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Apmex Is On Hiatus Until Asia Open, Or Why You Better Already Have All Your Physical By Now...

Tyler Durden's picture


As of yesterday, anyone wishing to pad their holdings of precious metals in response to what is about to be a perfect storm in risk, using one of the biggest vendors of gold and silver has to wait until Asia open, as the firm's checkout counter has just decided to enter suspended animation until 8pm today. "*Attention – Due to the uncertainty in the global precious metals markets, we will not be able to accept any additional orders until the global markets re-open in Asia. We expect to be accepting orders around 6:15 pm EST. Sunday August 7th, 2011, following the market open." Implication: the opening print in gold will not be the closing print from Friday. That much we can guarantee you.


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Sun, 08/07/2011 - 11:27 | 1532552 unky
unky's picture

is it possible we first see a spike upward in PMs and when NY opens we will see a large drop in equtities and PMs, especially silver?

Sun, 08/07/2011 - 11:32 | 1532579 Re-Discovery
Re-Discovery's picture

No.  Absolutely Impossible.  THAT WILL NEVER HAPPEN.

(Wake up.  Anything's possible.  Ahh screw it.  Go back to sleep.)

Sun, 08/07/2011 - 11:34 | 1532591 gangland
gangland's picture




Sun, 08/07/2011 - 11:45 | 1532643 BaBaBouy
BaBaBouy's picture


They are getting ready to fuck with the markets, beleive me...


Sacks ordered a Truckload of Red Bull...


Butt who cares, GOLD is going much much Higher. $10K, $20K or $50K, I don't know yet...

Sun, 08/07/2011 - 12:01 | 1532698 BaBaBouy
BaBaBouy's picture




Paper GOLD vs Real GOLD ...


As many as 20 owners for each bullion bank gold bar, Rickards tells King World News


Interviewed by King World News from London, where he spoke at GATA's Gold Rush 2011 conference, geopolitical analyst James G. Rickards suggests that much central bank gold leasing is done to facilitate deceptive bookkeeping at bullion banks. The gold really at risk, Rickards says, is not that of central banks but rather the unallocated gold of bullion bank customers who don't take delivery and don't pay for allocated storage. Rickards remarks that under the current bullion banking system there might be as many as 20 supposed owners for each bar of gold. Rickards endorses GATA's calls for transparency in the gold market and auditing the U.S. gold reserve. The interview is fascinating and 23 minutes long and you can find it at King World News here:

Sun, 08/07/2011 - 12:15 | 1532767 bernorange
bernorange's picture

Supposedly, Monex is also telling customers they are sold out for the weekend:

Sun, 08/07/2011 - 15:52 | 1533654 bigkahuna
bigkahuna's picture



they are currently open for business

Sun, 08/07/2011 - 12:55 | 1532898 Pegasus Muse
Pegasus Muse's picture


“Here is an interesting 2009 Bloomberg Radio interview with Jim Sinclair. It is well worth listening to with the benefit of hindsight.” --- Jesse


Everything Sinclair asserted in that interview has unfolded exactly as he described. 

On the APMEX deal .... thankfully, the last of my Precious was delivered last week.  Physical will soon be hard to acquire. 

Sun, 08/07/2011 - 14:40 | 1533375 Harlequin001
Harlequin001's picture

I doubt it, but you will have to pay a lot more for it.


This is not the endgame. That only arrives when inflation is here and CB's can't print any more currency to fund short sales because interest rates have bounced. Then you see rising rates and rapidly rising pm's I think...

Sun, 08/07/2011 - 12:33 | 1532822 Nate H
Nate H's picture

"Butt who cares, GOLD is going much much Higher. $10K, $20K or $50K, I don't know yet..."


Lol. No way gold ever sees those levels with a functioning global economy of trade and peace. (Ie if gold does get to $10k in real terms, it will be able to maybe buy wheelbarrows and draft horses, not jets, vacations or houses). Get real. There is a social stability/wealth amplitude dynamic that comes with accelerating gold prices.

Sun, 08/07/2011 - 12:39 | 1532856 Bananamerican
Bananamerican's picture

i think about that every time the "woo hoo" chorus comes out on AU moonshots...

Sun, 08/07/2011 - 12:59 | 1532941 Libertarian777
Libertarian777's picture

Gold will never get to $10k 'real' value. By pricing it in USD you are by definition defining it in nominal terms.

Sun, 08/07/2011 - 13:03 | 1532956 dark pools of soros
dark pools of soros's picture

I think people just want to pay off their locked in debt..  not think they are going to buy exotic cars since if gold triples.. so will bread and everything else

Sun, 08/07/2011 - 13:05 | 1532959 Sophist Economicus
Sophist Economicus's picture

Why?    Where do you want to peg '$10K real value'?   Let's start at '10K' of a bushel basket of commodities today and assume it takes about 6.1 ounces of gold to buy it.   Then, let's watch the two over the coming few years.   If the last 10 years are any indication, I think your 6 ounces of gold will buy more than your $10K of FRNS.

Sun, 08/07/2011 - 15:59 | 1533686 FEDbuster
FEDbuster's picture

Can't happen?  At least it won't happen here.  Yeah right!

Sun, 08/07/2011 - 13:00 | 1532947 Sophist Economicus
Sophist Economicus's picture

"No way gold ever sees those levels with a functioning global economy of trade and peace"


Why?   Doesn't gold in real terms already buy much more S&P and DOW than it did 5 short years ago?   Doesn't an ounce of gold buy much more 'house', 'jet', commercial real estate than it did a few short years ago?   The data seems to contradict your position.   

Sun, 08/07/2011 - 13:05 | 1532960 dark pools of soros
dark pools of soros's picture

that was because of the managed money printing..  once it goes apeshit value becomes relative.. and some might have to sell their relatives to have any value

Sun, 08/07/2011 - 13:16 | 1532985 Nate H
Nate H's picture

One way to look at it is right now there are alot of people with nothing, alot of people with $10,000, alot of people with $100,000 alot of people with $1,000,000 alot of people with $10,000,000, fewer people with $100,000,000 and some few with $1,000,000,000+.  There is a wide spectrum of paper/digital wealth. If our system ever breaks to the point that gold is worth (in todays terms - a basket of commodities say), $20,000/oz. the VAST majority of people will have nothing, and some will have a couple dozen oz and a very very few will have hundreds/thousands of ounces. The social dynamic in such a situation makes the 'spending' of ones excess wealth relative to conspecifics unwieldy at best and dangerous at worst.  Now, if gold went to $3-4k or something and global trade/stability/peace held together that would be a (slightly) different story.


Basically, all the calls for gold based economy miss the mark. Energy is what powers our economy and transactions - while it does take energy to produce (extract) gold, gold cannot create economic transactions (like making a cup) but energy is essential. So any future biophysical based economy need be based on energy or land - gold might play a transitionary role only due to its past - but when gold carried value historically it was always in a period of natural resource abundance (i.e. empty planet). On a full planet, other things will be (much) more important.

