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APMEX shuts down

Wolf359Wolf359 Posts: 7,656 ✭✭✭
in Precious Metals
Will there be an explosion in price tonight?

Apmex Is On Hiatus Until Asia Open, Or Why You Better Already Have All Your Physical By Now..
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  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    Interesting. Guess they're waiting for a huge swing up..?
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    Wow!

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    In one blog I read Monex was telling customers they are sold out this weekend.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • OnlyGoldIsMoneyOnlyGoldIsMoney Posts: 3,359 ✭✭✭✭✭
    This tells me more than anything else that we're looking at a huge spike tonight.

    I expect a wild week. Expect margin increases and carpet bombing paper PM selling by the big boys.
    NO END IN SIGHT LIB $2.50'S CAC ONLY
    https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
  • CoinCoinsCoinCoins Posts: 698 ✭✭✭
    interesante image
  • MsMorrisineMsMorrisine Posts: 33,019 ✭✭✭✭✭
    when was the last time they did a margin increase for silver?

    what price was silver @ ??




    Silver was once at near $50, and now it is less than $40. I don't see them doing a margin increase for silver at least. Gold is a different story.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • WingsruleWingsrule Posts: 3,010 ✭✭✭✭
    Sounds like nothing more than greed, I mean "capitalism" on Apmex's part.

    Also, look at the spot prices they are showing on their website:

    Metal Bid Ask
    Gold $1,679.80 $1,684.80 $26.80
    Silver $38.95 $39.15 ($0.34)
    Platinum $1,731.50 $1,741.50 $12.10
    Palladium $751.00 $756.00 $1.00

    Updated:8/6/2011 11:30:00 AM CST

  • derrybderryb Posts: 36,793 ✭✭✭✭✭


    << <i>when was the last time they did a margin increase for silver?

    what price was silver @ ??




    Silver was once at near $50, and now it is less than $40. I don't see them doing a margin increase for silver at least. Gold is a different story. >>


    Their bag of tricks to spank the price is growing thin. I suspect it will take something new to be effective. Maybe a special metals sales tax?

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • goingbrokegoingbroke Posts: 1,410
    I guess its about time I posted more Gold on the BST!
    Many successful BST transactions ajia
    (x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
    mariner67, and Mikes coins
  • dragondragon Posts: 4,548 ✭✭
    Perhaps APMEX is simply concerned with speculators placing huge PM orders and then not honoring them depending on what happens?
  • MsMorrisineMsMorrisine Posts: 33,019 ✭✭✭✭✭
    they probably can't hedge their sales and may be noticing a sales surge.

    they have a policy on cancelling orders: you can't.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derrybderryb Posts: 36,793 ✭✭✭✭✭


    << <i>Perhaps APMEX is simply concerned with speculators placing huge PM orders and then not honoring them depending on what happens? >>



    image

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • CoynCoyn Posts: 194
    << Perhaps APMEX is simply concerned with speculators placing huge PM orders and then not honoring them depending on what happens? >>

    Thats my thought

    They place a huge buy order at Dealer A and a huge sell order at Dealer B, honor the winner and dump the loser. I'm sure its happened plenty times before. Bullion direct still has the "exchange " happening but if theres a huge move whats to force a seller/buyer to complete the deal??

  • WingsruleWingsrule Posts: 3,010 ✭✭✭✭
    APEMX does have their "market loss" policy that is considered part of every order. I believe a few people here on the boards have been 'caught' by that in the past.

    Either way, I would buy from Tulving if I were in the market. Better pricing by far.
  • WingsruleWingsrule Posts: 3,010 ✭✭✭✭
    Silly me. It must be that thing my parents taught me about honoring my word, even if it hurts once in awhile.
  • 57loaded57loaded Posts: 4,967 ✭✭✭
    has there been a thought that the PM market may crash?

    then there would really be a buying spree, right?

  • MilesWaitsMilesWaits Posts: 5,349 ✭✭✭✭✭
    Tulving and Gainesville remain in the game On Every Sunday so APMEX might feel a bit more of the inside track!?

    How exciting this year has been. I thought 2010 was intense. I think 2012 will be off the charts.

    Miles
    Now riding the swell in PM's and surf.
  • 57loaded57loaded Posts: 4,967 ✭✭✭
    contrary to my post above MilesWaits

    who knows? (rhetorical question)
  • MilesWaitsMilesWaits Posts: 5,349 ✭✭✭✭✭
    Good catch 57loaded: from the article.......

    APMEX, and perhaps other metals dealers realized that the chances of a run by consumers over the weekend for gold and silver could have actually cost them millions of dollars, especially if global prices open up vastly higher on Sunday evening. Speculations are rumored to be potential increases over $100 in gold, and $50 in silver, dependent upon reactions in both Asia and Europ.

    With APMEX closing down operations for the weekend in fear of the ramifications of the US ratings downgrade, the industry expectation of the price of gold and silver once the global futures markets open on Sunday show that nearly everyone in the industry believe that the opening price will be extremely different than when the markets closed on Friday.
    Now riding the swell in PM's and surf.
  • MsMorrisineMsMorrisine Posts: 33,019 ✭✭✭✭✭
    but NY markets generally move the PMs the most.

    We'll have to wait until NY time to see the real action.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MilesWaitsMilesWaits Posts: 5,349 ✭✭✭✭✭


    << <i>but NY markets generally move the PMs the most.

