Still no quantities of Silver
7over8
Posts: 4,733 ✭✭✭
to be found at any major wholesaler........
something smells in the Silver Market!!!!!!
I've never seen this happen before in my 30 years of following the silver market - this didnt even happen in 79/80, or even after the 80 crash....
this was no crash...........what is going on..........
something smells in the Silver Market!!!!!!
I've never seen this happen before in my 30 years of following the silver market - this didnt even happen in 79/80, or even after the 80 crash....
this was no crash...........what is going on..........
0
Comments
Hmmmm.
roadrunner
I think a lot of coin dealer got caught in the same way and thus are sitting on stock until this "correction/manipulation" subsides... Been a busy weekend for the banks as well- Lehman and Sachs had some things going on Friday AH and thus we may see pressure on Monday- Hoping Sunday night we get a push from Asia and hoping Bernake/Paulson shut their traps about the FEDS purchasing bad mortgages and absorbing them... lets hope....
but no quantities of silver
Seriously, no joke, there is almost nothing to be had in silver.........some 90% here and there, a few one ounce bars, but nothing substantial
From the sources I know there was no "pulling" of products (silver)
it's not in stock at all
much is going offshore real fast, and that accelerated last week Tues-Fri.
I knew it would happen.
ZeroHedge makes debut at White House press corps briefing
<< <i>What does all this "lack of actual silver"mean, or what will it mean? Are we going to find out in short order some really ugly economic secrets about major banks and so forth that will decimate the dollar, making only precious metals valued??? >>
This is my take. There are large bets or forecasts of very high inflation down the road and a continued exit out of the dollar. So I'm thinking the sell off in commodities last week is short lived.
YES!!!!!!!!!!
"...that will decimate the dollar, making only precious metals valued???"
NO!!!!!!!!!!!!!!!!!!!!!!!!!!!
<< <i>Are any legitimate industrial users complaining? All that has been mentioned on this and other threads relates to speculators. >>
Industrial users for the main part are said to have very low inventories at the current time.
<< <i>What does all this "lack of actual silver"mean, or what will it mean? Are we going to find out in short order some really ugly economic secrets about major banks and so forth that will decimate the dollar, making only precious metals valued??? >>
I suspect it's silver bulls getting out of the paper and into metal. There are millions
of ounces of paper silver in the market and there isn't enough silver to back it all. As
this knowledge becomes more widespread bulls want metal. With at least 400 million
ounces of paper on the market if a significant percentage of this moves to metal there
won't be enough to cover it all. Prices must surge if this happens and the shorts will
be wiped out.
However, I suspect that for the right price it can still be had.
I'm going to confirm this on Monday.
Most B&M shops here closed down for a 3 day weekend along with Good Friday, that's never happened in my memory.
Something is afoot, but right now all I can do is speculate.
Maybe we'll be seeing $30 silver in a few weeks, right now that wouldn't surprise me, but again, that's only speculation.
Perhaps it's true rarity is about to become more public than has been previously known, again that's only speculation at this point.
There certainly isn't any scarcity of gold and there was a short time back as it shot up towards to 1K/oz.
This is the oddest thing I've encountered in the metals market in my life. One thing is certain, I've stopped selling and I was buying and selling strong till very recently, still have a check due from the last batch I shipped. Till I know more, I'm just not going to part with any unless I know I can replace it.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
<< <i>It's the same situation all over Houston.
However, I suspect that for the right price it can still be had.
I'm going to confirm this on Monday.
Most B&M shops here closed down for a 3 day weekend along with Good Friday, that's never happened in my memory.
Something is afoot, but right now all I can do is speculate.
Maybe we'll be seeing $30 silver in a few weeks, right now that wouldn't surprise me, but again, that's only speculation.
Perhaps it's true rarity is about to become more public than has been previously known, again that's only speculation at this point.
There certainly isn't any scarcity of gold and there was a short time back as it shot up towards to 1K/oz.
This is the oddest thing I've encountered in the metals market in my life. One thing is certain, I've stopped selling and I was buying and selling strong till very recently, still have a check due from the last batch I shipped. Till I know more, I'm just not going to part with any unless I know I can replace it. >>
This situation is potentially explosive. Don't be surprised to see silver
down sharply on Monday, even 2 or 3 dollars an ounce, and supplies to
tighten much further.
The amount of money in the world simply dwarfs the amount of silver.
Users have no choice but to acquire the metal or shut down billions of
dollars worth of plant and equipment. Living hand to mouth with supplies
is advantageous until the hand comes up empty.
<< <i>
This situation is potentially explosive. Don't be surprised to see silver
down sharply on Monday, even 2 or 3 dollars an ounce, and supplies to
tighten much further.
The amount of money in the world simply dwarfs the amount of silver.
Users have no choice but to acquire the metal or shut down billions of
dollars worth of plant and equipment. Living hand to mouth with supplies
is advantageous until the hand comes up empty. >>
I dont understand, if there is a shortage of silver that is going to be exposed, or the 'big boys' know about it and are starting to stockpile it, why would it drive the price DOWN 2-3 dollars???