Disclaimer: I own gold and silver, as part of a broad diversification away from digital wealth. But I also have tools, stuff, books, friends, knowledge, land, and a healthy realistic anticipation of living with less.   Those that are watching this movie, and think gold and silver going up 10x while keeping everything else they enjoy about life the same, are going to be disappointed.  (I expect, on this site, my comment to be downvoted)

Sun, 08/07/2011 - 13:31 | 1533062 cossack55
cossack55's picture

You may wish to raise your expectations.

Sun, 08/07/2011 - 13:35 | 1533072 DCFusor
DCFusor's picture

I think you have this right.  For money of any traditional sort to buy really nifty things -- those nifty things have to exist.  The implications of gold to the moon are as you say, turmoil, perhaps war (beyond the dinky-doo proxy actions), collapse of the processes that make those nifty things.  In that scenario (one of many possible and hopefully not the most likely one) other things will "buy" you more of what you want I believe.  Gold shines when there's an agreed value for it, and there are things to exchange for it that you want to exchange it for.  Of all the possible fallout scenarios from where we find ourselves now. gold is good in some of them, not so good in others.  I think the gold-worshipers are fixated on a particular sheaf of possibilities that are only a subset of the total sheaf, in other words.  I believe the Mad Max universe to be an unlikely outcome myself (though I'm an avid Sci fi fan - I like ideas, but I don't buy them all).  Why would it stop right there?  So many people allow themselves to believe things that require serious sins of commission  and lack of understanding of human dynamics to be true, it's discouraging.  Some of them even seem to want bad things to happen, as long as they are the type of bad things that they are prepared for and which will put them on top.

How is that morally different than the people we all profess to hate roundly?

Yes, I have some gold, some physical, some digital (for trades) but it's not the bulk of my "worth" at all, and probably never will be.  I can't see ruining the present and spending all my effort and value creation towards "stacking" while wishing for things to get worse to prove me correct.  Rather, I'm concentrating on solutions that to me seem to have the best risk/reward for the highest number of integrated probabilities on that sheaf of possible outcomes.  And not only that, I think you have to plug into the value equation what is good now, or in good times as well as bad and middlin times - quality of life no matter what eventuates, but with at least some emphasis on now, since for me, life is a succession of "nows".

I live on a mountain I own.  It produces crops, water, wood, and my campus runs on PV solar power.  I have game, wild places, creeks, artesian springs.  There are plenty of places its easy to imagine the pixies and leprechauns coming out to play.  I can take my instruments there and play music for them, which at least pleases me.  My lifestyle is mostly joyous.  I live in the midst of beauty.  I owe nothing other than existential debt to the giants on whose shoulders I stand (yah, I'm a scientist).

Can any one here make an honestly good case that a stack of shiny that nominally is sure, worth more $ than the assessed value of my surroundings and my ability to live in happiness among them (it does take some skill and effort to maintain which isn't easily acquired) almost no matter what eventuates later?  A good reason to toss current joy out the window to acquire more shiny stuff in sweat and stress?

I think he who dies with the most fun wins.  Not the most hours in life, but the most life in the hours.  Not the most money, even if it gives you satisfaction to leave it to your kids (I have none) or some good cause.  But that's me.  Can anyone come up with a better way to "have a life" for real?  Can gloating over a hoard really be that satisfying?  I'm honestly asking here -- maybe I've missed something, and I learn by asking as well as direct investigation.  In case my particular way is the best, well, now I've made some people aware of it -- good karma, right?

Sun, 08/07/2011 - 13:42 | 1533102 Mec-sick-o
Mec-sick-o's picture

Do you rent a cottage at your mountain?  I would love to stay in that paradise every once in a while to let nature re-fill my vitality.

Sun, 08/07/2011 - 14:05 | 1533221 cossack55
cossack55's picture

Whereever one can find happiness, well, thats just farout.  Would like to move to Bhutan but the Frau won't budge. I love the mountains and sadly, thare are none here.  I may swing a cabin in Tenn. soon as my last best hope. 

Its not gloating over hoarding as much as vindication for all the abuse suffered at the hands of the TBTF.  Then there is the pending revenge factor.  Happiness galore there. 

All in all, I see myself in your position in hopefully three years, except I don't think I have 3 years left. Que Sera! 

Sun, 08/07/2011 - 13:36 | 1533077 Mec-sick-o
Mec-sick-o's picture

Well, your comment wasn't downvoted.  Once energy gets scarcer per capita, we will slowly de-evolve back to industrial era, perhaps including gold as a wealth preservation.

Sun, 08/07/2011 - 14:19 | 1533280 medicalstudent
medicalstudent's picture

@Nate H


well said. and very incisive. but.


gold can create a cup; gold can create many things.



gold is the most malleable of all metals and takes the least force to deform. absent oil, we are back to atp, myosin heavy chains, and rocks... which im sure the caveman used to deform gold to make cool shit. and a property which im sure made gold appealing to the strong and the weak alike, as they all could deform gold. which is *probably* why people all over used it for trade.



gold is the best reflector of infrared radiation. it heats shit up when out in the sun, adequately surface area'd, and agled properly. and it can be pounded (see first) into sheets that are quite useful.


it is traditional, it may be barbarous, but the more i look... the more it does in fact appear that in a preindustrial civilization gold is surprisingly useful. which is why it has been money even before we discovered it.


(but even so, nothing is more intrinsically valuable than the most valuable physical substance in the entire universe. sillvaaaaah.)

Sun, 08/07/2011 - 14:33 | 1533343 janus
janus's picture

you seem like a smart what's with the medical school?

drop out now before you waste any more time and money on that nonsense (unless you're sure to be a surgeon...if you're top-notch, hang in there and make some real change -- be the best and throw your weight around.  Be Alpha -- but be subtle about know, iron fist in the velvet glove (or is it the other way round?))

recommended reading:

he's this surgeon professor (now retired) at Yale.  and he writes these free-form sort of anecdotes that are some of the wittiest ruminations from a truly gifted racauntour; top-shelf-stuff.  can't recall his name off the top -- but if this is something you'd be interested in, i supposed it'd be my honor to oblige and look through the old books for name and title.

Lasciate ogne speranza, voi ch’intrate.

it really is a miserable profession.


Sun, 08/07/2011 - 14:30 | 1533333 Sophist Economicus
Sophist Economicus's picture

" If our system ever breaks to the point that gold is worth (in todays terms - a basket of commodities say), $20,000/oz. the VAST majority of people will have nothing, and some will have a couple dozen oz and a very very few will have hundreds/thousands of ounces"


I don't quite follow.    If we look at the last 10 or so years, gold has gone from about $275/ounce to $1600 - that's a increase of 6x. -- that's about the same increase of gold going from 1600 to 10,000.   People will have lots of FRNs, just not much gold.   But then, poor people, by definition haven't for a long while.

