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US Mint Sells Out Of Silver Eagles Following "Tremendous" Demand
When it comes to buyers of physical assets as opposed to traders of paper representations of such assets, there is one key difference: the latter, more than anything, enjoy looking at "heatmaps", chasing trends and jumping on momentum, the result being the most recent massive selloff in such "paper" representations of precious metals as the GLD and SLV ETFs, and various gold futures.
On the other hand, those who prefer to hold the metal in their hands, as well as others such as China whose ravenous apetite for gold over the past 4 years has been extensively covered here in the past, take every advantage of selloffs, and - inconceivably - demonstrate how Econ 101, namely supply and demand, really works, leading to ever greater demand the lower the price. Demand so high, in fact, that the underlying commodity that is being sold through paper conduits, sells out.
This is precisely what happened at the U.S. Mint, which just sold out of all silver American Eagle silver bullion coins, following "tremendous" demand in the past several weeks, according to Reuters reports.
This should hardly come as a surprise: over the weekend we reported that "Silver Coin Sales At US Mint Soar To Highest In Two Years."
Sales surged to 5.79 million ounces, the most since January 2013, the month that set an all-time high at 7.5 million, Bloomberg reports. "Today, sales jumped 33 percent in one of the busiest times this year", Tom Jurkowsky, a spokesman at the Washington-based mint, said in an interview. Last month’s total was 4.14 million.
“We saw demand surge over the past two days,” Michael Kramer, the president of New York-based MTB Inc., a dealer authorized to purchase coins directly from the mint, said in a telephone interview. “Business was almost triple than what it has been over the past few months.”
Logically, as a result of the surge in physical demand, silver futures for December delivery dropped 1.9 percent to close at $16.106 an ounce on the Comex in New York. Earlier, the price touched $15.635, the lowest for a most-active contract since Feb. 25, 2010.
Because when it comes to precious metals, thanks to the BIS and the central banks, Paper beats Rock every time.
Which brings us to today, when according to an alert issued to dealers across the US, some 2 million ounces of silver sold out just after noon, Eastern time, following the sale of over 1 million ounces in just the first two days of the month.
In a statement sent to its biggest U.S. coin wholesalers, the U.S. Mint says it will continue to produce 2014-dated coins. The Mint will advise when additional inventory will become available for sale without providing further details.
The announcement has not been made available to the public, but a U.S. Mint spokesman confirmed that it has sent the statement to its authorized participants.
A sharp break in gold prices to their lowest in more than four years last week has unleashed a surge in demand for silver and gold coins in North America and Europe.
As A-Mark, one of the largest bullion distributors in the country added, "The US Mint has just announced that they are temporarily sold out of American Eagle Silver Bullion Coins. They are in the process of producing more and will advise when additional inventory is available. If you previously received fixed premium pricing from us, it is no longer valid."
So... even lower prices coming, right?
And since everything else in the New Normal is now flipped on its head, it only makes sense that the continued price collapse for precious metals is, as it turns out, driven by ever greater demand!
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"So... even lower prices coming, right?"
Right. Why not? Its not like there is a functioning market or anything. $5 silver on the way.
CNBC HATES on gold all day yesterday, fails to mention record demand
Another article to make you bearish
Patriotic fervor must be running higher than expected, huh?
While I do own PMs, I must say. The banksters know how to rig all markets. They have been selling their silver high to the masses. Question is, just how low can they push it before they do buy themsleves. Understand, The FED is part of the Bankster Cartel who's sole purpose is to garnish the banks with wealth. Second, the FED is the Government.
and I must say I will continue to accept all of their gifts...........foch um
Damn it - just checked and cash4silver.com is already taken!
Pro traitor Dan Norpuki says NO manipulation........watta turd
On one hand, people aren't so stupid they don't realize the price is below cost of production.
On the other hand, there are commercials on TV 100 times a day selling bullion and coins (a good sign of an overplayed investment idea).
