When it comes to real physical “hold in your hand” metal, there is NO ONE selling.  If no one is selling then how is it that the price could go down?  …COMEX and LBMA!  The paper markets, that’s how.  Paper contracts that are “sold” with no Silver, no Gold backing them AND no intention of ever delivering have hit the markets to knock prices down.

This “strategy” however, has spawned the unintended consequences of increasing demand for the real thing.
The recent US Mint shutdowns and premium spike in 90% silver is the looming “shadow” of shortage and as long as the “price” in the paper markets have JP Morgan’s boot on its throat, the shortage situation will continue, get more acute and ultimately blow up in a buying panic…exactly what JPM has been trying to avoid at all costs!


2013 Silver Eagles As Low As $2.59 Over Spot

IN STOCK NOW at SDBullion.com!!
2013 Silver Eagle

Submitted by Bill Holter:

I wrote a piece a couple of weeks ago pertaining to gold & silver “shortages”.  I mentioned that ammo was nearly impossible to find unless you searched online which is still the case.  “New” guns are still not arriving at dealers and unless you find a used one that someone else is willing to sell, good luck finding what you are searching for.  I also found it (still do to some extent) that even Walmart has in many cases, “sparse” shelves compared to what we’re used to.  I have thought this one through a little bit, I think that the “just in time” inventory practice may have something to do with it, let me explain.

Walmart is a huge buyer of everything from soup to nuts, almost anything that you need can be found there.  They surely don’t “pay first” and then receive the product, they order, receive it and THEN pay for the product later.  I think it is very possible that the credit pipeline is getting jammed up.  Producers of product worldwide have shaved their margins to the bone in an effort to keep market share.  They understand that unless they are lowest cost they will not compete in a world where everything is commoditized.  I suspect that margins are running so thin (this is a sign of inflation in raw materials by the way) that producers are having a problem between higher input costs and “slower” payment for product.  There are other big box retailers (J. C. Penney and Sears are obvious examples) where their “sparse” shelves are displaying stress of some sort.
But retailers are not what I want to talk about even though soap and toilet paper are important commodities.  I want to talk about Silver.  Silver is a very important “raw product” for many different applications.  All of your electronic gizmos (that I haven’t even a clue how to use) have Silver in them.  Silver is also becoming more and more important (as it was 100 years ago) in the medical field.  Then of course there is the fact that Silver was used and IS money.  This all goes to demand and how it is expanding on many and all fronts.
Supply on the other hand is not expanding and has not for years.  Silver in fact is primarily a “by product” of miners who mine for other metals, there are very few “pure Silver miners”.  There is also talk that we may have seen “peak Silver” and that mine supply will basically run out over the next 20 years or less.  This may be so and I don’t doubt it, but is a story for another day.Today’s story?  Today’s story is that “unintended consequences” very similar to those of late 2008 are just now surfacing.  The price of Silver has dropped close to 20% over the last 3 months or so yet shortages are starting to appear!
