Holy Cow is right . silver is going nuts.

unknowncomic · October 17, 2008 5:16AM

Just got off the phone with my dealer and he told me that silver eagles are going for $7.00 over spot . He does have some 100 oz. bars for $6.00 over. . Silver on kitco is at $9.30 something but there isnt any to be had. He told me that he was 2 weeks out on delivery of generic rounds.
What is going on here.?

ttown · October 17, 2008 5:20AM

A rigged paper system.....silver paper in one price and physical silver in another. This has been going on for quite some time now and is increasing as paper silver gets driven down.

cohodk · October 17, 2008 5:22AM

Almost like the Wii's when they came out.

cinman14 · October 17, 2008 5:22AM

9.60 will get you all the paper silver you want....

Supply/demand dictates you will pay more for physical......

I called my B@M on the way home from work this morning asking about any bars avail.

They said they had plenty... I asked the price, 15.50 each....

I thought maybe silver spiked again. So I waited until I got home to check spot price....9.46 at that time.

When silver was at the mid 11's they were getting 3 dollars over current spot... Now it's 6 dollars.

I think it is safe to say... The floor for Physical right now is the 15 to 17 dollar spot range.. At least to buy anyway...

mhammerman · October 17, 2008 5:29AM

This is going to be funny. The paper silver people have been invaded by the stock people lookin' for something to do and they short paper silver to drive it down to make a bit of a profit. They'll keep driving that pile till it hits bottom. Those holding physical will be rewarded but patience will be required.

JMHO but that's sure what it looks like.

JeremyDie1 · October 17, 2008 5:49AM

On the average the last two days 100 oz. bars are selling about 1453.00 a bar in auction format on ebay.

drei3ree · October 17, 2008 5:59AM

http://teletrade.com/direct/

$12.81 in stock.

CalGold · October 17, 2008 6:06AM

<< On the average the last two days 100 oz. bars are selling about 1453.00 a bar in auction format on ebay. >>

Ah yes ebay, where the world goes to shop for financial assets.

So you can buy ten 100oz bars for $14,530 on ebay or one 1,000 bar from Kitco for $9,600.

CG

JeremyDie1 · October 17, 2008 6:44AM

<< 

<< On the average the last two days 100 oz. bars are selling about 1453.00 a bar in auction format on ebay. >>

Ah yes ebay, where the world goes to shop for financial assets.

So you can buy ten 100oz bars for $14,530 on ebay or one 1,000 bar from Kitco for $9,600.

CG >>

Same thing with 12.81 oz. on the maple leaf. People are paying at least 18.00 a oz. on ebay.

OPA · October 17, 2008 8:04AM

Eventually, "Joe Bloe" and some board members will realize that they are being hoodwinked by a few "doomsayers" in believing that you must have PM'S to survive the coming Armageddon. The PM markets will stabilize, but to late for a lot of good folks to have taken a financial beating.

Deadhorse · October 17, 2008 8:09AM

<< or one 1,000 bar from Kitco for $9,600.

CG >>

Just try to buy one and get delivery.

They won't be able to sell you one for that.

I'll bet on it.

Deadhorse · October 17, 2008 8:12AM

<< Eventually, "Joe Bloe" and some board members will realize that they are being hoodwinked by a few "doomsayers" in believing that you must have PM'S to survive the coming Armageddon. The PM markets will stabilize, but to late for a lot of good folks to have taken a financial beating. >>

At first, I was tempted to take you to task....... then I saw your sig line.

OPA · October 17, 2008 8:32AM

<< At first, I was tempted to take you to task....... then I saw your sig line. >>

Take your best shot you young whipersnapper... but wait a while .. got to take me pills .. & be gentle, my heart may not take it.

Deadhorse · October 17, 2008 8:37AM

<< 

<< At first, I was tempted to take you to task....... then I saw your sig line. >>

Take your best shot you young whipersnapper... but wait a while .. got to take me pills .. & be gentle, my heart may not take it.

>>

Young whippersnapper??

You must have me confused with someone else.

I'll let your pills get to work and check back later, it's dinnertime and I must respect the lady who put the dinner together.

Friendly banter is always good, no matter how wrong someone might be.

Bear · October 17, 2008 8:42AM

Paper PMs, the next bubble. Be very careful.

Strange, the more the price drops, the worse

available supply becomes. Someone is pulling

the big con on the simple folk.

JoesMaName · October 17, 2008 8:53AM

I'm sure many local dealers are cleaning up - Buy from the poor & desperate at 10% below spot - Sell at what the market will bear....

NumbersUsacom · October 17, 2008 10:17AM

Ok Bear,

Are you saying an inverted paper bubble ?

