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Gold Bullion Dealer Unexpectedly "Suspends Operations" Due To "Significant Transactional Delays"
What makes the current sovereign default episode different from previous ones is the uncanny stability and lack of buying of "fiat remote" assets such as gold and silver, and to a lesser extent, digital currency such as bitcoin. Indeed, all throughout the Greek pre-default escalation and ultimately, sovereign bankruptcy to the IMF, it seemed as if there was an absolute aversion to the peak of Exter's inverted pyramid.
What is even more surprising about the lack of any gold price upside is that it is not due to lack of demand. Quite the contrary, because as Bloomberg wrote last week, "European investors are increasing purchases of gold as Greece’s turmoil boosts the appeal for an alternative to the euro."
Demand from Greek customers for Sovereign gold coins was double the five-month average in June, the U.K. Royal Mint said in an e-mailed statement. CoinInvest.com, an online retailer, said sales on Saturday and Sunday were the highest since Cyprus limited cash withdrawals in 2013, driven by a jump in German, French and Greek buyers.
Investors are searching for a safe haven after Greece imposed capital controls, closed banks and stopped selling gold coins to the public until at least July 6. Chancellor Angela Merkel on Monday said Germany is still open to negotiations if Greece wants.
“Most of our common gold coins are sold out,” Daniel Marburger, a director of Frankfurt-based CoinInvest.com, said by phone. “When people learned that the Greek banks will be closed, they started to think that it may not be such a bad idea to have some money in gold.”
The bullion dealers themselves are enjoying a jump in sales to retail customers:
GoldCore Ltd., which buys and sells bullion, reported coin and bar demand rose “significantly” on Monday. Sales to U.K. and Ireland today are about three times the average for the past three Mondays, the Dublin-based firm said in an e-mailed statement.
The U.S. Mint has sold 61,500 ounces of American Eagle gold coins this month, the most since January.
BullionVault, which says it operates the largest online physical gold trading platform, reported a jump in sales during the first half of this year, a sign of a broader increase.
However, it is the "paper" gold market where things were most perplexing in recent months. Recall that, as Zero Hedge broke and first reported, in the first quarter of the year, or the same time the Syriza government took power, something very dramatic took place in the US derivatives market, where first JPM saw an absolute explosion of its commodity derivative holdings (a broad umbrella which is not broken down further):
... coupled wih Citi's surge in "precious metals" derivatives which soared from $3.9 billion to $42 billion.
But what is most confusing is how even as physical metal demand clearly rose across Europe in the past few months and the price of paper gold actually declined, perhaps facilitated by some "hedged" derivative positions on the short side of precious metals, some bullion dealers have actually found it impossible to survive, and in the last few days at least one major gold bullion dealer, Bullion Direct, greeted customers with the following notice on its website:
Bullion Direct has experienced significant transactional delays. To avoid further inconvenience or other adverse consequences to our customers, Bullion Direct is suspending its operations as it attempts to resolve those issues. We intend to keep you informed at this website. Thank you for your patience.
Just what are "significant transactional delays" and how bad is the physical gold supply-chain if it can put at least one dealer out of business. Another question: is this a solitary failure by gold vendor due to a one-off problem with working capital, or is something more systemic about to be revealed in the gold bullion sales industry?
We look forward to finding out, but in the meantime our advice to buyers of physical precious metals is the same as always: if you purchased it and you can't hold it in your hand, it isn't yours.
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GOLD, BITCHEZ
roh roh... curtains closing...
Remember, the people who run the stock market prices fix the gold [prices, thus the name "fix" as in "London Fix". In order to satiate stock holders the prices must be kept afloat while gold prices are held under. This to calm the masses in order for them not to see the oncoming "One Off Capital Levy". That same measure was used in Cyprus and will be used in Greece next. Then Italy, then France, and yes, even Germany, the UK, and the USA.
It's on sale like Venezuelan toilet paper! Only 3,000 bolivars but sorry, we don't actually have any for sale at that price!
Now, if you want to pay the REAL (black market) price, that may be a different story...
