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 Replies: 82 / Views: 7,901 |
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Pillar of the Community
United States
1126 Posts |
Arcticsparky Said: My silver coins are still selling like hot cakes. And for much more than I paid for them. I don't know why the market is down, but it isn't affecting the prices I'm getting for the real thing.And that simple observation is the very foundation of what is happening in the Gold and Silver world. It is the beginning of the divergence between the "PAPER SILVER" which has the same problem all Paper Contracts have. Counter Party Risk. And the "PHYSICAL SILVER" Price. The prices are separating slowly right now and my best educated guess is there is a good chance it will accelerate as more and more people realize that since the Cyprus Depositors Theft that banks are no longer an even remotely safe place to keep their money. Edited to Add: Also the precious metals purchase defaults have began ABN AMRO, the biggest Dutch bank, has sent a letter to its clients stating that they will no longer be able to take physical deliveries of the gold they have bought through ABN. Instead they are offered money at the current market rate for gold. Basically, instead of owning a risk free, physical asset (a gold bar or a gold coin), the bank's clients now own a monetary claim on ABN AMRO, being exposed to the bank's credit risk. http://www.examiner.com/article/lar...mers?cid=rsshttp://silverdoctors.com/dutch-bank.../#more-23818It is getting wild and wooly, Be careful out there If You Don't Hold It, You Don't Own It Edited by stewart
04/06/2013 07:47 am
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Valued Member
Canada
57 Posts |
Always take physical delivery
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Pillar of the Community
United States
2168 Posts |
Yes. I actually posted a thread on the Dutch bank in regard to taking possession. There is a link to the article as well
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Bedrock of the Community
 13014 Posts |
Quote:
My silver coins are still selling like hot cakes. And for much more than I paid for them. I don't know why the market is down, but it isn't affecting the prices I'm getting for the real thing.
And that simple observation is the very foundation of what is happening
in the Gold and Silver world. It is the beginning of the divergence
between the "PAPER SILVER" which has the same problem all
Paper Contracts have Not really, its nothing more than places trying to minimize their losses. If you buy something for 34 and it drops to 30 you cant going to be as quick to drop the price as lower it if it still sells. The longer silver sits here the premiums will normalize when all the money losing inventory is unloaded. There are a ton of reasons that explain whats happening other than some disconnect where we now have some different spot price for physical. Also the prices really arent separating at all. You have to account for the cost of making anything when buying physical silver, if the silver itself if 29 bucks you arent buying anything for 29 bucks unless youre getting it in large amounts from the miner. The coins and bars dont form them selves for free |
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Pillar of the Community
United States
1126 Posts |
Also notice rise in price over Spot for 90% At APMEX,Provident,Tulving and others Edited by stewart
04/09/2013 4:13 pm
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Valued Member
United States
96 Posts |
That sounds great in theory... but not in practice.
If that were to happen (especially a sharp drop) there would be a lot of buyers but few sellers as everyone would be waiting for the rebound.
You would see the market dry up, which in turn would drive prices back up.
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Pillar of the Community
United States
1126 Posts |
Also
Gainesville Coins now has Silver Maples delayed for shipping until 4/30/13.
Pay now, get your bullion next month.
No Short Squeeze in Silver going on Here.Move Along
Edited by stewart
04/09/2013 5:03 pm
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Bedrock of the Community
13014 Posts |
Quote:
You would see the market dry up, which in turn would drive prices back up. For a short time maybe, but people wouldnt wait forever for the price to recover. Once it was apparent that it wasnt just a dip it would normalize. Quote:
Gainesville Coins now has Silver Maples delayed for shipping until 4/30/13. I cannot stress this enough, do NOT ever order from Gainsville. I would rather get a pitch fork and go look for silver in a mine myself then see a dime of money go to them. Aside from the fact that their last coin company went bankrupt sticking it to a lot of people for millions of dollars, Gainsville has the WORST customer service you will find anywhere. They just send you whatever they feel like sending you and if you arent happy or its fake tell you its your problem not theirs. |
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Pillar of the Community
United States
3789 Posts |
Hey baseball what happened with your purchase from Gainsville, I gather they screwed with your order?
I ordered only one thing from them last year, the 2012 proof Britannia. Was that coin company that went BK, was that the one that was up in Canada?
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Pillar of the Community
United States
3789 Posts |
... I see no short squeeze whatsoever.
I wouldn't be surprised to see more dealers close down with the continued slide in silver and gold as time goes on.... perhaps dealers are having a hardddddddd time with their lines of credit behind the scene as buyers dry up and that's the delay in inventory happening.
In anycase, don't count on a rebound in gold and silver prices. The downtrend first must be resolved and that's going to take time. Then once the downtrend stops, a period of time should occur where the price decides where it come to.
Remember, this slide down, theres going to be a lot of points where other sellers that might still be holding will look to unload should the price rise and this will keep PM prices down.
Nothing, however, is going to change until there is massive institutional fund buying. Without them, the markets wont go anywhere, no where fast.
I think if you are buying around these prices, you are looking at lower prices from where you buy and then the unknown,, what happens to the PMs after the slide. A decade of chop and nothing? A couple years? Who knows and that's something where I certainly wouldn't want to be buying physical silver and gold and telling myself "oh it will come back".
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Bedrock of the Community
13014 Posts |
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Hey baseball what happened with your purchase from Gainsville, I gather they screwed with your order? They sent me a commemorative coin that was covered in gunk and refused to even swap it for a new one. It was disgusting and I dont even know what it was, I didnt want to touch it to be honest. First coin I've ever actually cleaned. They said it was only bullion so I asked if they would be refunding premium they charged for it and they said no that it had numismatic value. It was like dealing with a child they just said the exact opposite of what you said going back and forth. If you google there reviews no matter what site you look at there are negative reviews all over the place about them sending fake stuff, the wrong stuff ect and not caring. I honestly cant recall a company that consistently got such poor reviews all over the place. Quote:
I ordered only one thing from them last year, the 2012 proof Britannia. Was that coin company that went BK, was that the one that was up in Canada? I had actually ordered from them once before and got lucky but knowing what I know now I wont be doing it again. There are far too many better places to spend your money. I think the other company was in Tampa or something but I'm not sure where it was but it was called National Gold Exchange. http://www.tampabay.com/news/busine...ptcy/1022261Thats one of the more favorable articles about the guys who now run Gainsville. Long history of unpaid debts yet somehow they built themselves a 25 million dollar manison.... |
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Pillar of the Community
United States
3789 Posts |
WOW... thanks for the heads up on that.... for sure I will never order from them again. That was my first and last purchase.
I been thinking about doing a thread about buying or how I go about buying the coins I like to collect and deciding what dealer it will be.. seeing that I got back into the hobby after being out.
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Bedrock of the Community
United States
36415 Posts |
I have ordered from Gainesville many times with no problems.
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Bedrock of the Community
13014 Posts |
Theres far worse stories about both their current and former company out there that I didnt link. At the very least I would strongly urge someone to do a google search of them and their reviews before considering it. After reading it it all I dont know why anyone would pick them when theirs the providents, apmexs, silvertownes ect of the world out there who actually do stand by what they sell. Quote:
I have ordered from Gainesville many times with no problems. So have others, and theres a large percentage of people that have ordered once or several times and encountered real bad problems with them. A quick google search tells you all you need to know about them |
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Valued Member
United States
90 Posts |
is everyone loading up now that they got there price crash?
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Replies: 82 / Views: 7,901 |
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Posted 04/06/2013 08:01 am