How is this possible?  The price must surely be down because of selling right?  More sellers than buyers in a “supply and demand” world causes the price to go down.  This is not what has or is happening.  Speaking from the standpoint of what I known from inner workings of Miles Franklin, they have for the last 2 years sold 200 ounces of Gold and Silver for every 1 ounce that they’ve bought back.  This is an obvious 1 way street where the “buy to sell” ratio of the public is 200 to 1.
My point is this, when it comes to real physical “hold in your hand” metal, there is NO ONE selling.  If no one is selling then how is it that the price could go down?  …COMEX and LBMA!  The paper markets, that’s how.  Paper contracts that are “sold” with no Silver, no Gold backing them AND no intention of ever delivering have hit the markets to knock prices down.
But that’s the rub, this “strategy” has spawned the unintended consequences of increasing demand for the real thing.  How do I know this?  Take a look at the U.S. mint’s own numbers and actions.  They are reporting record purchases and have already suspended deliveries twice so far this year.  Why would they suspend deliveries?  Because they don’t have enough “blanks” to press out to meet demand.  Mother Nature is a funny but very predictable old bird, she will prompt humans to “buy” when prices are too low and to “sell” when they are too high.  The artificially low prices in the precious metals arena have brought out buyers (using their own common sense) in record numbers.
I do want to mention that Silver “supply” or as Jeff (I don’t even know what a blank is) Christian would say “was never a problem” in the past.   …until current times.  The U.S. government had some 2 billion ounces stockpiled 20 years ago, that now has all been chewed through and is gone.  High prices used to bring out the grandchildren with Silverware inheritances to melt down for “cash”, this is also largely gone.  As far as demand is concerned, the mint has already sold http://www.usmint.gov/mint_programs/american_eagles/?action=sales&year=2013 over 11 million Silver Eagles through March 5th, this is over 1/3rd of what they sold  ALL of last year.
  …and the price has gone down?  But wait, it even gets better.Andy Schectman president at Miles Franklin has informed me that if you want to buy Silver Eagles then you must “get in line” and the only ones that can be found are 2013′s.  Backdated Eagles largely cannot be found.  I ordered a bag of junk last Friday and was informed that there is a 3-4 week wait BEFORE they receive them and are shipped.  Not only that, there is now at least a $2 premium over the spot price to purchase “junk” so what the heck is going on?  This I believe is the looming “shadow” of shortage and as long as the “price” in the paper markets have JP Morgan’s boot on its throat, the shortage situation will continue, get more acute and ultimately blow up in a buying panic…exactly what JPM has been trying to avoid at all costs!
I also would like to do just a little math here before I finish.  A nearly $2 premium on “junk” which has almost ALWAYS been available at spot price or very small premium equates to about a 6% premium…and this is even before you include the commission for purchase.  This means that dealers are paying nearly $31 per ounce for a product that the paper markets “say” are worth only $29.  ONE or the other is wrong, either the paper markets or the physical buyers.  Can you guess which one is wrong and which one IS the market?  You have already witnessed the gun and ammo market go into shortage and prices double in less than 3 months because this is a purely “physical” market where “paper” guns and bullets” don’t and won’t fire.  If there was a “paper market” for arms you could bet the “prices” would be much lower and “the picture” of plenty available would be painted for you.  There isn’t and that’s the problem the paper banksters have in the metals markets, there just isn’t enough to go around…at these “prices”.  Regards,  Bill H.

