Aus Silver Shortage Update

[Alx]

Australia’s growing silver scandal

 

Great video from John Adams and Martin North regarding the growing scandal in unallocated and pool allocated products in the Australian market. 

[OldCoin]

I posted the same video this morning in a similar thread have a look. Yeah good video. I also note ABC Bullion are under similar scrutiny by their clients.
 

 

[jultorsk]

Highly unlikely there's any material silver "crisis" in Australia, imo. The Mint and dealers are happy with people eagerly paying the premiums, though.

[OldCoin]

Yes to your second comment but as to the first I'm quite skeptical about whats going on and it's part of the price manipulation that is harming the natural price of our investments. So we'll have to see. I'd just about wager there is a shortage but I don't bet generally.

5 minutes ago, jultorsk said:

Highly unlikely there's any material silver "crisis" in Australia, imo. The Mint and dealers are happy with people eagerly paying the premiums, though.

 

[ScentSationCandles]

If it isn't happening Down Under, it seems to be happening everywhere else at least Europe, Mexico and US. Where I live, local dealers can't keep enough in stock. One small local store I deal with primarily sells out of non-premium almost every day and he also says that most of the buyers aren't selling. Today, when I went in, he only had a few Mercs and he had just bought about 150 ounces that morning.

Another that I don't shop at--the largest in my area--had been paying people $1.90 per dime because they have almost nothing in stock. The last time I went in, they were only paying a 1/4 melt or nuministic value for coins. For them, "top dollar" generally means "rock bottom." They tried paying me $5 for a coin valued at $20.

[OldCoin]

Ye

13 minutes ago, ScentSationCandles said:

If it isn't happening Down Under, it seems to be happening everywhere else at least Europe, Mexico and US. Where I live, local dealers can't keep enough in stock. One small local store I deal with primarily sells out of non-premium almost every day and he also says that most of the buyers aren't selling. Today, when I went in, he only had a few Mercs and he had just bought about 150 ounces that morning.

Another that I don't shop at--the largest in my area--had been paying people $1.90 per dime because they have almost nothing in stock. The last time I went in, they were only paying a 1/4 melt or nuministic value for coins. For them, "top dollar" generally means "rock bottom." They tried paying me $5 for a coin valued at $20.

I see the best deal on the US 90% silver is about 20x face so that dealer is a tad greedy to pay face when it's selling for over 20x face, but I know there out there and will want to pay nothing if they can.

Yeah obviously the sentiment has shifted with Silver, people know there is a bull market looming and if the true value cant be unleashed then that's a sign the world is doomed, it may be already if people don't wake up and fast. Silver trades at a fraction of it's high spot price in the 80's, every other commodity trades many times it's 80's high, and silver is arguably the worlds most useful commodity and metal, not to mention money for 5000+ years

[ScentSationCandles]

3 minutes ago, OldCoin said:

Yeah obviously the sentiment has shifted with Silver, people know there is a bull market looming and if the true value cant be unleashed then that's a sign the world is doomed, it may be already if people don't wake up and fast. 

It would appear they are trying to cover their shorts, pun not intended. Once that happens, we'll see, but I don't think they'll be able to keep the price down for very much longer. There are only so many tricks manipulators can play, especially when so much precious metal is being taken off the market. But, you know, speculation is speculation. Sometimes right, sometimes wrong and unforeseen.

[jultorsk]

 

 

There's kilo bars (and various silver coins) at Perth Mint as well - although they do say you can only buy 10 x 1kg bars at a time. 

[ScentSationCandles]

Ampex in the US has a lot too and so does Money Metals Exchange, but most of the US websites have just a few selections that are 10% of their normal stock. There are bound to be 1 or 2 well-placed suppliers, even in a shortage, but the exceptions don't prove the rule.

[ScentSationCandles]

Beautiful bars

[Alx]

22 minutes ago, jultorsk said:

 

 

There's kilo bars (and various silver coins) at Perth Mint as well - although they do say you can only buy 10 x 1kg bars at a time. 

I regularly buy silver kilobars from the Perth Mint’s bullion desk. I’ve never had a 10kg limit. 
 

I bought 32kg in Feb with immediate delivery (subject to cleared funds) then in March was quoted four months lead time. 
 

I currently have a 10kg order in with no indication of lead time. If they have stock in I would have expected a pick up notification. 

[jultorsk]

2 minutes ago, Alx said:

I currently have a 10kg order in with no indication of lead time. If they have stock in I would have expected a pick up notification. 

 

[Alx]

31 minutes ago, jultorsk said:

Is that for pre-orders?

Just now, Alx said:

33 minutes ago, jultorsk said:

Is that for pre-orders?

