News Bites Unprecedented silver demand forcing bullion deals to stop taking orders before market opens

Source: https://www.kitco.com/news/2021-01-31/Unprecedented-silver-demand-forcing-bullion-deals-to-stop-taking-orders-before-market-opens.html
Published: Apr 24, 2021
Author: Horse
Post Date: 2021-04-24 17:36:31 by Horse
Views: 265

Unprecedented investor interest in silver has continued through the weekend, spilling into the physical market with many bullion dealers unable to keep up with the demand.

After creating massive short-squeezes in stocks like Gamestop, Blackberry and AMC, retail investors mobilized over social media started to focus on the silver market. Reddit's Wall Street Bets has been one of the leaders of the organized mob with its subreddit discussion: 'The biggest short squeeze in the world $SLV Silver $25 to 1000$.'

The mobilization of retail investors in the silver market has created an impressive move for the precious metal. March silver futures prices ended Friday around $27 an ounce, for a 5% gain.

In anticipation of a massive open Sunday evening, retail investors have been busy buying physical bullion over the weekend. Many bullion dealers have had to stop processing online orders because of the unprecedented demand, in the face of price uncertainty.

Arcadia Economics @ArcadiaEconomic

APMEX, JM Bullion, and SD Bullion are all out of available silver at the moment.

So if anyone wonders if @wallstreetbets (#Reddit) has the ability to impact the #silver market, the dealers running out, & 34 million $SLV shares being added on Friday are the answers that matter.

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#1: TommyTheMadArtist    To: Horse (#0)

Physical Silver is running about $36.00 an ounce here in MInnesota. Which is highway robbery. I was going to buy some and it was overpriced already. $31.00 plus another 6 bucks over spot. Try to sell it and they want $5.00 below spot.

Stupid

TommyTheMadArtist posted on 2021-04-24 18:19:52   Reply   Private Reply

#2: Horse    To: TommyTheMadArtist (#1)

I bought some more on my credit card when my stimulus check was announced.

Horse posted on 2021-04-24 20:07:43   Reply   Private Reply

#3: Lod    To: Horse, Tom, silver bugs, 4um (#0)

Guy on texas gun trader had 175oz for $31/oz and I was too slow on the trigger. Sold in a heart beat.

Lod posted on 2021-04-24 22:58:16   Reply   Private Reply

#4: Lod    To: TommyTheMadArtist, Horse (#1)

Ag's getting goofy - $10+ over spot? and this is a trusted dealer!

www.providentmetals.com/2...gle-1-oz-silver-coin.html

Lod posted on 2021-04-24 23:08:38   Reply   Private Reply

#5: Horse    To: Lod (#4)

I don't do silver dollars. I prefer 90% US silver coins. They had none in stock.

Horse posted on 2021-04-25 00:05:35   Reply   Private Reply

#6: Pinguinite    To: Horse (#0)

I bought me a 100 Oz silver bar last year at about 19/oz, including commission. No plans to sell.

Pinguinite posted on 2021-04-25 03:51:23   Reply   Private Reply

#7: TommyTheMadArtist    To: Pinguinite (#6)

Considering that the cost of a 2x4 tripled in the last year, I would say let that silver ride a while. You might be a millionaire by the end of the year.

TommyTheMadArtist posted on 2021-04-25 09:31:05   Reply   Private Reply

#8: Lod    To: Horse (#5)

I have no idea if the "junk" silver stock has dried-up like the rest of Ag has.

Let us know if you find any.

Lod posted on 2021-04-25 22:35:51   Reply   Private Reply

#9: Horse    To: Lod (#8)

https://www.jmbullion.com/silver/junk-silver/90-silver/90-silver-quarters/

https://www.moneymetals.com/pre-1965-junk-silver-coins-dimes-or-quarters/35?utm_source=bing&utm_medium=cpc&utm_campaign=PLA%27s(BSC)%20-%20Silver&utm_term=1101105342062&utm_content=~Silver Costs more, sell back lower

Apmex has some but they charge state sales tax.

Horse posted on 2021-04-25 22:51:23   Reply   Private Reply

#10: Lod    To: Horse (#9)

Never heard of that, maybe they're in a deep, deep, blue state.

Lod posted on 2021-04-25 22:58:41   Reply   Private Reply

#11: Horse    To: Lod (#10)

States are forcing dealers to charge sales taxes. But silver and gold should be exempt.

Horse posted on 2021-04-26 00:56:58   Reply   Private Reply

#12: Lod    To: Horse (#11)

But silver and gold should be exempt.

Correct, it's a trade, not a sale. Just found this new to me site:

www.bgasc.com/sales-tax-gold-silver-bullion-coins

Lod posted on 2021-04-26 08:10:45   Reply   Private Reply