How many FRNs it takes to buy gold has nothing to do with rich .vs. poor, energy or anything else.   Gold is finite, takes lots of capital to extract and has an a solid history.   FRNs are not, and currently, requires no special resources or skills or innovation to create - just the push of a button.    Why anyone thinks there NEEDS to be some GATING factor on the conversion of FRNs to gold given the current underlying scarcity of each is beyond me.

In Weimer Germany, a few ounces of gold could buy a city block in downtown Berlin.    I'm sure there were folks who couldn't have thought that Gold would be worth trillions of Marks too.   That doesn't mean it won't happen when you have a government hell bent on keeping controls on its people via a non-convertable currency.   These bozos wil print more, will spend more of what they print and will drive Gold to the stratosphere via FRNs.   That conclusion seems logical becuase there is no inherent value in a non-convertable debt based item that is recognized as a store of monetary value.

Oil, etc are solid stores of value to - to a point.    Air and water are VITAL to life, yet I don't see major bull markets there, regardless of their high intrinsic value.    History is a good giude to how high the fiat .vs. precious metals ratio will go -- it doesn't feel like we're there yet, but, we won't solve it here - only time will tell


Sun, 08/07/2011 - 14:59 | 1533429 Calculated_Risk
Calculated_Risk's picture

Those that are watching this movie, and think gold and silver going up 10x while keeping everything else they enjoy about life the same, are going to be disappointed.


Nothing is going to be the same regardless of the way one chooses to preserve their wealth. And 10x is low, don't forget they're selling 100x contracts, then leasing, derivatives, panic buying... yeah, it's like that.


Sun, 08/07/2011 - 15:07 | 1533465 Hobbleknee
Hobbleknee's picture

But Nate, energy does not fulfil any of the definitions of money.  It is not durable, portable, or a medium of exchange.  Energy is important, but will never be money.

Sun, 08/07/2011 - 15:18 | 1533501 tmosley
tmosley's picture

With adequate technological advance, it could be.  IE, all you need is a durable storage mechanism.  It is already divisible, and not all money is portable (see the stone money on the island of Yap).  Of course, in a sense, it could be even more portable, as you could make a direct payment at a great distance over the grid, which could be untraceable.  

The primary disadvantage to having energy as money is that the hoarding of energy damages the economy by withdrawing motive power.  Gold can be hoarded in any amount and only cause a tiny amount of damage to those who use it as a conductive plating, etc.

Sun, 08/07/2011 - 20:59 | 1534649 Smiddywesson
Smiddywesson's picture

NO, NO, NO.  You are so smart but just looking at it from the wrong perspective.  

For a long time now, energy was the basis of our society, and yet they held down energy prices as much as possible.  TPTB are fighting for survival.  They need to inflate the value of something, anything, so that they can become solvent and survive this crisis.  If they stockpiled oil and inflated the value of oil high enough to dig themselves out, they would utterly destroy society,  The same goes for real estate, copper, food, or anything else society needs.  The one thing industry doesn't need in great quantities is gold.  The one thing the central banks, no...ALL central banks began to stockpile at the same time was, GOLD.

Inflation of stocks through QE and manipulation was a success, but it wasn't enough.  We are going to destroy our fiat, and there won't be the great transfer of wealth that you envision, because the public is not stacking gold.  The only people who know where they are taking the global economy are the central banks, and they are not stacking it because they believe as Robert Prechter believes that the price will crash.  They have huge capital needs, an almost unlimited abiliity to manipulte gold prices over the short term, and all the power they need to ramp the price of their reserves as high as they need.

I will discuss with you how high they may have to ramp the price of gold, but I won't believe for an instant they will suppress the value of what they hold when fiat breaks.

Sun, 08/07/2011 - 14:26 | 1533308 iLoveMisesToPieces
iLoveMisesToPieces's picture

That's completely untrue. Going back to the gold standard will make the price of gold sore on supply and demand fundamentals.

Sun, 08/07/2011 - 17:49 | 1534019 Smiddywesson
Smiddywesson's picture

Wrong.  The banks need to dig themselves out of a mountain of debt.  They have been slowly doing so by getting first access to USDs and outrunning inflation.  They tried to create inflation in stocks, but met diminishing returns.  Meanwhile, they are stocking gold.  With almost unlimited ability to manipulate gold prices lower, what is to stop them from manipulating them higher?

Answer:  Nothing.  The central banks are not stocking gold out of a sense of tradition.  When they have all the gold, and they have gained all they can from a slow inflation, we will go on a new currency standard and they will ramp the price of gold.  Gold is the only thing that won't destroy vast industries if prices go to the moon.  The inflation they couldn't create in stocks they will succeed in gold prices.  Gold will go as high as they need it to wipe out all their debts.  They always win.

Sun, 08/07/2011 - 11:46 | 1532644 Cleanclog
Cleanclog's picture

Shiny sparkly objects people.  Small, easy to hide, and valuable.  Diamonds, gold, emeralds, platinum, sapphires, silver, rubies, coins of precious metals.

Sun, 08/07/2011 - 11:36 | 1532604 Ahmeexnal
Ahmeexnal's picture

Good thing coinshops open on sunday.

Sun, 08/07/2011 - 11:50 | 1532664 Long-John-Silver
Long-John-Silver's picture

I called every coin shop within 100 miles Saturday morning that advertised they were open on Saturdays.

Every shop had answering machines stating they were closed until further notice. The machines were

either full and not taking any more messages or they were blocking messages.


Sun, 08/07/2011 - 12:03 | 1532702 WestVillageIdiot
WestVillageIdiot's picture

They were probably all at a Robert Kiyosaki seminar learning how to get rich through owning rental property. 


On a side note, I found out Friday that the real estate agent friend of a friend has lost his rental properties.  He is also delinquent on his own mortgage.  He vehemently disagreed with my views on real estate in 2007 and did nothing to hide it.  Good luck, in the gutter.  Payback is a female dog. 

Sun, 08/07/2011 - 12:14 | 1532752 greased up deaf guy
greased up deaf guy's picture

i placed an online order with gainesville coins yesterday using my jpm/chase credit card in preparation for the fireworks on sunday night :).

this is not a paid endorsement...

Sun, 08/07/2011 - 13:10 | 1532943 Pegasus Muse
Pegasus Muse's picture

There is a special feeling ---- which still lingers to this day ---- buying Physical Silver using a JPM/Chase Slate Card with its introductory 0% interest for 18 months.  Maxxed that bad boy out. 

Sun, 08/07/2011 - 13:11 | 1532983 DosZap
DosZap's picture

Pegasus ,

Didn't take em long to stop that did it.?