When there is a collective realization that the current debt based monetary system is unsustainable, the rush to PM’s will be over night. How any financial advisor or commentator, and there are a lot, can say that the proper allocation to gold is zero I will never understand.
Odd question or maybe poorly thought out questions...sorry....so after several home drinks (haha), I'll do my best to spell my question out. I just don't know if I've seen this asked or explained before.
So...
Say we go to some kind of gold/silver monetary system.
A gold/silver miner digs shit up from the ground. It's not refined, just raw gold/silver. Maybe they refine it to a certain point or not, but eventually they have to sell it to someone else, right?
So at that point what would be the exchange rate in that kind of physical precious metals monetary system???
Say the miner has 1 ton of gold or silver in some form, maybe not fully refined or maybe totally refined pure, right?
Well then how are they paid by whoever else? There would have to be some difference in amount of grams or ounces in exchange so that the miner could make a profit of gold or silver in return, right?
If they have 1000 ounces of say gold...then in a PM monetary system, and let's say they're selling to a refinery or a private mint or even the U.S. Mint...what would be the exchange rate of pay in gold to gold or silver to silver be???
There would have to be a difference right? Or else how would the miner make any profit?
And the miner would then need to use that profit or income in exchange for pure gold or silver in order to buy more diesel fuel, equipment, or make payroll so that they could keep mining, right?
To me it just doesn't make sense to have a fiat value on precious metals at all. Fiat is worthless and a total Ponzi scheme scam.
So if we went away with it, then do we still have some form of credit or does that go away too? Maybe just credit based on whatever someone's stack of gold or silver is?
Doesn't going back to that kind of system ultimately over however many decades lead the monetary system back to paper fiat all over again?
I admit that I don't have the concept figured out, so if I've missed big or little parts, please fill me in so that I can grasp the big picture.
I can see trading/bartering PM's for other goods and services. But as I started with...how do they figure out the starting point from miners who are trying to sell their PM's? Wouldn't that in some way be the very start of the precious metals monetary system going forward?
Here's your answer.
https://www.youtube.com/watch?v=Ef0VG1WEP10
https://www.youtube.com/watch?v=Xzt3EcIo5tk
Look me and my stack of precious metals are as ready for the s***show to be over with as anybody here. But let's be careful here.
Apmex, Gainesville Coins, and JM Bullion say they are still going normally.
http://www.jmbullion.com/
http://www.apmex.com/
https://www.gainesvillecoins.com/
Tyler, come on, I am sure you can email silverdoctors.com and get some bullion sales numbers or even a press release from them no problem.
Precious Metals are routinely suppressed to sustain the Fiat Ponzi. During times of crisis they are suppressed even more so because otherwise the plebs might start to see PM's as a way out. They need you to leave your funds within the Banking system so that they can apply negative interest rates followed by bail-ins. Hence the moves to ban cash also.
yerp, the effectiveness of the bait n switch is proportional to the extent of gold's price suppression
Yes, Tyler and ZH readers are certainly always welcome for info from what we're seeing at SDBullion.
Short answer: while we've seen a wholesale shortage develop on numerous products over the past week, and even private mints are now backed up about 1-2 weeks on production, we're not CURRENTLY seeing any major gold supply chain issues in the wholesale market.
This particular Bullion Direct issue looks to be either speculative hedging gone bad, or an account freeze of either their accounts and or their CC merchant processor.
The BBB has just revoked Bullion Direct's accreditation over numerous recent customer complaints.
http://www.silverdoctors.com/tulving-2-0-gold-bullion-dealer-suspends-op...
Could a supply chain issue develop (even as soon as next week after Sunday's GREFERENDUM)? Certainly.
Is it in progress and the first victim Bullion Direct?
No.
-Doc
Provident is showing a lack of choices in some more cases than usual.
Placed a small order with Provident. They billed my CC on 6/28 and show the order paid. But they still have not shipped??
You do you people always post this "they haven't shipped yet", bullshit.
NO BULLION PLACE SHIPS IMMEDIATELY. NONE!
I noticed that, lakecity.
