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US Mint Runs Out Of Silver On Same Day Price Of Silver Plunges To 2015 Lows
In the aftermath of the latest breakout of the Greek crisis, Europeans across the continent, not just in Greece (even though with capital controls, potential deposit confiscation and currency devaluation they would have benefited by far the most), scrambled to buy physical gold and silver.
This is what the UK Royal Mint said a week ago, "During June, we experienced twice the expected demand for Sovereign bullion coins from our customers based in Greece."
Other dealers had comparable experiences: “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.”
GoldCore, which buys and sells bullion, reported coin and bar demand increased “significantly” on Monday. Sales to U.K. and Ireland today are about three times the average level for the past three Mondays, according to an e-mailed statement from the Dublin-based firm.
BullionVault, which 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.
Earlier today, we learned that the latest place that hit by the precious metal scramble was the US itself, when we learned that the US mint had suspended Silver Eagle sales as a result of a spike in demand, with our source advising that "all bullion distributors (like A-Mark, Dillon Gage, CNT, etc) were already raising premiums."
And while the US Mint rarely issues press releases to confirm such adverse matters, moments ago this was confirmed by Bloomberg:
- U.S. MINT SAYS 2015 AMERICAN EAGLE SILVER COINS SOLD OUT
When will the Mint restock and resume sales?
- U.S. MINT PLANS TO RESUME SILVER COIN SALES IN TWO WEEKS
In other words, no orders until August.
And while the US mint halting sales of silver (or gold) during times of peak demand is nothing new, what is surprising is that as the chart below of monthly silver American Eagle sales, demand in recent months has hardly been off the charts.
Which makes one wonder: just what is the inventory buffer at the mint if a modest 1.6 million ounces of silver sold in one week can deplete the Mint's planned holdings for one entire month.
And another question: in just what supply/demand universe does such an explicit confirmation of a surge in demand for silver result in a plunge in the price of spot silver to its lowest level of the year!?
One wonders if Citigroup, and its soaring silver derivative exposure, may have anything to do with this...
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Definitely don't want to be a gold miner right now.
One BILLION dollars an ounce!
Maybe they didn't run out. Maybe they had a boating accident.
Just sayin'.
Maybe some important buyer came along and took everything so the sheep wouldn't get anything until it's all over and done with anyway.
i got mine mother fucking bitch ass MoneyChanger scum bitches....
DEATH TO THE MONEYCHANGERS!!!!!!!!!!!!!!!!!!!!!!!!!!
I like your enthusiasm.....the moneychangers need to be fucking guillotined.
WITH EXTREME PREJUDICE.
Silver
Month One( oz. / #coins ) January 5,530,000
5,530,000 February 3,022,000
3,022,000 March 3,519,000
3,519,000 April 2,851,500
2,851,500 May 2,023,500
2,023,500 June 4,840,000
4,840,000 July 2,609,000
2,609,000
Bars or coins? One appears to be cheaper than the other. Why, and which should I buy?
I am still suffering sticker-shock on the premiums at apmex for gold.
Seems bars are always a little cheaper than coins. I buy regularly and have both. Apmex is ridiculous on premiums although they are top notch on service.
Make a recommendation for a site, or do you prefer shops and shows?
https://comparesilverprices.com/
My local coin shop gets a good (for them) premium on silver bars/coins/rounds but they sell the 'junk' silver at a great price.
Shows? Walk right past them, the highest prices you find anywhere.
go over to SilverDoctors...
best prices and excellent service...
American Silver 1 oz. Eagles are about $4.50 over spot over at Provident Metals. Any recommendations since Bulliondirect got caught with their pants down? Had my finger on the trigger recently, darn glad I waited and didn't get sucked into their bullshit.
Apmex is $5.40 over spot <sigh>
Picked up a tube of Canadian Silver Leaf for 2.69 over spot this morning.
https://sdbullion.com/silver/royal-canadian-mint-coins/silver-canadian-m...
"Delayed shipment" disclaimers! Looks like I missed the BUY BUY BUY!!!
Provident's selection of 10oz and 100oz bars is where it's at.
Jim Roger has been saying gold/silver price will go down because of the US dollars will keep creeping up. I think he is right on that. However, he also said he will buy gold/silver when price is low enough .... Good luck with that.
