BBP TRADING PAUSED

[fireblade4life]

Just thought I’ll pop in and check the latest with Silver prices etc…(as I do every morning)
Shocked to see the BBP are not trading!

I wonder if other suppliers will follow?

 

[JunkBond]

Atkinsons too.

 

[richatthecroft]

I guess they will be reviewing what they have already paid for their existing stock, and what's incoming and have a discussion of where prices might go so they can adjust their sales premiums accordingly, I guess they will be doing this daily.

[MickB]

Sharps Pixley is business as usual.

[fireblade4life]

To be honest and in my option, the way I see it is…. it’s all a gamble really and no one can accurately predict future prices. So if these massive dealers (i.e. they sell bullion by the million) have stock and the price goes down then why are they closing trading? Who cares what they purchased it for in the first place.

Doesn’t seem fair to me. I’m assuming this is all to do with the ‘paper’ and physical markets being so far out from each other 🤷‍♂️

[fireblade4life]

Haha your profile pic says it all!

[fireblade4life]

Lads BBP is open for business again! prices seem good too.

[ChrisSilver]

In General it doesn’t matter to a dealer what the spot price is, as long as they can rebuy the stock for less than they sold it for as soon as they have sold current stock, then it’s fine.

100’s of customers buy different items at the same time and the dealer immediately places orders to restock those 100’s items from the mint. 

The issue is if their suppliers have limited quantities or no stock due to the high demand and can’t currently meet supply. If a dealer can’t rebuy an item of stock, then they would not only take the hit on the original price they paid if stock price were to go up again, they would make an even bigger loss, greatly reducing the total number of items they can stock at one time and severely damaging their business, this is also ultimately bad for their customers as this business is unable to supply them with a high variation of different stock.

Once there is stock available direct from the mint then they can start trading again. 

[fireblade4life]

3 minutes ago, ChrisSilver said:

In General it doesn’t matter to a dealer what the spot price is, as long as they can rebuy the stock for less than they sold it for as soon as they have sold current stock, then it’s fine.

^^ Understood and makes total sense thanks for the explenation. 

[goldmember44]

Apparently problem with couriers due to virus. I wonder if this is a sign of things to come? I'm waiting on a delivery from another dealer... And I hope postal services won't be impacted, that's obviously essential.

[Zhorro]

6 minutes ago, goldmember44 said:

Apparently problem with couriers due to virus. I wonder if this is a sign of things to come? I'm waiting on a delivery from another dealer... And I hope postal services won't be impacted, that's obviously essential.

They have always used Royal Mail Special Delivery with me!

[HelpingHands]

@goldmember44 merged here

[goldmember44]

3 minutes ago, Zhorro said:

They have always used Royal Mail Special Delivery with me!

Yeah with me too. Every dealer has a different excuse, but I think mostly it's because they don't want to sell us cheap bullion (I see many items out of stock all of a sudden when the prices fell...). Having said that, at BBP you can still order and have it delivered later.

[goldmember44]

The thing is, we may see a decoupling manifest of the spot price (paper price) and physical price....meaning higher premiums across the board. We can't seriously expect the value of an ounce of silver to be £9... that's paper market manipulation and turmoil.

[Martlet]

Am I the only one thinking a Royal Mint signature account is prudent?  I know it may go against the ethos of holding physical, offers a short term vehicle if you believe price will return.  Beats chasing around suppliers with inflated premiums, VAT, and delivery delay.

[morezone]

Just received this email from bitgild.

Haven't ordered from them in years but they used to dropship via Coininvest.  Jumped on Coininvest and they have a scrolling banner stating that Covid-19, high demand means there may be shipping delays.

[5huggy]

6 minutes ago, Martlet said:

Am I the only one thinking a Royal Mint signature account is prudent?  I know it may go against the ethos of holding physical, offers a short term vehicle if you believe price will return.  Beats chasing around suppliers with inflated premiums, VAT, and delivery delay.

Hmmm - On silver it's dealt without VAT!  interesting thought 👍

but its government business - so I am very wary of NOT holding physically!

As I have said many times before - my belief is "If you dont HOLD IT! - you dont OWN IT!

but it could be small portion  go long prospect!  Hmmmm   you got me thinking ! cheers! 👍

[fireblade4life]

11 minutes ago, goldmember44 said:

The thing is, we may see a decoupling manifest of the spot price (paper price) and physical price....meaning higher premiums across the board. We can't seriously expect the value of an ounce of silver to be £9... that's paper market manipulation and turmoil.

I totaly agree with you. It's the paper market thats messed up at the moment and causing issue with physical.

[Thelonerangershorse]

Forum sponsor bullion for less just had a front page that says they're closed!

[5huggy]

YEP!

https://www.bullionforless.co.uk/

[Paul]

ive just ordered from HGM this past hour - purchased 12.21 - dipsatch & special delivery tracking info received 12.47

looks like they are business as usual

[Paul]

Silver was £15.19 an oz from HGM

Nearly a quid cheaper cheaper with the VAT than "vat-free" STG in Germany !! 

[goldmember44]

Yeah I'm having a coin shipped now too from another dealer. Amazing how quickly their coins came back in stock when the gold price recovered Thankfully I managed to get in my order when the price was around £1,190...very pleased with that!

[Paul]

21 hours ago, Paul said:

ive just ordered from HGM this past hour - purchased 12.21 - dipsatch & special delivery tracking info received 12.47

looks like they are business as usual

not getting my HGM order today  had a phone call from them past hour, no dispatch of parcels until further notice 

items kept in vault until all clear or offered full immediate refund 

 

[KevjustKev]

21 hours ago, Paul said:

Silver was £15.19 an oz from HGM

Nearly a quid cheaper cheaper with the VAT than "vat-free" STG in Germany !! 

looked at some of the prices, that is without VAT, or just VAT free?