They usually have the best prices on the US Mint's 5-ounce silver AtB Uncirc's, but recently, they've been out of stock on most of them:
http://www.providentmetals.com/bullion/silver/us-slv/america-the-beautif...
Since they mint about 4 million ASE's a year, the 5-ounce silver AtB's have much greater potential for numismatic appreciation when they mint only about 30k each. In fact some recent issues (like the Arches National Park) have doubled in value since their release less than a year ago. Just look at their prices from APMEX:
http://www.apmex.com/category/22221/atb-5-oz-silver-coins
Lately, it's becoming more of a challenge for bullion collectors to fill-in their sets...
The ATB 5oz are definite sleepers. I've been accumulating them since their inception -- and those first ones were very difficult to get due to the Mint's weird primary dealer system. They've eliminated that now but those first issues are quite disbursed and will show some significant numismatic gain. Even so, there's 5 oz with little premium for what you get.
Pfttttt!
Someone takes the risk and guarentee on the quality of the aggregate.
Dog
gold and silver are worth whatever goods and services people are willing to exchange for them. Thats how its supposed to work, anyway. Those who want to eventually accept pieces of paper that claim to represent gold or silver would of course be free to do so. Doesn't that answer most questions?
Yes "to a point."
Gold and Silver can and indeed do "spread their charms" and this comment in no way tries to simian that
HOWEVER
in times such as these (when every man, woman and child appear to be reaching for the gun) "many things can be monetized."
Th article's reference to Bitcoin was in fact incorrect: "the volume was huge until last weekend."
Back then he exchange was still open...so price could clear. Once that was closed down so did the "Bitcoin exchange."
Folks have been messing around with the Paper Tiger for a good bit now...and now that Tiger is DEVOURING THEM.
No, gold and silver are worth what they create. Credibility. Gold and silver bullion are the last lines of defence a government has. Gold and silver bullion always have a price and can always be sold into any market. That cannot be said of any other asset.
Gold is unique even to silver in its ability to be sold globaly in any size. Thats why governments hold it, so they can sell when they have no other options left.
The miner is paid in goods, and just spends his metals directly.
The starting point are contracts and spot price, it goes up from there. Spot price is gold of any look as long as it is refined to the element of 999 pure AU, any gold like coins may have a mark up. Gold backed monetary system limits production of make believe. Less flexabilty for leaks.
In that scenario,if you're the guy digging money out of the ground you either become some form of bank or you get nationalized by your owners, shot and thrown ldown your mine shaft.
If gold/silver is money and you dig it out of the ground and refine it, well, then you have money. Don't think in dollar terms.
Why is that?
1. Let us depict the chain of creation, setting priorities in chronological order. It looks like this:
Energy begets life -> Life gives birth to reason -> Reason generates goods -> Goods entail commodity exchange -> Commodity exchange generates money -> Money begets currencies.
There are so many ways without fiat, credits, forwards, getting refined back from your Dore. There are good books on the subject. Check out these books...the history shows how many ways we have paid for getting shiney out of the ground. Some ways work, other's not.
Mining Economics and Strategy, Runge
Mineral Processing Technology, Wills
Ores to Metals: The Rocky Mountain Smelting IndustrySee Colorado, Australia for many minining topics...Colorado School of Mines and University of Queensland
Still learning all the ways...
Most raw gold (nuggets, flakes, dust) averages 18K or 750 parts per 1000 in purity. When sold to a refinery the quality is quickly determined and a price is quoted. After this gold has been refined and minted into it's final shape a markup (premium) is applied to the spot price to reflect the labor involved in the final product. Age and rarity of course will also add to a coin's price.
I am still really really really hoping we never get to a point where we are bartering for food and goods with gold and silver. Perhaps I am being naive but I'm hoping Au and Ag are stores of wealth to hedge against inflation and not actual trade fodder. But if it does come to that, buying power will certainly be a simple matter of supply and demand.
Over night?
Sheep don't move that fast.
my buddy walked into the largest "coin" shop today for his seasonal gold buy. They were completely out of bullion and tried to sell him "numismatic" coins...I mean..completely out. now I know why....sucking sound from Europe.
They tried to sell him real money? What did he do?
