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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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?

Re-Discovery's picture

No.  Absolutely Impossible.  THAT WILL NEVER HAPPEN.

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

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...

BaBaBouy's picture

 

TYLER...

 

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:

 

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/8/6_Ji...

bernorange's picture

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

http://www.tfmetalsreport.com/comment/26932#comment-26932

bigkahuna's picture

www.gainesvillecoins.com

 

 

they are currently open for business

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. 

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...

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.

Bananamerican's picture

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

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.

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

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.

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.   

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

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)

cossack55's picture

You may wish to raise your expectations.

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?

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.

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! 

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.

medicalstudent's picture

@Nate H

 

well said. and very incisive. but.

 

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

 

first:

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.

 

second:

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.)

janus's picture

you seem like a smart kid...so 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 it...you 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.

janus

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

 

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.

 

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.

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.

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.

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.

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.

Cleanclog's picture

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

Ahmeexnal's picture

Good thing coinshops open on sunday.

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.

 

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. 

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...

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. 

DosZap's picture

Pegasus ,

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

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:
www.tulving.com/goldbull.html

^^^^^^^^^^^^^^^^^^^^^^^

Smaller orders than the Tulving minumums use bank transfer :
www.gainesvillecoins.com/

^^^^^^^^^^^^^^^^^^^

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.

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.

au_bayitch's picture

@cossack55   - R U 2 from the Winchester area? The ASE prices are reasonable. Compare their prices to those listed at www.goldshark.com. 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.

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 "

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 "

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....

THERE WAS AN ERROR PROCESSING YOUR CREDIT CARD:

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.

 


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.

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?

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.