A heads up about the silent silver shortage
Posted March 27th, 2008 by e_goldstein
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Within the last few days, there has been growing evidence of a silver shortage on the retail side of the industry. My conclusion is that there is "stealth" price fixing scheme going on in the futures and options markets, and other "paper silver" investments, causing the price of silver to fall; while, at the same time, few can find product (bars and coins) to buy. I have no idea if this shortage has reached the jewelry suppliers or not, but there is evidence that the shortage has reached some of the larger suppliers like the national mints of Canada, the United States, and Australia.
Below is a link to more evidence that the silver shortage is indeed real, and that those in the paper markets are doing all they can to keep a lid on it. Below the article are 3 or 4 other links giving more evidence for a silver shortage--pay particular attention to the emails. I also urge you to do your own research by calling local dealers before you consider buying or selling silver.
UPDATE 3/28: The Mogombo Guru weighs in.
http://news.silverseek.co...
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INTUR
A couple years ago i found a bag of coins on a construction job with cuban inturs. I dont know what they are made out of but they are the same size as our quarter and sound exactly like pre 65 silver quarters. Anyone here know their composition....
Gavination, would those be
Never mind ---- Lisa beat me to the punch!
Try this.
http://en.wikipedia.org/w...
"Between 1981 and 1989, the National Institute of Tourism (Instituto Nacional de Turismo, "INTUR") issued "Visitors Coinage" for use by tourists. In 1981, cupro-nickel 5, 10, 25 and 50 centavos and 1 peso were introduced, followed in 1988 by aluminium 1, 5, 10, 25 and 50 centavos. The INTUR coins were demonetized on 15 October 2001, and were replaced by fractional convertible pesos in 1, 5, 10, 25, 50 centavos and 1 peso, minted in Canada. In late 2004, a five convertible pesos coin, dated 1999, was placed into circulation."
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Lisa C.
http://www.women4ronpaul....
thanks!
!
The Mogombo Guru
is the Dave Barry of silver world.
Very Old News
Ted Butler's been talking about this for years.
It was an old post
I answered someone's question today that I overlooked earlier. The thread kinda took off from there. Silver is a popular topic around these parts. Also, check out ChristopherX's thread entitled -Update- buying silver again with caution for more discussion of Ag bullion on the Daily Paul. Welcome and enjoy.
He never said this wasn't "Very Old News"
just adding to the news and giving his opinion. If you had been here longer than 2 hours you would know that he often brings news of interest to metal investors.
For some, this might be new news. No harm in posting it, is there?
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Lisa C.
http://www.women4ronpaul....
I agree with you Lisa
Some of this may be old news to those of us that have been watching the precious metals, but could be very new to those that are finally seeing what is going on in the market. You are awesome by the way Lisa. I really love reading your comments. I have been watching the Silver market very closely, and I am finding that the dollar is being tied to silver.
I think there are some strange things that are happening behind the scenes right now with silver and the dollar, and I am no conspiracy nut either.
Thanks Tessie.
You are right about silver. It's just one more thing being manipulated but it won't be that way forever.
I just got a delivery of Australian junk silver and the price was well above what you see on Kitco. With the dollar crashing, credit market drying up, houses being foreclosed, as well as, oil skyrocketing, there is no way metal should be where it's at. You are definitely not a conspiracy nut.
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Lisa C.
http://www.women4ronpaul....
He never said
Everyone's entitled to post, Lisa C. Your baseless, prejudicial assertion that I've been here but two hours seems no different to me than the Fascist Missouri State GOP Credentials Committee, who's challenging my right to participate in the Branson Convention, after 36 years of Republican voting. So, back off or take more valium. You decide.
ag2012au2012
Do not give up please. I am sorry you are being challenged. We are on the same team here. I believe Lisa was just pointing out the obvious, which is we all have the right to voice our opinions here. I believe the original poster may be new to the precious metals market. I will say that Lisa C. is one of the most level headed individuals here on the daily paul.
It's not baseless.
I had a look at your username and there it was.
Are you saying that you're comment wasn't just the least bit snotty? Give me a break. I'm not challenging your right to do anything. Seems to me you're the one getting excited. If you've got troubles in Missouri, don't take them out on me, take them out on the GOP.
You decide.
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Lisa C.
http://www.women4ronpaul....
Baseless
Are you saying if an individual audits daily paul for several months, then registers and makes an innocuous comment about a topic as being very old news, then that individual will be subject to Lisa C's myopic remonstrance?
I am finally getting mine
I ordered a monster box almost 2 months ago from NWT Mint. Today is shipped and I will be getting it into my hot little hands soon.
Thank goodness. I was starting to get nervous.
Healthnut4freedom
"Trust in the Lord with all thine heart; and lean not unto thine own understanding. In all thy ways acknowledge Him, and He shall direct thy paths." Proverbs 3:5,6
NWT Mint LOL!
"first by inflation, then by deflation, the banks...will deprive the people of all property" -Thomas Jefferson
Why LOL
Because it was the one rumored to be bankrupt? It doesn't sound like any of them are doing too well. When I get my silver I was just rest easy.