There's your book ends, in my opinion. Still, I'd probably buy some more right now, if I had any money left.
If this doesn't show the disconnect between reality and the market, then i really don't know what duz
i wonder what the gov't is paying for the silver?
Who knows, hell they could be replacing all the control rods with another material and pulling the silver out of them.
Price of gold will go up when "Leeches" will have their stomach full.
NoDebt said: "I'd probably buy some more right now, if I had any money left."
Me too. But those Silver Eagles are so high above spot it's like driving a new car off the lot.
Whatever happened to Crash JPMorgan Buy Silver campaign?
That fizzled.
Whatever happened to the talking bears videos that were embedded in ZH articles back in 2010? Wouldn't the talking bears have something to say about buying silver "on sale"?
They fizzled.
What about the myriad articles on "hyperinflation" and $500, $1,000 or even $1,500 an ounce silver if you could get it?
Never happened. We get $15 silver and deflation.
If I bought stawks instead of silver coins, I would be way ahead right now. If I bought silver coins instead of stawks, I would have lost my ass right now. Stawks are at all time highs, and silver is ridiculously low despite all of the QE.
The alt media has some explaining to do.
As bad as the MSM is, the alt media was 180 degrees wrong after the bailouts.
I'm not trolling. I'm being serious. WTF is going on?
Oh yeah, another thing I forgot to add... remember being an "alchemist" and turning plastic into metal by buying silver with a credit card and defaulting?
I wonder how those guys are doing with their $30+ silver and high interest credit card debt!
That was a good one!
That is so 2009.
https://www.youtube.com/watch?v=4k4xPUZRdC0
Not to mention the ending of the silver fix in August....still nothing happened apart from the ass falling out of the silver price....
Not to mention the ending of the silver fix in August....still nothing happened apart from the ass falling out of the silver price....
People invested in silver should be praying for a major demand increase in solar panels. It actually wouldn't even take that much.
Those confused on the 'paper price,' see if you can spot the correlation:
http://static.seekingalpha.com/uploads/2009/4/30/saupload_hai_abullscase...
http://si.wsj.net/public/resources/images/IF-AB143_GOLDch_G_201305031500...
Bonus for those who claim price rise is not etf demand:
http://monevator.com/wp-content/uploads/2013/02/global-gold-demand.jpg
GOOD LUCK PRODUCING MORE SILVER WHEN PRODUCTION GRINDS TO A HALT BECAUSE U FUCKERS SLAMMED THE GOD DAMN PRICE!!!! What were they thinking!?!
The banks and the U.S. government are powerful criminals. What do you THINK is going on?
+1 Vooter
We are playing a rigged game and it is obviously not in our favor, so what did we expect? To win with silver going to the stratosphere?
Patience Grasshopper! If you are a flipper stay away from Silver, if however you realize that this market is fixed and the fix can not go on forever, then start stacking. If you believe in the omnipotence of the central planners, get into that market, and oh, don't bitch when they crash it again and your paper profits have gone poof!
remember what Keynes said, markets can stay irrational longer than most can stay solvent.
As for me, i just keep buying whilst our overlords keep real money at a major discount.
Someone buying Silver or Gold with their fiat prior to Weimar hyperinflation would have looked like a fool.
When the whiplash finally came about, they looked like a genius. All about timing.
If you'd have bought stocks you'd be taxed out the ass to take any profits.
If you left it in the markets, it will eventually be -60% like 2009.
Damned if you do, damned if you don't.
That's the way TPTB like it.
The world is upside down. Practical sensible investments are punished. Spendthrifts are rewarded and savers are crushed. We have all been early in anticipating the collapse. Who knows when the reckoning will come?
It's all about the money. Those who need it, do not have it. Those with excess and @1% it is a large number,
are hoarding the dollars. That is the game. When they open thier hands and spend it or are taxed and it's put
in the economy the price of hard resourses will change. Their is no real demand yet. Never Forget. The FED
actually considers inflation only when wages go up for the masses. We are in a thirty year trend down.