I don’t buy off the website. Either at the bullion desk or by phone. 

[jultorsk]

3 minutes ago, Alx said:

I don’t buy off the website. Either at the bullion desk or by phone. 

Maybe give them a call to check your 10 kg order status. 🤷‍♂️

"

“One way they try to prove the market is short of silver is to have a raid day here in Australia, a raid on the Perth Mint, presumably people will be calling us, queueing up at the gates, to buy silver, and their hope is we won’t have it,” Mr Hayes revealed.

Far from urging people not to descend on the mint to buy silver, Mr Hayes welcomed it — as long as the people who turn up are prepared to pay the going rate for a 1000oz silver ingot, which is roughly $24,000.

“We have 60 tons of silver (in the vault),” Mr Hayes said.

“We’re a major refiner of gold and silver, and we refine about 350 tons of gold, and a similar amount of silver, each year ... so, as we sell it, there’s more that comes though.

“We have more than adequate silver to fulfil whatever orders are out there.”

"

https://www.perthnow.com.au/technology/perth-mint-says-predicted-reddit-raid-will-fail-quite-dismally-ng-b881835992z

[OldCoin]

4 minutes ago, jultorsk said:

Maybe give them a call to check your 10 kg order status. 🤷‍♂️

"

“One way they try to prove the market is short of silver is to have a raid day here in Australia, a raid on the Perth Mint, presumably people will be calling us, queueing up at the gates, to buy silver, and their hope is we won’t have it,” Mr Hayes revealed.

Far from urging people not to descend on the mint to buy silver, Mr Hayes welcomed it — as long as the people who turn up are prepared to pay the going rate for a 1000oz silver ingot, which is roughly $24,000.

“We have 60 tons of silver (in the vault),” Mr Hayes said.

“We’re a major refiner of gold and silver, and we refine about 350 tons of gold, and a similar amount of silver, each year ... so, as we sell it, there’s more that comes though.

“We have more than adequate silver to fulfil whatever orders are out there.”

"

https://www.perthnow.com.au/technology/perth-mint-says-predicted-reddit-raid-will-fail-quite-dismally-ng-b881835992z

John Adams has been doing a great job to show the public the reality is not necessarily what the official line is. He said he has a client who has a refinery in Melbourne who is ready to buy a ton form Perth Mint but they aren't talking his order?

A shortage is just that it hasn't run dry and they would be fools to say there was a shortage right, they don't want to encourage a panic bullion run do they? It's a mugs game, the prospectuses are changing over night without any notice to customers, they never have consistent and straight answers, like politicians. But it's a Gov underwritten Company, so if they get in trouble the tax payer will just pick up the tab. That fact raises other questions given that bankers traverse banking and government positions.

They never show the cracks, it's always business as usual, nothing to see here, however in the back rooms of the big bullion banks they are screaming- shut it down.

Yeah there is Silver to be had at every dealer, it hasn't dried up yet however I bet the dealers have had to work hard to keep up getting stock. Overall the market will hide the reality and try and ride through this tough time as best they can. Our job it to keep up the buying pressure and increase it. I bet the whole industry is trying to get ahead of this concern, now the price is also being shorted heavily, massive manipulation to quell the fear.


 

[OldCoin]

1 hour ago, jultorsk said:

 

 

There's kilo bars (and various silver coins) at Perth Mint as well - although they do say you can only buy 10 x 1kg bars at a time. 

I have both and prefer the ABC over Perth bars. I got some ABC Eureka Coins recently which are cool and 999.5 which makes them better than most rounds. 

[Alx]

On 31/03/2021 at 12:43, jultorsk said:

 

 

On 31/03/2021 at 12:56, jultorsk said:

Maybe give them a call to check your 10 kg order status. 🤷‍♂️

"

“One way they try to prove the market is short of silver is to have a raid day here in Australia, a raid on the Perth Mint, presumably people will be calling us, queueing up at the gates, to buy silver, and their hope is we won’t have it,” Mr Hayes revealed.

Far from urging people not to descend on the mint to buy silver, Mr Hayes welcomed it — as long as the people who turn up are prepared to pay the going rate for a 1000oz silver ingot, which is roughly $24,000.

“We have 60 tons of silver (in the vault),” Mr Hayes said.

“We’re a major refiner of gold and silver, and we refine about 350 tons of gold, and a similar amount of silver, each year ... so, as we sell it, there’s more that comes though.

“We have more than adequate silver to fulfil whatever orders are out there.”