Could see this coming a mile away.
Drcarlsonalbion's new album "GOLD"
https://youtu.be/onsqBNwV2pQ
hellyeah!
but... doesn't this mean gold will be kneecapped next day?
i think that's how it usually works.
My view...and damn right I can be wrong...BUT
I think the US Army sitting in Ukraine etc is keep the price of gold from going beserk...
The paper price gets 'kneecapped' while physical disappears. I've been saying this over and over for 2 years. Since, the banksters are actively suppressing the paper price(since 4/2013), physical shortages will develop while prices go down. It ends when they've sold all the gold sitting in western vaults that they can get their hands on.
funny how this has resulted in repeated declines in the phony paper prices here in NY and London EXCLUSIVELY....
equally funny how the phony paper price of Silver remains below $16 (cough, cough) despite the fact that just under 5 million ounces in Eagles were sold last month, and not even a full week into July just under 800,000 ounces have exited stage left.... yeah, makes perfect sense....
http://www.usmint.gov/about_the_mint/index.cfm?action=PreciousMetals&typ...
There has also been a bit of consolidation in the gold industry, not only in miners (https://goldsilverbitcoin.com/consolidation-in-the-gold-mining-industry-...) but also at the retail level.
They should go to India...where gold is selling BELOW spot because no one wants it.
http://in.reuters.com/article/2015/07/03/india-gold-asia-demand-idINKCN0...
Reuters and API, the mouthpiece of the NWO.
Quote from your article:
"However, in the current monsoon season farmers in rural areas are spending on agriculture, leading to a decline in bullion demand.
Lack of weddings and festivals are also hurting gold demand, dealers said.
"Weak demand will remain for another month. From August onwards, jewellers will start restocking for the peak festival season at year-end," Bamalwa said."
Evidently there are Indians who want gold. http://www.zerohedge.com/news/2015-05-20/india-gold-not-only-money-now-p...
Yepper there douche and no one in India want's any silver either...LMAO you REEK!
http://srsroccoreport.com/indian-silver-imports-on-track-to-smash-all-records-2/indian-silver-imports-on-track-to-smash-all-records-2/
Diablo you wouldn't by chance be working for JTRIG, are you??
India is the top consumer.
"Weak demand will remain for another month. From August onwards, jewellers will start restocking for the peak festival season at year-end," Bamalwa said.
Which explains this;
http://seasonalcharts.com/img/METALS-CSH/GOLD.GIF
You have to wait until it's close to Diwali. Then it will pick up, also Ag.
Does every year I've been in India.
"Paper Gold" - top oxymoron of the decade, perhaps century.
Competing with "military intelligence", "national security", and "peacekeeping forces".
That's why I prefer the nomenclature of Complex Numbers:
Real (Re) and Imaginary(Im) Gold and Gold prices. Eventually the Imaginary part goes to zero (when the phase is right), and only the Real one remains.
Math, Physics and EE geeks will get it.
and Jumbo Shrimp
and marital bliss
and crash landing
...and Pussy Galore.
Thats all there are, are oxymorans, We are near a state in shambles. good luck with hard times, its not as much fun as people think, its kinda like a young patriots idea of war.
If worse comes to worse, xferr as much money from saving to checking then go shopping for goods like lead, food and other necessities like toilet paper.
Don't let the banker motherf@!*#$s have anything except a fight.
BTW, any more reports of tungsten filled gold bars?
You keep "money" in the bank?
this is why china is opening a gold fix. they've bought as many 100 ton lots as they can get and very soon will have no more need for a low price. they will flip the game on its physical head and reap the rewards of their project.
this will be true shock and awe. the bugs will be vindicated, and the pundits will switch sides quicker than a defeated army.
thegoldbullion.co.uk has also shut down, at least its website and facebook page are down and have been for weeks now, they're claiming it's a website issue but it doesn't take weeks to sort out such a problem, something funny going on.
To answer my own concerns above, it seems the website has been hacked and all customer details stolen, the company covered this up putting customers at serious risk. Disgusted to say the least.
