Apmex Starts Reverse Inquiry: Seeks To Buy "Any Quantity" Of Silver From Clients At $3 Over Spot

Zero Hedge ^ | 4/25/11 | Tyler Durden

[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.

[Daisyjane69]

Well, this explains a lot. Looks like they are trying to scare up some physical.

[blam]

[muawiyah]

Well darn, just darn!

Bubbles bursting in air.

[JoSixChip]

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.

http://www.apmex.com/APMEXTop40/Default.aspx

[dynachrome]

I received an email from them about this.

[Lurker]

Looks like it’s starting.

[JoSixChip]

"I received an email from them about this."

Ahh, I got one too. No way in hell I'm selling!

[hinckley buzzard]

Looks like what is starting?

[dynachrome]

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)

[JoSixChip]

TEOTWAYKI - Run for the hills!

[onona]

They might be better off going to ebay. I doubt they’ll get many takers.

[JoSixChip]

"If silver/gold goes down far enuff, I will buy some more."

I don't know, I got in 10% when gold was under 1k and silver eagles were under 16. I'd be hard pressed to by more even if it dropped 20%. The good news is this is pretty much the first time one of my investments actually payed off, excluding real estate of course.

[stockpirate]

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....

[Lurker]

we can certainly see why Asia has decided to take silver down in the afterhours electronic session.

Hang on tight. The ride is about to get rough.

[stockpirate]

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.

[sefarkas]

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.

http://www.apmex.com/Category/160/Silver_Eagles___Uncirculated_2011__Prior.aspx

[TruthConquers]

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.

[stockpirate]

Well some were trying to make it out that something unusual was underfoot.

[stockpirate]

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..

[TruthConquers]

Some may not know how the market gets manipulated.

It is good to inform others. ;)