SD Bullion

  1. Was there not an article expecting mine supply this year to INCREASE? Either way no one more than me wants to see more intermittent outages in the metals.
     
    I just hope we see more physical buying to continue in the face of garbage price action, and a stock market that is going apeshit. I’ll focus on buying more still, but we know stackers aren’t all that common.

    • @Canadian Dirtlump:  Jeff Christian’s CPM group and other widely quoted analysts/organizations are looking for a increase of silver mine supply in 2013.  Something related to these forecasts is probably what you read. 

    • Silver mining usually increases every year. The problem is, so does demand. The low price means the miners don’t keep up. So, yes, we are in deficit in silver, and per Ted Butler, have been since the 1980′s. Which is why all the stockpiles are gone.

  2. I think what Holter means is that there is no real silver shortage.  The price is way to low now so demand has skyrocketed for physical.  If this continues the spread should continue to rise.  Imagine paying 6 bucks premium for an eagle?  That could happen fairly easily if this keeps up.  

    • Hey Chicken I have a question.  Since they use the US Dollar there in Panama whats gonna happen to Panama–and to you–when the dollar goes in the toilet?

    • I expect the same thing to happen to me in Panama that would happen to me in the US.  I am going to be screwed.  My pension is denominated in US dollars.  So, no matter where I live I will be affected equally as poorly.  The people who live in Panama will be affected greatly.  However, Panama has flexibility since it is a small country.  They can do many things like changing currency’s.  They can use a different currency such as the Chinese yuan etc.  Panamanians do not trust banks.  Most people here do not keep money in the bank.  They trust land.  Real estate.  Etc.  Hopefully later they will trust silver.  Retired people are the ones that will suffer the most because our savings and our pensions are denominated in dollars.  We will all be in danger of starving to death when our pensions become worthless.  People who work will continue to work in what ever currency is in vogue at the time.

    • “Imagine paying 6 bucks premium for an eagle?  That could happen fairly easily if this keeps up.”
       
      Hard to imagine that and I have a pretty good imagination!  I just bought 200 ASEs from Provident for spot + $2.39 each, so more than double that in premium would be vicious.  :-(

  3. Today was actually the first day in a long time that Gold/Silver had reasons in the news to sell off. None of BoE, BoJ or the ECB decided to further their easing programs, which was something that at least I expected them to do.

    • So the fact that gold and silver have yet to react to CURRENT easing (other than selling off en masse) which itself will remain indefinitely is reason for them to sell off?

  4. You guys I know this is kind of off subject however I do not know how to use the forum and SD readers are some of the brightest minds I’ve enjoyed observing. That being said there is something really wrong going on in the USA(which is where I live)on THIS subject. That being said, is that accurate? If this is real, Im calling bullshit and they are going to do it anyway. Who agrees?

    • One of the keys to your question centers around the definition of enemy combatant and protections afforded by the Sixth Amendment.  In a real war, with a nation state attacking the US, a president could at least attempt to make the argument that declaring a US citizen a traitor or an enemy combatant could be legal. I say “could” because the Bill of Rights and the rest of our legal protections for due process would still have to be followed.  Read the Sixth Amendment.  It’s short.  None of its provisions are being followed.  Both Bush Jr. and Obama maintain their legal authority resides elsewhere – executive orders, administrative law, etc.  So, even at the stage of being declared an enemy combatant – never mind drone executions — the president is breaking the law. It also does not make a difference if the US citizen is outside the country.

  5. You know what convinces me the most about the Comex and others names regularly being unable to deliver on demand is the lack of lawsuits brought forth against those who write and publish these accusations. We have pretty stiff libel laws here in the US, especially when it pertains to injures caused by the spread of false accusations. Think how much could be made by these companies by suing every author and those who publish their articles and the statement that could be made on their behalf! But,, The lawsuits would also require the complainant to prove that the lie is a lie. So, their silence in the matter speaks volumes. I have read a few (very few) where these companies or their shills try to defend against these so called “lies.”  Can you imagine a company like Xerox standing for an article published stating using there copiers makes you sterile, or look at the current case concerning Budweiser, it took no time at all to respond and set a suit in motion over the contention that they water down their beer. Where is the outrage and ire from these Gold and Silver paper dealers, why not even a threat of a suit. I think we know why! Tiger

    • Tiger, You are absolutely right.  The lack of any credible defense to the well published and documented claims by organizations such as GATA and independent researchers and media says a lot.  Reputation is CRITICAL for banks and they’ve decided that its better for their reputation to shut up and pretend the claims don’t even exist rather than trying to make up a lie that has to be presented in a court of law.  Its all about risk management and they view silence as the least risky option, because they have the CFTC and DOJ in their pocket.

  6. Due to a shortage of cash, I was forced to sell off a few maples.  Last night I ran a Craig’s list ad for them.
    Within 3 hours I had a fish on the line, bought the entire deal, with a $5 per coin premium. The man was happy as hell with the deal, while I became a little nauseated.  We went to a local credit union and did the deal this morning.
    Suffice to say, premiums are on the march, and I won’t sell a worn quarter at spot anymore.

    • I am sorry you had to sell your stash.  However, what you are saying is very important.  It proves that silver is hugely undervalued.  Again, sorry you had to sell off the maples.  

    • Ouch – sorry to hear you had to dig into your stack, fella.
       