Sun, 08/07/2011 - 13:49 | 1533146 MarketTruth
MarketTruth's picture

So what, Apmex is NO bargain anyway and charges far more than others. Try these good dealers



Over 20oz gold or 500oz silver:


Smaller orders than the Tulving minumums use bank transfer :


Sun, 08/07/2011 - 12:17 | 1532774 Angel Face
Angel Face's picture

Local shop here was open yesterday, but had slim pickings for AU.  Owner said he saw only buyers all week and no sellers.  Glad my APMEX order arrived yesterday.

Sun, 08/07/2011 - 14:09 | 1533243 cossack55
cossack55's picture

If you are near Indiana/Ohio/Michigan there is always Silvertowne in Winchester, In.  They mint their own rounds and plenty of bars.  Been there since 46' I think.  While in Winchester, drive two more blocks to Mrs. Wicks Pies for a meal not to be had since 44'. 

Disclaimer: Have bought from Silvertowne, own no stock in either establishment, but have a freakin fat gut from the pies and homemade noodles.

Sun, 08/07/2011 - 14:47 | 1533414 au_bayitch
au_bayitch's picture

@cossack55   - R U 2 from the Winchester area? The ASE prices are reasonable. Compare their prices to those listed at If there, see if you can get a tour of the back in the warehouse/TV sales/shipping area. Mades the shiny stack in the safe seem VERY VERY small. They move a lot of silver. And no I don't work or have any interest in silvertowne, just have brought there. Second the wicks pies too.

Sun, 08/07/2011 - 13:48 | 1533142 AyBull11
AyBull11's picture

I called a pawn shop near my wrk place.

i say "Hey.. i am looking for some silver coins...

answer " ooohh we on't have any silver coins."

Me "I want about 20 coins...."

answer "Lllme ask the boss ..."

after a while "yeh we have 'em"

Me " ...eem what'd be the cost"

reply " $50 "

Sun, 08/07/2011 - 13:48 | 1533144 AyBull11
AyBull11's picture

I called a pawn shop near my wrk place.

i say "Hey.. i am looking for some silver coins...

answer " ooohh we on't have any silver coins."

Me "I want about 20 coins...."

answer "Lllme ask the boss ..."

after a while "yeh we have 'em"

Me " ...eem what'd be the cost"

reply " $50 "

Sun, 08/07/2011 - 11:58 | 1532691 caerus
caerus's picture


Sun, 08/07/2011 - 16:55 | 1533869 Hugh G Rection
Hugh G Rection's picture

So my local coin dealer is closed. No luck at Apmex or Monex. Tried to place my first order with gainesville after reading that they were still game today, this is what happened when I tried pulling the trigger....


This is due to your credit card being rejected by our merchant processor. Your order has not been processed and Gainesville Coins DOES NOT have a record of this attempted transaction. Even though this charge did not go through our processor, there is a chance that your issuing bank has still approved the charge. When your issuing bank approves a charge that has been rejected by our processing company, they will hold the funds as pending for 48 to 72 hours. After this time they will release the funds back into your account. If you attempt to place your order again and it still does not go through, each failed attempt may result in pending money being held by your issuing bank for the normal time period. Gainesville Coins does not have access to your funds and we do not have a record of this attempted purchase. If you still wish to make a purchase you will need to contact us by phone and lock in a new order at current website prices.


Sun, 08/07/2011 - 11:36 | 1532598 Crisismode
Crisismode's picture

If there is a huge selloff in NY at the open, then of course there will be massive margin calls. Followed by subsequent liquidations in the commodities and many other securities sectors.

It has certainly happened before. However, this time may be a LITTLE different -- with a worldwide rush for safe harbors, gold will likely not drop as dramatically as in 2008.

Sun, 08/07/2011 - 11:46 | 1532646 Hearst
Hearst's picture

Now obviously if Apmex was expecting lower prices on the open there would be no reason to delay sales right now.  Naturally $1700 should be broken on Gold very shortly.  The big question is Silver.  Will the ptb determine to slam Silver so the flight to safety is restrained to Gold only?

Sun, 08/07/2011 - 12:05 | 1532720 WestVillageIdiot
WestVillageIdiot's picture

Like everything else, that works until it doesn't.  The silver market is the size of a dog Paris Hilton would own.  The physical price could easily decouple with just a couple big buys.  And then somebody is stuck with one huge mess.  I hope it happens to these cocksuckers. 

Sun, 08/07/2011 - 13:25 | 1533031 Saxxon
Saxxon's picture

Disagree Hearst.  Apmex does not want to get whipsawed and lock in a price with a buyer that ends up 5%-10% too low when the smoke clears.  Put yourself in their position.  Nothing sinister about it.  Some of you guys really exert yourselves attaching anthropo features to numerical action.

Sun, 08/07/2011 - 13:40 | 1533093 DCFusor
DCFusor's picture

Plus 5-10 from me.

Sun, 08/07/2011 - 14:40 | 1533377 tmosley
tmosley's picture

I don't recall this ever happening.  Just as likely it could be quite a bit more than even 10%.

Sun, 08/07/2011 - 12:06 | 1532721 midtowng
midtowng's picture

That's how I figure it too. Cash will be king for the first few days of next week.

OTOH, they could f*ck with the markets so much that they might actually get them to go up for a short time. Plus they could come out with yet another BS Italy bailout story.

But in the end, PMs are where to be.

Sun, 08/07/2011 - 11:43 | 1532634 Smiddywesson
Smiddywesson's picture

Yeah, everyone is going to rush to the quality of the USD.  LOL

Prechter was wrong.  Deflation IS HERE, but the banks will never allow it to ruin them.  They will destroy the USD first, as well as all major currencies.  All the soverign debtors are defaulting and everybody in the know is stacking gold for a soft landing. 

If gold and silver were destined to drop, they would have done so already.

Sun, 08/07/2011 - 11:47 | 1532652 WestVillageIdiot
WestVillageIdiot's picture

We are already seeing a large spike in gold.  On Friday bulliondirect was selling their little gold bars at a premium of about $42 over spot.  Yesterday that had jumped to $62.  This morning it is $73. 

Will that hold?  I don't know.  Silver will probably be volatile.  But who willl be selling gold in this environment?  We now have multiple countries that may have to revert back to old currencies.  How does a country even go about that and wouldn't their citizens want gold and silver in the interim, at least until they see how things shake out? 

Welcome back 2008.  We missed you. 

Sun, 08/07/2011 - 12:12 | 1532754 Re-Discovery
Re-Discovery's picture

(Full Disclosure, I have a large Silver position, and less gold)

There aren't many non-fiat currencies.  Gold, of course, then . . .

There is a limit to Gold's price movement tomorrow.  At which point, people will look in other directions.

Eventually, I think Silver is on the list. 

This downgrade doesnt mean deflation or inflation for the average trader.  It means both and neither.  It means "Aww shit"

At some point, 'safety' means good things for all non-fiat currencies.