"the spend thrufts are rewarded" yes all the bankers and financiers are rewarded, meanwhile the people are cheated.
You lack patience. It isn't like the system has collapsed already and silver with it. So sorry things haven't happened according to your arbitrary schedule but in case you missed the gist: we are all waiting for the people to come to grips with the bankers losing control and ripping them off in massive in-yo-face amounts instead of the slow bleed of previous decades.
Oh well. It isn't too late. You can still buy stocks now - there are and never will be any stock shortages.
Went to the LCS today just to buy a little [20 oz or so]
They barely even had 20 ASE's on hand. In any case, they wanted a $3.99 premium for those so I ended up just getting a couple of 10oz bars [which were only 1.79 over spot] & about 5 Maples @ 2.99 over spot
Supply & demand, right? Supply gets tight and the price goes.....
down?
Mint sealed monster boxes are going for, Best Price: $9,060.00, delivered. Slightly more if you use a credit card. Slightly less if you buy more than one.
2.85 over spot.
https://comparesilverprices.com/
For the record, I wasn't expressing any GOOD or BAD on my above comment. Instead ~ I was just stating "what was there" [for info purposes]
Those premiums [ASE's vs. Maples, vs. rounds, vs. bars, etc], haven't changed significantly over the past several years [where I shop].
I think what I'm trying to say is that, while my FAVORITE silver round is the ASE, at a $3.99 over spot [at these Ag prices], you're ticking over 25% premium, whereas it's only a 13% premium of, say, a $30 Ag price.
So the anecdotal takeaway, [to me anyway], is that as the price drops [& under these parameters], u might as well just own the ELEMENT and not the mint stamp.
I was only posting a source link.
No offense.
If your area really is low on ASEs, buy a monster box and sell small lots locally or on E-Bay for $3.99 over spot. Keep the $1.15 each, at these prices.
Sell 23 tubes, keep two free.
Feed the demand.
Yeah, it's ok. I wasn't offended or anything. I was just adding some data. No problems here. ALL 'boots on the ground' PM comments are helpful IMO
Shipping and handling matters. JMBullion.com has free shipping. That put their final shipped price on silver rounds lower than Silver.com.
Just sayin' cause JMB has been good to me.
I saw the exact opposite last night. It's good to have both sites up, add your items to both carts, then compare.
For those of you who buy silver online, where do you buy it? I want to avoid con-artists and every silver website looks like it was coded over the weekend by an 8th grader in BCIS class.
I have been lurking for about a year and am ready to start my own lil' stack. If the spot price is $17/oz. how much is a fair price to get ASE coins delivered?
Apmex.
I've been happy with JM Bullion and Provident metals. Also, Scotsdale silver and silvertowne on ebay (free shipping).
Apmex.
gainesvillecoins.com and apmex
+1 for Gainsville
agoracommodities.com
They have been the best to me so far! (and they accept Bitcoin)
For those of you who buy silver online, where do you buy it? I want to avoid con-artists and every silver website looks like it was coded over the weekend by an 8th grader in BCIS class.
I have been lurking for about a year and am ready to start my own lil' stack. If the spot price is $17/oz. how much is a fair price to get ASE coins delivered?
Silver: APMEX. As for gold ... I do my own prospecting.
bullion direct at $357/20 oz= hefty duty 16+% premium over spot. fuck that...
This latest round of slamming PM's down began the day after Greenspan said to buy gold. Hmmm...
Nah,
Bifucation of the market is starting. Same thing happens in equities, microcaps decouple from the ETF programs which push all midcaps (ok, anything with Mcap >=4b USD) to correlation 1. So you look like a rocket surgeon when you see a 14% move in 1 day, since the secondary market momentum algos need to panic cover on the RSI trades.
