Goes for 9 mins; Bill Murphy covers the CFTC Silver investigation into manipulation being put on hold and also speculates that JP Morgan can't meet current delivery requests this month http://www.youtube.com/watch?v=MQ_yXdY8c74
Hmmmm..... QE and the USD is not the key to silver price..... that vetos half the discussion threads on this forum. :/
as far as I can make out that Bill Murphy is a sandwich short of a picnic however, it's hard to believe anything nowadays :/ but my gut is telling me that he has bone to pick and hence his advice is tainted :lol: Everytime the price in silver goes up we have this scratch record again about delievery problems and we have to buy now or we'll miss out...as I see it that rush is not on yet and won't be for a while yet.
How many 1000oz bars does he want? If the bullion banks were as short on physical as they say, we'd be getting enquires for bulk silver.
the old man wanted a house full of them :lol: not sure a country house can fit in how many but if i can have them, my front yard garden full of that oldies=non-tarnish silver (150-180 tonnes cube each) would be nice one would be sufficient, just like the gold version parked in Perth, the big yellow Roo.
Doesn't really have to be said again but this guy is a delusional liar that preys on the uneducated/sheep investor. Silver shortage = bs JPM involvement = bs GATA = bs bill favorite line "my sources tell me" Notice he never elaborates on this, and for good reason, his sources are in his head.
Wouldn't we be quite insulated here in Australia from a Northern Hemisphere supply problem, Bron? At least in the short term?
Yes it is possible as the banks will prefer to source metal locally (ie within the country where the demand is coming from) as this minimises shipment costs. It could be that demand in one country temporarily exceeds their local mine/refinery production and banks try and delay and/or discourage the one looking for physical (I'm assuming here someone with unallocated wanting physical) so they don't have to pay the cost of shipping in metal from overseas, on the hope that demand will moderate in the future and they can supply from local sources. However, if the demand was continuing and/or those wanting physical are not dissuaded then the banks would seek overseas sources of metal. At that point I would then expect to see them knocking on our door. Given our geographical remoteness from every region except Asia, we would probably be last place they'd come (unless it was Asian demand they were seeking to fill).
looks like some one's gold got stolen, 300 millions dollars worth of it and they want it back. some 50's of millions dollars worth of silver as well :lol: the owners want to get it from the markets.
I'm talking about supplying from our flow of refined metal, not our stock. On silver we don't really have a lot to spare after our sales to investors, but with gold we have plenty of metal in excess of our coin/bar retail demand.
So bron, a question just from the un-initiated. PM is able to source directly metal from any assayed source or only 'accredited' sources eg LBMA etc.? Does this mean your metal must flow physically from au/anywhere via and accredited source and back again before its accountable as oz'a at PM? eg. 1 ton of refined KA gold actually has to pass through LBMA physically or only an accredited assayer to be LMBA accredited and hence 'real' gold? This point has always been 'foggy' in the way the 'world' works. Thanks
We can source metal in any form. If its not already accredited (eg dore from a mine) then we can refine it up to standard. In practise however we don't go around to mines ad hoc and say "hey we have a lot of demand right now, do you have any silver to sell". Mines usually negotiate refining contracts with refiners based on delivering a certain amount of metal for refining and then get locked in so to speak - it not a business where miners shop around every week for the best refining rates. So this means we have pretty stable inflow of dore so if we get a surge in demand we acquire the necessary raw silver as already refined 1000oz bars. We will only take in bar made by LBMA accredited refiners, as we know their processes have been vetted and ongoing monitoring is performed. We can acquire such metal directly from the refiners themselves, or go to a bullion bank which is part of the LBMA (who ultimately got their silver from a LBMA accredited refiner at some point). If you have a look at our pool allocated silver bar list, you'll see a number of different refiner brands, reflecting the fact that at some point we got silver out of a bullion bank in London http://www.perthmint.com.au/pool_allocated_bar_listing.aspx
The LBMA is just an association of refiners, traders, vaults and secure carriers who recognise each other as "trustworthy" and will thus accept physical from each other without need for assaying as long as the physical has remained within this network. This is often referred to a the "chain of custody" and just means the provenance of the metal is known and thus it is acceptable to the market. It doesn't just work on an honour system. The refiners particularly undergo ongoing checking of their processes and assay by the LBMA. Also, the fact that metal circulates and is often melted down by others (via which the assay is then checked) acts as another control. No refiner knows where their bars will end up so will not chance under assaying their bars.