      The premiums here in the UK are getting insane.  I’ve just put through a deal with a private buyer to sell them a monster box of maples: at £6 premium a coin (that’s getting on for $9 USD).
       
      And the most insane bit?  He was thanking me for such a damn generous deal…
       
      Something’s gotta bite – and it’s gotta bite soon.  

    • Here in Panama there really is no demand for silver.  At any rate, I paid at least 20% premium over spot when I bought my silver eagles here.  Silver eagles were selling for 60 dollars each if you bought 20 oz or less at the time.  I placed larger orders and still paid 20% premium.  Rediculous.  Panama charges tariffs on imported gold and silver which really stinks.

    • I am parting with 5 ASE’s to pick up a gun that would land on the ban list eventually. AK-22 (AK-47 in 22lr), nice lightweight gun that would work in a pinch for home defense.

    • “I’ve just put through a deal with a private buyer to sell them a monster box of maples: at £6 premium a coin (that’s getting on for $9 USD).  And the most insane bit?  He was thanking me for such a damn generous deal…”
       
      Yikes!  Makes me wonder what he was willing to pay if really pushed!  :-O

  7. A quick check of the availability of Walking Liberty Halves at the APMEX website this morning helps to illuminate some folk’s assertions that as Silver prices drop, the supply dries up.
     
    90% Silver Walking Liberty Halves
    - $100 Face-value Bag:  Currently out of stock
    - 1916-1947 Complete set of all dates & mint marks (65 coins in total.) in album:  Currently out of stock
    - $10 Face-value – 90% Silver 20-Coin Roll (AU):  Currently out of stock
    - $10 Face-value – 90% Silver 20-Coin Roll (1916-1929): Currently out of stock
    - $500 Face-value Bag:  Currently out of stock
     
    - Mammoth

    • Check their rolls of halves.  They still seem to have some there.  Costs a little more for $100 face worth but, if ya gotta have ‘em it’s gonna cost another hundred or so. 

  8. sempronious – that £6 premium you added, was that after you added vat to the spot price? If so you are looking at about £29 per coin. I would not sell one for less than £30 direct. On ebay I`d be looking at a BIN price of about £37 plus post.

    • I might start doing this as a way to increase my stack. I can buy in at about £28 inc post at present, If I can get £33, every 6 sold I can buy 7 back. In effect free silver

    • Not a bad way of upping your stack; however, just so you’re aware – I was on a seven week wait to get a dozen monster boxes delivered from the RCM.  
      There’s a likelihood the mint shortages aren’t getting any shorter any time soon…

  9. I may start putting some of my stash on the market if I can fetch massive premiums, because otherwise I have access to low premium stuff.

    edit.. silver seems to be repeating its pattern from yesterday.. froth about, trend lower, then head up at the end of the day.

    We could be in for a smash at the release of the jobs report.

  10. Sempronius and Pollo- That’s ok, fellas.  It was a miniscule part, and my own fault.
    I wouldn’t mention it accept as anecdotal evidence of the people valuing silver higher than indicated by the spot price.  I was happy to be able to liquidate some so easily.
     

  11. I Save Silver and His Majesty Dirt:  Naw, no towel throwing by Harvey.  He LOVES this stuff and is like the rest of us…waiting for JPM and the rest to bury themselves chin deep in snot…apologize for the graphic….NOT!!!!

    • “…waiting for JPM and the rest to bury themselves chin deep in…”
       
      May it be the same stuff that they’ve been shoveling to the rest of us for the past several years!

    • Silverrrr
      Love the expression..
      Does amoebic dysentery have snot?
      Just to add to some of the `waiting for delivery` anecdotal evidence.  I have placed 4 orders from  separate  suppliers recently  in the UK,  Guernsey and Germany.  All went over projected delivery dates after item was out of stock.  I did read recently that projected increase in mining supply was +30% this year but stacker’s `may` account for that increase alone which is highly likely in my view but we will have to see (300 million ounces?) There damned if they do and damned if they don`t (increase-decrease prices).  Rather like interest rates the bankers have got into a situation where they have to sit Ag in a straight jacket or the silver lady`s gonna run riot.  If inflation continues (which it will everywhere) then we get more value for Ag as time goes by, gotta love the price even if it drops.
      PS The world is waking up to the bankers holding us hostages to their fortunes.