Only now we're seeing this in analog world, mom & pop retail are underwater (well, everyone is if you had a weighted portfolio at VWAP:180d in a QQQ leveraged index fund). with most market professionals -10% to 3% for your year (unless you are Bill, hi Bill!). which if we strech that performance backwards into the SPX volume flows, about 80% of US investors are at some point underwater if they invested in the last 180 days in the stock market. Which is why we saw tax selling being pulled forward into October and Pension funds puke up everything on Monday/Tuesday.
So if Mom & Pop are about 20% underwater, and sold in October (or their advisor took them to cash) on record volumes, many of it retail non-standard order lots, then we can assume they are rotating to cash, given bond's yield 50 bps, HYG is pricing in a 1:5 default ratio, and 99% of people can't make a clean EPS calculation, let alone pick a stock to save their life (which is why Technicians exist). Then yes, gold and silver are going to see a record inflow into physical assets. The fact anyone can look at a EWave chart, and google "golden ratio" implies these record retails will be flushed out just as quick as they were in Amazon, Gopro,.... Tesla.... Potbelly?
Come back when we see the US Mint/Canada Mint pull-forward delivery from 2016/17 miners to meet demand. Then we will talk. This press release is akin to when a company lowers guidance with a profit alert, then happens to "beat" the street.
Or the Japanese are moving into coins as they did last time their politicos tried to break the yen. Will see if Abe has some staying power or if he is shown the door at 122 vs the dollar.
After that those cute Japanese will make China and Indian demand look like an after thought. Japanese coin demand is about to go nuclear if Abe has his way.
Selling something you don't have to those who don't want it while the underlying is disappearing fast, doesn't have much in common with the situation you describe.
Reading what you write gives me quite an education. Thank you and keep it coming.
My local dealer is out of coins entirely with a 4-6 week delivery period. None from Aus. None from Canada. None from the US. None from Mexico. None from China.
Looks like a seriously restricted phys supply.
Maybe they want to lower the price, scare away joe six pack (me) from buying, and buy it
all up themselves at the low price. Problem is Joe sixpack (me) is still buying and not leaving
any for them.
They need to up their propaganda on silver is bad for you. ha
I could pretty much guarantee that if silver hit $5 an ounce, there would be no physical supply left for sale on this planet.
I won't even offer viewings at 5 dollars an ounce.
You can see mine for $5 but you must own SCUBA gear
$5 an ounce?
Where is Math Man when you need him?
It only costs $5 to dig out of the ground.
(if you can remember where you buried it)
Sir, that is fine comedy.
I'm amused at the downvotes on this observation.
... and you would be wrong, because it was less than that from 1990 to 2003 and there was still plenty to go around
Yeah, I keep thinking how much things have stayed the same since 2003. Oh wait, except for the trillions in fiat currency floated via debt. You're an ass-clown if you can't recognize the fundamental deterioration in our financial system that has occurred over the past 10 years and the implications it has for the value of silver.
you're an idiot if you think this hasn't been an issue since 1972, since you're slinging names around
10 years my ass... try 50... and yet look at the trend... rail against that data all you want, it's still what the price was so fucking deal with it
All PMs are heading much lower. Wait for a time to buy, but this ain't it.
I will quote LOP, as it seems appropriate. 'What part of all fiat goes to Zero, doesnt anyone understand?' tick tock motherfuckers.
Price controls tend to have this effect. The COMEX and the futures markets in general are just that, a price control mechanism disguised as a "free market".
Don't forget lead, if you can find it..
One of the most important metals to have. Especially when encased in copper.
I like flack jackets
I like flack jackets
Flack jackets are so 70s, nowadays its Blue Force Gear MOLLEminus systems rated Level III
Especially when encased in copper...
Just depends on how fast you can deliver it to "market".
Already got several thousand of those. Now its time to start stacking silver in my canoe.
if the fed could they would lock all the PMs away forever. in fact, that is what rickards wrote about in his future fantasy piece recently.