Sun, 08/07/2011 - 12:16 | 1532770 WestVillageIdiot
WestVillageIdiot's picture

"There is a limit to Gold's price movement tomorrow.  At which point, people will look in other directions."

It is almost 5 years now that I have been discussing gold with friends and family members.  I still no of not one of these people buying a single gram of gold.  Looking in another direction for them is looking to buy gold. 

Sun, 08/07/2011 - 12:19 | 1532784 DosZap
DosZap's picture


Look at Plat, it's nearly at a 1-1 basis w/Gold.

I consider that a hell of a deal.

Sun, 08/07/2011 - 13:34 | 1533068 DoChenRollingBearing
DoChenRollingBearing's picture

Platinum is for optimists!  If the world economy is humming, so will price of Pt. And I like Pt, it is also hard to find (at least in Eagles).

But consider FOFOA's comments re gold and silver.  He says Au will run to $55,000 (or maybe more, non-hyperinflated 2009 dollars) while Ag does not.  Where could silver go?  It could go to $500 or to $5.00  FOFOA does not like silver much.

I am guessing that Pt has the same problem: that it is NOT the choice ALREADY MADE by the Giants to preserve their wealth.  That choice was/is GOLD.

Nonetheless, as I cannot predict the future and like diversity, I am an owner of platinum.

Sun, 08/07/2011 - 13:48 | 1533143 DCFusor
DCFusor's picture

So much of this is belief-based and so few realize that.  If for whatever reason, people suddenly realize that other metals have more real life utility than gold, gold could lose favor.  Knowing humans -- that's doubtful, but also not impossible.  I like Pt and Pd because they do have utility in real life well over gold.  There are still no replacements for them in some catalytic processes that society runs in bulk to keep our lifestyle going -- as you said, Pt is for optimists.  But hey, it's pretty too, and might well also increase in value -- in the trading world, anything can fluctuate either direction for any reason, some utility, some psychology - both are always in play where humans with physical needs and psychological wants are involved.  Always.  You might even find yourself in a place where bearings, with plenty of utility, are a good hedge, actually.  I hear there have been times in history when that was true -- wouldn't you have liked to have a pipe into Germany's demand in latter WWII?  Things other than bombs can cause shortages in industrial products that are very necessary to maintaining anything like the status quo, or even "the life to which I'd like to become accustomed" after all.

Sun, 08/07/2011 - 14:28 | 1533304 DoChenRollingBearing
DoChenRollingBearing's picture

DCFusor, I have just passed through the thread again and saw at least two nice pieces you wrote.  Very well done.


Our problem with bearings right now is that our Koreanand Japanese suppliers cannot supply us with our best selling pieces in the quantities we need.  Bearings are almost made of PM when needed in a wheel with a bad one there.

Lead is a PM if moving at a high enough velocity.

I hope to read more from you in the days to come.

+ $1660 and a green.



FOFOA likes gold because it has VERY LITTLE utility!  But, people have wanted gold for over 4000 years

Sun, 08/07/2011 - 14:35 | 1533351 trav7777
trav7777's picture

and if they "ban gold," you buy Platinum.  Pt and Pd are so astoundingly rarer than Au that it makes their relative dollar prices ridiculous

Sun, 08/07/2011 - 14:52 | 1533418 Row Well Number 41
Row Well Number 41's picture

So much of this is belief-based and so few realize that.  If for whatever reason, people suddenly realize that other metals have more real life utility than gold, gold could lose favor.

For most of history almost every metal had more use then gold, but gold is what the king had in his treasury, and traded with other kings.  Gold use IS AS MONEY.  Otherwise it would be better utilized plating other metals to keep them from rusting.  Gold plated De Lorean anyone?

You might even find yourself in a place where bearings, with plenty of utility, are a good hedge, actually.  I hear there have been times in history when that was true -- wouldn't you have liked to have a pipe into Germany's demand in latter WWII?

If you were fleeing Germany at the end of WWII what would you rather have had bearings or gold seriously.  Also if you got that pipeline to supply bearings what would they pay you in?

As for energy being money, coal was not money in the 1800's, coal was bought with money.  Firewood was not money, though it could be bought with money.   Your a fusor guy, if you base a currency on energy today and 5 years later somebody fires up a cheap 100 megawatt polywell reactor what happens to your energy currency?  It's a long shot, but all black swans are.  Sooner or latter somebody will find viable safe cheap energy.


Sun, 08/07/2011 - 21:14 | 1534723 Smiddywesson
Smiddywesson's picture

Exactly, gold has always been the best money, most especially because it has limited supply and limited utility.  If they discovered a medical use for gold to keep the baby boomer locust alive, it would lose its value as money.  Fortunately, gold isn't very useful for anything else than bankers manipulating its priice, and the baby boomers will eventually die and be forgotten for the useless failures that they were.

Bankers hold it.  Bankers are buying it.  Bankers are insolvent, and they hate to be insolvent.  Inasmuch as they have showed you they can manipulte the price, which direction do you think it will go, up or down?

Sun, 08/07/2011 - 15:46 | 1533614 Temporalist
Temporalist's picture

I actually agree with your premise but people aren't "going into" Pt as it is also less circulated, known, recognizable, minted, etc.

Few people have held a gold coin in their hands and many fewer have held platinum.

I think it will lose to gold and eventually catch up.

Gold's interest is not from rarity alone or platinum would be valued much more already.

Sun, 08/07/2011 - 12:38 | 1532852 Re-Discovery
Re-Discovery's picture

There is a limit "tomorrow".  I see very few limits over the next weeks months years.

Sun, 08/07/2011 - 12:40 | 1532860 EhKnowKneeMass
EhKnowKneeMass's picture

But, Math Man had said.....

Sun, 08/07/2011 - 11:52 | 1532676 CapedCrusader
CapedCrusader's picture

Markets screw most of the sheeple most of the time.  I'll short any spike in pm's and buy any big fall in equities. 

Sun, 08/07/2011 - 12:09 | 1532737 WestVillageIdiot
WestVillageIdiot's picture

I like your contrarian call.  The markets are designed to inflict the most pain on the most people.  But is your call really contrarian?  Everybody, their brother, second cousin, butcher, hairdresser and illegal maid all believe gold will get hit again the way it did in 2008. 

It is costly to think of yourself as a contrarian when you are really covered in wool. 

Sun, 08/07/2011 - 12:10 | 1532738 Quintus
Quintus's picture

So, just to be clear:  You think the majority of sheeple are long gold and short equities?




Thought for the day.  If you are a contrarian contrarian, are you one of the sheeple?

Sun, 08/07/2011 - 12:52 | 1532908 RockyRacoon
RockyRacoon's picture

“Gold has proven to be a superman investment. It can leap over buildings and do things that investments aren’t supposed to do. And it’s laughing at us."