Please elaborate on your statement if you would.

ttown · October 17, 2008 10:25AM

To me it's much like our money they are trying to create something out of nothing. When contracts of various natures exceed the total amount of PM's your looking for trouble just like the dollar.

jdimmick · October 17, 2008 10:28AM

My competitor dealer across town is paying 6.00 oz for silver. (from the poor and hard up folks)

derryb · October 17, 2008 10:45AM

<< http://teletrade.com/direct/

$12.81 in stock. >>

From teletrades fine print:
"For individual purchases from Teletrade Direct, Buyer must pay 15% of the price at the time the order is placed"

ttown · October 17, 2008 10:46AM

<< 

<< http://teletrade.com/direct/

$12.81 in stock. >>

From teletrades fine print:
"For individual purchases from Teletrade Direct, Buyer must pay 15% of the price at the time the order is placed" >>

Translated 15% credit card and the rest in check, MO, or wire transfer.

halfhunter · October 17, 2008 11:13AM

I pay the 15% via PayPal. Then the balance has to be by check, MO, or bank wire.

Regards, John

FullStrike · October 17, 2008 11:46AM

Youse guys is on the wrong bandwagon here. Paper is the King of all investments - Just ask Warren Buffet - he'll tell you.

Bear · October 17, 2008 1:39PM

Listen up numbers, If I actually knew what I

was talking about, would I be spending my time

on the Forum? The answer is no, I would be out

there making my fortune.

Smittys · October 17, 2008 10:33PM

<< Youse guys is on the wrong bandwagon here. Paper is the King of all investments - Just ask Warren Buffet - he'll tell you.

>>

he(Mr Buffet) just said gold was a bad investment, to put your money in the market at these low prices.
Funny Stocks go up he gets richer,
no mention that the economy is in the toliet

Just wonder if he's on the up and up .......

JoesMaName · October 18, 2008 1:37AM

<< My competitor dealer across town is paying 6.00 oz for silver. (from the poor and hard up folks) >>

Wow - Un-necessary roughness!
and what is he asking for it?

FullStrike · October 19, 2008 1:56PM

<< Just wonder if he's on the up and up ....... >>

Buffett emphasized the non-productive aspect of gold in 1998 at Harvard: "It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head." In 1977 Buffett was also quoted as saying about stocks, gold, farmland, and inflation: "stocks are probably still the best of all the poor alternatives in an era of inflation - at least they are if you buy in at appropriate prices."

At 78 years of age, and with a net worth of $62 billion ( making him the richest man in the world ) it seems like the stock market has been very good to Warren Buffett. After a life devoted to stocks, I'd think it would be safe to say maybe he's a bit obcessed with it. Is he biased toward the Stock Market? Definitely. But at $62 Billion, maybe he's vey justified in that opinion.

I wonder how he feels about rare coins?

Something tells me that most of us here, don't really want to know.

Weg · October 19, 2008 3:17PM

Call me a "doomsayer" if you please. I take a very basic view at times. How long would I take IOUs from someone who could not fulfill half of those IOUs, not very long. I don't care how much or many ways he says he'll make good. As oil and many other commodities are based in dollars, when the world realizes the US can not print enough money to cover those IOUs the dollar will sink which causes the price of all based in dollars to require more of them to pay for all. What a shock it would be if everything payed in dollars started to be payed with the currency from the only country in the G7 which has a surplus, not a deficit; Canada. As I said, a shock. I'd certainly prefer to loan to someone who can control their finances.

ProofCollection · October 19, 2008 3:27PM

<< Call me a "doomsayer" if you please. I take a very basic view at times. How long would I take IOUs from someone who could not fulfill half of those IOUs, not very long. I don't care how much or many ways he says he'll make good. As oil and many other commodities are based in dollars, when the world realizes the US can not print enough money to cover those IOUs the dollar will sink which causes the price of all based in dollars to require more of them to pay for all. What a shock it would be if everything payed in dollars started to be payed with the currency from the only country in the G7 which has a surplus, not a deficit; Canada. As I said, a shock. I'd certainly prefer to loan to someone who can control their finances. >>

Actually, the US *can* print enough dollars to cover the IOUs. In fact, it appears to be the plan. However, your point is understood.

cohodk · October 20, 2008 12:29AM

<< Call me a "doomsayer" if you please. I take a very basic view at times. How long would I take IOUs from someone who could not fulfill half of those IOUs, not very long. I don't care how much or many ways he says he'll make good. As oil and many other commodities are based in dollars, when the world realizes the US can not print enough money to cover those IOUs the dollar will sink which causes the price of all based in dollars to require more of them to pay for all. What a shock it would be if everything payed in dollars started to be payed with the currency from the only country in the G7 which has a surplus, not a deficit; Canada. As I said, a shock. I'd certainly prefer to loan to someone who can control their finances. >>

I hear you, but what if the Eurozone prints faster or "cant print enough"?