Time to recalibrate. Everyone still thinks in terms of the number of dollars needed to purchase gold or silver. That is how we have to do business today. But, I think that many readers of ZeroHedge also understand that the dollar, and probably all fiat, has a very limited future, as it always has in 2000 years. I have been trying to determine how to value PM's after the collapse. I have defaulted to the most fundamental concept of money, barter using a commonly accepted commodity that meets the definition of money i.e. gold and silver, in order to trade for other needed commodities (food, clothing, fuel, etc.). After much searching, I found the Cole report online in Excel format. It is a tabulation of the price of commodities in several major American cities from the late 1700's until 1861. During that time (and untill 1933), one ounce of gold was exchangable for $20.67. During that time there were periods of inflation and periods of deflation but on average there was no inflation. Taking an average of prices from 1800-1861 (because prior to this period there were other currencies sprinkled into the report), I tabulated the average price of most of the commodities in the report in terms of an ounce of gold. This gives a rough starting point for how to value an ounce of gold after the extermination of fiat currencies. And, during that time, the gold/silver ration was 15-16/1. For every ounce of gold mined, about 15-16 ounces of silver were also recovered. So here is my list of averages:
Commodity Unit Average price 1800-1861 Qty at $20.67/Oz Bacon lb 0.095 217.5789474 Beef lb 0.1225 168.7346939 Bread cwt 0.047 439.787234 Butter lb 0.168 123.0357143 Coffee lb 0.165 125.2727273 Copper lb 0.303 68.21782178 Corn bu 0.658 31.41337386 Cornmeal bbl 3.09 6.689320388 Cotton lb 0.147 140.6122449 Flour bbl 6.87 3.008733624 Gin gal 1.01 20.46534653 Hops lb 0.181 114.198895 Iron ton 79.39 0.260360247 Pig iron ton 34.64 0.596709007 Lard lb 0.104 198.75 Linseed oil gal 0.866 23.86836028 Molasses gal 0.365 56.63013699 Nails lb 0.0686 301.3119534 Pork bbl 16.42 1.258830694 Rice cwt 4.31 4.795823666 Rum gal 0.675 30.62222222 Sugar lb 0.084 246.0714286 Tea lb 0.761 27.16162943 Wheat bu 1.21 17.08264463 Whiskey gal 0.328 63.01829268 Wine gal 2.22 9.310810811 Wool lb 0.416 49.6875Unfortunately, the Excel headings do not display properly but they are Commodity, Unit,Average Price 1800-1861, and Quantity at $20.67/ounce.
I would expect to receive about 220 lbs of bacon for my ounce of gold or about 170 lbs of beef. If you look at the prices of these commodities today, you will find that your ounce of gold will purchase something close to these quantities in dollar/gold terms.
I am sure that there would be a lot of dickering on price based on the availability and efficiency of production of many of these commodities today. That is a function that the free market would take care of over time.
The key thing at this point in time is for people to start recalibrating their thinking about the purchasing power and value of PM's before the BIG RESET occurs so that they know how to spend their stacks most effectively afterwards.
Heard about a guy who was paying his kid's allowance in silver. As an added bonus, he tells me that the kid really doesn't spend much money because it means converting his Eagles.
Anyway, as silver dropped from $40 the kid was pissed because his savings were shrinking. Then he realized that instead of getting an Eagle every other week ($20 weekly allowance) he was now getting an Eagle a week.
Turns out he's fine holding on to his savings, figures it's a few years until college so he's ok. His dad also offered to buy back his silver for the same amount of fiat he would have been paid.
So to your point, the kid already thinks in terms Ag when washing dishes, picking up after the dog and doing the rest of his chores. He doesn't really think in terms of $.
Terrorist or Patriot?
Dad's a terrorist. Call Children's Services.
Panic physical selling will restock supplies.
The only panic I have is I haven't had time to get to my supplier at these prices
Now that was just hillarious and worthy of an uparrow. Good joke.
Yes the US Mint wants out and now they are all out.
I just guess that they were panic selling to avoid the rush.
LMAO.