    • Hapa: I couldn’t help but noticed the fact that that article may very well be complete disinformation and bullshit. I use to buy from the doctor I was working for but recently he has decided not to sell me his stash (because he is having a hard time replacing it) so now I have to buy it from APMEX and I have been waiting for ever on 100 American Silver Eagles for two weeks now. I think at this point its every man for themselves and who ever doesn’t have a chair when the music stops is completely effd.

    • Thanks Rusty for commenting.  How about AGXIIC or other active contributors weighing in?  Who are Silver Investing News??

    • Yep, retailers ARE selling, individuals are not unless they need to raise some cash.  My local pawn shop guy sells me nice US 90% junk coins at spot… WHEN he has some.  Lately, the pickings have been VERY thin.  :-/
       

    • Nice chart. Nice Vid.
       
      Let me say again—
      For over 4 weeks now in a large area with many Coin Stores have been unable to get ASE.
      Period.
      Lots of numismatic or graded collectables. But that’s it. Saw some Canadian Grizzly’s that I wasn’t about to spend $49 on a week or two ago. (That were $50 this week.)
       
      There is no question in my mind that the game has changed.
      Fully expect to watch the momentum Sinclair has been speaking of in the gold market…..pull silver along over the next 20 days—and more than that too; A fascinating divergence between paper and phyzz is at our doorstep!
      As several posters have alluded to,  IF you have Phyzz in your hand, it’s YOU that could say, “I’d take spot + $X.xx if you want it.”  if by some chance you needed or wanted to sell…….

    • Thanks, I used the data the gentlemen in video provided and cleaned it up a bit. Something will have to give, either physical demand plummets or the price of silver gets back up to the $55 range as suggested by the chart. Silver eagles act as proxy for physical demand in my opinion.  

    • “Silver eagles act as proxy for physical demand in my opinion.”
       
      Concur.  Just as silver Maples do north of the border.  :-)

  12.  I know of long delays for 1 oz & 10 oz bars from refiners two weeks plus. I had a slight delay in getting 2 monster boxes of ASE’s this week. Tulving looks well stocked yet ( 500 oz min order) . The prices for Morgan and Peace dollars has not dropped with spot the past few months,  still strong demand for nice circulated dollars.  Dealers are selling some silver& gold products at a loss right now .

  13. It will be interesting to see what sort of shortages occur within a month or so. 
    Over the last few weeks I’ve been sorting through and culling various silver items such as a hundred or so 1 OZ Eberhard and JM ingots, misc. silver rounds from the 1980′s, a hundred of so of Canadian Maples, 50 misc Morgans,  maybe 100 ASE, 150 Kennedy 1964 halves, 100 of the Day of Resistance rounds Doc is selling, 100 or so of the silver round that can’t be named (think jail time for Bernie) and some generic gold coins.  I’ll test the market for these gold coins but don’t expect much success there. Those are more for sparkle than sale
    With that stack of 5-600 or so pieces of silver, my plan is to set up shop at the Reno Gun Show April 12. 13 and 14 at the Grand Sierra Casino.  This is the biggest show in the area. My partner is a CCW trainer so he will be seling his classes and gun paraphernalia,knives, survival gear etc so we should draw a crowd.
     Today I ordered a couple of display cases for the booth, business cards, 100 Molon Labe bumper stickers as a gift with purchase and 100 OMG (Obama Must Go) stickers as well.  My prices are doing to be well above spot in all cases but not so much as to be in the range of ridiculous.  Maybe ridiculous light 
    I haven’t figured what sort of pricing since silver spot prices could be a good bit different by then but probably $10 over with Morgans at $50 each. Kennedy halves?  $20. They are very clean coins.  Once I complete this show I’ll report back to let you know the results.  These are totally private sales so it’s all cash, no recording of sales and no sales tax, an annoying thing in Nevada. 
    The resulting receipts will be rotated back into silver right after the show so its not like I’m selling the crown jewels.  This is more of a test to see what the market will bear.  Silver is not cheap at the LCSs in Nevada so this might prove to be a good venture and get silver to those interested without the hoopla of a coin store and sales taxes.
    My philosophy as a stacker has not changed a bit but  I’ve not been able to get enough silver converts on board.
      With that in mind I’ve decided to see if the “Freedom Market”,  aka  the Reno Gun Show , will cotton to silver as readily as guns, ammo and other vital matters. If the buyers are unable to buy ammo they may like to know more about what seems to be the undiscovered country; real money; gold and silver.  I may even be able to provide a bit of my knowledge to those who have interest in this subject.  And maybe they can buy into real money even if ammo is not readily available.

