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i havent looked at the bullion price of silver in weeks!!! wow u think it will go down to $10 an ounce?? or even lower??? holy moly i should look at siler prices more eh?




Well it's a different story trying to buy. The bidders on eBay don't seem to know silver has dropped.

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Will the US mint adjust the prices of the Unc and Proof Silver Eagles they are selling?

They were quick to adjust their prices to match the upswing in silver prices but they have been slow on the downswing.

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Will the US mint adjust the prices of the Unc and Proof Silver Eagles they are selling?

They were quick to adjust their prices to match the upswing in silver prices but they have been slow on the downswing.

if they lower em ill buy em

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You know, I saw this today, and then went to the mint website to see if they'd priced the upcoming Jackson Liberty spouse coins and was actually surprised to find they are sold out of proof silver eagles. I called and the woman said they were out and didn't know if they would make more. So I think I found one online and bought it, but you can never be sure if it isn't sold out and you just get an e-mail a week later with no coin. Then I thought, with prices down, I should buy a few bars since I have some extra cash, and guess what? None of the places online I looked at had any bars available in quantity!


So yes, silver (and gold) sold off today, but I doubt anyone was selling any real silver, just paper contracts on the comex since I couldn't find any physical silver available. Maybe in the headlines or at the hedge funds paying a lot for a piece of paper that promises silver is a good investment, but if I'm gonna shell out $10,000 for silver, I want it in 100-ounce bars, no paper required. And today, that just wasn't happening. The lesson here is that there is starting to be a significant disconnect between the paper market and the physical market, and even though the specs sold "silver" down to under $13 today, there doesn't seem to be much actual metal being sold at that price.

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Several of the large dealers have shortages. I sometime hang at another site devoted to bullion and numismatics to a lesser extent where some people had a theory that dealers would hold back inventory in the face of negative price spikes rather than take a loss. The CEO of American Precious Metals Exchange (APMEX), possibly the largest dealer around, posted the following reply. This was a from early in the week. Direct paste follows:


APMEX Silver Inventory

There are always theories why when silver drops, we no longer have silver to sell. Many think it is a conspiracy. Let me assure you again it is not.

It is basic economics....


Here goes...


When silver falls from say $19.00 - $15.25 (Today's price) everyone who has been waiting to get into the market, comes in and buys. Therefore, the silver which we have for sale, get's purchased. (Reducing the supply)


When this silver goes down, no one wants to rush in and sell us more silver because the price is low and they want to lock in their losses. (Not smart investing) You want to come in and buy more too... (Averaging)


What we do when our supply is gone...


When our supply is gone, we DO NOT sell what we don't have. There are companies that do and I won't name names but if you read around the site, you will quickly find out who they are. These are the companies who take your money and then you wait months to get your product while you are there wondering if you will ever see your money or your product again. You don't have to worry about that with us.


There are companies who will gladly take your money and hope they find the product. What do they do if they can't find your product? I have no idea. Why, because we don't do business with them. The key is, buy what companies have in stock, not what they think they can get. If they can't make an instant delivery, stay away, they are playing with YOUR money.


The current 2008 Silver Eagle Situation.....


I will explain the current 2008 Silver Eagle issue again and I have covered this in the past and will likely have to cover it again in the future which I am happy to do. I understand there at a lot of new investors out there and people who just need to be reminded.


The US Mint DOES NOT have a surplus of SAE's in stock. So, they are rationing (Allocating) SAE's to distributors on a weekly basis. On Monday, they tell everyone how much you are getting. This has been going on since March (+/-) I think. So, since then, when we could not get any more, we stopped selling because, we were out of stock and have none to sell. When more were released to us or we could find some from other sellers, we would make them available you, our customers. So, on Monday, when we receive our next allocation, we will put them up on the site. If silver is still low, I imagine they will sell out too. If silver drops again, they will sell out quicker. So, we do not pull these off the site when silver drops, we simply sell out and cannot ask the mint to make more for us. It does not work that way.


Let me put my money where my mouth is.....


Do you have silver to sell? I am interested in buying 100,000 2008 SAE's or even nice quality back dated SAE's and I am willing to pay spot + $1.50 per ounce for any quantity of 1,000 coins or more to help me fill the needs of our customers. If you are interested in selling, let us know. If no one steps forward, we will have to wait for the mint to release more coins.


OK, but what about your other silver products....


Now, the same is true for many other silver products from silver eagles, to silver rounds to 10 ounce bars to 100 ounce bars. The only item we can get as of today with no problem is 1,000 oz bars. That's it. Everything else we have to wait for it to come in. And again, with silver down, no one wants to sell. Can you really blame them?


Can you sell or get other new products?


New products. We have lot's of new inventory being produced. But that takes time. Manufacturers are 6-10 weeks out. So, even though we have it on order, we can't sell it because it's not here and we don't have a reliable delivery date yet. Once we do, we will begin selling these items again.


To give you a heads up, we have a fresh batch of Brand New JM 100 oz bars that we are expecting in the first week of September. We may begin selling those once we get a bit closer by pre-sale. If you are interested, please continue to watch the site.


Most of the other new inventory we put on our site have already sold out and it does not last long. You have to be quick.


What silver do you have to sell?


Currently we have a very good inventory of 2008 Silver Maple Leafs and they are priced the same as the 2008 Silver Eagles were. (This is a great alternative.) We also have a good inventory of 90% silver coin and 1,000 oz bars. For the 1,000 oz bars, you will need to call our trading department during the week for pricing and specific availability. I imagine once those Silver Maples sell out, they will suffer from the same problems as the US Mint and they will be unavailable as well.


When silver drops, APMEX stops selling because we loose money...


This is not true. We always sell because our inventory is hedged. (What does that mean?? I do not have the time to fully explain how hedging eliminates our risk so I will direct you to Wikipedia. (Hedging) You can read up on it there and see how it is done. It is a practice which is used by many of the larger Precious Metals companies. The reason your local shops may pull inventory off the shelves when silver drops is because Gold needs to be hedged in 100 oz increments and silver in 5,000 oz increments unless you trade mini contracts which we no not.


I hope this will help answer some of your questions I have seen around the site. If you have more, please post them here and I will do my best to address them as quickly as possible. We have been incredibly busy lately, filling orders and shaking trees, looking under rocks, calling fellow dealers looking for inventory. We will do our best as always to try to find inventory for you to purchase. Thank you for your patience and your business.




Scott Thomas

President & CEO



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Well don't I feel like a fool, buying all that silver over the last 20 years, most of it under $5 per ounce. Certainly if I was a wise man I would have settled for a savings account and only lost 25% of my purchasing power...


"Who is the more foolish, the fool or the one who follows him?"

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