I looked at apmex and they dont have any 10 oz bars. However you can get walking liberty or Franklin half dollars for 21.3x face value now which is INSANE. Junk silver has really taken off in the states.
I see. I thought It was strange the charts were still recording an entry for each time interval. Kitco did the same with their GSR chart. Trickery
Happy Good Friday. Working from home means working EVERYDAY. My clients calling me from morning to afternoon even though it’s a public holiday.
Was under US$12 the lowest we'll ever see? Or is this just a dead cat bounce and we'll revisit that when production gets back on track?
Physical was unobtanium at that price. If it happens again interesting to see if there's further "supply" issues. Won't miss out though, will load up on unallocated.
I'm in the M&E industry. I won't be surprised if silver plunges back to $12. If it happens I hope to pickup a 100oz I'm eyeing at $15 (provided the premium still stays at 25% ).
how to take a day off when you working from home? you can not go out so often as would like to grab foods I would turn off working mobile at after close of operational hours
I saw physical 10oz bars for under AU$230 (I think $223 was the lowest I saw) at an online dealer the day or two that happened, almost bought some, but didn't foresee the massive shortages about to hit the next day. I blinked and next I knew hardly any were available and if they were they were $270 again.
Would have found them cancelling your order and refunding pronto. Only one or two good dealers would honour that price.
I'm sure all dealers hedge so it wouldn't matter what the price would be. If they didn't hedge I wouldn't be buying from them because all it takes is spot to drop and they could go bust
Hedging is not the problem, more so the lack of them being able to find replacement stock and so they'd want a higher premium on it.
Many of our miners hedge. For example, Nxxx company will lock in a sale price for a couple of months at say $1500AUD; the spot gold price might be at $1400AUD and may rise to $2000AUD or drop to $800AUD but the mine knows they can make a profit because they have done their sums for "their" business model. This type of strategy is one of many ways to hedge; obviously if the price rises, the business and shareholders miss out on the extra profit, but if the metal price drops, they are safe. Sometimes, when a currency is all over the place, (volatile) and the metal price is volatile, it might be a good idea to hedge. Also, sometimes, miners will stockpile their best ore for when times are tough; they'll process low grade ore when the price is high, this is another sort of way of softening market highs and lows. You too could hedge, if you could find a reliable and trustworthy person. Say I said to you, that over the next 3 months I'll buy 2 x 1 kilogram 99.9 silver bars from you, every Monday for $900 AUD, you agree, (Gentleman's agreement), if the price goes up, you are happy, if the price goes down, that's the chance you take. Some folk do exactly that but they buy from a dealer. Obviously, there are complications! Obviously trust is a huge issue because you don't want to attract black patent leather pointy shoes. Supply needs to be assured, that reliability is what's important, if the supply breaches the contract, you'll have to do some very sweet ass-kissing.
You're very lucky, I couldn't even buy anything on Monday, the day it crashed. By time I wanted to buy some bars, my usual dealer website has hung due to too much traffic, spent 4 hours trying to access without avail, while BS has raised their kilobar and 10 oz bar premiums to like 40-50% (over spot) on Friday night. Luckily, I bought 2 kilobars and some 10 ounces over the weekend, otherwise it will really suck to have missed it entirely.
most dealers would honor such deals, 1 or 2 pieces are not going to cost them anyway, when they are tightly hedged reputations is more important many occasions mentioned by stackers when they bought online, they got the deals, there were not due to computer error or something
I bought the QB on 13 Mar after that drop, then the price premium started to kick in 1st hr 14 Mar then on 16 Mar on Monday it was a further drop in spot price, but metals prices went up further, due to the long queue of people at the stores its almost a month ago now