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Thread: Silver/SLV

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    Arrow Re: Silver/SLV

    Sounds like supply has dried up so bad that the US Mint can not even get any.
    Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."

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    Default Re: Silver/SLV

    Reuters
    Mint suspends red-hot Eagle gold coins
    Thursday August 21, 4:46 pm ET
    By Frank Tang

    NEW YORK (Reuters) - A shortage of American Eagle bullion coins due to soaring demand following a recent sharp retreat in gold prices has forced the U.S. Mint to temporarily suspend sales of the popular coins.
    "Due to the unprecedented demand for American Eagle gold one-ounce bullion coins, our inventories have been depleted. We are therefore temporarily suspending all sales of these coins," the U.S. Mint told authorized coin dealers in a memorandum dated on Friday.
    Michael White, a U.S. Mint spokesman, said that only the one-ounce 22-karat American Eagle coins are sold out, but the half-ounce, quarter-ounce, and 1-10th ounce coins as well as the less popular 24-karat American Buffalo coins are still available.
    "We are working diligently to build up our inventory and hope to resume sales shortly," the Mint said.
    Coin dealers from the United States to Canada reported a surge in buying of bullion coins and other gold products since prices plummeted from highs last month. The buying spree contributed to supply fears and helped boost gold prices sharply on Thursday.
    Rand LeShay, senior vice president of Los Angeles-based A-Mark Precious Metals, an authorized purchaser for the U.S. Mint, said that there was a big spike in demand for gold and silver coins and ingots after a recent price tumble.
    He said that A-Mark currently has no one-ounce American Eagle gold coins for its customers.
    "Until the U.S. Mint can supply us with more coins, we won't be able to supply any to our customers," LeShay said.
    The move by the U.S. Mint to halt sales caught market participants by surprise as it came at a time when the metal was sharply falling, rather than rising.
    In contrast, the Mint needed to allocate its Silver Eagle coins to dealers due to overwhelming demand as the price of silver soared earlier this year.
    Produced from gold mined in the United States, the American Eagles have been novel items among collectors and investors since their introduction in 1986. Each coin has a face value of $50 but it is sold by authorized dealers at a premium to the price of gold.
    COIN DEMAND SPIKES
    Blanchard and Co., one of the largest U.S. retail dealers of rare coins and precious metals, said the American Eagle and American Buffalo one-ounce gold coins are sold out.
    "Nobody has the Eagles or the Buffaloes right now. We bought 2,000 ounces late last week, and those were the last 2,000 ounces that we can find in the marketplace," said David Beahm, vice president of New Orleans-based Blanchard.
    "If we don't have them, nobody has them," Beahm said. He added that he has been recommending customers to buy the one-ounce Canadian Gold Maple Leaf gold coin instead.
    Jon Nadler, senior analyst at top Canadian dealer Kitco, said that the shortage of the Eagle coins could be due to a combination of high demand and a temporary lack of supply in coin blank, which is a flat metal disk used to mint coins.
    On Thursday, spot gold surged as much as 3 percent to $839 an ounce, while U.S. gold futures for December delivery scaled a one-week high at $845 an ounce. Gold hit a five-month peak of $987.75 on July 15, and it set an all-time record of $1,030.80 on March 17.
    In hindsight, A-Mark's LeShay said that neither the U.S. Mint nor the coin dealers could anticipate the coin shortage.
    "This kind of spike in demand is something no one can foresee, and no business runs itself waiting for this to happen," LeShay said.
    (Additional reporting by Jasmin Melvin and David Lawder in Washington; editing by Jim Marshall)
    Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."

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    Default Re: Silver/SLV

    Nice rally today in SLV. Good call!


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    Default Re: Silver/SLV

    Still holding, there is another big gap to fill.
    Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."

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    Default Re: Silver/SLV

    Quote Originally Posted by Show-me View Post
    All of my normal silver suppliers have suspended sales of ALL bullion including generic rounds and bars. ALL PHYSICAL BULLION SALES SUSPENDED. This is very, very, very unusual.

    eBay is the only place to find it and they are very high right now, I guess because all of the normal suppliers have dried up.
    It's those damn Hunt brothers again.

    Remember this?... http://www.buyandhold.com/bh/en/educ...hunt_bros.html

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    Default Re: Silver/SLV

    One story I read speculated that some of the supply dry up was due to the SLV ETF, but many other articles and the US Mint claim personal ownership of mint coins as the cause.
    Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."

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    Default Re: Silver/SLV

    Also, a few years ago I read about Warren Buffet and Bill Gates both having large positions in physical silver. That is what got me interested, that and the coins that were stored under the Twin Tower when 911 happened.
    Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."

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    Default Re: Silver/SLV

    Quote Originally Posted by Show-me View Post
    One story I read speculated that some of the supply dry up was due to the SLV ETF, but many other articles and the US Mint claim personal ownership of mint coins as the cause.
    I'm trying to make sence of this?

    If there is a perceved shortage of silver, then why is SLV falling down to new lows? It's almost at it's low of Sep 07?
    I understand how the dollar can be beating it down, but still if there is a supply/demand issue shouldn't this take priority over the strength of the dollar?

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    Default Re: Silver/SLV

    Quote Originally Posted by JTH View Post
    I'm trying to make sence of this?

    If there is a perceved shortage of silver, then why is SLV falling down to new lows? It's almost at it's low of Sep 07?
    I understand how the dollar can be beating it down, but still if there is a supply/demand issue shouldn't this take priority over the strength of the dollar?
    I wish I understood this one too. Bad thing is the writing was on the wall as Oscar pointed out. I should have listened, but I have a serous addiction to silver. Also, silver never reached the expected highs of many silver traders.
    Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."

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    Default Re: Silver/SLV

    Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."

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    Default Re: Silver/SLV

    Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."

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    Default Re: Silver/SLV

    Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."


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