Attention Bargain Hunters - Retail Silver Survey
October 16th, 2008
Tulving at www.tulving.com has 50-100 Johnson Matthey/ Engelhard and Ohio Precious Metals 100 oz. bars in stock. The JM bars are offered at $2.99 premium to spot and the OPM bars at $1.99 premium to spot. While these premiums are still very substantial, they are just about the best deal that I could find. With silver currently around $9.50, you can effectively purchase physical silver for $12 to $13 per ounce. Any other “deals” out there you know about?
The best deal is BUY Comex Dec Silver Futures…5000 ozs per contract…
Last trade: $9.62…per oz…times 5000 ozs…
You can take delivery of the physical silver…or take delivery of a wharehouse receipt…YOUR CHOICE…
Taking delivery of the physical will incurr some fees for delivery, insurance, and bank fees…
It’s the best DEAL out there…one retail coin dealers poo poo all the time…as they charge you PREMIUMS for their silver that they are selling to you…or hit you with a Discount if they are buying yours…
The COMEX is THE DEAL for silver and gold…Delivery in physical if you desire…
Yeah you can buy all the Maple Leafs and Eagles you want real cheap at Northwest Territorial Mint. Though, according to lots of forum posts, you may not get delivery for months. People are too spooked to place the order. I’m a little spooked myself.
Not everybody can afford to buy 5,000 ounces at a time, that is why this post is titled “Retail Survey”. I wouldn’t count 100% on delayed delivery whether it is the COMEX or Northwest Territorial Mint. Maybe it’s 95%, or 90%, or less, but it is not 100%. That’s probably why those prices are lower. Or put another way, the price of silver available for immediate delivery is higher than the price of silver available for delayed delivery. Wait a second?!? Isn’t that the definition of backwardation? Well, there is an exception to the above–both GLD and SLV allow you to buy gold and silver today with as close to 100% guarantee of being able to take delivery at any time as one can get after “cash and carry”. Okay, it’s at least 50,000 ounces of silver and 10,000 ounces of gold but at least it is possible. And this is precisely why I am currently following the basis for Gold Standard University participants by looking at SLV and GLD.
Can’t afford 5000 ozs of silver? There are also mini contracts of two smaller increments…
If retail dralers are having trouble getting inventory, Comex Delivery, happens during Delivery Period of each contract, would provide you with 1000 oz bars to sell…
We are talking about retail investors here–taking delivery on 1000 oz. mini-contracts isn’t going to be a palatable cup of tea for most people.
I notice that “American Gold Exchange” is selling silver eagles for $13.60. I’ve not ordered from them before, but this price appears to be very competitive, and it causes me to scratch my head. http://www.amergold.com/vault/americansilvereagles.php
If anyone has had dealings with this company, I’d like to hear whether you had a good experience. Lear Capital http://www.learcapital.com/ is always a good place to check as is Gold Masters http://www.goldmastersusa.com. I’ve purchased from Lear and GoldMasters and have been very satisfied. Recently I’ve been buying from my local coin dealer in Philadelphia. The transactions there are compelelty anonymous and he matches any legitimate web price.
Evenhanded,
I called them today (they are in Austin, same as me), and they are, not surprisingly, out of stock on most silver items. The salesman admitted that their website needs to be updated.
He was a nice guy, I don’t have any reason to think they’re not reputable, but they’re blown out right now just like everybody else.
i bought 29 1 kilo bars from chard at 276 sterling including 17.5% vat (235 nett)from chard in blackpool uk .when the spot was 11.09 usd.apparently they have sold a 1000 1kilo bars this last 2 weeks.they are getting more stock next week.they ship overseas no vat for none eu customers
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