The PHYSICAL Silver and Gold markets are so small and the metal is held by strong hands.
The weak hands and speculators are washed out. They are gone.
We will not be stupid and sell Physical into declining markets.
Only stupid people do that. In fact we are thankful for Price Declines as it makes it much easier and less expensive to acquire the product...if someone else is stupid enough to sell it.
Yes. The Shanghai Physical Exchange will put away all of this nonsense
CME Group will be bailed out by the taxpayers per Obama's existing Executive Order.
And those who do not have will be in absolute lack as the Dollar regresses towards its true intrinsic value...ZERO.
Thanks for the humor..
Guess I'm one of the stupid ones. I was forced to sell into a declining market a year ago, to buy a property. Hated doing it....but that gold has come back to me at a considerably lower price (about 25%, I think). Don't hate myself so much now....
Is that what people mean when they say "be your own central bank"?
YES.
You were forced?
Who twisted your arm?
Who put a gun to your head?
I will shoot them for you.
I am happy that you made a fortuitous decision...if it is one.
But you made a decision.
I hope that you did not go into debt buying property.
If you reacquired your metal then you really had just shorted it.
But you reacquired it, which is wise.
I am not here to push anything.
I was responding to a post which stated that the price decline would give an incentive to sell thier metal...which it does not
The price decline did not give you the incentive, did it?
It was a trade for something which you wanted that gave you the incentive. There is nothing wrong with that at all.
You used it as SAVINGS, as MONEY, didn't you?
That is what Gold is. It is MONEY.
You forgot the /sarc tag.
Re: "Panic physical selling will restock supplies." <-- Some bankster drones are probably so out of touch that they actually believe that. Call it a contrarian indicator.
I'm sure there is panic selling out there...of paper.
...mining stocks. There's wide-spread panic in mining stocks, and it looks like it's going to get worse.
It is strange how the sector seems to be folding in on itself. Granted, the vast majority of juniors amount to little more than moose pasture and should never have risen past penny values in the first place, but we know full well that the majors are hungry for reserves, they're cash-rich, and only a handful of midcaps have made discoveries that make them attractive for merger / acquisition / JV, and yet we see very little indication of such opportunities being pursued. It's as if the entire sector is on a weird kind of standby. Why? Shares in the gutter beget more shares, flooding the market with paper, punishing existing shareholders and making any action more expensive in the long run. So why are executives sitting on their hands? Are they so ignorant of monetary policy that they don't understand what is about to happen? Are the banks resisting attempts to raise capital? I suspect the latter is part of the problem. How many mid level banksters have a clue about honest money and the crisis ahead? For that matter, do you trust paper to hold its value through the crisis, even gold and silver mining stock paper? It would be interesting to hear a fresh perspective from anyone besides Goldman Sachs.
6 million ounces a month in coin sales. The Fed and its proxies can sell that amount in a microsecond. It is not a fair fight.
One is physical, the other is paper. When the physical is needed (and Silver is CONSUMED, don't forget) there won't be any available.
DavidC
.
Unless you are buying with money that you need to eat, then you can wait it out. They'll keep playing games, but we wait. One day, who knows when, it's going to be fucking sweet. I'll wait 20 years if I have to but I know it's going to be fuckin sweet!
Couldn't agree more Silky. Problem is many of us olders guys are going to be dust in 20 years. Don't think it will last that long. Rome did manage to hang on for a few hundred years, but they were novices at the devaluation game. I give the Ponzi scheme 6 months to a year. Of course, that's what I said a year ago. SIGH!!!!!!!!
10 kilograms of silver is approximately a liter of volume.
350ounces per liter. 6million divide by 350. rouchly 18,000 liters. worth of silver coins. 1000 liters per cubic meter.
18 cubic meters. , standard 40' long container truck is 67' cubic meters in volume.
silvers a bit over 10 times as dense as water (gold is 19 and just over that of uranium)
ok , i'm not saying the WEIGHT OF ----that is abit less than 180 tons of silver could be carried in one truck but the volume certainly could be.