Funny, ebay.ca is selling eagles for 23-25/oz, while paper is 14-15? guess the disconnect is already here and if you have it, you own it.
According to T Butler, E Sprott, S Leeb, A Maguire and many other authorities, the world has been running out of physical silver every year since 2006.
No doubt, the people that bought back in 2006 have done very well. Good on you for the props on Sprott, Leeb and Butler!
KS
The price movement since the market died is helpful information for those with the lifespan of an opposum.
Slooooowww thread.
The fix if failing, BITCHEZ.
Maybe they can call the Franklin Mint ... which has a more credible reputation than the US Mint any day.
I had to chuckle. The Franklin Mint, the real one, in Wawa, PA is 10 minutes up the road from me. They went out of business years ago- the buildings are still there with grass growing up through the foundations. It exists only as a brand name now, owned by some company in New York, I think.
Elvis commemorative plates are more valuable than ASEs.
Tis but a scratch.....
https://www.youtube.com/watch?v=zZbGbrP3Jh0
You can dig this stuff up out of the ground for $5 per ounce, right.....at least that is what I heard on the internet.
I wish they would just knock it down to $0 per oz so they can exit their ridiculous and illegal naked short positions, and this fraud of a market can come back to some (any) semblance of reality.
The so called "financial markets" have turned into a central bank manipulated joke...
and the joke is on all of us.
Manipulate it down, please, I'd love more. Because people who buy silver and gold are completely clueless to the manipulation, and low prices will 'for sure' scare them away from buying. Tick tock until there is no silver left.
I've been wondering wtf's been going on today! I just bought 80 @ 18.31 yesterday, saw them at 17.32 late this morning (around 10:30 eastern) before rapidly climbing back up to 18.10 as of a few sec ago.
is this kind of volatility normal? this was only my 3rd order & I'm only starting my 2nd month of buying (physical only)...
Yes, welcome to the new normal. It will only get worse from here.
Yes cmon people look at these phys prices...this paper market is clueless.
got enough silver already.
time now to buy Citigroup puts ....
Those paper chasers have to be a little scared as they watch the physical disappear....it just needs to go public one day that the Comex is out of metal....and all those options are just paper then...
Here, try this explanation:
"The mint ran out of silver because, due to the extraordinarily low demand for silver, we were keeping less of it in stock, so today's anomalous surge in demand caught us temporarily short. We'll just get some out of deep storage though, and it will all be good in a couple of days. If you want to pay us now for future delivery, that would be very cool as well'.
You should hear the horseshit explanations they are giving for gas still being 2.70 a gallon.....
Sorry to break it to you gold/silver bugs, but the mint running out of silver does not imply a silver production shortage. It simply means more silver was sold than the mint ordered. There is plenty of silver available to buy.
dont be sorry...
we cant hear u.......
"There is plenty of silver available to buy. "
At a huge premium.
There were two Gas Stations on opposite corners.
One advertised Gasoline at 60 Cents per Gallon...okay...59.9 Cents per Gallon but that is a quibble.
The other advertised Gasoline at $3.50 per Gallon.
Business was booming where Gas was being sold at $3.50 per Gallon while the Gas Station which was selling Gas at 60 Cents per Gallon had no business whatsoever.
A customer demanded to see the manager at the station that was selling actual Gas, at $3.50 per Gallon. He was irate.
He exclaimed to the manager that it was UNFAIR that he was selling Gas for $3.50 per Gallon. He said that the manager should at least "compete".
The manager retorted to the irate customer, "If you do not like it then go across the street and buy your Gas there. I have better things to do than this."
The customer retorted that he could not as the station across the street HAD NO GAS FOR SALE.
==========================================
The price of Silver will decline as it is the price of a FUTURES CONTRACT with a promise of FUTURE DELIVERY. As the system is EXPOSED to be FRAUDULENT then the price of Silver (SILVER CONTRACTS) will be headed toward ZERO as a FRAUDULENT CONTRACT IS UNENFORCABLE.
Ultimately CME Group will call a Force Majuere when they have to STAND AND DELIVER.
What is an UNENFORCABLE CNTRACT WORTH? (About the same as a US Treasury Note...same as a Greek Government BOND...NOTHING.) The price of Silver, as well as of Gold, will DECLINE TO ZERO...the reported Spot Prices that is.
