Gold Is Money -- Gold is Money -  The Premier Gold and Silver Forum -- Goldismoney Gold Is Money -- Gold is Money -  The Premier Gold and Silver Forum -- Goldismoney
Welcome Guest, is this your first visit?
Register today to gain access to all of our features which include creating topics, replying back to posts, private messaging and much more!

What are you waiting for?
Already Joined?
Sign into your account now
Page 1 of 2 12 LastLast
Results 1 to 50 of 51

Thread: no physical silver available for immediate delivery in London.

  1. Post #1

    #1
    Midas Member
    Join Date
    Mar 2010
    Posts
    8,420
    Thanks
    1,720
    Thanked 5,180 Times in 2,724 Posts

    Default no physical silver available for immediate delivery in London.

    http://www.numismaster.com/ta/numis/...rticleId=25717

    THE SILVER FAIRY IS COMING SOONNNNNNNNNN


    London Squeeze Raises Silver Price
    By Patrick A. Heller
    September 04, 2012
    Other News & Articles
    Unwanted Threes Originally Though Useful for Postage
    Keep Expectations in Check When Evaluating Coins
    Coin Shops Good Place to Look


    The world’s largest venue for trading physical silver is operated by the London Bullion Market Association. It is an over-the-counter market where buyers and sellers negotiate contracts directly with each other.

    Memberships include most major central banks, refiners, bullion banks and their major customers. Contracts are for 1,000-ounce bars refined to a minimum purity of .999 fineness (it was formerly .9999 fineness). Generally, the minimum size contract is for 50,000 ounces.

    This exchange is where heavy-duty buyers and sellers of silver trade. In theory, contracts executed there are for prompt delivery of physical metal.

    When the price of silver topped $30 about 10 days ago, demand on this exchange surged. The best information I have is that at least two purchases were made then, each in the range of 5-10 million ounces of silver. The sellers simply did not have that much physical silver immediately available to fulfill these contracts. However, the LBMA insisted that delivery of physical silver must be made on the exchange rather than by possible chicanery that could happen if the contracts were settled outside of the exchange.




    Investing in Silver Online Seminar
    This seminar is a great source of sound answers to many questions about investing in silver! Get your seminar today!


    The latest reports I have received is that there is basically no physical silver available for immediate delivery in London. In fact, the estimated time for delivery is further into the future than some traders have ever experienced.

    To top this off, I also understand that JPMorgan Chase last week raised the price up to $31 that it was willing to pay to purchase physical silver. JPMorgan Chase is widely presumed to have huge short positions in the physical silver market. If the bank is paying as much as $31 per ounce, this is a sign the bank expects short- to intermediate-term prices to exceed that level.

    So, if there is such a large supply squeeze for physical silver from the major players in the market, why aren’t premiums rising on the bullion-priced coins and bars? That’s an excellent question, but easy to answer.

    Contracts traded under the auspices of the LBMA are priced at a much lower premium than almost any other form of physical silver. Therefore, the demand for immediately available physical silver is for the forms that the refiners can purchase enough below the intrinsic value of the metal that it can profitably be melted, purified and delivered in the form of 1,000-ounce bars to London.

    What that means is that forms of physical silver that trade wholesale at or above the spot price are not wanted. Coins such as the U.S. silver American Eagle, Canada’s silver Maple Leaf, Austria’s silver Philharmonic and others won’t help fill the supply shortages.

    United States 40 percent silver coins, the Kennedy half dollars struck from 1965-1970, do trade wholesale significantly below melt value. However, refiners are less enthusiastic about processing coins of such low purity because their refining capacities are limited. They can only melt so many tons of raw material per day, so the purer the silver content they start with, the greater number of ounces of pure silver they can produce and sell. Processing lower purity silver during a time of peak capacity operation would reduce profits for the refiners, unless they were able to purchase such silver at a significant discount to silver value compared to what they pay for purer forms.

    At present, fabricators are able to keep up with demand for production of 100- ounce and smaller size bars and rounds, for which the manufacturers receive a higher premium than they would be paid for 1,000-ounce bars going to London. So, for the time being, there is no shortage of the smaller bars and rounds.

    The largest marginal impact in the near-term supplies of physical silver comes from the wholesale price of U.S. 90 percent silver coins, the dimes, quarters, and half dollars struck up into 1964. If these coins trade far enough below melt value, refiners can purchase them to melt down to make 1,000-ounce bars. If the wholesale market is paying very close to or even above melt value for these coins, the refiners can no longer profitably tap this huge source of physical silver.