Gold has been failing spectacularly in the face of financial crises for years now, including the Autumn of 2008. Like Charlie Brown, Lucy, and Football, the gold bugs will salivate once again at the prospect the Greece situation will trigger a massive price rally in gold. Zerohedge and all the gold sites will run similar stories, ramping up expectations. And then gold, just like every time before, will fail in the face of crisis.
Gold is a failure.
GG
Gold bottomed in the Fall of '08 while stocks took another 6 months until they hit bottom. Then gold more than doubled since then. All the while gold was manipualted lower while stocks were pushed higher because central banks were printing funny money to buy stocks and bonds.
You're either an idiot or a troll.
I made very significant trading gains on gold and gold equities last decades. One of my crowning achievements was picking the moment when Newmont would finally make a move, having prepared with LEAP calls.
Having been involved with these markets since 1997, I can tell you there are very, very few gold holders who sit dispassionaltely on their bullion, not expecting financial crisis or other events to increase the price. Yes, there are some long-term folks who've been right since 2001/2002, and are holding on. But they are very few. They also, generally, are not so unsophisticated to mimic the little homilies about gold that affect many newbies.
Gold worked for a while last decade.
Then it stopped working.
90% of the folks on gold boards are expecting a tail event to send gold to the stratosphere.
Not gonna happen.
Gold will fail big time through duration this Europe drama, moving up and down a little in a flatline. And then, once we get through it, gold will head to new lows.
And you will all be here wondering how the fuck that could have happened.
GG
dude your obviously a trading genius sitting on Trump style fetti...
now, please just be quiet and just chill on your yacht.....
@ Glasgow Gary...........get a life
May Glasgow Garys ass be forever wiped with digital dollars.
Those are hard to come by....
RIPS
Minethis1...?
gold responds to the availability of sound investments. that is what it is suppose to do. it is simply insurance. the long trend from 1970 says the value of the dollar as a sound investment has gone down as it is reflected in the huge gains(ex-spikes) since. the low pre internet bubble pop price reflected the perceived notion that the economy was full of sound investments. the paradox now is the absence of safe investments anywhere has not been reflected in the price. that,alone, should make one suspicious of its real value meaning it is undervalued.
once the shanghai exchange dominates the market the price will rise again if for no other reason than the price increase will favor chinese economics and the devaluation of the dollar.
Gold is like a good gun and ammunition, you hope you never have to use it but you'd be stupid not to have it.
Also like a deadbolt on the door, having a condom handy, aspirin, and a bugout bag and plan.
If you like the casino please enjoy, just remember it is a casino and the drinks really aren't "free".
So gold is a financial condom.... Nice analogy....
Real collateral vs. paper/digital promises.
So, if a person bought (say) $100k in Gold Condoms, are they really fucked, or they hope they will be?
;-)
deleted duplicate
To me gold is like a rescue dinghy that inflates automatically when submerged in water. You don't put life rafts onto ships betting they'd sink. You do it like with any other insurance - because you can't afford to be wrong.
If gold is destroyed value-wise, what will it deflate against? Against the dollar? Good news then! I can still use my fiat to buy things, purchase food, pay rent.
Don't like metals? Well, don't buy'em! As simple as that.
As for being a genius investor - I myself taught the E-trade baby everything he knows, landed a passenger jet, rescued a dozen grandmas and their cats from a burning retirement home, raised a family of wild lions and a few days away from finding the cure for cancer. This is ZH, so obviously, everything an anonymous posts is a god given and honest truth. I'm the reason Cramer yells a the camera and Bernanke loses his hair.
...as I said, unique.
Gold is money. Paper is simply a gold substitute. Just like a blow up doll, it eventually pops and deflates. It's had a massive leak since 2008.
I gues that's why JP Morgan is backing up the truck buying the physical stuff.
Cornwhatever
Your guess is incorrect - JP buying because gold is cheap and they can change the price anytime they want. Has the manipulation conversation slipped by your attention?
JP is buying SILVER...so as with any other price JP will try to manipulate it HIGHER.
"The other side of that coin" however is the DOLLAR.
Ain't a Banker alive who wants to see that thing going through the roof.