My bet is that CITIBank and JP Morgan, along with Goldman Sucks, are already planning to devour the Choice Cuts of CME Group as Jeffery Christian has lost control of his own destiny (that fraudulent and corrupted puke.)
In the NEAR FUTURE, Spot Silver will be heading to $9.
Keep the faith baby. It is all fake.
My guess is that JPM slammed the price down to allow their shorts to cover. The US mint bought at the higher price and decided not to sell at a loss, so made the story up of being out. The price will skyrocket as soon as JPM see's fit. Rememebr how much physical they're holding!
corr: "There is plenty of paper silver available to buy"
Good, I'm not done stacking. And I don't mean that Silver Eagle shit. Give me the new walking liberty sunshine mint mintmark si bullion rounds without the fucking one dollar on it. That's hilarious and effective.
and the Dow goes GREEN.....
fucking hilarious.........
This is an old, stale rerun.
The mint is always running out….
Nov 6, 2014 – “U.S. Mint Runs Out Of Inventory”
Jan 18, 2013 - “U.S. Mint has suspended sales of its 2013 American Eagle silver bullion coins after running out of stock”
ZH mentioned this Jan 17, 2013.
03/02/2011 - As Silver Touches $34.90, US Mint Runs Out Of Bullion
Gold, silver, paper... We've seen this money changer game before; it is all the same.
The lessons of yesterday, today, and tomorrow:
A man worth his word is more valuable than all the gold, silver, and fiat combined. Put him in a mountain and he will dig up the metals. Put him in a forest and he will chop down the trees.
Your word is your bond. Exchange it only for that you wish to honor.
Eternal, peace and love.
Please
anyone professing to know silver SHOULD know that the derivative market controls the price. Physical demand has little to do with it. Surprise at this process tells me you either don't know the market or you are selling something.
That chart of Derivative Exposure says it all: Citi has cornered the paper silver market via the Crimex, and is now going after the silver miners. PAAS down 6% SLW down 12%, SIL (the miners' ETF) down 7%. The beatdown will continue until Citi is ready to go massively long the shares. Why? It's the cheapest way to buy ounces in the ground and guarantee future access to phyz.
56 philharmonics today. Thankyou for the sale status quo cunts.
nice, I got 20 buffs in the mail yesterday. It's like the frog said "Time's fun when we're havin flies." Needeep in AG baby!
Must be nice. I just have these heavy, clunky bars and a sack of pre-64 quarters.
Still stackin'
Peace, baby.
(Dollars, that is.)
No way.. the silver market is rational.. must be an error on the mints part.
New to ZH. Been following for years -- figured it was time to join.
I've been following the silver manipulation for years, and this is yet another slice of evidence in support of all that. I guess most people have heads firmly buried in the sand, and will keep them there until the very last possible moment.
I eased into the whole idea of buying metals (silver in particular) with a large amount of skepticism, and with the intent of convincing myself precious metals were a load of crap generally and everything else was a better option. After several months of research I ended up on the other side of the Silver Eagle. I now realize there aren't many other investment vehicles safer than gold or silver.
So, I'm with you guys and look forward to sharing ideas and insight.
-Argenta
Welcome to fight club!
Thank you.
Look forward to the rumble, lol.
welcome home....
Is there any way to bring a class action lawsuit against CITI for what they are doing?
What are they doing?
Creating a buying opportunity
Cornering the market, it's illegal. They do it all the time though, so why suddenly cry today?
china and russia are buying it all.
Using paper to trade on any underlying asset on a fractional basis (like they are most likely doing with PMs) is an economic game of musical chairs. So long as there isn't a demand to hold physical, none will be the wiser. Once that assumption no longer holds true, the game is over and prices will necessarily rise.
Will there ever be such demand to hold though? I do hope so, yet I can't see it happening as people have been playing this game for so long now without realizing it's rigged, they might as well continue playing until they die of starvation. That's when it's too late though.
Generation after generation of bankers will fuck us over and I fear I might not see real price discovery in PMs before I die, I mean who says this really can't go on forever? What if it can because the human brain is just not evolving anymore?
But there is demand to hold physical. I know I'm holding kilos and kilos of it.
Or should I say, I was holding it until the boat sank.