Healthnut4freedom
"Trust in the Lord with all thine heart; and lean not unto thine own understanding. In all thy ways acknowledge Him, and He shall direct thy paths." Proverbs 3:5,6
"Attorney General sues NW Territorial Mint"
Well, perhaps, LOL wasn't a good expression, but read this article below.
"Attorney General sues NW Territorial Mint"
http://seattle.bizjournal...
--
"first by inflation, then by deflation, the banks...will deprive the people of all property" -Thomas Jefferson
YIKES!
I ordered from them in March and when I called about it, they said it wouldn't be here until June!
If they don't deliver, I'll expect a full refund!
Oh my goodness
Well, I haven't been too happy but I did order my silver right before the major silver crunch so I didn't expect much. I also have not had great service from two other dealers so I thought it was pretty much standard fare. I did email them, though, right now and let them know I was aware of the suit so I am looking forward to my order being fulfilled.
Healthnut4freedom
"Trust in the Lord with all thine heart; and lean not unto thine own understanding. In all thy ways acknowledge Him, and He shall direct thy paths." Proverbs 3:5,6
What silver crunch?
"first by inflation, then by deflation, the banks...will deprive the people of all property" -Thomas Jefferson
PM Dealer Feedback
There are a few threads on NWT mint here. Look at the poll.
http://goldismoney.info/f...
"first by inflation, then by deflation, the banks...will deprive the people of all property" -Thomas Jefferson
Well...
You are making me feel better all of the time. I went there because someone on this site recommended them as the cheapest. I surfed around the other sites and they were. When the wait time stared to get long was when everyone was screaming there was no silver so I didn't freak out. I waited. But now I will be just happy to get my silver.
We dealt with two other companies. One was delayed for over a month and they had no real excuses. The other "lost" our check so if we wanted to order from them we would have to pay the much higher price (by this time) so I had to pay to cancel the check and told them to get lost.
So, I don't believe the customer service is too great with any of the companies. Do you have one that you trust?
Healthnut4freedom
"Trust in the Lord with all thine heart; and lean not unto thine own understanding. In all thy ways acknowledge Him, and He shall direct thy paths." Proverbs 3:5,6
If you can,
buy locally, with cash. If you don't live in a city with a coin dealer, then it may be a good idea to make the trip. Be sure to call the coin dealer and ask him if he has silver in stock before you go.
Why do you want to buy silver in the first place?
"first by inflation, then by deflation, the banks...will deprive the people of all property" -Thomas Jefferson
First off
There is no coin dealer anywhere near where I live so that's not an option. Second, it is important to diversify at this time or haven't you heard, ;0) Silver is one of the ways.
Healthnut4freedom
"Trust in the Lord with all thine heart; and lean not unto thine own understanding. In all thy ways acknowledge Him, and He shall direct thy paths." Proverbs 3:5,6
Why Buy Silver?
Why, so we can hoard it and admire it and hold it and watch the light gleam off it and run it through our hands ..... so beautiful ..... the preciousssss!
akak
you make me laugh, now that was funny. You must like the Lord of the Rings too aye? I will say if any of you are serious about buying silver, make sure you buy it, and take physical possession of it. It is being manipulated right now through exchange market with some of the major silver companies like Kitco, and Monex. All I can say is be cautious, and have your silver in hand, and not on paper.
Glad I could give you a
Glad I could give you a little laugh, Tessie! I wasn't slamming silver at all by all that, though, I hope you knew. I have my share of it as well, and yes, I DO like to look at it now and then .... but it is not my precioussss, that would be my GOLD!
Why do you ask that question?
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Lisa C.
http://www.women4ronpaul....
Did you check ebay?
"first by inflation, then by deflation, the banks...will deprive the people of all property" -Thomas Jefferson
That's
where I get most of mine...I buy big lots of coins that are not in perfect condition. You can then resell them when prices are good and also make shipping money...then buy more silver when the price falls again.
Counterfit silver dollars, trade dollars ect from ASIA are out
there,,,small denominations are still safe stay away from cc (CARSON CITY) coins and key dates but collecting silver only coins . I still believe to be safe.
E_ the multinational
E_
the multinational corporations who use silver to make their products will get silver first.. those corporations are mthe who;s who of those supporting world government etc. soon they will panic and start to stock pile. when that happens silver breaks loose! buy all you can asap!
as for me and my home, we shall worship the LORD
Hey, Sierra
Yeah, I am. I made a pretty large purchase a couple of months ago after dumping some T-bonds; but for the most part I'm value averaging, picking up anywhere from 2 to 10 oz of fine (.999) a week, more when the opportunity presents itself. Right now, I'm trying to bring my fine silver holdings to a 10:1 ratio based on my gold holdings; but have to split my currency between silver purchases, ammo purchases and gardening supplies.
Like you, I've been in silver since the 90's. I bought 100 oz of sterling (.925) casting grain to make jewelry for around $3.60/oz. I also have a large amount of sterling scrap that I plan on pouring into 5 oz ingots, and then stamping for weight and purity so I can get an accurate count.