    Late last week, wholesalers raised their buy prices for 90 percent silver coins so high relative to melt value that refiners can no longer afford to purchase this form of silver. In fact, the ask prices of all major wholesalers were above melt value.

    In the short term, there may be slight premium increases in bullion-priced physical silver coins and bars. For a time, supplies will continue to be available with little or no delays. However, the real supply squeeze for 1,000-ounces bars in the London market will divert some physical metal away from the manufacturers of coins and smaller bars and rounds. As time goes on, look for premiums to rise and also for higher spot prices.

    The spot price of silver rose 13 percent during the month of August. In my judgment, we haven’t seen anything yet.



    Patrick A. Heller is the American Numismatic Association 2012 Harry Forman Numismatic Dealer of the Year Award winner. He owns Liberty Coin Service in Lansing, Mich., and writes “Liberty’s Outlook,” a monthly newsletter on rare coins and precious metals subjects. Past newsletter issues can be viewed at http://www.libertycoinservice.com. Other commentaries are available at Coin Week (http://www.coinweek.com and http://www.coininfo.com). He also writes a bi-monthly column on collectibles for “The Greater Lansing Business Monthly” (http://www.lansingbusinessmonthly.co...rtment-columns). His radio show “Things You ‘Know’ That Just Aren’t So, And Important News You Need To Know” can be heard at 8:45 a.m. Wednesday and Friday mornings on 1320-AM WILS in Lansing (which streams live and becomes part of the audio and text archives posted at http://www.1320wils.com.

  2. The Following 28 Users Say Thank You to southfork For This Useful Post:

    BackwardsEngineeer (09-06-2012), BigJim#1-8 (09-06-2012), Chester-Copperpot (09-05-2012), crypse (09-05-2012), freud198 (09-05-2012), Garyw (09-05-2012), goldisit (09-06-2012), GOLDZILLA (09-05-2012), gringott (09-05-2012), KnowLaw (09-05-2012), Malus (09-05-2012), Master_Ho (09-05-2012), Nickelless (09-06-2012), phideaux (09-05-2012), PhucilliJerry (09-06-2012), prophet (09-05-2012), Ragnarok (09-06-2012), REO 54 (09-05-2012), RichG (09-05-2012), sandblaster (09-05-2012), Scorpio (09-05-2012), shallow_explorer (09-08-2012), shamash (09-05-2012), SongSungAU (09-05-2012), Tiger44 (09-05-2012), tomexxtra (09-05-2012), Uglytruth (09-05-2012), Zilver (09-05-2012)

  3. Post #2

    #2
    Gold Member+ Chester-Copperpot's Avatar
    Join Date
    Aug 2010
    Posts
    2,397
    Thanks
    751
    Thanked 1,629 Times in 874 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Good read.
    Note to self, stay the hell out of "General Discussions"

  4. Post #3

    #3
    Founder Scorpio's Avatar
    Join Date
    Mar 2010
    Posts
    10,658
    Thanks
    1,640
    Thanked 10,118 Times in 3,962 Posts

    Default Re: no physical silver available for immediate delivery in London.

    yep Chester,
    Late last week, wholesalers raised their buy prices for 90 percent silver coins so high relative to melt value that refiners can no longer afford to purchase this form of silver. In fact, the ask prices of all major wholesalers were above melt value.
    that kinda drives 'er home

  5. The Following User Says Thank You to Scorpio For This Useful Post:

    BackwardsEngineeer (09-06-2012)

  6. Post #4

    #4
    Banned
    Join Date
    Mar 2010
    Posts
    12,293
    Thanks
    6,133
    Thanked 6,657 Times in 4,235 Posts

    Default Re: no physical silver available for immediate delivery in London.

    IF London can't deliver, WHY is Tulving selling the stuff for 49 cents over, DELIVERED? Hell, even APMEX is selling 10's for 99 cents over. Something doesn't pass my smell test. JMHO.

  7. The Following 3 Users Say Thank You to Gcubed For This Useful Post:

    chris_is_here (09-05-2012), earplugs (09-06-2012), Silver Buck (09-05-2012)

  8. Post #5

    #5
    Midas Member
    Join Date
    Mar 2010
    Posts
    8,420
    Thanks
    1,720
    Thanked 5,180 Times in 2,724 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Gcubed View Post
    IF London can't deliver, WHY is Tulving selling the stuff for 49 cents over, DELIVERED? Hell, even APMEX is selling 10's for 99 cents over. Something doesn't pass my smell test. JMHO.
    Tulving and Apmex are petty dealers when it comes to the physical London and Crimex are supposed to have. When the shortage hits it will be ballistic and price will jump dollars a day and you wont be able to buy.