Something smells.
Bankster poo?
who didn't love the roaring 20's where the rich partied like it 2010's....who doesn't love a Greater Depression!
To quote Chief Brady, ' I think I'm gonna need a bigger boat'
Monster box of Leafs costs more today than it did yesterday. Had to look at Philharmonics - those premiums looked far better.
Golden Eagle Coin still has eagles but 4-5 bucks premium. 1 oz gold bars for only 2 bucks premiumwhich aint bad.
Bullion dealers currently buying on exchanges have such long delivery delays that they are in litigation before they can deliver the goods.
My dealer has suspended operations, and not returned any of the cash depsited into segregated customer accounts.
The days of buying PM's in retail quantities appear to be over for now.
Au and Ag have been a terrible investment for me.
Always having to defend my decision to my wife... Haven't bought any in well over a year now.
Do you have physical? If not, then yes terrible investement and your wife is right. If you do have physical than drill a hole through a gold coin, put a chain through it and drape it over her neck. Guaranteed she starts seeing it differently.
When I was a kid in 8th grade, the fad among the rich girls was to wear a necklace with a little gold bar attached. At the time I couldn't quite get the point of it.
I wonder what ever happened to those girls?
Dudes and Dudettes,
SLW has broken 5 year support levels. This is obviously a reaction to margin calls/liquidations in China. This would be a great spec play for a quick bounce in the next 3 trading sessions. 15.00 July 15 calls would be a great way to play this. 20 calls at 3:57pm to catch the morning/overnight bounce. Just throwing it out there.
Even as someone who stacks phyzz, and has next to nothing tied up in the markets/banking system, the endgame here scares me. I'm talking big picture. Dollar, stocks, bonds, real estate, student loans, and interest rates across all products.
Someone explain to me how this doesn't end with at least one or more of the following, and soon:
Bank holiday/ATM lines in America
Total market collapse, up to and including huge firms like C, JPM, and many more going bust. Which could lead to "tanks on the streets" as we almost had in 2008, or so they said.
Riots/Martial law (Jade Helm?)
Increased government control/monitoring of all asset classes
Civil or world war due to massive unpaid debts
One world gov/currency (maybe that's what TPP is all about?)
Border controls (both in and out of the USA especially)
But, most relevant to this article is precious metals confiscation or new laws (taxes etc) on people who hold metals.
They have ways to figure out who has metals. Anyone who orders online, they can easily pull the records. They can pass laws or write executive orders that demand payment for any metals they say you own, even if you did legitimately "lose them in a boating accident" you still would be on the hook for whatever penalty they say. You really think you can beat the IRS if they are determined to collect? They show you receipts for $50k in gold/silver purchased in the last 10 years online. All of the sudden, prices soar and you've got $500k worth (according to them, you may or may not have sold, lost them, bought more with cash, etc). So now there is, let's say, a 60% tax on metals. A one time tax for "financial stability." So you owe 60% of 500k, payable however they say. Now, it would be payable in USD, but maybe they demand payment in metal. The burden would be on you to prove what happened to it, including a full audit in the year you "lost" or sold it. Good luck convincing them you lost metals and didn't claim it on your taxes as a write off, and if you sold and didn't pay taxes on the profits, you're screwed too.
One way around this would be to buy exclusively in cash with local dealers. However, that may or may not be practical for most people due to restrictions on physical cash (hard to buy even 5k worth of something in cash without raising flags at the bank when you withdraw, or somewhere along the line). The feds could also pressure known dealers for records, which may or may not legitimately exist. Some people will sell you metals with no paper trail at all, of course.
But you're still not really totally safe. They can bribe friends and neighbors to rat you out. They can barge in and search your home or office, or yard or wherever you may be stashing metal. They probably have drones capable of detecting what you've got just by flying overhead, and you'd never even know. Their goal is a total loss of privacy, the end of physical cash, and complete spying. Gold and silver crush these dreams, and must be dealt with.
I guess there's a slim chance that the banks have been accumulating metal, and will simply allow people who already have it to gain wealth if and when they decide to revalue their currencies with it. It could be a one world currency, a "new" dollar, a new currency related to the TPP, digital currency, or who knows what else.