It is interesting that in the face of the worse financial crisis in 80 years, the US dollar is still the worlds reserve currency. Never take advice from a supermodel. LOL

jmski52 · October 20, 2008 1:48AM

Never take advice from a supermodel.

I've not had the occasion to turn down any advice from a supermodel, financial or otherwise.

fishcooker · October 20, 2008 2:42AM

They can talk?

cohodk · October 20, 2008 2:52AM

Poor Tom Brady.

FullStrike · October 20, 2008 7:10AM

<< What a shock it would be if everything payed in dollars started to be payed with the currency from the only country in the G7 which has a surplus, not a deficit; Canada. As I said, a shock. I'd certainly prefer to loan to someone who can control their finances. >>

Canada is a great country, however, as they say in Finance, not deep enough. Also, isn't Canada really our tail? If we are the Dog ( pun intended

) Canada is our tail. Would it be right for the tail to wag the Dog? Never mind that the tail is better than the Dog.

Also, isn't everything you say about the US Dollar, also true about every currency? Who has currency that isn't just paper without anything physical to back it? Any country with seemingly strong paper is just like Canada, small with no depth.

Weg · October 20, 2008 2:04PM

Shoot, I left the key word out---faith---
How long would I continue to have faith in someone and take their IOUs when they float, not cover their debt.
I'd certainly prefer to loan to someone who can control their finances, I would have more faith in their ability to cover.
That guy next door, Mr Canada, he appears responsible, perhaps I should put my faith in him.
Faith.
Sooner or later (probably later) governments will recognize this short trial of a monetary system based on faith has failed.
Later, because most likely they will attempt to regulate a fix. Next, we'll try our faith in,, where's my dart, there, Mr Canada.
For now this is the only game in town.
I can wish I was smart enough to think of a new VIABLE system, a solution, but ......
All I can do is gamble with my thoughts of how to make the best of it. Buy gold? buy silver? buy TP?, people will always need that.
Yes, I've lost the faith. Bummer.

Oh ya, LOL, I'd stay away from that area, you know, between the dog and the tail.

Deadhorse · October 20, 2008 10:34PM

<< They can talk? >>

They can indeed, though most have atrophied vocal chords.

However, like the airheads they are, they don't make much sense.

Talking/thinking isn't their strong suit.

roadrunner · October 21, 2008 12:12AM

It is interesting that in the face of the worse financial crisis in 80 years, the US dollar is still the worlds reserve currency. Never take advice from a supermodel. LOL

I'd say that gold, the world's oldest and most reliable currency has held up far better throughout the entire 7 year process of this crisis than any major currency, including the USD. The USD might just struggle its way up to 0.92 but what comes after that will show which currencies are really worth something.

And what "financial crisis" are you talking about? Not the same one that Chairman Ben can't even yet call a "recession?" Can't be too much of a crisis if it's not even an official recession yet. And with all the liquidity injections, the GDP will be "up" in the 4th quarter, leading pundits to proclaim all is well once again.

roadrunner

NumbersUsacom · October 21, 2008 12:33AM

Well Bernake may not call it a recession but the 47 Employees that were just laid off from the County
of Maricopa might just argue that point with him. That was on top of 45 positions cut in February.
Building permits down 46% in Phoenix.

It has been my experience that when the cuts finally start happening at the local government level
that the economic upturn is almost upon us.

Deadhorse · October 21, 2008 12:44AM

<< Well Bernake may not call it a recession but the 47 Employees that were just laid off from the County
of Maricopa might just argue that point with him. That was on top of 45 positions cut in February.
Building permits down 46% in Phoenix.

It has been my experience that when the cuts finally start happening at the local government level
that the economic upturn is almost upon us. >>

Or, it could just be that the sauce is about to hit the airscrew.

ttown · October 21, 2008 12:49AM

Yes there will be a upturn for sure but it'll be in the downward direction. The 700 B may last until the first of next year, you've now had 2 warning shot of things to come but don't let the facts get in the way. The game has just started and they are throwing everything they can at it so if it doesn't last very long there's not much else that they can do but print more and more money.

57loaded · October 21, 2008 12:55AM

local governments have just started to get past the denial stage, which is like a preface to Stage 1 of oh maybe 4 or 5 if you want to go as far as anarchy

btw how far do we need to get OT here....

rgCoinGuy · October 21, 2008 12:59AM

<< local governments have just started to get past the denial stage, which is like a preface to Stage 1 of oh maybe 4 or 5 if you want to go as far as anarchy

btw how far do we need to get OT here....

>>

I was liking the turn it made towards supermodels.

Holy Cow is right . silver is going nuts.

Comments