  9. Post #6

    #6
    Banned
    Join Date
    Mar 2010
    Posts
    12,293
    Thanks
    6,133
    Thanked 6,657 Times in 4,235 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by southfork View Post
    Tulving and Apmex are petty dealers when it comes to the physical London and Crimex are supposed to have. When the shortage hits it will be ballistic and price will jump dollars a day and you wont be able to buy.
    How do those petty dealers get new fabricated stock? Please explain the supply chain to us as you know so much about it.

  10. Post #7

    #7
    Found a gold nugget Metal Miner Rip Van Winkle's Avatar
    Join Date
    Mar 2010
    Posts
    227
    Thanks
    216
    Thanked 98 Times in 57 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by southfork View Post
    Tulving and Apmex are petty dealers when it comes to the physical London and Crimex are supposed to have. When the shortage hits it will be ballistic and price will jump dollars a day and you wont be able to buy.
    Even a broken clock is right twice a day, I've been hearing this since 06' or so. It may happen someday, but sounds like more hype than reality.
    The truth is this: The march of Providence is so slow and our desires so impatient; the work of progress is so immense and our means of aiding it so feeble; the life of humanity is so long, that of the individual so brief, that we often see only the ebb of the advancing wave and are thus discouraged. It is history that teaches us to hope.

    Robert E. Lee

  11. The Following User Says Thank You to Rip Van Winkle For This Useful Post:

    earplugs (09-06-2012)

  12. Post #8

    #8
    Harvurd Koleej Jeenyus GOLDZILLA's Avatar
    Join Date
    Apr 2010
    Posts
    4,287
    Thanks
    4,497
    Thanked 2,979 Times in 1,518 Posts

    Default Re: no physical silver available for immediate delivery in London.

    And to think I was given some silver for free today ! What a country !
    I'm a jeenyus, and i approve this massage.

  13. The Following User Says Thank You to GOLDZILLA For This Useful Post:

    crypse (09-05-2012)

  14. Post #9

    #9
    Midas Member
    Join Date
    Mar 2010
    Posts
    8,420
    Thanks
    1,720
    Thanked 5,180 Times in 2,724 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Gcubed View Post
    How do those petty dealers get new fabricated stock? Please explain the supply chain to us as you know so much about it.
    Had you read the article it deals specifically with delivery bars, not one to 10 ouncers, they deal in tens of thousands of ounces, not tens of millions, the end is coming, not if, when.

    http://www.apmex.com/Category/860/In...al_Silver.aspx 1 1k bar in stock

    http://tulving.com/goldbull.html#More_Items_We_Buy 1k comex delivery bars 0 in stock
    Last edited by southfork; 09-05-2012 at 06:33 PM.

  15. Post #10

    #10
    Midas Member
    Join Date
    Mar 2010
    Posts
    8,420
    Thanks
    1,720
    Thanked 5,180 Times in 2,724 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Rip Van Winkle View Post
    Even a broken clock is right twice a day, I've been hearing this since 06' or so. It may happen someday, but sounds like more hype than reality.
    Believe it or not, and the government never lies to it's citizens.

  16. Post #11

    #11
    Midas Member Oldmansmith's Avatar
    Join Date
    Mar 2010
    Location
    Taxachusetts
    Posts
    4,271
    Thanks
    3,991
    Thanked 3,764 Times in 1,783 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by southfork View Post
    Had you read the article it deals specifically with delivery bars, not one to 10 ouncers, they deal in tens of thousands of ounces, not tens of millions, the end is coming, not if, when.

    http://www.apmex.com/Category/860/In...al_Silver.aspx 1 1k bar in stock
    Yeah, it says his info has at least two purchases in the 5 to 10 million ounce range.

    Hmmm, 5-10 million ounces. Is that a lot?
    "The trick is in what one emphasizes. We either make ourselves miserable, or we make ourselves strong. The amount of work is the same." - Carlos Castaneda

  17. Post #12

    #12
    Midas Member
    Join Date
    Apr 2010
    Posts
    6,459
    Thanks
    2,540
    Thanked 4,001 Times in 2,082 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Talked to a refiner and he mentioned the nitric acid for gold recovery going through the roof.He states he is now taking 20 percent of the refined value. I needled about starting home operations, but just the cost of chemicals and equip, not to mention knowledge, is cost prohibitive. Cost of chemicals cutting into the operation, and he states running at 60 days. That means about 90 to 120 days from when shipped to refiner and receiving pay-out.

