Massive silver shortage, from the dealer's mouth

[Guest]

Thanks Silverwise - but you have to add in postage on that.

This is over the counter. I'm in Sydney and there's a number of stores here.

$38 over the counter (immediate delivery and no delivery cost) makes it more attractive than BB.

If KJC would match these prices though, I'd buy there instead as their range is nicer. Downies only have PM stock, KJC have everything and they charge a flat $44 per oz for single coins right now, no matter what you want to buy.

I wanted to say 'rip off!' but I don't know what their cost to source was like and didn't want to jump to conclusions.

 

[TomServo]

I went in to a large bullion dealer here today (to sort out something), and we got talking about inventory. The dealer will remain anonymous.

I can tell you that he is experiencing a massive shortage of physical, and he seemed very worried about it.

Got the tour through his safe, saw what was there (1kg bars, 15kg bars), also saw that what was there was already spoken for (invoices with the bars, numbers written on to them etc).

He said that if I walked off the street and ordered $60,000 worth of silver today, it would not be delivered until August.

In terms of bars, the only stock >1-2 bars that he had for immediate delivery, was Perth Mint 100oz bars. And he said that this was because 6 weeks ago, he called up Perth Mint and asked what they had in stock. They had 1.5 tons, so he said he took the lot.

In terms of coins, there was a non-trivial amount of Perth Mint product there, which I guess is something.

Note that all of the above is his opinion/view/experience. I'm just relaying it.

So, pick what you want your worldview to be.

lol, just got back from a conference so haven't been checking SS.

"Pick your world view"?? wtf. I relayed something that happened to me today. It wasn't a world view.

I didn't phrase that well. It's a comment on the value of an 'anonymous source'. How can you argue will 'anonymous'?

 

[millededge]

Just a quick aside, I contacted KJC here in Sydney yesterday about stock and they told me they have everything at the moment, but unless you're buying in quantity, you're going to pay through the nose for it.

They have Perth Mint, Maples, Eagles, Philharmonics etc but unless you're buying min 20, you're going to be paying a whopping $44 PER OUNCE for coinage.

I nearly spat my coffee over my computer monitor at that! Even Downies at Town Hall are only charging $38 an oz for singles (Perth Mint) only a short walk away those guys typically ARE the most expensive in Sydney!

I really want to favour KJC and start buying there regularly, but anything short of a tube is VERY heavy on the premiums with these guys at the moment.

I was really upset too because I like to buy an oz here and an oz there and having access to international silver seemed really nice.

I see now why their stock levels are so good... who's going to buy bloody silver at $44 an ounce at the moment?

Hey, I am 100% in agreement, but remember what GP said about prices. Let's not attract any heat to the forum. OK, I can't resist but say that I walked into Downies last weekend with a handful of fiat, saw several items - fifties, kooks and gold ounces. I left with my handful of fiat. Nuff said And that 3 piece hello kitty item is still sitting on its lonesome in the window

Looks like the premiums on the new stuff are going up. That's the steepest I've heard of at KJC.

 

[rbaggio]

I didn't phrase that well. It's a comment on the value of an 'anonymous source'. How can you argue will 'anonymous'?

How about this? You send me a PM, and I'll send you the dealer name.

.... Not that i reckon i'll hear from you. Because (a) you are in the US, and (b) you are just trolling.

 

[Gold Kiwi]

$44 per oz for singles??!?!?!!!

Them there's NZ Mint prices!!!

You're forgetting that the NZ peso isn't as strong as the aussie dollar. The current NZ Mint price for 1oz silver rounds converts to AU$34.28. The Perth Mint is currently asking AU$38.51 for a 1oz Kookaburra/Lunar.

 

[rbaggio]

$44 per oz for singles??!?!?!!!

Them there's NZ Mint prices!!!

You're forgetting that the NZ peso isn't as strong as the aussie dollar. The current NZ Mint price for 1oz silver rounds converts to AU$34.28. The Perth Mint is currently asking AU$38.51 for a 1oz Kookaburra/Lunar.

Sorry, some history here. It goes back to when I visited the NZ Mint, and for a single Fern, I was quoted NZD$59 (fancy packaging, apparently). However if I bought 20 or more, they were NZD$41.

 

[TomServo]

I didn't phrase that well. It's a comment on the value of an 'anonymous source'. How can you argue will 'anonymous'?

How about this? You send me a PM, and I'll send you the dealer name.

.... Not that i reckon i'll hear from you. Because (a) you are in the US, and (b) you are just trolling.