And of course "no one will risk even a real copper penny to stop that"!!!!
The SpaceX rocket EXPLODED...but if that coinage starts st flow you'll see Wall Street on its HANDS AND KNEES...
"JP buying because gold is cheap and they can change the price anytime they want"
Ok then JP is buying so they can lower the price and lose money, I get it now!.
Gold and silver investment market share is soooo tiny that should suddenly everyone want to be in it, the price has to multiply. I base my decisions on cycles and the gold dow ratio for instance is likely to hit between 1 and 5 if not lower. What makes it hit exactly, I don't know. It may be Greece, it may not. All I think based on cycles is that it WILL get there, just like December 25th brings Christmas once a year.
So gold will never rise again? New lows---what, less than $35 for perpetuity? PM's are an insurance policy to hedge against a catastrophic loss of confidence in fiat, and those who use it's usurious nature to enrich themselves at everyone elses expense. Much like a tick on the world's ball sack, they will eventually be found out and crushed for the pestulant vermin they are. May not happen in my lifetime, but at least I'm setting a foundation for my progeny, who'll at least have the option of slipping the yoke.
The Federal Government could ABSOLUTLEY affix the price of gold to "thirty five US Dollars" TOMORROW OR AT ANYTIME.
$35 on the "white" market I reckon.
So, the fact that they don't means their puppeteers can't make money at that price. Also, they could pay down 97% of US debt outstanding(around $17.5 Trillion) and the price would drop there naturally. There are limits to market manipulation.
To fix the price there, you have to be willing to sell as much quantity as the market will buy at that price.
"And then, once we get through it, gold will head to new lows."
There's your error. We aren't going to get through what is coming, in any traditional or historical sense.
OMG thanks GLASGOW GARWEEE(NIE) " I made very significant trading gains on gold and gold equities last decades. One of my crowning" that is effing great LMAO do they ever teach you poor fucks how to come up with an original thought? If I have read the I made significant gains....line again I might just laugh my self to death. Do they have that posted over the urinals where you work? I am sorry you have to have such a shitty job. Buy some gold and silver and maybe you won't have to do such pathetic things for money....
Probably the same Gary that head butted my car in Glasgow.
The bouncers threw him out of the pub and bam, no ordinary achievement
getting thrown out of a pub in Glasgow.You have to be a pretty mean drunk.
Oh wait......
"Gold will fail"...then what do you define as a "Success"? More cherished paper that is being printed hand over fist?
You were already called out on your factual errors about 2008 trading, now let's here what a farce your financial philosophy is.
Oh no, GG, we know exactly how that happens.
You say a lot but it all means nothing if you cannot back up the part about "once we get through it". Just what tangible reason do you have to believe fiat will overcome history and not fail?
Or perhaps a Scot mesmerizing himself that fiat provides his clan Free Shit forever. If so, I believe that the whole shitteree is going to disappoint.
Gold is useless until it isn't. You think of it in investment terms, when it's really more like insurance.
It's money is what it is. Insurance is a more complex concept than money so it doesn't make sense to describe money in terms of insurance since explanations are meant to simplify complexity so it can be understood.
Are Scots typically ignorant about gold, or are you an outlier?
Yes, apparently gold has been "failing" for 5,000+ years. Funny how it keeps coming back?
Wait till you find out about what's going on with the Buillion Depository.. Infact here is a YouTube Clip of Me Explaining it.
https://youtu.be/sjaXSuiAdhs?t=1m59s (Edited so you can start at the explination) First 1:59 is me going over why I did the video. Save you guys some time.
Hmm. They have thrown everything including the kitchen sink at gold, leveraged short 5 to 1 at a minimum, and this is the best they can do?
Sorry. I'm just stacking, month after to month, year after year.
Gold takes a bath at the onset of a financial unwind because it is liquidated to meet margin calls in the paper sphere. To me this shouts that PM's are real money. The exit from PMs during crisis is a mile wide, while the exit from paper is a goat trail. The only thing better than PM's that comes to mind is high velocity lead; you'll (unwillingly) trade everything you've got when you make that trade, but it'll be your last. Good luck with your paper Gary.