    • You really have to have a little bit of everything.  It’s odd how at one show Panada’s & Maple leafs will sell but not 90% & morgans. Then the next show Morgans ASE’s and 10 oz bars but no 1oz or maple leafs.  I have two more shows in the next month so we will see also

    • I think you got a wonderful idea going.  I bet you will sell plenty of silver and you will get a good price for it.  I hope you are not selling any eagles.  Those are the ones to hold.

    • Sounds great, AG.  Not a stack sale but more of a stack clean-up and re-stack.  ;-)
       
      Also a good chance to provide some education to those interested in being independent and prepared for who knows what.  Might be a good place to put together a very brief brochure, say 3-4 stapled pages of info on PMs and why we should own them.  Just might open a few eyes and more friends in the liberty movement would be good.  Best of luck with that.  :-)
       

    • “It’s odd how at one show Panada’s & Maple leafs will sell but not 90% & morgans. Then the next show Morgans ASE’s and 10 oz bars but no 1oz or maple leafs.”
       
      Yep, no different than fishing.  One day, a pink pearl corkie will get ALL of the action, next day, I can’t give one away but the pearl blue ones are hot.  Variety is the essence of success in such ventures.
       

  14. I am not so sure anymore that JPM has a dump-only strategy. it doesn’t make sense unless (prio theory of mine) they are trying to take the hit for all that is and ever was wrong about banks.
    No, Dump and pump had got to be the game. So it is in fact their intention to at some point have panic buying. When thy sit on enough gold and silver to be significant (Goldfinger styler), they will do just that, sit on it, and sit on it a little more. There will be more than price to negotiate to convince them to sell. Remember that banks can make money, they’re in it for power.

    • The real heck of it, XCS is that we can never be quite sure what rules these guys are playing by.  It costs us REAL money to do the things that they may be able to do for free.  They can “buy and sell” amongst themselves with these massive paper dumps but I have to wonder just what it costs them to do it.  Something tells me that they are doing it on the cheap, some of it maybe even for free, just for the effect it has on the market.  If they had to pay a lot to do this, they probably wouldn’t.  These guys bend and break the usual rules at will, so nothing they do surprises me much.
       

    • Yeah I did not necessarily say to do it but I have been noticing this time the prices on eBay are ignoring the spot price.  Plain old rounds easily get 35.  Anything of interest gets 37.

    • “Right now the shortage is artificial.”
       
      Indeed.  Like the contrived ammo “shortage” currently in progress.  :-/
       
      ” I wonder at what price people will start selling their stack?”
       