Maybe someone can correct me, but I think there's just nothing to be optimistic about in the short to medium term (anywhere between now and the next 5-7 years or so). It's becoming pretty clear that all paper "assets" will be basically worthless very soon. Shorting the market will be a fool's errand because they can still squeeze you out at the wrong time, or they can close the markets and banks before you can actually realize profits and convert them to something useful. The fact that the economy is already pretty messed up, and rates are already at 0 is extremely distressing to me. The average person isn't anywhere near prepared, and it's just too late already. They're saddled with debt that can't be repaid. There's no way for someone working can pay down debt at a steady rate and accumulate metals. The jobs just aren't there anymore, and too many are going deeper into debt or gov assistance. The average American has something like $400 in savings in the event of an emergency. But their net worth is highly negative. It's all setting up nicely for a one world "solution" unless people realize we can't move on unless the whole house of cards crashes down and is allowed to do so. Sad to say, I don't think there's a way out without massive loss of not only purchasing power but also life itself.
Interesting, and scary times. And all of this is coming again from someone who has been reading ZH since day one. I've read nearly every headline and article ever posted here, I know what's really going on and it isn't pretty. Maybe one of the Tylers or some other longtime poster can give me some words of encouragement, but the fact that I have stacked phyzz, and done all the things I think are right has actually made me more scared than I was before. And it's pretty crazy that someone with a clue is scared shitless, while the average person just cares about beer, tits, and TV.
'It's only after we've lost everything that we're free to do anything.'
Freedom is just another name for having nothing else to lose.
I agree with your key points, up until your gratuitous attack on beer and tits.
Larry;
Your concerns are legitimate, and I share them, but that really isn't the point.
Let's assume for a minute that they are able to transition from 'soft' tyrrany to fullblown east german tyranny, and no one is able to stop them. No one picks up a rifle and starts shooting, and if they do, not in enough numbers to matter. They win, we lose, do not pass go.
In the above scenario, we are fucked. They will take our phyzz and our supplies. We are fucked six ways from sunday, no doubt about it. But wouldn't we be fucked regardless of our circumstances? Whether we were sleeping on the sidewalk or hiding in a bunker, wouldn't everyone be equally screwed?
So yes, they might do all that, in which case we lose and simply hope for the best. However, they are not omnipotent. They do not have all the power. They still have to pay their goons, still have to find diesel for the MRAPs, still have to grow food to feed themselves with.
In a collapse so terrible that they need to start digging up people's yards looking for a few silver coins, I think they will have much bigger problems on their plate. First and formost how to keep the army under their control.
When the Shit finally hits the proverbial Fan they are not going to have the financing to operate to steal everything that you have.
The police and law enforcement people are not going to risk everything without PAY. They will be thinking about taking care of their own families.
Furthermore, as Tyler said, "Your possessions will end up owning you."
You buy Gold and Silver and believe that to be some sort of saviour? Not me. But I still will stack.
Well the sad truth is that it is going to get ugly, very ugly. The collapse will be fatal for millions, tens of millions if not over 100 million in this Nation alone.
There are no guarantees as to what happens in a post collapse world. There are no guarantees at present as far at that is concerned.
Your neighbors may even become the people who you need to be most concerned with when assessing your safety as they have nothing and you have something. Many can and will end up being your gravest threat.
With that said I would rather have, than have not, in a post collapse World but I am not wagering on surviving it to the other side.
I enjoy comfort rather than being in a state of WANT.
So I do not like the odds and my health is not as good as it was when I was younger. Perhaps I lack the stamina to survive it.
Having may get you through. But having may also get you killed.
Personally I'd stop worrying and enjoy some beer and tits, and FORGET ABOUT THE TEEVEE. So hike in the wilderness. Play some Tennis or Racquetball. Enjoy yourself. Do that which you find ENJOYABLE. It seems that they have robbed you of that so take it back.
LIVE LIFE, each day to the fullest that you can as it may be your last day anyway...even before the total systemic breakdown.
One day at a time.
It has been reported that today is the first day of the rest of your life. That is true except for your last day.
So STOP FEARING!!! Fear will kill you slowly and make your life a living hell.
One day at a time. Enjoy life to the fullest. Take that fear, turn it toward anger, and enjoy yourself...to SPITE THEM. They want you afraid so that you will be compliant.