Dennis Gartman agreed: "Ask the average Wall Street wiseguy if they’re bullish on gold. They’ll say, ‘Yeah, you gotta be, we got money problems [with the dollar].’ If you ask them how many hold gold? 'Very few,' " which is where he sees a weakness and potential for an overvalued asset.  “It’s a bubble in interest, not in owning," he said, "It’s fascinating: Everybody’s bullish, but very few are long."

(Emphasis added).......   There is a bubble in interest!   See?  Even Gartman can be right once in a while.



Sun, 08/07/2011 - 13:38 | 1533085 DoChenRollingBearing
DoChenRollingBearing's picture

"There is a bubble in interest!"

THAT is a great observation.  Who actually HAS physical Au?

+ $1660 Rocky and green for you

Or should I just go ahead and make a prediction (which is of Zero Worth):

+ $1700 tomorrow

Sun, 08/07/2011 - 13:50 | 1533155 DCFusor
DCFusor's picture

Let's hope you're correct.  I have a goodly bit of digital gold, I'd love to take profits on.   Whenever the time is right, of course.

Sun, 08/07/2011 - 12:27 | 1532814 Firing Pin
Firing Pin's picture,, and are all open and accepting orders. Do you want to be a precious metals dealer in good times and bad, or not?

Sun, 08/07/2011 - 12:53 | 1532914 Got_Nukes
Got_Nukes's picture

Don't leave out Westminster Mint. Just placed a silver order from them.

Sun, 08/07/2011 - 13:30 | 1533059 JW n FL
JW n FL's picture


Firing Pin ,, XXXXXXXXXX and XXXXXXXXX are all open and accepting orders. Do you want to be a precious metals dealer in good times and bad, or not?



Dear Mr. Castellano,


As you know from the below email, our office has the honor and responsibility of representing XXX. XXXXXXXXXXX.  We would appreciate confirmation as soon as refunded our client in full.  I am at a loss to understand why you required wire instructions when a credit will suffice.


In any regard, please refund the amount in full promptly and be sure to reply to me that same has been completed.


Thank you for your assistance.


Rusty Huseman


William R. Huseman, P.A.

3733 University Blvd. West, Suite 305A

Jacksonville, Florida 32217

(904) 448-5552

Fax (904) 448-5653


I told everyone here time and time again! but NO ONE wanted to hear it! NO One wanted to know the truth! Everyone wanted to listen to the Salesman Plants!


Now ya Fucking Know!

Sun, 08/07/2011 - 13:37 | 1533081 janus
janus's picture

Hey JW,

Houseman sounds like it may be jewish.  Sounds like you FUCKING KNOW there's nothing, in this wide world, more valuable than a competent, agressive and intelligent hebrew counselor.  hope you got you a good en'; don't tell em you post on ZH.



Sun, 08/07/2011 - 13:38 | 1533083 janus
janus's picture

hebrew gold, accept no substitues

Sun, 08/07/2011 - 17:20 | 1533932 JW n FL
JW n FL's picture

Rusty is a 6 foot 2 inch German.

he's not a tight fisted Jooo like your mom, see her for your complaints next time.

Sun, 08/07/2011 - 23:14 | 1535218 janus
janus's picture

now, JW, granted mother wouldn't bother with any offense; we're a thrifty sort, no doubt.  but she's weary tending to my complaints, that's your job now...leave her to bridge and tennis.

i suppose i'm coming at you because you've been asking for it, pleading in fact.  and so, here i am, in a position i NEVER expected to be in, defending the jew.  but, inasmuch as i love a good fight, you best deliver.

now, before i waste any of my time with you, have you at least read the man who should be your hero, david irving?  if not, you're nothing but a hyperventilating imbecile without two wits to rub together.  i'll work from that context, as he's the only slightly creditable revisionist.  if you can't hang there, i'm going to hanut every one of these moronic posts you slap up on every article...always hackneyed bullshit...always the same emotive hysteria. 

so, tell your ashkenazi barrister mozeltoff and carry the old boy around on a chair. 

this is the first day of the rest of your life.

looking forward to savaging your worthless ass,


Sun, 08/07/2011 - 13:47 | 1533137 XenoFrog
XenoFrog's picture

So what's your problem? You can't read the website?

Sun, 08/07/2011 - 17:23 | 1533941 JW n FL
JW n FL's picture

I called Gainesville Coin after hearing about them here.

Gainesville Coin is Not! Direct to the Mint.. which means you are paying the Middle man.

I am not the only one who has had problems with them here at zerohedge..

But your one line of drivel is always welcome, I love a spring board.

Sun, 08/07/2011 - 14:56 | 1533425 4realmoney
4realmoney's picture

Gold Shark is going to be a valuable asset in the coming weeks for monitoring dealer premiums.

Sun, 08/07/2011 - 17:34 | 1533968 Buck Johnson
Buck Johnson's picture

With the way the US and western banking has been messing with the market, anything is possible..

Sun, 08/07/2011 - 11:27 | 1532556 Phil Dupterjaw
Phil Dupterjaw's picture

This is just transitory.

Sun, 08/07/2011 - 11:48 | 1532658 WestVillageIdiot
WestVillageIdiot's picture

Like death and taxes.

Sun, 08/07/2011 - 12:24 | 1532802 OpenEyes
OpenEyes's picture

Might be transitory but it's also 'tradition'

Sun, 08/07/2011 - 11:27 | 1532560 Gamblor
Gamblor's picture

Luckily, made a 5oz purchase on Thursday at $1650/oz. Thanks to the content & comments on this site for the last 9-12 months, I've converted a lot of my cash holdings into physical AG & AU.  Keep up the excellent work, gentlemen/ladies. It's appreciated from this station.

Sun, 08/07/2011 - 11:43 | 1532633 Ahmeexnal
Ahmeexnal's picture


It only costs 5 bucks to dig an ounce outta the ground.



Sun, 08/07/2011 - 11:51 | 1532670 cartonero
cartonero's picture

I went out in the yard yesterday with a shovel and a $5 FRN.  All I got was earthworms. 

Sun, 08/07/2011 - 12:10 | 1532743 WestVillageIdiot
WestVillageIdiot's picture

Fuck that shovel thingie.  I think it is time to invest in high quality wheelbarrows. 

Sun, 08/07/2011 - 14:09 | 1533189 Mec-sick-o
Mec-sick-o's picture

LOL... well, perhaps some burned calories and cheaper than going to the local gym.  Keep nitrogenating the soil, you will need it.  The worms may catch more than $5 in fish per hour.

Sun, 08/07/2011 - 11:52 | 1532674 WestVillageIdiot
WestVillageIdiot's picture

Cannabis can be grown for free in the willd and look at what that is worth. 

I know you are being snarcastic, Mr. Mojo Risin, but the kind may be the best asset to have in the coming mess. 

