★★ Auction: 50,000 oz. silver Canadian Olympic Mapleleafs ★★
Just got this email....
http://silverstockreport.com/2008/auction-2.html
Auction: 50,000 oz. silver Canadian Olympic Mapleleafs
(Second auction!)
Silver Stock Report
by Jason Hommel, September 19, 2008
I'm parterning with a popular and well known bullion dealer to auction off 50,000 ounces of silver.
50,000 one-ounce silver coins: Canadian Olympic Mapleleafs
Terms: Available to bidders in the USA only.
Auction ends September 22, Monday, Noon, Pacific Time.
Bid how much you are willing to pay over spot.
Spot price will be Friday's London Silver Fix, as listed:
http://www.kitco.com/market/
Or, bid a total final price.
Minimum bid: $2.50 USD over spot, per ounce.
Minimum bid size: 5000 ounces. So there are 10 lots up for auction, you may bid for 1 lot, several lots, or all.
(The coins come in boxes of 200 coins each, so minimum is 25 boxes.)
Dutch Auction Rules. High bidder wins and gets first allocation, but the final auction sales price will be the lowest price bid that is required to fill the whole 50,000 coin auction.
Email your bids to: j@silverstockreport.com
Winning bidder (or bidders) will be notified via email on Monday, wire transfer instructions, to wire directly to the dealer.
Wires must be sent by Tuesday.
Only bank wires will be accepted. No checks, no Credit Cards, no cash.
Free, insured, shipping, to anywhere in the USA ONLY, included in the price.
After the auction, I will release the range of bids, but not the name of any bidder.
I accept no responsibility if your email bid gets lost and does not arrive, or gets lost in the spam filter. Email via "returned receipt requested" to help ensure confirmation of your bid.
I will attempt to email back to confirm bids as they come in.
I may publish bids half way through the auction.
As many of you know, even coins are getting harder to find and source.
I expect the coins to auction for between $3-6 over spot.
Sincerely,
Jason Hommel
www.find-your-local-coin-shop.com
www.silverstockreport.com
www.miningpedia.com
www.bibleprophesy.org
Canadian Olympic Silver Maple Leafs Explained!
My first reaction was "What are these things?" I had heard of Silver Maple Leafs, of course, but not the Olympic ones. I found that information here:
http://www.apmex.com/Product/39327/2008___1_oz_Silver_Maple_...
It will be interesting to see how Jason Hommel does selling 50,000 of these in large lots at "2.50 over spot minimum" and "expecting 3.00 to 6.00 over spot" when Apmex is selling boxes for $2.99 over spot. There are probably some other differences in terms (free shipping, free insurance) that may make the Apmex slightly more expensive than it looks, but for a large lot, it wouldn't be a huge difference.
Apmex claims to have over 39,000 available at that price. (That's the box price, smaller quantities are higher.)
Personally, of course, I find the Olympic modification to the coin makes it uglier than the original, but I am not buying silver for looks. It does, you could argue, make the coins more special than the standard ones, so that should at least balance it out the value between the 2.
If Jason sells them for significantly more than $2.99 over spot/ounce, then that may mean that the market trusts Jason more than Apmex to delivery product in a timely manner. THAT would be an interesting outcome.
Good Luck Jason! Many of us here at Daily Paul support you!
now that's what I call...
...testing the market! :-)
Should be interesting to see the reaction. Do you find it noteworthy for any less-obvious reason?
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"Committed To The Eradication Of Poverty Among Patriots"
"Those Who Strive For Excellence Refuse To Fear Mediocrity; They Eradicate It."
Zero Tolerance For Flamers
"GINO" = Government In Name Only
...
"Committed To The Eradication Of Poverty Among Patriots"
"Those Who Strive For Excellence Refuse To Fear Mediocrity; They Eradicate It."
Zero Tolerance For Flamers
"GINO" = Government In Name Only