Do you recall a drought like this?
Weiss
Posts: 9,941 ✭✭✭✭✭
If I'm looking at the charts correctly, the market started down 2 weeks ago tomorrow (04-10-13), and the bottom fell out on the 12th.
My dealer has a small but constantly turning inventory. He's not holding back anything--he just doesn't have a single thing.
He thinks he's getting in 200 eagles later this week. Money talks, but he mentioned $30 each. I'd have a hard time paying that if silver was $29.50. But I'm a bottom feeder, and I don't need it bad.
Gold? "Someone called late yesterday, said they were bringing in an eagle".
That's it. That's all he's got--some eagles that should be delivered later this week and a guy who called with an eagle.
I've seen days like this in the past. But I've never seen a ~2 week drought. How are things for you locally? Doesn't it seem like this has gone on for a long time relative to previous dry spells?
My dealer has a small but constantly turning inventory. He's not holding back anything--he just doesn't have a single thing.
He thinks he's getting in 200 eagles later this week. Money talks, but he mentioned $30 each. I'd have a hard time paying that if silver was $29.50. But I'm a bottom feeder, and I don't need it bad.
Gold? "Someone called late yesterday, said they were bringing in an eagle".
That's it. That's all he's got--some eagles that should be delivered later this week and a guy who called with an eagle.
I've seen days like this in the past. But I've never seen a ~2 week drought. How are things for you locally? Doesn't it seem like this has gone on for a long time relative to previous dry spells?
We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame
--Severian the Lame
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Comments
Edited to add: Kitco is down now.
Someone wants something specific size or shape, or wants something generic in one specific time and place, they gonna take what they get for what it costs there and then, as always.
Liberty: Parent of Science & Industry
<< <i>If someone's gotta have silver right now it's available all day and night on ebay and from numerous online retailers, in all kinds of forms.
Someone wants something specific size or shape, or wants something generic in one specific time and place, they gonna take what they get for what it costs there and then, as always. >>
Ageed. Just another way of saying that Comex paper prices have little in common with physical prices trading between dealers and their customers...or even dealer to dealer.
When has a crash in anything that supposedly brings a bull market to an end ever resulted in people swamping dealers to buy the product? Could you imagine people storming
their brokers in Jan-March 2000 to get cheap shares of dot.com stocks?
If you want low quality silver (sterling, 40-80% silver coin, no name bars and coins, etc.) then you can probably get those within a buck or so of spot. Then again,
you pay for liquidity and quality. A lot of that stuff had to wait in line for weeks as silver spiked in January 1980. By the time your order made it through the refiner
the price had already crashed. There's a reason people pay premiums for .999 Monster Boxes. If you want recognized quality branding silver with good liquidity, it costs
$4-6 over spot. If it's me, I'd want to own ASE's, Maples, Libertads, Englehard, JH, and US 90% silver. It's the same way with premium quality and stickered coins (ie they
are about the only thing moving in today's market). Those phys. silver premiums will only rise if Comex silver prices go lower. $20/oz silver futures could mean ASE's wholesaling
for spot +$5 to +$6.
Other than the SLV fund liquidating some silver (assuming they really did have it in physical form) what other large sources of physical silver out there that dumped into this crash?
"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
The lesson here is sell your garbage silver into the drought .
As a test case I put a small lot of 50% canadian dimes and quarters on ebay yesterday and it sold pretty fast. The buyer was the 4th person who looked and he was willing to pay $26 a troy ounce for it.
If I could find someone to sell me 90% locally , I'd blow out all my 40% halfs and war nickles on ebay and clear out the random small stacks.
The exit strategy is always difficult for things like that anyway , at $40 an ounce silver no one wants it anyway right? so why not clear it out while demand is high and buyers are eager to get anything.
1 oz .999 and 90% are easy to sell in every market . You don't need to twist any arms
<< <i>The lesson here is sell your garbage silver into the drought .
As a test case I put a small lot of 50% canadian dimes and quarters on ebay yesterday and it sold pretty fast. The buyer was the 4th person who looked and he was willing to pay $26 a troy ounce for it.
If I could find someone to sell me 90% locally , I'd blow out all my 40% halfs and war nickles on ebay and clear out the random small stacks.
The exit strategy is always difficult for things like that anyway , at $40 an ounce silver no one wants it anyway right? so why not clear it out while demand is high and buyers are eager to get anything.
1 oz .999 and 90% are easy to sell in every market . You don't need to twist any arms >>
This is a really interesting idea. If ever there was a time to unload 40% halves, war nickels, canadian stuff, etc. it's probably now. This is especially true if you acquired it below $20 an ounce.
--Severian the Lame
United States Mint @usmint 3m
Once we can strike enough one-tenth ounce gold bullion coins to satisfy anticipated marketplace demand, the coins will be put back on sale.