  18. Post #13

    #13
    Gold Member Fiat Metaler's Avatar
    Join Date
    Apr 2010
    Posts
    1,769
    Thanks
    496
    Thanked 736 Times in 450 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Gcubed View Post
    How do those petty dealers get new fabricated stock? Please explain the supply chain to us as you know so much about it.
    LBME deals in 1,000 oz bars. you can't deliver 90% or 1 oz rounds on the LBME - they are just not good delivery bars.

    now, a refiner could refine 90%, make a 1,000 oz bar, and deliver it to a designated warehouse, and that could be delivered on the LBME; however, after refining costs its not cost effective to do so.

    basically, there are 2 different markets. the big boy market is mostly paper but has a tiny core of physical, and it sets the price for tulving, apmex, etc.

  19. The Following 5 Users Say Thank You to Fiat Metaler For This Useful Post:

    917601 (09-05-2012), BackwardsEngineeer (09-06-2012), craiggger (09-06-2012), Ragnarok (09-06-2012), REO 54 (09-06-2012)

  20. Post #14

    #14
    Banned
    Join Date
    Mar 2010
    Posts
    12,293
    Thanks
    6,133
    Thanked 6,657 Times in 4,235 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Fiat Metaler View Post
    LBME deals in 1,000 oz bars. you can't deliver 90% or 1 oz rounds on the LBME - they are just not good delivery bars.

    now, a refiner could refine 90%, make a 1,000 oz bar, and deliver it to a designated warehouse, and that could be delivered on the LBME; however, after refining costs its not cost effective to do so.

    basically, there are 2 different markets. the big boy market is mostly paper but has a tiny core of physical, and it sets the price for tulving, apmex, etc.
    I never knew any of that. Thank you for the education!!


    somebody shoot me!

  21. Post #15

    #15
    Gold Member+ platinumdude's Avatar
    Join Date
    Mar 2010
    Posts
    2,071
    Thanks
    922
    Thanked 1,169 Times in 669 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Why don't they just ban physical delivery?

  22. The Following 2 Users Say Thank You to platinumdude For This Useful Post:

    earplugs (09-06-2012), Nickelless (09-06-2012)

  23. Post #16

    #16
    Gold Member Spike's Avatar
    Join Date
    Mar 2010
    Posts
    1,326
    Thanks
    953
    Thanked 860 Times in 472 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Plenty of Silver out there.

    When I was fish'n my way across Montana from Idaho on HWY 90 saw a billboard, it read "See 50,000 Silver Coins"...So what da hell I checked it out.

    The pic is just one wall, three other walls were covered with silver coins. I take it they were given to the store, they sold silver coins and if ya wanted to have your name and where you lived they would take your coin you just bought and put it on the wall.

    This was a stand alone R.V. park, store, bar, pretty cool idea I think I'll start one for gold coins. As you can see the count increases every day. Oh and the bar top is covered too.

    Click image for larger version. 

Name:	P1010001 (4).jpg 
Views:	240 
Size:	200.7 KB 
ID:	22603

    Click image for larger version. 

Name:	P1010003.jpg 
Views:	241 
Size:	197.2 KB 
ID:	22604............

  24. The Following 4 Users Say Thank You to Spike For This Useful Post:

    917601 (09-05-2012), andial (09-05-2012), BackwardsEngineeer (09-06-2012), phideaux (09-05-2012)

  25. Post #17

    #17
    Gold Member+ Malus's Avatar
    Join Date
    Mar 2010
    Location
    In a world gone mad....
    Posts
    2,356
    Thanks
    4,186
    Thanked 1,641 Times in 898 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by platinumdude View Post
    Why don't they just ban physical delivery?
    They will if they need to keep the game going a little longer...........
    “Those who tell the stories rule society.”
    by Plato
    “Once a government is committed to the principle of silencing the voice of opposition, it has only one way to go, and that is down the path of increasingly repressive measures, until it becomes a source of terror to all its citizens and creates a country where everyone lives in fear.” Harry S Truman

  26. Post #18

    #18
    Deep Sixed
    Join Date
    Mar 2010
    Posts
    17,503
    Thanks
    16,825
    Thanked 15,329 Times in 7,482 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Brings back memories of the days I floated through life in a teddy b haze, staying up late to buy silver off ebay because this time was it.