    We'll have to wait until NY time to see the real action. >>



    OK. I am patient as MilesWaits.
    Now riding the swell in PM's and surf.
  • JCMhoustonJCMhouston Posts: 5,306 ✭✭✭


    << <i>Silly me. It must be that thing my parents taught me about honoring my word, even if it hurts once in awhile. >>



    And you recommend WHO for buying PM's?
    JCM-Houston
    World Collection
    British Collection
    German States Collection
  • jmski52jmski52 Posts: 22,822 ✭✭✭✭✭
    << but NY markets generally move the PMs the most.

    We'll have to wait until NY time to see the real action. >>


    Knowing what we know about the PPT, I think that tomorrow's action in gold might very well look like this, with 10:00AM Eastern Time being the peak:

    image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • gimli89gimli89 Posts: 121
    Thought I would check the bay this afternoon to see if any extra action on pms and found one seller selling new10ozers for $420 ea. Seems to have sold 5-10 a day up til today and boom hes selling 5-10 an hour now. not in any way associated with seller.
  • MilesWaitsMilesWaits Posts: 5,349 ✭✭✭✭✭
    Nice peak shot Jmski! Could you also invert that photo for the Asian session?

    Miles
    Now riding the swell in PM's and surf.
  • WingsruleWingsrule Posts: 3,010 ✭✭✭✭
    And you recommend WHO for buying PM's?

    JCM - not sure if there is some hidden meaning in this message. Perhaps there are some historical things I am not aware of. Care to expound?
  • pakasmompakasmom Posts: 1,920 ✭
    I'm pretty sure JCM is referring to some of Tulving's past business practices, Wings.

    Sorry I don't know how to provide a link.
  • cladkingcladking Posts: 28,636 ✭✭✭✭✭
    +82c
    Tempus fugit.
  • Coins101Coins101 Posts: 2,602 ✭✭✭
    Silver is up a little but look at Gold! It looks like it will go over $1,700 in minute!

    APMEX is back on-line selling.
  • MsMorrisineMsMorrisine Posts: 33,019 ✭✭✭✭✭


    << <i>+82c >>




    there was a ~70c price change in just a few minutes.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • KonaheadKonahead Posts: 1,476 ✭✭✭
    Hair away from $1700
    PEACE! This is the first day of the rest of your life.

    Fred, Las Vegas, NV
  • 1970SilverArt1970SilverArt Posts: 482 ✭


    << <i>Hair away from $1700 >>



    Yep. $1696.30 is the current high so far for gold with plenty of time left tonight into tomorrow.
    DISCLAIMER: I am NOT a '70's silver art bar expert but I try my best to play one on the Internet.
  • KonaheadKonahead Posts: 1,476 ✭✭✭
    Ampex selling gold eagles at $1792/oz. image
    PEACE! This is the first day of the rest of your life.

    Fred, Las Vegas, NV
  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Sounds like nothing more than greed
    And choreographed to boot. image
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • CaptHenwayCaptHenway Posts: 32,116 ✭✭✭✭✭


    << <i>Sounds like nothing more than greed, I mean "capitalism" on Apmex's part.

    Also, look at the spot prices they are showing on their website:

    Metal Bid Ask
    Gold $1,679.80 $1,684.80 $26.80
    Silver $38.95 $39.15 ($0.34)
    Platinum $1,731.50 $1,741.50 $12.10
    Palladium $751.00 $756.00 $1.00

    Updated:8/6/2011 11:30:00 AM CST >>




    Ahh, don't get yer undies in a knot. We've been saying for 48 hours that we have no idea what was going to happen on the open. If they were getting a ton of orders and could not cover in any market, cutting off sales was not unreasonable.

    image
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • CoynCoyn Posts: 194


    << <i>I'm pretty sure JCM is referring to some of Tulving's past business practices, Wings. >>



    I bought a lot from them at good prices and never a problem.

  • MoneyLAMoneyLA Posts: 1,825 ✭
    It make sense that in the face of uncertainty and possible panic that a company would hold off on taking orders over the weekend.

    This is why many stock market traders will unload on Friday pending weekend developments -- they don't want to be caught by news.

    Same thing with the metals traders.

    When the markets are trading normally again Monday morning, and the dealers know what the "spreads" are they can be back to business.

    Its when you don't have an accurate idea of "spreads" that you don't do business.

    It's like that in many industries.

    In TV (my business) I can't accept orders for commercial time for December because I don't know what the TV stations will be charging in December -- because they won't announce their rates until late September.
    Cheers, Alan Mendelson
    www.AlanBestBuys.com
    www.VegasBestBuys.com
  • WingsruleWingsrule Posts: 3,010 ✭✭✭✭
    Alan,

    I can understand that. But don't display your website is open 24/7/365 and then shut it down all of a sudden because of some uncertainty. You state a known fact about the September / December rates.

    If you are worried about getting stuck with inventory, take orders for what you have and when you run out, you run out.

    I don't see this as them being afraid of a "run on the bank". IMO, I see this as a money grab; "let's not sell until prices go up and we can open up the spreads and make even more money". Maybe I'm wrong.

  • Coins101Coins101 Posts: 2,602 ✭✭✭
    You would think the wouldn't take orders on weekends then, period!
  • derrybderryb Posts: 36,793 ✭✭✭✭✭
    APMEX apparently has "circuit breakers" in place. image

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

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