God knows Gary you could have something there, gold whether it goes crazy or not doesn't ultimately matter, gold holds it value against paper currency, paper probably isn't going away but its value is going down, how much depends on many things but rest assured paper will experience significant reduction in value.
Mr. Burns (referring to his hound while landing at Loch Ness in search of the monster): He might dribble on your crotch.
Homer: I've dealt with Scotsmen before.
gold was flat today, before greek referendum - must blame rainbows and unicorns - its worthless shite now
Gold is money and nothing else is. Not dollars, not bitcoin, just gold.
Just because something is not money does not make it useless in the immediate sense. A currency does not have to live 5,000 years for you to buy a pack of gum at 7-Eleven.
I didn't make the argument that dollars are worthless.
But now I will.
The dollar is an illusion so when used feel its magic power. You get things for it when it is litterally just ink and paper. Oh but you toiled to get it so it has value? Well there are millionaires on wall street who do nothing but scam pensioners and they beg to differ. They get money for nothing!
Their chicks cost them money thoiugh because they have no game.
Bullshit!!!!
Silver is money too!
RIPS
Yea, but it's about 2/3rd's industrial use while gold is only 10%. This means that it will be more sensitive to economic downturns than a 90% monetary metal. It's very cheap currently vs. gold at 74.5 X's.
http://globalcurrencyreset.net/wp-content/uploads/2014/11/gold-to-silver...
http://goldsilverworldscom.c.presscdn.com/wp-content/uploads/2013/09/gol...
Money is that which people agree to be a medium of exchange which HOLDS VALUE and is exchangable to others at a future time. Gold has simply been a known and accepted medium for some 6,000+ years.
An ounce of gold today will be an ounce of gold tomorrow. Ditto for silver. A $1 paper FRN today will be 99.99¢ tomorrow. Easily exchanged, but does not hold value.
and silver
"Shite", eh? Makes you sound like an Irishman. This should explain your opinions:
https://www.youtube.com/watch?v=Sd_BvHifpoE
I have not been doing my part I'm afraid. I'm more of a silver bug.
The price of gold is managed by the central banks.
Just like stocks, bonds and currencies.
SOB, I wish you or ZH had told us that 3-4 years ago.
"Gold is being manipulated"...everyone has said that in the last 4 years.
What nobody guessed right is how long the banksters could keep it going. This bunch makes the London Gold Pool look like a bunch of 3rd graders running a lemonade stand.
Same difference, they are the same they hold value and have a relationship to paper.
You forgot to mention commodities, the scariest manipulation of all.
So what? I just picked up Ag, Au, and Pt.
I don't even care if the price goes down moar.
IIt's gonna fall off the back of my pickup truck anyways, 'cause I always forget to close the tailgate.....
price of gold is managed...
But it was the US Congress that changed the margin reqirements (at the behest of the CFTC), in order to prevent the last Texas raid by the Hunts in the 80's. This, after it became evident the boys were trying to expand into the domestic gold producing market to supplement their Sunshine Silver stake.
I guess it could be argued WS owns the souls of the members of Congress but I remain mystified about the relationships of the 13 regional (including the Dallas) sock puppets comprising the Fed's perported diversity, other than the differing stamps placed on frns each one issues into circulation. BTW, are there any corresponding earmarks on digital cyphrages to determine which puppet has issued their inflationary wares to the public, or do we just assume they're all from GS?
He who makes the Rules, (and gets others to obey), gets the Gold.
jmo.
If supply is now dropping and demand is increasing shouldn't the price increase, too?
No need for the price to drop. There is any amount of paper gold, it is only the metal version that is in short supply.
No offense intended, but you must be new here or a metals virgin.
no that is what is taught in school, in the real world it's different. In the USSA world there are no markets.
Perhaps in past days. Today, no.
Prices rise or scarcity does. Ancient Egyptians tried to set the price of wheat as Nixon implemented wage and price controls millennia later, as Venezuela did also recently. The Egyptians almost starved to death. Krugman's antecedents were the Pharaoh's advisers.
I'm assuming this is meant as humor.