    $300 an oz, RIFD chips, .gov got no stockpile, china, india, world running out of silver betta get moar now!
    Good luck to you silver die hards, I hope you get it this time.

  27. The Following User Says Thank You to Irons For This Useful Post:

    Chester-Copperpot (09-05-2012)

  28. Post #19

    #19
    Deep Sixed
    Join Date
    Mar 2010
    Posts
    17,503
    Thanks
    16,825
    Thanked 15,329 Times in 7,482 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Hey do any of you folks know when they stopped putting "sterling" on jewelry and switched to 925?

    I just scooped a big silver turquoise ring marked sterling out of the lake and I think its pretty old, my wife unit does not. Thanks!

  29. Post #20

    #20
    Silver Member Master_Ho's Avatar
    Join Date
    Mar 2010
    Location
    Anaheim, CA
    Posts
    516
    Thanks
    644
    Thanked 351 Times in 191 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by platinumdude View Post
    Why don't they just ban physical delivery?
    It would freak out the market causing a panic - and there are probably laws and rules they would be violating to do so that way.
    "Its a Tao thing!"

  30. Post #21

    #21
    Midas Member bemac's Avatar
    Join Date
    Nov 2010
    Posts
    4,768
    Thanks
    6,646
    Thanked 3,672 Times in 1,932 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Malus View Post
    They will if they need to keep the game going a little longer...........
    They've done it before.

  31. Post #22

    #22
    Super Mod! & GIM Radio Host RichG's Avatar
    Join Date
    Mar 2010
    Posts
    1,379
    Thanks
    2,172
    Thanked 1,312 Times in 560 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Here ya go....

    I can explain it to you, but I can't understand it for you.

  32. The Following 3 Users Say Thank You to RichG For This Useful Post:

    BackwardsEngineeer (09-06-2012), phideaux (09-05-2012), prophet (09-05-2012)

  33. Post #23

    #23
    Deep Sixed
    Join Date
    Mar 2010
    Posts
    17,503
    Thanks
    16,825
    Thanked 15,329 Times in 7,482 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by RichG View Post
    Here ya go....
    Well ain't she just Bangalicious!

    No wonder you guys watch those money shows.

  34. Post #24

    #24
    GIM Statesman phideaux's Avatar
    Join Date
    Mar 2010
    Location
    Zentalquabula
    Posts
    18,937
    Thanks
    10,079
    Thanked 17,474 Times in 8,120 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Late last week, wholesalers raised their buy prices for 90 percent silver coins so high relative to melt value that refiners can no longer afford to purchase this form of silver. In fact, the ask prices of all major wholesalers were above melt value.
    The more 90% they melt, the better, 'cause that stuff ain't coming back (at least not as 90%).
    " 'The problem' is, uh, I'm the president of the United States;
    I'm not, uh, the emperor of the United States."

    -- Barrack Hussein Soetoro Soebarkah Obama Shama-Lama-Ding-Dong the Magnificent! - 02/17/13

  35. Post #25

    #25
    GIM Statesman phideaux's Avatar
    Join Date
    Mar 2010
    Location
    Zentalquabula
    Posts
    18,937
    Thanks
    10,079
    Thanked 17,474 Times in 8,120 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Irons View Post
    Well ain't she just Bangalicious!

    No wonder you guys watch those money shows.
    And she actually knows what she's talking about.
    " 'The problem' is, uh, I'm the president of the United States;
    I'm not, uh, the emperor of the United States."

    -- Barrack Hussein Soetoro Soebarkah Obama Shama-Lama-Ding-Dong the Magnificent! - 02/17/13

  36. Post #26

    #26
    Harvurd Koleej Jeenyus GOLDZILLA's Avatar
    Join Date
    Apr 2010
    Posts
    4,287
    Thanks
    4,497
    Thanked 2,979 Times in 1,518 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Gcubed View Post
    IF London can't deliver, WHY is Tulving selling the stuff for 49 cents over, DELIVERED? Hell, even APMEX is selling 10's for 99 cents over. Something doesn't pass my smell test. JMHO.
    Probably because tulving and apmex have not sold a few hundred paper ounces for every 1 oz they really have in stock, and because they are buying/selling real physical instead of make believe silver.
    I'm a jeenyus, and i approve this massage.