Now, I don't know if what happened in the palladium market back in the 90's will happen in the silver market, although I hope it does. But, as I've said before, I would rather hold my wealth in something that maintains its value relative to other commodities over time, than in some debt scheme, artificially propped up stock market, or fiat currency. Of course, one must consider that no fiat currency may survive the coming global financial apocalypse, but that's another diatribe.
So yeah, buy silver, as much as you can find. If windfall profits come, great. If they don't, you still have the silver, and it will always be worth something.
I agree.
1000oz bars are available for larger investors because they are the "good" customers and have to be kept happy. Joe and Jane in Philly with their order for 200oz isn't nearly as important and are made to wait. They could be waiting a long time. This is a result of the physical shortage and has lead to a decoupling of the physical and paper markets. Aussie junk was going for over $21/oz on ebay this weekend.
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Lisa C.
http://www.women4ronpaul....
Lisa C.
You are absolutely right. There is a shortage, but because of all the fake paper trading of silver going on people are easily fooled, and do not realize what a shortage there really is. Japan has engineered a way to replace costly platinum, and palladiam with silver for diesel catalytic converters, so the price of silver will go up, but they need to start investing in silver mining companies that are producing, or the ones interested in doing the mining for this precious metal. Most of those mines are in Mexico, believe it or not.
Couple of questions...
I have located a dealer in my area from which to purchase pre-65 coins. Via my phone conversation with him, he advised that he has several $1000 face value bags available at 35 cents over spot. Cash purchase with no records. My questions are as follows:
1) Are conterfeit coins of this type prevelent? If so, how do I identify them?
2) I am somewhat fuzzy on the following. I understand that this is not a short-term investment, rather a way to transport wealth thru difficult times. However, at what point (after the ecomony is better or when the Amero is introduced, would you sell some or all of the silver? I must admit, I am as interested in a profit later on as anyone. Say if silver were to reach $500/oz. as some say. Also, HOW would you go about selling it?
3) How would you go about hiding it so that the Feds can't locate it? I was thinking of putting it in PVC pipe (enclosed on both ends) and burying it at about 5 ft. depth.
I thank you all in advance for your responses.
It's doubtful
that anyone has counterfeited junk silver, at least at this point. So far it would be too expensive to make a profit from the process. 1000 oz silver bars might be another matter.
kayak,
1) I am not too familiar with the pre-1965 market for silver, except that the coins are 90% silver. I have no idea if this market is a target for counterfeiters or not.
2) Personally, I plan to use my silver and gold holdings for my retirement, unless one or both of the metals obtain a price range that is unusually higher than the amount of goods that silver or gold would usually buy. For example, if silver jumped to $1000.00 an ounce tomorrow, and oil, grains and other commodities stayed at relative prices, I would probably sell some of the silver and take profits.
3) Your idea sounds fine to me. Personally, I'm not too concerned about silver confiscation just yet. I will tell you that I don't keep all of my bullion in one place.
Hope this helped, good luck.
G. Edward Griffins Libertatems
I did indeed purchase one of these Libertatems! .999 PURE SILVER and it states the 3 commandments of "Freedom". It is created by Freedom Force International( the Force is "The People" and NOT the actual USE of Force). This is an organization of men and women from ALL parts of the World who are ddicated to the defense of Liberty AGAINST totalitarianism.
This is such a beautiful coin that all peoples should own!
Thanks Sierra for the info site!
Sierra, Thanks so much ! I am always open to learn about new things that I most certainly maynot know about the precious metals industry, I love your signature....
"as for me and my home, we shall worship the LORD" :)
i believe the amero is coming
i also believe my moms retirement will be worthless in 5-8 years. im not sure about the silver shortage yet but i believe holding metals is a great investment
Or..
... safety net in currency collapses. It normally takes 15-20 years for a nation's economy to stabilize and begin to rebound after a currency collapse...
trading in gold for silver
At this time in my opinion, you would come out way ahead especially if you were selling it on an online silver forum ( like Ebay). The sky is the limit and people such as I, are making a bunch of money. People are paying astronomical amounts to obtain this "Silver" especially American Eagles....sell some of your Gold, but have much left. As I stated, I have "much much" in Silver and have "much" in gold at this point. The one thing to remember is to have fun and to NEVER take advantage(as I am sure you wouldn't) of other peoples desperation of thinking that there will be "NO Silver" left if I don't buy it now on Ebay.....lol....Good luck!!! Always remember the "Golden Rule" in business as there are MANY who donot and one can make money without hurting others.
Personally I would hang on to your gold
and just continue adding to your silver. I'm not sure what "much much" means.
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Lisa C.
http://www.women4ronpaul....
bought 1 100 oz bar the other day
feel good about it
Congratulations!
I got to play with a 100 oz bar last week at the coin shop. That is the closest I have ever come to owning one.
The dealer mentioned that he used to have a 1,000 oz bar, but last year someone cut his phone line and then cut through the ceiling of his shop and stole it.
Feel GOOD about it...
I own much much in Silver and much in Gold, but is it real or is it Memorex?...LOL....Seriously, do you believe there is actually a shortage of Silver or what? No Silver means LOWER DOLLAR means "AMERO". What are your thoughts?
think of trading in gold for silver....
just a thought.