Skip to comments.Apmex Starts Reverse Inquiry: Seeks To Buy "Any Quantity" Of Silver From Clients At $3 Over Spot
Posted on 04/25/2011 6:13:18 PM PDT by Daisyjane69
Over the past hour Zero Hedge has been inundated with reader comments notifying us that Ampex has, validating the earlier post speculating about a possible silver shortage at the metals distributor, launched a "reverse ïnquiry" in which it will pay "you $3.00 over the current spot price of Silver for your Silver American Eagles. ANY year, ANY quantity!" and "We will pay you $38.00 over the current spot price of Gold for your Gold American Eagles. ANY year, ANY quantity!" So aside from this first public confirmation that one of the biggest wholesale retailers of precious metals is now inventoryless [sic], we can certainly see why Asia has decided to take silver down in the afterhours electronic session.
(Excerpt) Read more at zerohedge.com ...
Bubbles bursting in air.
I’ve bought gold and silver on more than one occasion from APMEX. Great people to do business with. I don’t see anything on their site about a buy back, other then the usual quote.
I received an email from them about this.
Looks like it’s starting.
If silver/gold goes down far enuff, I will buy some more. (looks like they are taking a hit right now. not much of one yet)
TEOTWAYKI - Run for the hills!
They might be better off going to ebay. I doubt they’ll get many takers.
Blam that chart is not related to this story. What we had we the prices is the price has increased for about 12 days without let up. It’s called a correction, if AMPEX needs silver it means silver is in a shortage, price goes up.
Now we will have a correction for the next three four days. Over the past few months the correction has been about 3 bucks........I think maybe 5. So we may see a price point between 44-46 dollars before we continue the current trend which is up....
Hang on tight. The ride is about to get rough.
We call this a correction.......happens all the time...sounds like someone is trying to spook the market and shake the tree and get the weak hearted to sell their holdings before the next surge.
After logging into my account, I see the $48.98 buy-offer; however, the buy-offer is only good if the whole transaction is valued over $10k.
You might enjoy this site: http://tfmetalsreport.blogspot.com/
Just a regular guy that was begged by the posters at Zerohedge to start a blog. The rest is history.
And of course its a correction. OpEx for gold and silver is tomorrow. There will be a dip this week, and a ramp back up next week.
Well some were trying to make it out that something unusual was underfoot.
Thanks, I do technical analysis, so I had a smile on my face reading him basically saying what I’m saying about the correction..even the same targets..
Some may not know how the market gets manipulated.
It is good to inform others. ;)
I am glad that you enjoyed it!
I noticed you had mentioned the same targets.
He’s quite a character!
Is there really only a $3 premium for silver eagles? That doesn’t seem like much.
I’ll never understand why the blogs of zerohedge are posted as news/activism all the time.
Is there really only a $3 premium for silver eagles? That doesnt seem like much.
Eagles are expensive, because the US mint charges a high premium to retailers. A lost cost seller and high price buyer will charge $3.49 above spot to sell (not yet in stock), and pay $2.75 above spot to buy, in quantity.
A little more from a higher overhead shop is no big deal.
CALM DOWN, PEOPLE!
They’re trying to scare the long contract holders out of the park.
We will know way more on Friday, which I think is FND.
And by next Monday, we should see how many contracts stand.
Harvey O says the numbers today were unbelievable, something like 230,000 contracts worth.
That means ONE BILLION, ONE HUNDRED MILLION “paper” OUNCES WERE TRADED TODAY.
A year and a halfs worth of worldwide silver production. Traded in one day. On paper, at least.
That is amazing!!
Of course the emphasis is on the word “paper” silver.
We live in interesting times.
I like Zerohedge.
The commentary is more lively and more in depth on matters of financial topics than I can find at FR. I have learned much lurking over there. Many are traders, some are trolls, some are everyday people, some are in many different countries.
But the link I posted is to a blog that is not Zerohedge, it has to do with the fluctuations of the metals, and where support or resistance might be. All things precious metals. The guy is honest and is clear that he is not an expert. Food for thought, and then do your own due diligence.
He even recommended FR on his site once. I have no idea if he posts here.
This is a continuation of the same situation that was going on at the beginning of the year.
Several companies have heavily over-sold their metals, and are in big trouble. This is criminal activity by anyone’s measure. Its also why all of the prescious metal gurus had been trying to talk down the prices, but finally gave up in the face of strong buy signals over the past three weeks.
Buy your metals in face to face transactions only!
>> “If silver/gold goes down far enuff, I will buy some more.” <<
You and 6 billion others!
Put your money back under the matress, it’s not going to dip significantly.
Agreed. I thought there was more time. Just placed another order. Why? Check out APMEX, the premium, what is out of stock and the delayed deliveries. Is QE3 in action or is the China sell off (buy bullion signal) announcement driving the market? This moment may not be the low, but there is no way I will be selling silver for awhile.
And this comes with CME margin requirements going up. Indeed somebody wants some physical.
I like these charts because you can see all time frames at once, which keeps things in perspective:
In my amateur opinion this is just a correction during a bull run, not a reversal. I’ll be surprised if it gets under $40.
“He who sells what isn’t his’n, must buy it back or go to prison.”
I'd say that's a case of too many silver traders eating too much goat on Easter but thinking it was lamb!
Then they drive home full of Chianti or Sutter Mill!
Ah yes, the bane of the silver market.
Odds are good your favorite silver fund showed up short ~ but we won't see anything like that again until the next trading day after Memorial Day.
Now that doesn't mean the silver bubble can be sustained. Eventually the Middle East calms down (mostly 'cause Summer is coming and it's a bear eh). Then, too, the Chinese are probably figuring out their interest in maintaining the value of the dollar is IMMENSE ~ so there'll be much less silver buying from those guys ~
You'll have to ignore CharlesWayneCT, I'm convinced that he's a little girl...only a little girl would whine and moan as much as he does over nothing.
I got that email as well. Not selling back any, in fact buying more.
Some are saying that was the intent of the move,
to spook people into buying more, not selling.
Actually the last 25 trading days it has stayed above the 8 day moving average, that average now is $43.63, I doubt it gets below that.