US MINT TEMPORARILY SUSPENDS SALES OF ONE-TENTH OZ
AMERICAN EAGLE GOLD BULLION COINS, CITING STRONG DEMAND
Now you can't find silver eagles except at 32% premiums - if you can find them - so Americans who "get it" turn to the next best version of "poor man's gold" - 1/10's oz coins. Now those are sold out.
Imagine what it will be like when even more people "get it" and there's a serious rush in demand for gold/silver THAN CAN BE DELIVERED TO YOUR POSSESSION. That time is coming and it will be upon us a lot sooner than most think...
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/sp_en_6.gif)
Just checked Tulving, which now has the lowest inventory I've ever seen there.
ReplyDeleteTulving isn't showing sold out or abnormal premiums. Please explain.
ReplyDeletehttp://tulving.com/goldbull.html
Tulving hasn't had any silver eagles to offer for about 10 days now. You can find silver eagles out there but the premiums are $6-8 over spot.
DeleteDisregard that. I had read that as gold eagles.
ReplyDeleteIf you are an individual who would like to get some gold and or silver bullion it is not too late. There are coin shops which have inventory trickling in. Go to a few and compare their prices above spot. Check back if they are out. Focus on May 1st to purchase some , even if it's only for shits and giggles . Who knows , it might even help to create a real problem for the likes of JP Morgue or Goldman Sacks.
ReplyDeleteNow wouldn't that be nice.
Dave, the latest smashdown is like the Battle of the Bulge. Germany launched a massive attack on the Allies and inflicted huge casualties. However, Germany lost its strategic reserves in the battle and the final defeat was sealed. By the way, any thoughts on the open interest of silver? The open interest is as resilient as a rubber band. Still over 150K.
ReplyDeleteShould we be concerned that all companies know how to do now is buy their own paper? USA please admit we are juiced on financial steroids and it doesnt work. Its time for some US humility and keep stacking. If we fix the currency we can innovate once again. Keep kickin ass Dave.
ReplyDeleteDid you guys see this?
ReplyDeleteJim,
Just received a text from my futures broker at Linn Group:
Just tweeted about your links. Leo Mahlamed former Ch/CEO of CME took delivery of 2 gold contracts. They would only give him a warehouse receipt not the gold. This from the floor.
Fascinating times. See you on May 18th in LA.
CIGA John
Dear John,
I am amazed Leo did not go ballistic.
Jim
http://www.jsmineset.com/2013/04/23/jims-mailbox-1240/
While I don't question that there is a shortage, I do somewhat wonder if it is only temporary. The online dealers and my local coin shop are offering very little above spot to sell to THEM. Yes there are premiums to buy, but to sell back, the premiums are low. My local coin shop is offering only 50 cents above spot for a silver round. APMEX is only offering ten cents for a silver round to buy back. This signals to me they are expecting more supply soon and don't need to buy back with premiums because it's temporary. If this is not the case, then why are premiums so low to sell back? The buy vs. sell premiums differences are very large.
ReplyDeleteSaid it before and I'll say it again. I'm a geologist in the exploration/ mining industry. I know how hard/ expensive it is to find gold and silver, to prove up a resource,and to mine the stuff. Paper gold is just like fiat-- an unlimited supply can easily and cheaply be created (though that creation involves long term, costly implications if overdone). I continue to buy physical whenever I can afford to-- when you look at reality it just makes sense.
ReplyDeleteJustin from Canada
You cannot grow gold like trees. Confucius 463 B.C.
ReplyDeleteShotage of gold and silver? What shortage? Read this: http://globaleconomicanalysis.blogspot.com/2013/04/us-mint-runs-out-of-smallest-american.html
ReplyDeleteWhat corruption?
DeleteRevealed: George Osborne’s secret veto on fraud inquiries
Chancellor writes SFO cheques - so is there a conflict of interest?
Ms Thornberry said the decision effectively amounted to giving the Chancellor a secret say over controversial investigations which might never see the light of day.
“It looks as though George Osborne will have a secret veto over what gets investigated and that’s unacceptable,” she said. “Investigators and prosecutors should not have to go running to politicians for funding case by case. If they do, they are no longer politically independent and the public will lose faith in what they do.”
Robert Barrington, executive director of Transparency International, which campaigns against corruption, pointed out that the SFO had not brought a single prosecution under a new law that allows UK companies to be prosecuted for bribery abroad.
He said there was potentially a “clear conflict of interest” in the Treasury’s role promoting economic growth and deciding whether to investigate a UK company for misdeeds in a foreign country which might damage its reputation and finances. “Either by design or accident you could easily get a situation where egregious corruption is simply not investigated,” he said.
http://www.independent.co.uk/news/uk/politics/revealed-george-osbornes-secret-veto-on-fraud-inquiries-8585215.html
Dave, what is your take on PSLV
ReplyDeletethe best silver surrogate but not real silver unless you own enough shares to take delivery.
Deletehttp://www.ibs.it/code/9788842052487/letta-enrico/euro-si-morire.html
ReplyDeleteDave, greetings from Folletto
Hi Dave,
ReplyDeleteThink you will like this from the annual report of the ECB. They do admit that they do gold operations in it (from page 89)
'Over time the composition of the portfolio reflects changes in the market value of the invested assets, as well as foreign exchange and gold operations of the ECB.'
btw notice that the ECB marks both gold and gold receivables in one line on its balance sheet (page 181).
http://www.ecb.int/pub/pdf/annrep/ar2012en.pdf
Dave if the difference widens between the COMEX gold/silver prices and what you are seeing in Shanghai and metals dealers where the premium is increasing, what would be stopping gold and silver miners from using a different price index for metals in their sales that reflect the true price based on demand?
ReplyDeleteNo idea. Best thing miners could do right now would be to hold back production and not sell it.
Delete