      Think high.  Most of the weak hands have been shaken from the tree by these smashes.  Some will sell, of course, but probably not below about $40 an oz.  I have a different view of this.  I am in PMs for the long haul.  They are my financial insurance policy and I have little interest in bouncing in an out of them.  It is their ounce value that interests me and no matter what the price does, it does not change the ounces I have.  I would be tempted to sell some of my stack if prices got to $100 an oz. but probably not below that.  I would be tempted to TRADE silver for gold IF the G/S ratio were a lot more favorable, say below 30:1.  I would also be tempted to trade silver for real things… such as guns / ammo.  :-)
       

    • @Ed B
      Same sympaties here for me. Just nob guns/ammo for me, owning those will significantly decrease the likelihood of having a living retirement to enjoy, let alone away fro captivity.
      I’ll be keeping an eye on the G/S ratio and the relationship with real estate. If good real estate become affordable (can’t afford a garage right now with my stack), I may skip gold altogether.
      I used to feel the GSR was going to keep oscillating in big ways, and planned on trading that over the years to come. I am not so sure anymore I’ll be in PM anymore by the 2nd swing in the GSR from now. I may have be a vineyard owner by then. 

  15. Silver Investment News, from what I could tell, was touting increased silver mine production.  That does not seem to jibe with reality.  Silver demand is up 30% or more at the present time. 30% may be low and not up to speed on current silver consumption.
     The mines may have increased production but probably not enough to keep up with demand.  SRS Rocco would have better intel on that.  But if the Canadian and US Mints can’t get blanks and shut down, junk bullion is out of supply for weeks and have a $2 premium (Huh?) and shortages are felt in the streets every day, this S.I.N. may be drawing incorrect conclusions.
    The price of an uncirculated 2012 ASE at $51 is pretty incredible, Dagger.  Most of my Maples and ASE are that level or at least very well kept and untouched by human hands.  The chatter on KWN from Rule saying that the very wealthy are getting into  physical and Embry saying the the shorts will break the COMEX so there’ll be a Force Majeur called would seem to be two symptoms of this silver market that’s ready to make some serious moves.  It might not happen in a month but who knows.  I’m not guessing on that score. COMEX seems irrelevant and Gensler will get reappointed so that boiling pot will probably be capped for a while. JPM is certainly desperate to get rid of its shorts and this lull in the action might help them accomplish that.
    If the entire silver market, 1 billion ounces, is worth $30 billion and the government is over- spending $5 billion a day, our favorite metal is just 6 days worth of US Gov FIAT.   The deficit was $250 billion in February, over $8 billion a day, but whose counting now that the sequester will spell the end of the world as we know it.  I’m reading James Wesley Rawles book Patriots.  So if I seem a bit off the deep end for a while, it’s just a refection of the book. 

    • “The chatter on KWN from Rule saying that the very wealthy are getting into  physical and Embry saying the the shorts will break the COMEX so there’ll be a Force Majeur called would seem to be two symptoms of this silver market that’s ready to make some serious moves.”
       
      CAN a force majeur be called due to incompetence?  Seems to me that it cannot.  It would require an external act of some sort that would prevent them from meeting their contractual agreements.  My guess is that they would raid the SLV vaults if they really needed silver to keep the naked shorting and other B$ going.

    • Cant help but wonder what it is that Bill Murphy knows…. and says he so badly wants to tell…. but can’t yet…… and hasn’t been able to for months now……..??

  16. My dealer told me’d had a 8-monsterbox order from a customer that previously ever once got a tiny amount from him. New buyers are entering the physical market. The mints are bound to feel this. I’d love to know how the Perth mint is doing, and how they source their silver.

    • 8 monster boxes?  For ONE customer?  GADZOOKS!  That is a LOT of silver.  Something tells me a noob stacker just got his inheritance.

  17. Or just exited from France and all it’s problems.  Cash withdrawals are limited to about 1,000 euros so this cat has his head on straight.  That purchase is about 110,000 Euros.  I wonder why he didn’t buy Austrian Philharmonics?

  18. 2$ over spot price for junk silver? I have to agree with that! At one of my local coin shop, I can still buy junk silver for spot price. Because, my dealer gives me special deals only for me. For example now, he normally sells American silver quarters for 6.50$ each when it used to be 5$ but for me, he offers them for 5$ each.

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