If you see that truck, it's mine.
That would take 6 trucks. Maximum weight of an OTR truck (without special permits) is 40 tons, and the tractor/trailer weighs in at ~10 tons empty.
It is really simple. When demand increases and supply decreases, the price of a product decreases. Very easy to understand in this new world.
/s
/s..... really, really..
REINSTATE THE CAPTCHA ABC.....
I was trying to be hip and do the sarcasm off tag. Excuse me if I do not run with the herd.
You missed my point, the fact you felt the need to add the sarc tag for the most common sense thing I have read in a week is sad, just sad.. Not you and me its the rest of the world brotha..
I did miss your point to be honest. I feel very pissy today.
On a side note I wish one college kid would take this article to his/her economic professor with a printout of silver prices. Then ask that professor how supply and demand really work in the 21st century.
Pissy as well, no worries.. Besides look below you were absolutely right. WILLFUL IGNORANCE KILLED THIS EMPIRE will be written on this societies gravestone
How big a boy are ya'?
Cuz I'll whup yer arse...
Pretty big, with a nose thats crooked and some twisted ears but you come see me..
Staying away from people with broken noses and cauliflower ears in a dark alley is always a good survival strategy.
"Pretty big, with a nose thats crooked and some twisted ears..."
Prolly one O' them damn, dirty Jews, eh?
I do not think that El Cajon, CA has a whole lot of Jews.
Why don't you come out and visit me in Lakeside...
12223B Woodside Ave
Lakeside, CA USA
Let's go hunting.
Agreed. Thats why when something bad happens they always say"WHY ME". The sirens have been ringing forever and they never noticed or didn't care, because it never caused an issue in their personal life. When it happens, they have no idea how or why and start with the self pity bullshit.
"Then ask that professor how supply and demand really work in the 21st century."
His professor is probably named Saul Alinsky Lenin Trotsky GoldenBergRothstein. As such ~ I'm sure he'll offer an intelligent & thoroughly unbiased answer that somehow threads Nazi oppression into the equation, and if you don't agree with his thesis then you're just anti-ceramic and should be forced to switch your basket weaving class to remedial pottery.
Sarcasm ... just one more service offered free of charge around here.
You've no idea at the price I've paid to constantly be sarcastic.
Freedom is not free.
Who are the 2 idiots that down voted you? Must be econ Phd's.
When is this madness going to end?
"Someday this (silver) war's gonna end." (cue small smile and look of resignation)
Well is that paper silver? Paper silver is all that matters, actually holding it is for the birds.
I had heard there was a boat anchor shortage.. Melting them into anchors again what else would you do with such a barbarous metal, 40 pieces of silver indeed..
saints51, you were right I was wrong you do need to use the sarc tag... Retards and they vote..
No. You were right. That tag was not needed.
If the reader is too dense to understand the message then it is not your problem.
Thier lack of discernment is THIER problem.
You already understand and, I hope, that you are not here because your convictions are so weak that they require social validation.
They will also enjoy the consequences of thier problem.
Me needing social validation, ha my wife would laugh and laugh...
At some point, it's all gonna come together for enough people...Prolonged shortages are going to draw a lot of questions about that price, once people take note of the obvious disconnect.
Germany & India are also seeing Sales Increase...
India's Gold bullion imports hit 17-month high in October
German Precious Metal Dealers Report Huge Run on Silver Coins
Find @ http://goo.gl/RST8ca
Apmex still has inventory. When they sell out I'll take this stuff seriously. I'd like to see comex default but after so many false hopes I just can't get too excited about these reports any longer.
I'm trying to buy them out. $5,000 worth of Morgan's and Ben Franklins last weekend...
+1 chubbar
I've been reading these same crying wolf articles for almost a decade.
Hindsight is 20/20 but having FRNs in a jar under the mattress was better than "stacking metal" for the last several years, despite all of these reports.
