Decline in Silver and Gold Sales

M

malachii

Well-Known Member
Interesting report in The Age today about the US mint and the $1 US coin - but it surprised me at the end of the report to say that the US Mint has sold the least number of Silver Eagles last month since December last year (61,500 oz) down 6.9% and the sales of gold coins fell 43% since May.

malachii
 
As a lot goes to the general punter, I reckon two things have happened.

1. They all got spooked when Silver dropped from $50
2. They are all nearly out of money or work...

Just a thought
 
Hmm...

That they are spending less on Gold and Silver is only half the story, what else are they their money on now, if anything?
 
Jislizard said:
Hmm...

That they are spending less on Gold and Silver is only half the story, what else are they their money on now, if anything?
Click to expand...
Nobody's spending $ on anything,
I spend a bit of time at W.Davis each week ,they've had the quietest 2 weeks in the last 12 months
Other dealers are saying the same thing
People in general don't sell anything when prices are going down
But everybody wants to jump on the bandwagon when the prices are going up
I have friends in the hotrod/vintage car industry ,the prices have never been lower.
Dutton's is only up the road from me ,& I chat to Jeff Dutton occasionally ,he can't get stock,people aren't selling
Plenty of informed buyers with cash
It's every industry ,the Pizza shop across the road is dead compared to a month ago
The best fish & chip shop in the area has been virtually dead
As the old saying goes & I've said it before
The story doesn't change
Just the characters do
 
I thought pizza place is full when prices go down?

Relation between pizza and silver? pizzastacker.com?
 
Jislizard said:
Pubs usually do ok during times of hardship so I hear.
Click to expand...
NO
Bottle shop V Pub/Bar maybe .I wouldn't want to be a publican these days
I'd own a bottle shop over a licensed venue these days,but not 20 years ago

Luxury items like eating out & going out for a drink turn into a cheap meal at home & a cheap bottle of plonk
But real top end of town does really well,luxury items are still hot
It's only the top 1% who are still spending
I used to know lots of publicans around inner Melbourne,until about 5/6 years ago,
You can always pick a quiet night night in inner Melbourne
There is no traffic on the roads
I live on a major intersection in inner Melbourne,there's major traffic jams outside my front door ,as I'm sure Redback would agree
The last 2/3 weeks have been dead in the mornings compared to even 2 months ago
 
I'll bet that Eagle sales are down because they're still priced at the $49.50/oz price point they were fabricated/sent out to retailers at. They've gotta recoup costs and adapt the price point to demand. I Wouldn't mind seeing what how the sales other silver formats (rounds/bars etc) are doing in the US. I'll wager they're making up the balance of ounces there!
 
spannermonkey said:
Jislizard said:
Pubs usually do ok during times of hardship so I hear.
Click to expand...
NO
Bottle shop V Pub/Bar maybe .I wouldn't want to be a publican these days
I'd own a bottle shop over a licensed venue these days,but not 20 years ago
Click to expand...

Well I can only speak from experience of Pubs in the UK but although they were expensive it was never considered a luxury and there is still a social stigma for drinking at home. You just nurse your cider for longer!

Not been to pubs in Australia as there is no cider on tap, it's like living in the middle ages!
 
GFC2 is coming, of course sales will be low :P

The EO-QE2 jump should happen next week, after that it's all going down..... or so says my tin foil hat.
Will be updating my footer on Monday ;)
 
Jislizard said:
Not been to pubs in Australia as there is no cider on tap, it's like living in the middle ages!
Click to expand...

My local (Regional Victoria) has cider on tap - can't remember the brand - starts with B - taste pretty good too.

I'd be surprised if they dont have it in the capital cities.

malachii
 
Jislizard said:
Not been to pubs in Australia as there is no cider on tap, it's like living in the middle ages!
Click to expand...

Storey Bridge Hotel, Brisbane cider on tap.

Ordered what I thought was a schooner of some beer I've never tried - big mouthfull, cider. Ewwwwwww! Still drank it though as I don't dislike it, just wasn't what my palate was expecting. :lol:
 
My friend was at the currency bullion exchange in Vancouver and it was pretty much lined up out the door. He said pretty much everyone there was buying silver. Had him pick me up a 5 oz bar for 177.00 !!! Yeah.
 
spannermonkey said:
Jislizard said:
Pubs usually do ok during times of hardship so I hear.
Click to expand...
NO
Bottle shop V Pub/Bar maybe .I wouldn't want to be a publican these days
I'd own a bottle shop over a licensed venue these days,but not 20 years ago

Luxury items like eating out & going out for a drink turn into a cheap meal at home & a cheap bottle of plonk
But real top end of town does really well,luxury items are still hot
It's only the top 1% who are still spending
I used to know lots of publicans around inner Melbourne,until about 5/6 years ago,
You can always pick a quiet night night in inner Melbourne
There is no traffic on the roads
I live on a major intersection in inner Melbourne,there's major traffic jams outside my front door ,as I'm sure Redback would agree
The last 2/3 weeks have been dead in the mornings compared to even 2 months ago
Click to expand...

I would totally use Spannermonkey's astute observations as a guide to our overall economy and where its headed.
Spannermonkey is an old hand at feet on the street so he gets around,cheap meal at home and plonk-Absolutely
Top 1% still spending-Absolutely
There is a credit crisis on and the effects are just starting to show like mushrooms popping up in a field-the underlying structure has been there for a while but the observable effects are jut showing now.
I got my name from an American forum where i have been a member for a number of yearsTheir is not one average(20k-150k) income earner there that does not know someone that has lost a house and every one is doing it hard and I mean hard. People are selling everything they own just to pay electricity and other utility bills.
The construction sector in Victoria is around 40% down in New developments,by Christmas our industry will tank and i will have already started laying off workers.
We cruised through the GFC without it touching our backs,if we didn't have such a stupid management team representing the Labour govt we would still be ok.But they have depleted our cash reserves for now and the next 20 years.
People not buying Silver..
Like the Quote in Chopper
There's no cashNo cash here mateTHERE'S NO CASH HERE!!


REDBACK
 
Sargeant Argent said:
My friend was at the currency bullion exchange in Vancouver and it was pretty much lined up out the door. He said pretty much everyone there was buying silver. Had him pick me up a 5 oz bar for 177.00 !!! Yeah.
Click to expand...

Sergent was the scramble for silver because of currency fears..ie a collapse of the existing monetary system or for other reasons
What do you believe
Cheers
REDBACK
 
We are entering the economic winter, I hope you all enjoyed the extended summer and autumn.
 
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