Any noteworthy developments in the silver market?

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ao's picture
ao
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Any noteworthy developments in the silver market?

I noticed APMEX has a sale on 1 million ounces of silver including junk silver coins for 10 cents under spot.  I was just wondering what might be the impetus for this action?

Ken C's picture
Ken C
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Re: Any noteworthy developments in the silver market?

APMEX    seems to have specials on silver products regularly.  I think it is just a regular marketing idea.

 

Ken

 

ao's picture
ao
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Re: Any noteworthy developments in the silver market?

True but the volume of this special was unusual and the fact that junk silver was now below spot whereas previously it was above spot also unusual.

ao's picture
ao
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Re: Any noteworthy developments in the silver market?

True but the volume of this special was unusual and the fact that junk silver was now below spot whereas previously it was above spot was also unusual.

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Morpheus
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Re: Any noteworthy developments in the silver market?

There have been, and still are massive backorders on silver in the physical markets. Try ordering bulk shipment of Ag from Pan Am or Sunshine. Good luck with that. There website even apologizes from the multi-month delay.

Something's rotten in Denmark when there is a backlog on delivery even when the price was falling.

My dream is for people ot lose interest in it, and the manipulators to drive it down to $6 an oz. I'd buy 20,000 oz and wait. Very patiently wait.

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Morpheus
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Re: Any noteworthy developments in the silver market?
kenc wrote:

APMEX    seems to have specials on silver products regularly.  I think it is just a regular marketing idea.

 

Ken

 

Dunno. Most of the time I have a wait. Sometimes I even pay a premium on eBay for the stuff. Haven't seen these "specials" on AMPEX. Am I missing something?

 

EDIT: OK, I see what you're refering to. I think they are making an offering now to liquidate stocks because most silver bugs, myself included, expect silver to fall in Q4. In fact, I am praying for it to.

By offering $1.69 above present spot, they can lock you in at about 18.90 an oz for physical Ag. Then, if spot falls from 16.84 or so to $15.00, they profit the difference plus the original markup. Remember, almost everywhere with the big dealers a 30 day wait is FAST. So it looks like they're hedging a little. Smart move actually.

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katyan
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Re: Any noteworthy developments in the silver market?

In a nutshell, what are the reasons for thinking that silver is going to fall in Q4? I was sitting on the sidelines on gold this summer based on the many views posted here and elsewhere that gold was overpriced in the $950 range and would probably fall back below $900...or even $800. Well, look at it now.

I recently purchased a relatively small amount of silver coins (the level just above junk) from APMEX. that shipped within a week. Are the backlogs mentioned referring to bullion?

 

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Morpheus
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Re: Any noteworthy developments in the silver market?
katyan wrote:

In a nutshell, what are the reasons for thinking that silver is going to fall in Q4? I was sitting on the sidelines on gold this summer based on the many views posted here and elsewhere that gold was overpriced in the $950 range and would probably fall back below $900...or even $800. Well, look at it now.

I recently purchased a relatively small amount of silver coins (the level just above junk) from APMEX. that shipped within a week. Are the backlogs mentioned referring to bullion?

 

Two reasons really. First, the $USD is teetering above 76. This is forcing the silver cartel to kick out even more open interests than what we saw over the summer (data in the Sept COT reports). forcing them to drive down PM's to prop up the dollar.  Second, September has historically been a big month for gold and silver.

How much will it retrace? No clue. But I don't think it's a long-term trend.

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Mr. Fri
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Joined: Feb 21 2009
Posts: 220
Re: Any noteworthy developments in the silver market?
Morpheus wrote:

  Second, September has historically been a big month for gold and silver.

Hummm... not much of Sepember left for silver to breakout into.  I hope October will bring lower prices but I have no data, just hope.

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