http://www.silverdoctors.com/no-wholesale-shortage-there-is-a-wholesale-shortage-john-embry/#more-56153 Has anyone else heard this?? I went to my local coin shop trying to buy some bullion. The owner (operator) who I know to be on the up and up told me he had to charge $4 (instead of the normal $1.50) over spot for junk silver because there is a shortage. The sunshine mint wasn't producing bars for a month or two was his excuse. I have researched what he told me and found very little information supporting his claim. I posted what I found does anyone else know anything about this "shortage"
Silver is cheap as (*)(*)(*)(*) at the moment, he's probably just trying to take your money. Personally I'm a fan of cheap coins rather than junk silver quarters and the such.
Yes, bullion prices are low at the moment, about 7-10 days ago (to-day 2nd Aug 2015) prices took a big dip. And so I suspect your dealer is trying to add some commission to their trade. If there is any shortage in supply then your dealer in coins must expect to take part of that hit & not pass it all onto you. after all they are are of the market & have to expect to take their fair share of the fluctuation. Now I'm no financial advisor & anything I say is personal opinion ... But I would take this opportunity to buy gold. Just last Thursday I bought a further 1Lb of gold, making my supply 4Lbs of gold. I am trusting the stock market & the currency markets, but just in case I am investing ~10-15% of my wealth in Gold just in case it all goes tits-up in the near future.
If it was the other place I go I would agree with just wanting to take my money. But Bob has been good to me. It's the only place I get %100 when I sell my precious metals. I don't know of any other place that will do that. I like cheap coins as well that's why I buy silver. When I say junk silver I mean the cheap bars (off brand) like sunshine mint. When I buy coin silver I don't buy junk. I get nice looking coins because the value will one day surpass the value of the silver. I have been buying 50% silver Australian coins on eBay lately because I can get them close to melt value. Always in fine or better condition because of collector value.
I buy it all when I can. I like silver because it's cheap. I'm a small investor with not a lot of capital so silver is more appealing. I buy gold in the form of jewelry mostly because I can get it for pennies on the dollar if you know where to look.
I've been using Apmex for years and they are reasonable both related to selling and buying gold and silver. It should be noted that the more you purchase the closer to spot prices you'll receive. There is an inherent overhead cost related to the transaction and that needs to be covered by the sale. Don't expect to be close to the spot price if you're only purchasing an ounce of silver. I would recommend always purchasing 100 ozs or more. Most of my current silver is in 100 oz bars although I also have quite a few silver coins. Gold I typically purchase in America Gold Eagles because they're legal tender in the United States and can be used for advantagous tax purposes.
Well I salute & congratulate you, I am playing the long term with my gold purchases that the dollar will eventually collapse before I retire in 2030. But if you can get gold on the pennies on the dollar, I salute you for or canny dealing.
The only problem is I can't buy as much as I would like. Gold can be found cheap at grandma's garage sale usually a pair of earrings or a small necklace, I even found a $1500 coin collection at a garage sale. I paid $125 for that. Probably a find of a lifetime. It's not a way to protect your wealth or get rich but my finds keep piling up and maybe some day my little nest egg will hatch into a comfortable retirement.
Well, keep at it, I am in the fortunate position to have a few 10K of ponds (15K dollars) sitting in savings accounts to purchase gold when prices appear to favour the buyer. I now have 4 Lbs of gold & it is a pleasure from time to time to get it out have it in front of me. Gold has a relative density of 13.9 & actually seeing some wealth compared to a balance in an account or a value of stocks & shares on a balance sheet give me some kind of re-assurance. Although I still distrust Governments that one day they may confiscate my Gold as the US Government did in the 1930's to their Citizens. time will tell
heh... this sounds like the old "I don't want to carry a lot of silver right now because the price continues to drop and we don't see anything reversing that trend right now".... so HE may have chosen not to have a steady supply of silver because he is sick of eating it on the back end when prices drop... but there is no physical shortage of silver, or gold, or any other metal right now... unless he's buying tens of millions worth in a single order, he's not even going to move the needle on it, and lets face it, he's not buying tens of millions in one shot is he... otherwise odds are, he wouldn't be selling to you, he'd be selling to wholesalers who sell to middlemen who sell to dealers who sell to people like you... so his shortage is most likely created by himself...
if they try to confiscate it in coin or bullion form... you'll just turn it into an elaborate necklace of egyptian proportions... much like many people did back in the day... don't quote me on this, I think 1977 congress stopped the president from having the authority to recall gold coins and bullion with an executive order... sure laws can be changed, but if you make a lovely necklace, what could possibly happen! this is the same scam people selling foreign gold coins use to trick people into paying a high premium since foreign gold coins wouldn't be recalled by a matter of law... its sickening to see some of the practices in the coin industry... especially when I keep seeing these tv commercials telling you to buy gold now or else you're going to lose 50-60% of your stock worth and it'll never recover... well if people own gold, it will lose its value as well if we follow the trends of stocks vs gold... but if people never act on whats happening and are just as mindless with gold as they are stocks, it won't improve their situation any more than the stocks did... I dunno a lot of gold stuff frustrates me from people being taken advantage of...
That's odd silver is cheep as (*)(*)(*)(*), as someone suggested in post two. I would go somewhere else for that price. Their would be a higher demand for silver as such the prices would rise to reflect said shortage.
So I just bought a ten ounce bar from my coin dealer for 181 the apmex site has it for.60 cents less. I guess they are pretty close to the same price. He is still claiming there is a mint shortage and still charging a $3 premium. I checked around town at some of the other stores they are all charging about the same. I have a strong feeling silver is about to make a come back at the end of the Shmita which is just a few weeks away. I think that is why he is only letting me buy 2 10oz bars a day. I guess we will know for sure around the 12th of September or when ever shmita ends.
Just a feeling? Or do you have thoughts about it. The stock market has dipped or crashed after almost every shmita for the last 100 years. Usually when the market dips commodities i.e. silver and gold go up. Gold is substantially higher than silver it could drop as you say, to get closer to the 300/1 ratio. I think most silver investors are hoping that silver will catch up to gold instead of gold coming down.
If you look at the last four peaks for gold, it is trending down. I think it will go to about $1000 an ounce, maybe a little less before it finds support and begins to rise....
You asked me...I replied...downward trend lines have to be broken by an upward trend...Im no millionaire... just another interested punter....
Some times, it is best to pay more for something local. Regarding gold & silver values, it took about 40 years for the price of silver and gold to exceed depression prices. Silver fell to something like 15 cents per ounce. Did prices of everything else stay the same? No Beginning about 1950 there was a stock market boom that continued for decades despite intermittent storms. Prices of homes and clothes and most everything gradually increased, but gold and silver stayed the same. People who retired on a comfortable pension of 500$/month in the 50's saw their pension's purchasing power go down, down, down. Property taxes went up too driving older people out of their homes. All that time gold and silver did not protect anyone from rising prices. Considering that we are in a deflationary situation, (near the beginning of the banker caused Great Depression) some countries were devaluing their currency in hopes of increasing the trade ballance. Is China playing the same game? If we are in a deflationary environment, and the fall in precious metals prices is not a scam to bankrupt miners and buy them out cheaply, then precious metals may keep going down. This would certainly bug those countries that have been stocking up on gold. They will be locked into big losses. Looks like cash or very secure debt is the best if we limit our consideration solely to paper investments.
