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.

[MrB]

Some are saying that was the intent of the move,
to spook people into buying more, not selling.

[domeika]

Some are saying that was the intent of the move, to spook people into buying more, not selling.

In my gut I would have to disagree with them. APMEX's business is booming, and slowly the public is waking up to the fact that the paper in their wallets is becoming worthless as the fed prints our country into oblivion. Other countries like China, Russia, Brazil, India, etc (BRICS) are looking to move away from the greenback as reserve or for oil trading. IMO after that happens the dollar is headed into Zimbabwe territory almost over night.

I'm no pro and will probably be excoriated by those here that are but that's just my opinion.

[stockpirate]

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.