<< <i> I dont understand, if there is a shortage of silver that is going to be exposed, or the 'big boys' know about it and are starting to stockpile it, why would it drive the price DOWN 2-3 dollars??? >>
That's because the "big boys" are the ones who are shorting it in the futures market. They have been doing it for decades.
<< <i>
<< <i>
This situation is potentially explosive. Don't be surprised to see silver
down sharply on Monday, even 2 or 3 dollars an ounce, and supplies to
tighten much further.
The amount of money in the world simply dwarfs the amount of silver.
Users have no choice but to acquire the metal or shut down billions of
dollars worth of plant and equipment. Living hand to mouth with supplies
is advantageous until the hand comes up empty. >>
I dont understand, if there is a shortage of silver that is going to be exposed, or the 'big boys' know about it and are starting to stockpile it, why would it drive the price DOWN 2-3 dollars??? >>
If the shorts suspect they're about to go down they'll pull out all the stops to try to save their positions. They'll print more paper then the market can absorb because they have nothing to lose.
<< <i>If the shorts suspect they're about to go down they'll pull out all the stops to try to save their positions. They'll print more paper then the market can absorb because they have nothing to lose. >>
Ok, but there has to be a table-turning "short-squeeze", although I have no clue how that is played in commodities, I do know how its done equities-wise.....one can make a pretty tidy some if you are on the right side........
In honor of the memory of Cpl. Michael E. Thompson
They BOTH were struggling to purchase the amounts they wanted, hoping that customers would sell, as they typically do during such a larger turndown in price...surprise...no one did!
So, what happens next? I haven't been here before and am surprised many that have been here are shocked also.
Miles
Silver would have to reach 75 an OZ for me to even consider selling.
I'm lucky that I didn't have it back in 79/80 or it would have been melted.
In today's world Id rather have the sets then the cash.
One set i date to the 20's the other the early 50's
Not sure if this has anything to do with this thread, just thought I'd throw it out there.
Steve
<< <i>Neither of my local dealers would sell at anywhere NEAR the lowered prices. They remained glued to the spot price of near $20, plus applicable premium, for selling.
They BOTH were struggling to purchase the amounts they wanted, hoping that customers would sell, as they typically do during such a larger turndown in price...surprise...no one did!
So, what happens next? I haven't been here before and am surprised many that have been here are shocked also.
Miles >>
I've been predicting for years that this day was coming. Of course that's assuming that
this is really it. Bulls can get spooked and run for the exits and the day will be delayed
for another indefinite period of time.
Essentially this is just the comeuppance for those who think they can fool mother nature.
It's impossible to forever take more out of a bowl than is put in it. Eventually it will run dry.
This isn't actually the bowl running emty that's happening it's people seeing that it's going
to happen and wanting in on it. This is really quite important; some may consider these peo-
ple opportunists but in fact they are preserving silver for future usage. They may not be al-
truistic but what does it matter ultimately when people who still need silver in 50 years can
actually buy it.
While silver demand is in a parabolic increase and inelastic to price there will still be an effect
on demand if the price increases substantially. There will still be some seeking of alternatives
which will preserve more silver yet.
It's inertia that has created this situation and it should be an interesting few weeks as silver
finally really gets off the dime.
This time it isn't going to be swept under the carpet like it was with nickel.
Look for a couple major institutions to be taken down and more federal action
to prop things up. All this will continue to be inflationary but will be less massive
than the credit problems. Watch for a run to gold and a necessity for the regulators
to restore confidence in the futures markets and finabcial system in general. There
might be some significant fallout at the regulatory agencies if any major institutions
fail.
We'll muddle through, gold will run toward $1500, and inflation will go higher.
"I am sorry you are unhappy with the care you recieved, is their anything I can do for you right now, how about some high speed lead therapy?" - A qoute from my wife's nursing forum
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." – Thomas Jefferson
///////////////////////////////////////////////////////
Nope.
Folks should just keep their powder dry, until the shorts
have done their thing.
Jason
///////////////////////////////////////////////////////
Ditto. Lots of Green Monster Boxes, bars, 90%/40%, all over the
places I go. They just want last Monday's price for it.
There is no reason for dealers to dump stuff at the lower price,
unless they are going underwater. Most are still in the green,
or just a little red. They are gambling it will gap up.
If it keeps tanking, more will be inclined to dump their stash.
If it gaps up, they will sell it to little retailers who will ride it
down to where the shorts want it to be.
Who knows why physical silver is sold out? Surely there are millions and millions of ounces accumulated in households across America in the form of silverware, jewelry, old coins, silver 1 oz bars and various other little bars, rounds and commerative silver trinkets that people could sell in a moment's notice if silver rose in price high enough.