Well they are not that powerful. So fuck them. Do what you want. Time grows short and as you have done the best that you can for survival's sake...hell I am not even sure I desire to live in the WANT and SQUALOR of the aftermath...
Take a breath and ENJOY.
I am actually laughing at the madness and drama at this point. Zerohedge is great entertainment. It is a comedy of sorts. It is a TRAGIC Comedy. But it is still a comody.
Are you already shellshocked? The best is yet to come.
TT, you wrote my thoughts. I agree on the numbers you said won't make it. We are planting gardens, we have hand tools, skills, and various types of heavy metal.
Not afraid, Not frightful. Nothing you can do about it anyway. Enjoy every sandwich as warren zevon said.
I come to ZH for the same reasons, Watch the same devine comedy.
Sad though it is...
Fare ye well Tom... best of luck to us.
As with gold, major (investment) banks are capable of selling far more silver than they actually own in order to keep the price down to cover their exposure. They have the resources to absorb any significant fluctuations that normal investors don't. When these artificial "controls" are eventually lifted, THAT'S when I would expect the term liftoff to have a new meaning.
Guten Tag vom Vaterland.
Ist es eine Probleme? Ich liebe Silber!
Varoufakis done. One down, one more to go.
Whether or not you believe in the Bible, this article contains a whole lot of truth, and was written back when silver was $4.60/oz. I recommend reading it, ignore the religious parts if you must but keep in mind current events and the fact it was written years ago. Eerie.
But James 5 is also a testimony against the banking practice of leasing gold and silver. For when they do that, their gold and silver literally "rust away", as they attempt to continue to list as assets in their books the gold and silver that is gone! Truly, gold does not rust, it is only the insane practice of leasing gold that helps to explain how gold could be cankered and rust away. Furthermore, the verse says that the rust of the gold will be a "witness against you", and today, we see the increasing awareness among people of the fraudulent banking practice of metals leasing, which, increasingly, is certainly a witness against the banks.
http://www.bibleprophesy.org/goldsilver.htm
Tyler,
Can anyone make a chart of PM prices compared to Mint shortages?
Is there enough correlation to indicate that the Mint's inventory is being sold off periodically to redeem fractionally-reserved delivery requests?
Most of the PM market is paper. The ratio of paper-to-metal is very high. So, any attempts at redemption have to come from somewhere.
Right now we have mints and Bullion dealers suspending operations on metals products and explicitly stating it is due to lack of supply...right when massive Put's - some % of which will be marked for good delivery - are tanking the price.
But this is an incidence of one until someone charts out inventory vs. price. If we systematically see dives in inventory from venues that deliver physical corresponding with dives in price (something that is the opposite of supply-and-demand) then it would be a very strong indicator that physical is being raided from those venues to redeem the good-delivery portion of fraudulent naked sales orders.
I think we all know that is being done, with non-delivers redeemed in paper Dollars. But if we are to the point where insitutional physical is being raided because those PTB who can't be denied won't accept the dollars...then we are near the END OF THE ENDGAME.
So do they keep hammering the price down and promise future physical delivery? Of course not. They simply throw you the finger of universal ill will, because you called their game. But they were so far ahead with the score anyway, it's screw the little guy anyway, period.
yup - Shittibank surely puked at the lows. Do you remember the 'Wizard of Oz'??
"I'm buying all the rallies - I'm selling all the valleys....If I only had a brain...."
-Scarecrow.
explanation very simple:
those who buy phisical do it with their saved money
those who buy with borrowed moeny - buy paper silver
Another fine day to covert Fed slave coupons into money. 100oz at a time.
Silver price at my local dealer. $17.44 they buy from me @ 15.65. Anyway point is price in the store is a $2.25 premium over spot. Of course this is real silver not the paper kind.
The neat thing about us buying it, by and large it will never go on the market again for Them to buy.
I found mint sealed monster boxes going for $9,060.00 delivered. IN STOCK: In Our Vaults & Ready for Immediate Shipment.
$18.12 each.
I remember fondly back in 2004 when I bought at $7 for Ag and $400 for Au.
I tried to get everybody I knew to buy, But, Only my sister and nephew did.