"

https://www.perthnow.com.au/technology/perth-mint-says-predicted-reddit-raid-will-fail-quite-dismally-ng-b881835992z

A. Perthnow is quoting the USD price. Hardly a credible source. 
B. Hayes is being disingenuous. Mint customers never knew they sold 1000 ounce bars to the public. It is not on their price lists or website and not offered voluntarily by sales staff. When you ask “what silver products are available?” Prior to last week, there was not a single time has anyone told me I could buy a 1000 ounce bar, or I certainly would have before now. Have you ever tried to buy a 1000 ounce bar from Perth Mint?  I have. You don’t just rock up to the shop and walk out with one. There is a completely different process to a normal order. It is basically only available to locals, not at all straightforward and due to the weight of the bars won’t be handled by regular couriers. You have to organise a basement pick up and provide ID and vehicle rego in advance. 
C. It is also possible that these 1000 ounce bars are the same bars underpinning the unallocated or pool allocated accounts. 

[Alx]

Oh, and I did call up about my 10 kilobar order. Still couldn’t give me a date. They had a limited number come in for retail shop sales. 

[Alx]

On 31/03/2021 at 13:17, OldCoin said:

John Adams has been doing a great job to show the public the reality is not necessarily what the official line is. He said he has a client who has a refinery in Melbourne who is ready to buy a ton form Perth Mint but they aren't talking his order?

A shortage is just that it hasn't run dry and they would be fools to say there was a shortage right, they don't want to encourage a panic bullion run do they? It's a mugs game, the prospectuses are changing over night without any notice to customers, they never have consistent and straight answers, like politicians. But it's a Gov underwritten Company, so if they get in trouble the tax payer will just pick up the tab. That fact raises other questions given that bankers traverse banking and government positions.

They never show the cracks, it's always business as usual, nothing to see here, however in the back rooms of the big bullion banks they are screaming- shut it down.

Yeah there is Silver to be had at every dealer, it hasn't dried up yet however I bet the dealers have had to work hard to keep up getting stock. Overall the market will hide the reality and try and ride through this tough time as best they can. Our job it to keep up the buying pressure and increase it. I bet the whole industry is trying to get ahead of this concern, now the price is also being shorted heavily, massive manipulation to quell the fear.


 

Absolutely. I am doing my best to help break the riggingp. Have snapped up 3000 ounces in the past couple of months. 

[OldCoin]

On 01/04/2021 at 21:16, Alx said:

Absolutely. I am doing my best to help break the riggingp. Have snapped up 3000 ounces in the past couple of months. 

You're a champ mate. Keep snapping it up while you can as will I, many of us have a strong feeling about this time being a short window.

[OldCoin]

On 01/04/2021 at 21:09, Alx said:

 

A. Perthnow is quoting the USD price. Hardly a credible source. 
B. Hayes is being disingenuous. Mint customers never knew they sold 1000 ounce bars to the public. It is not on their price lists or website and not offered voluntarily by sales staff. When you ask “what silver products are available?” Prior to last week, there was not a single time has anyone told me I could buy a 1000 ounce bar, or I certainly would have before now. Have you ever tried to buy a 1000 ounce bar from Perth Mint?  I have. You don’t just rock up to the shop and walk out with one. There is a completely different process to a normal order. It is basically only available to locals, not at all straightforward and due to the weight of the bars won’t be handled by regular couriers. You have to organise a basement pick up and provide ID and vehicle rego in advance. 
C. It is also possible that these 1000 ounce bars are the same bars underpinning the unallocated or pool allocated accounts. 

Nice post thanks for the update, important this info is noted to the whole community so people have access to on the ground reality not just the media damage control and the naysayers who cant provide anything more than biased opinion. I like the facts myself and I know people don't corroborate a narrative and all get together to make up a false story, there always has to be some truth to a trend in on the ground reports that shed light on whats really going on and how that is in contrast to the apparent excuses and damage control that doesn't add up. From there you have to ask what the heck is going on behind the scenes.

[DarkChameleon]

Right now my lcs has drips of silver and I'm getting back room silver to keep my fleabay going but I can sell ASE's $40 each all day long...2oz coins at $100 each in sets....the suppliers want 1500 oz min order and can take three weeks to deliver to lcs's, its not worth their time to order.

[OldCoin]

3 minutes ago, DarkChameleon said:

Right now my lcs has drips of silver and I'm getting back room silver to keep my fleabay going but I can sell ASE's $40 each all day long...2oz coins at $100 each in sets....the suppliers want 1500 oz min order and can take three weeks to deliver to lcs's, its not worth their time to order.

I'll take ASE's for $40 AUD ea, are they 2020/1's? Or are you talking USD?

[DarkChameleon]

Just now, OldCoin said:

I'll take ASE's for $40 AUD ea, are they 2020/1's? Or are you talking USD?

USD.

[DarkChameleon]

Don't think,you'd like the shipping...lol