Sun, 08/07/2011 - 12:02 | 1532705 Troll Magnet
Troll Magnet's picture

I went out and bought 8 separate dime bags of all different kinds of hash on Friday.  Medical Cannabis, bitchez!!!

Now I'm ready to sit back and watch everything go up in smoke.  

Shit.  That reminds me.

I forgot to stock up on Doritos!

Sun, 08/07/2011 - 12:11 | 1532748 WestVillageIdiot
WestVillageIdiot's picture

Doritos, Twizzlers and Cherry Garcia ice cream.  I considered that "the trinity" when I was a younger man. 

Sun, 08/07/2011 - 12:26 | 1532809 Manthong
Manthong's picture

<< Fireworks

<< Skydiving

Got a case of cold ones in the fridge for the show tonight.

I just don't know which one will be on.



Sun, 08/07/2011 - 12:26 | 1532810 Troll Magnet
Troll Magnet's picture

Thankfully, Chipotle is just around the corner from my house as is Baskin & Robbins.  

Sun, 08/07/2011 - 12:16 | 1532769's picture

Dave's not here, man.

Sun, 08/07/2011 - 12:25 | 1532811 caerus
caerus's picture

he says his name is "RAAAALPH"

Sun, 08/07/2011 - 12:22 | 1532798 tsx500
tsx500's picture

rock on !  what time should i be over today ?!?!

Sun, 08/07/2011 - 12:38 | 1532853 infinity8
infinity8's picture

too bad Asia doesn't open at 4:20 - :o

Sun, 08/07/2011 - 12:43 | 1532871 yabyum
yabyum's picture

Dope will get you through times of no money, better than money will get you through times no dope..........Fat Freddy

Sun, 08/07/2011 - 13:05 | 1532958 perchprism
perchprism's picture


ROLMOL <-----Rolling on the floor meowing out loud. ----  F. Frederick Skitty

Sun, 08/07/2011 - 13:42 | 1533103 cossack55
cossack55's picture

I may be persuaded to part with a couple of my MINT condition Freak Bros. for the right price (PMs only accepted). Also have some Grunt mags from late 60s, early 70s.  They used to be "dted". LMAO

Sun, 08/07/2011 - 11:29 | 1532568 Missiondweller
Missiondweller's picture

Put a big order with them Friday night thinking they might do this!


What a relief!

Sun, 08/07/2011 - 12:00 | 1532695 tmosley
tmosley's picture

Same here, though I didn't expect them to shut down their orders.  I was and am expecting a huge upward move in silver and gold on the open, though it may in fact be transitory, as the COMEX will do everything in it's power to stop the rise, going as far as ordering liquidation only.  At that point, you can expect decoupling.

But maybe they won't decouple.  Either way, I wouldn't want to own a paper claim right now.

Sun, 08/07/2011 - 12:08 | 1532727 Josh Randall
Josh Randall's picture

Right - expect the Morgue to fight, $38 is a great buying opportunity for Physical Silver, but 35 is better. I am expecting swings from $41 - 35 next week with market drones hanging on every word from Europe and market movers Buffett, Cramer, and LIESMAN

Sun, 08/07/2011 - 12:11 | 1532747 tmosley
tmosley's picture

$35 is great, except when there is none available at that price.  You know, like right now.

This is a precedent.  This won't be the last time it happens.  I would expect them to move to a model where they only take orders while the market is open, then to a model where they simply set prices themselves based on demand (ie decoupling).

FYI, I am expecting swings between $0 and $UNDEFINED.  Maybe not next week, but soon.

Sun, 08/07/2011 - 12:12 | 1532756 WestVillageIdiot
WestVillageIdiot's picture

Liquidation is a key word.  I would guess there are many people liquidating in their shorts in my area right now.  I think I will have pizza for dinner and enjoy the wait. 

Sun, 08/07/2011 - 12:41 | 1532862 Fred Hayek
Fred Hayek's picture

Same here. At some point it will become very very difficult for the average person to get a hold of PM's.

I can't help but feel a lot of ambivalence about how the powers that be have run things recently. It's enabled me to purchase much more than I would have been able to had there been honest prices discovery of the PM's. But I'm impatient to see what I own reach its true value.

Sun, 08/07/2011 - 12:53 | 1532917 Ahmeexnal
Ahmeexnal's picture



I'm impatient to see what I own reach its true value.


PMs do not "reach their true value", since they ALWAYS have their true value.

It is fiat money that will reach it's true value. 6 feet under.

Sun, 08/07/2011 - 11:31 | 1532574 Doyle Hargraves
Doyle Hargraves's picture

BWAHAHAHAHA!!! There is always UST's, I heard they were safe Bitchez!!! (heavy sarc)

Sun, 08/07/2011 - 11:34 | 1532586 onlooker
onlooker's picture


EXCELLENT REPORT--- maybe theyare looking at the upside for silver


Sun, 08/07/2011 - 12:06 | 1532722 DosZap
DosZap's picture

No, they are looking to BANG the gong, and make even more ridiculous margins..........

I stopped using them because they are usually one of the most expensive places to do business.

Their key to sucess is Fast shipping, and a great selection..............

Other than that, I put them near Goldline status.( Of course this is just my opinion)

Sun, 08/07/2011 - 11:35 | 1532589 dwdollar
dwdollar's picture

Ah yes...  the Federal Reserve and price stability.  Aren't they doing a wonderful job?

Sun, 08/07/2011 - 11:59 | 1532692 Bam_Man
Bam_Man's picture

Almost as good a job as they are doing on the "full employment" thingy.

Sun, 08/07/2011 - 11:35 | 1532594 Troll Magnet
Troll Magnet's picture

You can still order from Gainesville Coins, Provident Metals, Tulving and various other places.  Besides, who would ever buy from APMEX anyway?  Their prices are outrageous!   

Sun, 08/07/2011 - 11:43 | 1532631 UGrev
UGrev's picture

^thread winner

Sun, 08/07/2011 - 11:47 | 1532649 whaletail
whaletail's picture

Additionally, google map APMEX's physical address in Oklahoma City. There is a surprise waiting for you if you do...

Sun, 08/07/2011 - 12:05 | 1532711 Good To Great
Good To Great's picture

Holy crap -- Federal Reserve Bank at that address, and building for lease signs up??  WTF.


Love my local coin shop.

Sun, 08/07/2011 - 12:13 | 1532761 tmosley
tmosley's picture

It's not the Federal Reserve Bank, it's the FORMER Federal Reserve Bank BUILDING.  Ie, a building built for maximum security.  Locating there was a great choice.

And they HAVE to bank with a TBTF.  Their cash flow is so huge that there is no other choice.  If not JPM, then Wells, or Citi, etc.

Sun, 08/07/2011 - 12:38 | 1532850 whaletail
whaletail's picture

tmosley-makes a brotha nervous, though.