(They thank me now)
I bought another 10 10oz Canadian Bars today .05 short of the dailey low. Nice to hit it right for a change and before the premiums got jacked! It also shows right about where the dealers are hitting their cost-loss numbers though. at 14.96, the primium on a 100oz canadian bar was 1.29 over spot when it hit the low of 14.89 the premium rose to 1.45 buying 10-49 bars. Mapleleafs at the same time went from 1.99 over spot to 2.49! If i had waited for the low to come in, it would have actualy cost more per oz even at the lower spot price.
I think this may be as cheap as Phyzz will get at least in the near term, considering the premiums. If it gets into the 12-13/oz range or less, who knows what we will have to pay for premium over spot. Probaly still paying effectively 16/oz at the end of the day if not more...
duplicate-
duplicate-
This is unbelievable!!! Not only are they smashing the prices down....they are preventing us from buying any more.
I call serious BULLSHIT folks!
Look at the prices on ebay now, If we can't buy from our bulk dealers we will be left with ebay at €40/oz - it's already at €30
Price suppression causes shortages.
How long before these guys run out too? http://www.screencast.com/t/gNqcHlEmjDw
Order from Canada.Americans can buy very easily.
http://www.albern.com/
"in just what supply/demand universe does such an explicit confirmation of a surge in demand for silver result in a plunge in the price of spot silver to its lowest level of the year!?"
Coins are not the only demand for silver. As has been noted, world industrial demand has fallen off.
source or gtfo
The biggest industrial demand for silver these days is for solar-electric cells.
The production and world-wide demand for them has not slowed down.
Let me chime in with my 5 cents on what's happening in the silver market:
7 or 8 years ago JPM was sweet talked by the U.S. gov into take over Bear Stearns, who had been caught with their pants around their ankles, holding massive short positions in silver as the price headed north of $40. In exchange, the U.S. gov would 'backstop' any losses JPM suffered. Basically they handed JPM their own personal ATM machine. As JPM kept piling on short positions, and booking massive profits, as their large sales at zero liquidity hours caused the silver price to go in the toilet, they also (once the price got low enough) started to buy obscene amounts of phys silver (specifically eagles). That is the only way this dichotomy between the silver shortage and price decline can exist; as they drive the spot price down in the paper market, they suck up the existing supply on the phys market. That this blatantly illegal activity is allowed to happen is not surprising (given the incestuous relationship between JPM/FED/USG), what is amazing to me is that the moronic silver producers keep selling at these prices. If the large producers stopped selling (even for a short time), silver supply would completely disappear in a matter of days. But WTF do I know.
"But WTF do I know".....
Apparently, not much....
7 years ago, silver was around $18 ounce. 8 years ago silver was around $13 ounce.
Do some F'ng research before you start talking out of your ass. Why would any huge entity buy 1 oz minted coins?
Aside from the nightmare of trying to store 100 million to 300 million silver eagles....It is way more economical to buy the 100 oz bars.
Silver has only been over $40 ounce twice, each time for just a couple of months.
Mid 1980 and Mid 2011.
I'm sure that JPM is doing some illegal, obscene shit, but buying obscene amounts of Eagles is probably not one of them.
No. Perhaps JPM is not buying up all of the US Silver Eagles. That is NOT HAPPENING.
But they are buying up Physical Metal. Without the Physical Metal available then the US Mint has no sheet to from which to cut out planchet blanks. Because of the lack of large quantities of Physical Supply they cannot STRIKE COINS.
Although your argument about his lack of accurate knowledge of the history of Prices is used as a Red Herring in order to detract from the valid TRUTH that there exists a lack of Physical Supplies in LARGE DELIVERABLE QUANTITIES, QUANTITIES in which the US Mint typically orders.
Your post smacks of dishonesty as you want to concentrate upon gnats while asking the rest of us to swallow Camels?
That post, or type of post, just serves to earn you massive disrespect here on ZH.
Now please do tell me the REASON that the US Mint cannot find ADEQUATE SUPPLIES for manufacturing US Silver Eagles since you are so knowledgable about the history of prices.
I am waiting for an honest reply without bullshit.
I will probably be waiting for quite awhile..
They coul'd have been stacking the whole fuckin' time what difference does it make to them if it's $40 when you have all the money in the world?