  37. Post #27

    #27
    Deep Sixed
    Join Date
    Mar 2010
    Posts
    17,503
    Thanks
    16,825
    Thanked 15,329 Times in 7,482 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by phideaux View Post
    And she actually knows what she's talking about.
    I'll take your word for it, I listen to women with the volume off whenever possible.

  38. Post #28

    #28
    GIM Statesman phideaux's Avatar
    Join Date
    Mar 2010
    Location
    Zentalquabula
    Posts
    18,937
    Thanks
    10,079
    Thanked 17,474 Times in 8,120 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Gcubed View Post
    IF London can't deliver, WHY is Tulving selling the stuff for 49 cents over, DELIVERED? Hell, even APMEX is selling 10's for 99 cents over. Something doesn't pass my smell test. JMHO.

    Tulving raised his minimum buy on 90%. It used to be $500 face, now it's $1,000. Waht do you make fo that, if anything, G-3?
    " 'The problem' is, uh, I'm the president of the United States;
    I'm not, uh, the emperor of the United States."

    -- Barrack Hussein Soetoro Soebarkah Obama Shama-Lama-Ding-Dong the Magnificent! - 02/17/13

  39. Post #29

    #29
    GIM Statesman phideaux's Avatar
    Join Date
    Mar 2010
    Location
    Zentalquabula
    Posts
    18,937
    Thanks
    10,079
    Thanked 17,474 Times in 8,120 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Irons View Post
    I'll take your word for it, I listen to women with the volume off whenever possible.
    LL is nowhere near as whiney and annoying as Maria whazzerbutt.
    " 'The problem' is, uh, I'm the president of the United States;
    I'm not, uh, the emperor of the United States."

    -- Barrack Hussein Soetoro Soebarkah Obama Shama-Lama-Ding-Dong the Magnificent! - 02/17/13

  40. Post #30

    #30
    Silver Member JFN111's Avatar
    Join Date
    Apr 2010
    Posts
    831
    Thanks
    1,167
    Thanked 645 Times in 300 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Irons View Post
    Hey do any of you folks know when they stopped putting "sterling" on jewelry and switched to 925?

    I just scooped a big silver turquoise ring marked sterling out of the lake and I think its pretty old, my wife unit does not. Thanks!
    http://wiki.answers.com/Q/When_was_s..._marked_as_925

  41. The Following User Says Thank You to JFN111 For This Useful Post:

    Irons (09-05-2012)

  42. Post #31

    #31
    Midas Member
    Join Date
    Apr 2010
    Posts
    6,459
    Thanks
    2,540
    Thanked 4,001 Times in 2,082 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Gcubed View Post
    I never knew any of that. Thank you for the education!!


    somebody shoot me!
    I can add more, this ethanol craze is effecting all markets. It takes more than 1 and a half oz of Nitric acid to refine 1 oz of silver, by the tried and true acid method. This crazy ethanol market consumes natural gas like a bottomless pit, the increased corn consumes nitric acid by the tons (fertilizer, nitric acid), so yes ethanol production is draining energy dry, and it even effects the cost of refining by higher acid costs, unless they switch to even more expensive methods using electric. Now add to that the number of refiners closing due to environmental issues,(and acid producers closing every day)etc.....so like I said, refiners not able to keep up with demand, sure Mr. XXX or Mr Crimex, need some silver? I will have some of those 1000 oz bars for ya in about 6 -9 months. Silver refiners are maxed out, operating 24/7 ......Gets even better with gold...This part of the reason you and I will not refine even if you wanted to...you can not do it economically unless you buy truckloads of Nitric.....
    .
    AR= Aqua Regia = 1 part 70% Nitric Acid (added in small increments), 3 parts Muriatic Acid (some guys use 4 parts muriatic). Used to dissolve high karat gold, gold powder, gold foils, dissolves Platinum when hot. Excess nitric must be evaporated off or neutralized with Urea to pH 1 +/- 0.4, then drop gold with SMB.
    Hoke states 4 fluid ounces HCl + 1 fluid ounce HNO3 dissolves 1 troy ounce gold. This is equivalent to 3.8 mL HCl + .95 mL HNO3 per gram of gold.