Ya'll reckon rightly, Mister.
Your point (a) must mean it would do me no good, so why would I PM you?
And (b) is nice. Anyone who doesn't agree with you must be a bad guy, right? So pull out the same tired old flames.

Trolling would imply I'm not bringing anything to the conversation. Sorry, I think I did. Why in the world would you keep the business name anonymous? It was suspicious, I pointed it out.

 

[Guest]

Just a quick aside, I contacted KJC here in Sydney yesterday about stock and they told me they have everything at the moment, but unless you're buying in quantity, you're going to pay through the nose for it.

They have Perth Mint, Maples, Eagles, Philharmonics etc but unless you're buying min 20, you're going to be paying a whopping $44 PER OUNCE for coinage.

I nearly spat my coffee over my computer monitor at that! Even Downies at Town Hall are only charging $38 an oz for singles (Perth Mint) only a short walk away those guys typically ARE the most expensive in Sydney!

I really want to favour KJC and start buying there regularly, but anything short of a tube is VERY heavy on the premiums with these guys at the moment.

I was really upset too because I like to buy an oz here and an oz there and having access to international silver seemed really nice.

I see now why their stock levels are so good... who's going to buy bloody silver at $44 an ounce at the moment?

Hey, I am 100% in agreement, but remember what GP said about prices. Let's not attract any heat to the forum. OK, I can't resist but say that I walked into Downies last weekend with a handful of fiat, saw several items - fifties, kooks and gold ounces. I left with my handful of fiat. Nuff said And that 3 piece hello kitty item is still sitting on its lonesome in the window

Looks like the premiums on the new stuff are going up. That's the steepest I've heard of at KJC.

I'm not ragging on KJC here. But with the market is as it is right now and people want to put their hands on metal, it's good to relay where the sources are right now and what the asking prices are.

Any store I can walk into on the way home from work where I can buy the odd ounce at a fair price is definitely going to get my business. Especially one that offers a wide range of options (ie other than just Perth Mint)!

KJC has it all, it's just very expensive at the moment is all. If I saved up and just bought a tube, I'd get sub $40 - but even then, if I can buy singles for $38 only another 10 mins walk from there... well, you get what I'm saying.

Just pointing out the facts - KJC has all the major silver options atm on offer & it's $44 per ounce in silver for single coins, no matter where they come from.

 

[rbaggio]

As an aside, it looks like Ainslie are currently out of 1kg silver bars, both their own brand and Perth Mint. Neither available on their website for ordering.

 

[renovator]

yeah i seen that yesterday rbaggio

 

[rbaggio]

harvey organ said today royal canadian mint is saying stock is hard to find.

Yup, and one of Drutter's recent vids backs this up:

http://www.youtube.com/watch?v=5fipRVHdjCU

 

[Yippe-Ki-Ya]

I think something like 2 million oz of new silver a day only allowed to enter the market to protect the bankers. This must be some sort of controlled release or rationing to avoid the no silver sign, and probably bankers are hoping that quiet periods (under the daily limits) will fill up the demand gap.
This is what I would do if I were on the bankers side to hide the problems, but if the demand is not dropping the delays only get even loner. We have August now.

It wouldnt help the bankers because the bankers have and continue to short silver.
By constraining supply they would only be hurting themselves because this will drive the price upwards - which will further exasperate their silver short positions.

 

[Yippe-Ki-Ya]

I know the differences between gold and silver but.......

it is very interesting that Gold isnt or hasnt been affected by the same shortages.

thought the rush was to gold and then silver.

Actually, silver is now more rare than gold...

 

[thatguy]

I know the differences between gold and silver but.......

it is very interesting that Gold isnt or hasnt been affected by the same shortages.

thought the rush was to gold and then silver.

Actually, silver is now more rare than gold...

I have heard this bandied around, but with the fort knox and salted bar rumors who know how much gold there is. Also there is a possibility of some rich dude sitting on amassive load of silver he has kept secret about. The only thing sure in life is death and taxes... And since enoch and elijah escaped it maybe just taxes, but the again helicopter b probably hasn't paid a cent in his life so maybe nothing is certain

 

[Silverthorn]

speaking of silver shortages its not just sprott saying its tough to get silver. The canadian mint is saying it hard to come by as well.

http://kingworldnews.com/kingworldn...Now_Saying_Its_Difficult_Securing_Silver.html

"Demand right now for silver is through the roof and it shows no signs of slowing at this point. Sourcing silver is becoming very difficult. We are competing with a great many players when it comes to purchasing silver and many of these players are bidding the price higher."