethVillage88s's picture

I found this guy with a shop, says Coin Shop, but didn't really go into the back part.

So this guy seems like a Shylock or a Pawn store type more so than a Jeweler.

He says he'll take a check, cash, and he wants 5.5% on Gold Spot price for Bullion, but won't pay any premium on Coins at all ever. (He will discount the spot price or give spot price to all gold coins)

So think it was $68 Dollars premium on Spot Price for Gold Bar.

But I'm thinking he can hide his proceeds and earnings in different ways by taking a check or cash instead of taking direct payments to his bank account. Maybe he wants to hide his bank account for some reason?

Fri, 09/19/2014 - 13:12 | 5234760 Quaderratic Probing
Quaderratic Probing's picture

ZSL ultra short breakout.. today up 5.8% so far multi year wedge pattern suggest more money to be made shorting silver.

 

Fri, 09/19/2014 - 21:55 | 5236694 SAT 800
SAT 800's picture

Let us know how successful you were in November.

Fri, 09/19/2014 - 22:37 | 5236792 Quaderratic Probing
Quaderratic Probing's picture

You dont hold ETFs you hit and run.

Fri, 09/19/2014 - 13:01 | 5234705 somecallmetimmah
somecallmetimmah's picture

Can't talk...stacking....

Fri, 09/19/2014 - 12:42 | 5234621 rosevillebill
rosevillebill's picture

Just bought 2014 Canadian Maple Leaf 1oz at SDBullion.com for $20 shipped.  Thank you banksters for letting me continue stacking on the CHEEEEP. 

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