  43. The Following User Says Thank You to 917601 For This Useful Post:

    Ragnarok (09-06-2012)

  44. Post #32

    #32
    Found a gold nugget Metal Miner
    Join Date
    Sep 2010
    Posts
    277
    Thanks
    11
    Thanked 36 Times in 30 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by GOLDZILLA View Post
    And to think I was given some silver for free today ! What a country !
    ditto. I gave the soda machine $2 of paper and it gave me $5 back in a 1944 quarter.
    --------------------
    The people are responsible for the character of their Congress. If that body be ignorant, reckless, and corrupt, it is because the people tolerate ignorance, recklessness, and corruption. If it be intelligent, brave, and pure, it is because the people demand these high qualities to represent them in the national legislature. -President James Garfield

  45. The Following User Says Thank You to ewells For This Useful Post:

    GOLDZILLA (09-05-2012)

  46. Post #33

    #33
    Banned
    Join Date
    Mar 2010
    Posts
    12,293
    Thanks
    6,133
    Thanked 6,657 Times in 4,235 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by phideaux View Post
    Tulving raised his minimum buy on 90%. It used to be $500 face, now it's $1,000. Waht do you make fo that, if anything, G-3?
    It's too expensive to fart around with small deals.

  47. Post #34

    #34
    Banned
    Join Date
    Mar 2010
    Posts
    12,293
    Thanks
    6,133
    Thanked 6,657 Times in 4,235 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by 917601 View Post
    I can add more, this ethanol craze is effecting all markets. It takes more than 1 and a half oz of Nitric acid to refine 1 oz of silver, by the tried and true acid method. This crazy ethanol market consumes natural gas like a bottomless pit, the increased corn consumes nitric acid by the tons (fertilizer, nitric acid), so yes ethanol production is draining energy dry, and it even effects the cost of refining by higher acid costs, unless they switch to even more expensive methods using electric. Now add to that the number of refiners closing due to environmental issues,(and acid producers closing every day)etc.....so like I said, refiners not able to keep up with demand, sure Mr. XXX or Mr Crimex, need some silver? I will have some of those 1000 oz bars for ya in about 6 -9 months. Silver refiners are maxed out, operating 24/7 ......Gets even better with gold...This part of the reason you and I will not refine even if you wanted to...you can not do it economically unless you buy truckloads of Nitric.....
    .
    AR= Aqua Regia = 1 part 70% Nitric Acid (added in small increments), 3 parts Muriatic Acid (some guys use 4 parts muriatic). Used to dissolve high karat gold, gold powder, gold foils, dissolves Platinum when hot. Excess nitric must be evaporated off or neutralized with Urea to pH 1 +/- 0.4, then drop gold with SMB.
    Hoke states 4 fluid ounces HCl + 1 fluid ounce HNO3 dissolves 1 troy ounce gold. This is equivalent to 3.8 mL HCl + .95 mL HNO3 per gram of gold.
    I had a refinery in the 80's.

  48. Post #35

    #35
    Gold Member+ Silver Buck's Avatar
    Join Date
    Oct 2010
    Location
    Western Shores of Lake Erie
    Posts
    2,213
    Thanks
    2,784
    Thanked 1,434 Times in 844 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Oh FFS people, Do Your Own Damn Due Diligence.

    "...the LBMA insisted that delivery of physical silver must be made on the exchange..."

    The LBMA does NOT deliver metals, it handles contracts. They have a list of companies that will deliver the goods (it's on page 20).

    Wanna study up on how it's done?

    http://www.lbma.org.uk/assets/GD_Rules_81.pdf

    tl/dr version:

    "Hey Overseer Ollie, Buyer Bob wants to stand for delivery, but Seller Sam doesn't have enough held here and wants to sell outside of the LBMA. What do you think?"

    "Tell Seller Sam to go pound sand, but not until after his Silver passes through here."

    The LBMA handles the contracts. The LBMA wants it to be settled through them.

    That is all.

    Sheesh!
    The Gin Bottle is a charting hack. Listen to it at your own risk.

    DYODD and GLTA

  49. The Following 2 Users Say Thank You to Silver Buck For This Useful Post:

    Chester-Copperpot (09-05-2012), MKS (09-06-2012)

  50. Post #36

    #36
    Not just a screen name hammerhead's Avatar
    Join Date
    Feb 2012
    Location
    Neither here nor there
    Posts
    1,950
    Thanks
    1,376
    Thanked 988 Times in 675 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Irons View Post
    Hey do any of you folks know when they stopped putting "sterling" on jewelry and switched to 925?