Sun, 08/07/2011 - 12:49 | 1532892 tmosley
tmosley's picture

You are nervous about the wrong things.  Rather, you should be concerned with the paper trail you leave by ordering from ANY online retailer.  If you think that is a problem, you shouldn't be buying online anyways. 

Sun, 08/07/2011 - 12:17 | 1532765 jon
jon's picture

i thought he was pointing out the US bankruptcy court across the street. it's only visible at a certain zoom level, apparently. APMEX began leasing that ex-FRS building in 2010.

Sun, 08/07/2011 - 12:42 | 1532866 Uncle Remus
Uncle Remus's picture

Apmex WAS a local coin shop in Edmond, OK (under a different name) until they weren't as I discovered one day a couple of years ago when stopping for some PM. As I am in OKC many times a month, I called to see if I could conduct my business mano-a-mano - no dice - use the website.

Sun, 08/07/2011 - 12:46 | 1532881 yabyum
yabyum's picture

Indeed props to the local shops, they know and love you.

Sun, 08/07/2011 - 13:51 | 1533161 DoChenRollingBearing
DoChenRollingBearing's picture

+ $1660 to the coin shops.  

Almost all of my purchases (for decades) have been at the lcoal coin shops.  If your purchase is not big, you can even not get a receipt...  Or at least with your name on it.

But, lately with the big runup in gold, I have been keeping my receipts, as evidence of buying at an ever higher cost basis.  Higher and higher.  Reason: bogus 28% cap gains tax on selling gold (a "collectable" not and "investment").

Of course, if you NEVER SELL it, no tax...

Sun, 08/07/2011 - 12:05 | 1532716 Troll Magnet
Troll Magnet's picture

And those fuckers (APMEX) bank with JP Morgan.  

They're not getting my business anytime soon.

Sun, 08/07/2011 - 12:12 | 1532757 DosZap
DosZap's picture

What?, Bank w/ the JPM?............just one more reason I woke up, and ceased purchases from these clowns.

Sun, 08/07/2011 - 11:37 | 1532606 pops
pops's picture

There's always eBay.


Sun, 08/07/2011 - 12:07 | 1532728 SonnySkyy
SonnySkyy's picture

ASE's under $45 a pop, free shipping, all you can eat.

Sun, 08/07/2011 - 12:58 | 1532933 RockyRacoon
RockyRacoon's picture

...and this is a good seller.   So, all you eBay whiners have no beef with these folks.   Ayden Jewelers sell a hell of a lot of Eagles, and they have a brick-n-mortar store.   I've bought from them many times and they are the best.

Sun, 08/07/2011 - 13:14 | 1532992 SonnySkyy
SonnySkyy's picture

Ayden's the only place to get ASEs on eBay. I don't even mess with any other sellers.

Sun, 08/07/2011 - 11:38 | 1532612 billhilly
billhilly's picture

Saw this happen yesterday when they raised the bid/ask AND the premiums on Au and Ag.  And here I thought I was gonna be some slick fucker and slide in an order prior to the open.

Signed, just another foolish billhilly

Sun, 08/07/2011 - 13:55 | 1533181 DoChenRollingBearing
DoChenRollingBearing's picture

Ah, such is life.

But, you seem like the kind of guy who really is not hurtin'.


Just for anyone interested, right there   ------->

is an ad from Apmex!  Buy American Silver Eagles  Buy Online Now!


Sun, 08/07/2011 - 11:39 | 1532617 DoctorGold
DoctorGold's picture

Could someone please explain to me what this means? I really don't know.

Sun, 08/07/2011 - 11:42 | 1532629 Habecki
Habecki's picture

Just means they don't want to take orders right now at the current spot price because they anticipate volatility at the open of the metal markets at 6:00est tonight. 

Sun, 08/07/2011 - 12:17 | 1532775 JLee2027
JLee2027's picture

Could the smart money have been planning to buy say 100,000 ounces at current and flip it back to them at 6:00 pm tonight?

Sun, 08/07/2011 - 11:44 | 1532638 Biosci
Biosci's picture

On the off chance you're being serious, "Dr. Gold,"  I'd say it  means that no one on the planet knows what the market price for PMs is right now.

Sun, 08/07/2011 - 12:40 | 1532859 scatterbrains
scatterbrains's picture

If the S&P down grade issues in an era of cut backs, rising taxes and general all around austerity then I'd think 5 dollar silver not 50 but they'll probably print. The last ten days silver has come back in line with copper while gold has drifted higher... is there a spread trade to be had in here?

Sun, 08/07/2011 - 11:49 | 1532661 Smiddywesson
Smiddywesson's picture

It means the dollar is sliding over the cliff.

PM vendors are the canaries in the coal mine.  They feel the effects of currency destruction first, and can't do business.  They hedge their stock, but when things get too crazy they can't get supply or accurately price their merchandise.  This is also the case with farmers who also hedge, but are tempted to withhold their produce when prices move fast due to currency destruction.  When the PM vendors shutter their windows, look out.

Sun, 08/07/2011 - 11:41 | 1532619 DaBernank
DaBernank's picture

€, with its glorious 12-year history, is definitely transitory.

Glad I've been trading paper for physical at the Austrian mint since the drop in 2008.

Sucks we have a 20% VAT on AG here.

Sun, 08/07/2011 - 11:47 | 1532654 geminiRX
geminiRX's picture

Buy it in another country

Sun, 08/07/2011 - 12:05 | 1532717 TJ00
TJ00's picture

Coin Invest Direct will allow to pick up in Germany with 7% VAT or ship via a courier that you arrange.

Sun, 08/07/2011 - 11:40 | 1532620 lostintheflood
lostintheflood's picture

well that answers my question...

Sun, 08/07/2011 - 11:41 | 1532624 Prepared
Prepared's picture

means that they are selling a shitload of PM order's this weekend...current prices are based on Friday's close and they KNOW what's gonna happen in the Asian markets.  Parabolic baby, to the moon!!

Sun, 08/07/2011 - 11:44 | 1532635 Captain Benny
Captain Benny's picture

I watched sales on Saturday throughout the day and noticed quite a number of small orders for gold going through, but then what surprised me was I saw a nice set of 20x 100ozt bars of englehard sold in a single order.  Within a few hours they sold a number more 100ozt bars, so yes... sales were good yesterday.

Sun, 08/07/2011 - 11:42 | 1532626 Chuck Yeager
Chuck Yeager's picture

Even PM's might suffer in a flight to....oh yeah that right, THERE IS NOWHERE ELSE TO HIDE!

I myself have fled to things that have intrinsic having a beer with friends & sharing a laugh with my family.  Living in the moment and knowing that on a long enough timeline, the survival rate drops to zero is a good way to struggle through this odd period in human history.  Historic times we live in.  Historic, Bitchez!

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