Virtually everyone knows what a $20 bill is, but only a couple of percent of the population knows what an ASE is worth, let alone know what it even is. So much for the "medium of exchange" definition of "money".
I'll get downvoted by the hard money guys. That's fine. I'm just debating what is actually at stake here.
You are right - so hedge. Some FRNs tucked away somewhere, and some AG (or AU) stacked or lost in the tragic boating accident.
I just now took a break from reading this thread and ordered another tube of AG for my grandson - Gainsville Coins.
That's because you are operating from a normalcy bias assuming the future will be like the past. That works fine until the day it doesn't. Your FRNs in the jar can at any second be "declared" worthless. They can "declare" my silver to be worthless, but that doesn't make it so. That's the difference.
When he goes to the bank and all the money is red or blue he will understand very quickly then cuz taco bell won't be taking green money but juan will take libertads in back..
too late my bitchezz I grabbed the last 160 oz's kidding just be patient geez
silver is so handy. i remember when i went to cash in my first half ton. hauled it in seven 55 gallon metal drums. took two days. raised almost enough to pay the electric bill. good times. /sarcasm
Scrap Iron is not Silver.
@buzzsaw99
That's the guys who separate the copper pennies from the zinc ones, and a sarc tag wouldn't be necessary.
Save Nickels instead.
No matter what happens, deflation or inflation, they are worth at least a Nickel.
There is no effort in sorting out anything...except the nickels from your change.
People who did that with the Silver Coinage in the 1960s did well in the Great Melt of 1979.
It is a SHTF strategy and does not cost you anything. What in the hell will a nickel buy you these days?
I'd rather spend paper and get rid of paper, thank you.
It seems to me that I've read the story once or twice over the last few years. I believe silver was around $50 an ounce then, $40 then, $30...... You get the idea.
When monster boxes crack $8,000 I'm buying.
You can get monster box cracks on most street corners for way less than $8k, about $60 a half hour is a good price
Golder miners Bullish Percent Index falls to 0.00 (on a scale of 0 to 100)
http://www.goldsqueeze.com/analysis/rock-bottom-gold-miners-bullish-perc...
Like interest rates, it can go negative.
It was zero last year as well. Doesn't mean anything.
Anyone buying gold mining companies now with the Fed talking interest rate hikes needs their head examined. Load up on DUST....
Last I heard, the Fed was promising to keep interest rates at zero till 2016. What did I miss?
They track the metal, and gold's just getting started on this leg down (yes, I know, it makes no sense, but think like a BIS guy with unlimited paper, a Swiss referendum on the horizon). As ugly as they look right now, my bet is they're going to drop to mind-bogglingly low prices by the time this leg's done - they'll be like the coal stocks in January 2009, selling for < cash in the bank. The small coal stocks went up 1000 - 2000+% from those lows...
I dont understand how can derivatives determine the price of a commodity. Isnt this "manipulation" by definition? Its totally backwards. The price should be determined on the physical market ONLY, if you sell you have to deliver, if you buy you have to take delivery... And then if you want to run ETF-s that derive its price from physical then be my guest, go nuts, whatever. But as it is now, the commodity is paper contracts and physical market is derivative product that derives its price from paper. How can this be so messed up?
It's an electronic paper push.
Convenience and liquidity.
and gambling.
Last hurrah from the paper markets.
The SGE will set the real price, probably by this years end.
Up until now, they had no competition, and could play their games.
What can you sell people who own the metal? You can sell them a short position on that metal as a hedge, right. So now the price of that hedge become the price of the metal. Of course this only works so long as you can sell 100 times the shorts for every single metal contract you lease.
The more expensive the lease the cheaper the short contract becomes. Now if you cant renew those leases for those short contracts you sold well then someone is in trouble.
Wouldn't ya rather have 3 crisp right off the press five dollar bills in your pocket anyway.
If I was going to the store to buy groceries, Yes.
If I'm looking for a long-term store of value, No.