Then again, silver has made the best gains in 2007 and 2008 and it has a lot of momentum to attract buyers as a viable investment. Perhaps people have decided to hold onto the silver they do have, and to accumulate more.
When silver was $4.50 an ounce and languished at that price for years, I hated the stuff. Now that it is pushing $20.00 It is the most beautiful metal in the world. Such is human nature.
Tyler
Sounds like people should be buying paper.
there is NO LARGE QUANTITIES TO BE HAD ANYWHERE,
the MAJOR wholesalers are OUT as in SOLD OUT.
Did you read the opening comment on this thread? This includes the large dealers people have been quoting thoughout the thread, just try and get an order filled for any quanitity over 10 oz.....of junk silver....at your local B&M shop
we just need a big player on the LONG side of the trades in futures to require DELIVERY. That'll be the end.
take a look at the news at www.silverseek.com
you may find small stashes around like MUSCA has pointed out (125 bars) probably 125 oz total -
that DOES NOT MAKE FOR A LARGE QUANTITY AT ALL*********
that type of quantity EVAPORATES at my B&M once the first person steps to the counter after the dealer acquires it
we are talking about MAJOR WHOLESALERS that ARE SOLD OUT.
I might have bought myself a real headache...
<< <i>we are talking about MAJOR WHOLESALERS that ARE SOLD OUT. >>
If I had just bought large quantities at $20 I'd be telling people I was sold out too.
They might be waiting for it to go back up.
I have no doubts that local shops far away from the major hubs might have tens of thousands of ounces of silver readily available. The supplies in Mayberry, NC would not matter imo. I'd be more concerned about what's happening in shops in Houston, Dallas, LA, Boston, Philly, NY City, Chicago, etc. Inputs from those places??
With the leverage that major commercial shorts have on the silver market, if decoupling of futures and spot prices isn't occuring today, it is only a matter of time before it does finally occur.
If I had just bought large quantities at $20 I'd be telling people I was sold out too. They might be waiting for it to go back up.
These are businessmen who need to conduct business to survive. Why not just tell the customers the truth that you want "X" dollars today for the silver because that's what you need. This line of being out of silver makes no sense to me. Do coin dealers hide all their stock as the market corrects and tell their customers "I'm all out of those?" I can see Contursi telling a client that I'm all out of SP66 1794 silver dollars at the moment. But I'll let you know when I get more in.
roadrunner
please be aware that the major wholesaler IS THIER BREAD AND BUTTER - THEY PAY THEY HIGHEST PRICE (save for the retail customer walk in) AND THEY ARE ONLY A USPS FLAT RATE BOX AWAY!!!!!!!
There are major east coast wholesalers that are completely OUT. I've also heard many of the major buyers have been offshore in Asia and Europe.
For those of you who have B&M stores with .999 bars and 90% coin silver in QUANTITY that want to sell at current market - please PM me....
And just to let you know - THERE ARE PROBABLY THOUSANDS OF OTHERS WHO WILL LINE UP RIGHT BEHIND ME.
I will tell you that I have called the major firms, I also know contacts inside these firms and other regional dealers who have sold vast quantities to these firms, they all had a voracious appetite for silver over the lat 2-3 weeks.....
What I can say for certain is - I have NEVER in 30 years of following silver - even through the boom/bust of 79/80 - have we EVER experienced this situation where major wholesalers are OUT OF SILVER......
These guys dont get caught with thier pants down, they pre-sell into the rise and deliver, they do not like to stock much inventory, especially when you have a sharp rise as in the last 2 weeks.
It is VERY BELIEVABLE that they are out of quantities. Can they have a little held back that they didnt move beofre the pull-back? Probably. But nothing in quantity.
I think most people that were selling their silver, were selling at the higher price $19-20. That brought a slew of sellers out the the woodwork.
Now we all know that silver dealers buy under value, and offer you a 'deal' say for a large book of coins, etc. - like I saw this one dood bring into my local BM.
So even tho, they wouldn't lose money by selling the silver now, they are not wanting to sell it because it would not turn 'as large of' a profit.
Even if they 'did' lose a little bit and sell it for under what they purchased it, surely they would break even when averaging in what they were selling at 19-20 that they had earlier purchased for 15-16, and even 17-18. So I really don't feel for the dealers right now, because they always make a profit. That is why they are hiding their silver from you and me, and keeping it for 'their' stash', until things look up.
(Edited to add: or selling for high prices/high minimum, etc.)
I had a feeling something like this was happening when I reported this last wk.:
apmex akin to us mint
I do think that a lot more people have also been coming out of the woodwork to buy, and take possession of their paper silver once the S started hitting the fan regarding bank failure, bailout, etc., etc. All the talk of recession - people want their stuff - and you can not blame them.
It is possible that it may go down a tad bit more - for whatever reason (not scarcity) - BUT it will go back up again in the near future, unless something really weird happens - and while a LOT of weird things have already happened - I do think it could get much, much stranger, indeed.
hold on to your tin foil hats, guys!