Haiku, take a chill pill man. WTF does the price of silver 7 or 8 years ago have to do with the price of tea in Canada. 7 or 8 years ago the all in cost to pull an ounce of silver out of the ground was half of what it is today. Ergo (love that word; so pretentious) the price of silver should be somewhere north of $30/oz just based on economics alone. The fact that many miners mine silver as a byproduct of their other mining activities and, therefore, can use funky accounting to make their shareholders believe that they are mining the stuff at a profit does not obviate the fact that the price of silver is manipulated. As for what JPM is buying exactly, I don't know, Jamie Dimon does not whisper sweet nothings in my ear (yuck, gross visual). I'm speculating based on the fact that the majority of silver eagles are not going to retail buyers. I have several friends in the coin business and they tell me that there are some very heavy hitters with big pockets buying the majority of the eagles. They (my friends) never seem to be able to get their allocation from the mint. So, who's the buyer? You tell me. Heck, maybe it's China for all I know. But if you want to do some research, look at JPM's balance sheet under Other Investment Assets and you tell me what is the content of the line item which went from $27bil in 2010 to half a trillion dollars in 2014. A 2,000% increase that dwarfs everything else in the investment section of their balance sheet. Again, don't know, but I can speculate with the best of them.
But, as I said before, take a chill pill, because if I'm right this is actually good news for anyone holding a goodly amount of silver. Sooner or later it will be in JPM's best interest to let the price rise, and when that happens just hold on to their coat tails and go along for one heck of a ride.
Ah the Oft-maligned and beaten-down US Silver Eagle. The sexiest, most beautiful coin in my stack...don't worry sweetie(s)...I still love you and will give at least 10 more of you a new home today.
Come to Daddy!
The entire premise of this post is nonsense. What happens to sales volume when prices are slashed? Oh? Volume increases? You don't say...
no silver available, let's crash the price...
“And another question: in just what supply/demand universe does such an explicit confirmation of a surge in demand for silver result in a plunge in the price of spot silver to its lowest level of the year!?”
Totally miffed – goes against all logic …
anyone have thoughts on the prospect that so long as the paper market is manipulated lower, then that may be used as a reference spot for a repeat of the 1933 gold confiscation, and that what is different between now and then is that with a perfected (mostly) communications surveillance state, the govt's ability to actually police and enforce the ban is that much more formidable? just wondering if people have put thought into alternative outlets/methods for actually *transacting* (both communicating with potential counterparties in advance, and then actually making the trades) in 'black market' PMs if the hammer drops. i suspect the answer from many will be related to their gun stashes, but i question how feasible that is long term.
During the 'gold ban' there wasn't a single instance of someone's house being raided and the gold taken.
Now, it may be different this time, but there's only one way to find out.
Are you going to stop the rioters and gang bangers with a silver bar?
Ammo will easily triple in value.
Get yourself a real hedge, guns and ammo.
Agreed. But to be the most prepared I believe you need a good supply of two metals, Ag and Pb, and something to load the latter in.
-Argenta
Prospector's Gold & Gems finally put a great website together. Now you can buy Emslie's silver/gold bars without the absurd premiums (on eBay, for example).
http://prospectorsgoldandgems.com
I'd be interested in hearing thoughts on just how this silver manipulation shakes out. I've read literally thousands of articles on this very topic and pretty much by and large all agree on a very sudden and sharp upward spike relative to the price of gold (or rather a dramatic shrinking of the gold:silver price ratio). Given the geological and industrial consumption dynamics, combined with the universal recognition of silver as money, I do agree with those premises. However, what is that final trigger? It seems to me that final trigger must be an overwhelming public demand for physical ownership, because bankers can more around or print paper ounces all day.
So, how does that play out exactly? Could it be simply an industrial supply deficit? That's the only entity in this equation that has to have physical silver.
-Argenta
Does this mean they are tryinng to expand the market for paper silver contracts?
I used to stack silver but everything changed the day I found a Polar bear in our back yard.
IMO alot further to fall, ALOT!
Buying copper as an investment is the same as saving empty coke bottles.
So it looks to me like the "silver cartel" (CFTC, Fed, Citi, and JPM) just pressured the mint into stopping their purchases of physical for coin production to make their job of illegally suppressing the price of silver by shorting futures easier to do.
This looks like a pretty desperate move to me, which is a good sign for stackers.
Crank it up boys, maybe we finally have ‘em on the run.