$Confidence moves in interesting ways. Slow to build, a wildfire that can make huge leaps in a single bound when it wanes, and a firestorm when realization of a situation for what it is, finally sets in and takes hold of the body politic. Gold is so old, so well known and so respected that is almost bound to human nature itself. We're more likely than not to find out just how so in due course.
x
Doesn't Martin Armstrong have a call of somewhere around $900.00 an ounce as a low before it takes off to the upside?
I depends on which two times a day his watch is right.
If all markets are floated on a sea of QE, then it could easily fall that far. Especially, considering the paper market's rigged. How much physical will actually be available at that price? Less than now, I'm sure.
The 4 1/10 Gold Eagles I just bought feel nice in my hand....
babies
`1/10th's are like the fricking Pringles of Gold coins to me. Once you start....
The premiums are too much though. I'd rather save up for 1 oz coins. But do what you gotta do!
I have 20 of them. They are thinner then dimes.
Premia in, premia out, for the fractional denominations will be essentially the same.
The small denomination make them very flexible for potential practical use, in addition to very transportable and concealable.
I would suggest to emphasize those mintages that are .9999 or better, because when the value basis is element itself, the pure thing is comparatively more maketable to the dealers. Plus, they look more .... well, golden.
The premiums are too much though. I'd rather save up for 1 oz coins. But do what you gotta do!
My response was going to be exactly what you said . . . right on on the premium issue . . . but you gotta start somewhere when you have limited funds! That's one main reason silver has always attracted me over gold. The silver/gold price ratio has got to go back closer to its historical norm (16/1 or so rather than the current ~70/1 or so) at some point in time.
Did I mention the tube of Eagles I got as well?....LOL
I like Oz's and Maples as well...just building a collection of ea...started stacking in Feb...
Protip: EBAY Bucks Plus good deals allow me to get my 1/10 eagles for about $119 ea, Silver Eagles at $350...;-)..Been some really good deals as of late.
The premium stays with the coin. You don't lose that extra since you get it back if you sell/trade your fractional gold Eagles. Most folks forget that simple concept. Same with Silver Eagles. You pay a premium over silver rounds or bars but the premium stays with the coin. That premium is worth it when you have to convince someone that what you're holding in your hand is the real thing and not some unknown private mint issue.
When people sell their paper GLD in exchange for the real thing the price doesn't change until supply of real is exhausted. If we're at that point, it's on. Once the price of phys climbs there will be no paper market for the dummies to get into causing shit to get even more real.
We look forward to finding out, but in the meantime our advice to buyers of physical precious metals is the same as always: if you purchased it and you can't hold it in your hand, it isn't yours.
That's true of anything, not just precious metals.
why do you want gold when you can have precious federal reserve notes??? They are so rare
Can't wipe your ass with an ounce of gold though..
Don't forget this is basically what happened to Tulving last year. He just wasn't honest about it. How many more are on this ledge?
Greek customers.. LOL
How are they paying?
maybe this firm is bankrupt for some other reason... cause there is gold everywhere
Just got my latest shipment on Wednesday.
Did anyone else think it weird that JMBullion was suspending shipments due to "moving their operations"? I believe this is happening currently.
They probably just wanted the holiday off, like everyone else. If people call in 'sick', they might as well.
I call it BS, at least for the time being. Plenty of gold bullion on Texas Metals and APMEX.
https://www.texmetals.com/products/gold-coins/american-gold-eagle
http://www.apmex.com/search?q=2015+1+oz+gold+eagle
I spent some time looking through your links since I have bought online for years now. What is notable is that what seems to be available are 2015 products almost exclusively. When you look at previous years they are out of stock or have really hefty premiums unlike a year or more ago. WHo knows when you'll get a 2015 product at this point. I don't buy online anymore after the delays got too long. Now my LCS knows me and I get a good price. Even now my LCS has pulled all bullion products off the shelf and you have to know to ask for them. My LCS also reports big buyers coming in and laying out big wads of cash and cleaning them out for a few weeks until the retirees come in and replenish their stocks. Plenty of retirees in my area of FL.
The older coins have disappeared along with most platinum and palladium.