    I just scooped a big silver turquoise ring marked sterling out of the lake and I think its pretty old, my wife unit does not. Thanks!
    Not exactly sure Irons, but I think it has to do with country of origin. Both mean the same but 925 being a metric measurement is not used by the US.

  51. The Following User Says Thank You to hammerhead For This Useful Post:

    Irons (09-06-2012)

  52. Post #37

    #37
    Gold Member+ ttazzman's Avatar
    Join Date
    Apr 2010
    Location
    mid-usa
    Posts
    2,938
    Thanks
    942
    Thanked 1,409 Times in 854 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by hammerhead View Post
    Not exactly sure Irons, but I think it has to do with country of origin. Both mean the same but 925 being a metric measurement is not used by the US.

    ok....when did 925 (92.5%) or (925/1000) become metric? silver marked (sterling)(925)(925/1000) are all US standards for 92.5% silver

  53. Post #38

    #38
    GIM Statesman phideaux's Avatar
    Join Date
    Mar 2010
    Location
    Zentalquabula
    Posts
    18,937
    Thanks
    10,079
    Thanked 17,474 Times in 8,120 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Gcubed View Post
    It's too expensive to fart around with small deals.
    Must be nice, transactions under about $22,000 ain't worth doin'.
    " 'The problem' is, uh, I'm the president of the United States;
    I'm not, uh, the emperor of the United States."

    -- Barrack Hussein Soetoro Soebarkah Obama Shama-Lama-Ding-Dong the Magnificent! - 02/17/13

  54. Post #39

    #39
    Gold Member+ ttazzman's Avatar
    Join Date
    Apr 2010
    Location
    mid-usa
    Posts
    2,938
    Thanks
    942
    Thanked 1,409 Times in 854 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by phideaux View Post
    Must be nice, transactions under about $22,000 ain't worth doin'.
    yep the margin is so low.......gotta up the transaction volume.....isnt that how Sams club and Costco work

  55. Post #40

    #40
    Not just a screen name hammerhead's Avatar
    Join Date
    Feb 2012
    Location
    Neither here nor there
    Posts
    1,950
    Thanks
    1,376
    Thanked 988 Times in 675 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by ttazzman View Post
    ok....when did 925 (92.5%) or (925/1000) become metric? silver marked (sterling)(925)(925/1000) are all US standards for 92.5% silver
    Ha ha ha. Rightchu are Ken.

    Was thinking that many countries use the fineness number as opposed to the word Sterling.

  56. Post #41

    #41
    Gold Member+ earplugs's Avatar
    Join Date
    Apr 2010
    Posts
    2,625
    Thanks
    2,235
    Thanked 1,012 Times in 620 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Fiat Metaler View Post
    the big boy market is mostly paper but has a tiny core of physical

    and that's why it's all just an illusion. prolly ain't sheyat gonna happen.

  57. Post #42

    #42
    Founding Member AgAuGal's Avatar
    Join Date
    Mar 2010
    Posts
    3,456
    Thanks
    1,188
    Thanked 1,385 Times in 795 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by phideaux View Post
    Tulving raised his minimum buy on 90%. It used to be $500 face, now it's $1,000. Waht do you make fo that, if anything, G-3?
    He has done that before....
    The people are responsible for the character of their Congress. If that body be ignorant, reckless, and corrupt, it is because the people tolerate ignorance, recklessness, and corruption. If it be intelligent, brave, and pure, it is because the people demand these high qualities to represent them in the national legislature. -President James Garfield

    We have a giverment/takerment, we deserve a government for the people - AgAuGal 2010

  58. Post #43

    #43
    Midas Member HistoryStudent's Avatar
    Join Date
    Mar 2010
    Posts
    6,607
    Thanks
    3,163
    Thanked 3,341 Times in 1,865 Posts

    Default Re: no physical silver available for immediate delivery in London.

    There will be a rush in PHASE II starting NOW!

    Creeping up slowly now at 1/3 to 1/2 the next top next year.

    Gold the same.


    Phase III is a 4 to 5 times Phase II low....
    Be careful out there; IT is a jungle.

  59. The Following User Says Thank You to HistoryStudent For This Useful Post:

    Fiat Metaler (09-08-2012)

  60. Post #44

    #44
    Gold Member+ Chester-Copperpot's Avatar
    Join Date
    Aug 2010
    Posts
    2,397
    Thanks
    751
    Thanked 1,629 Times in 874 Posts

    Default Re: no physical silver available for immediate delivery in London.

    APMEX still have there sale on, for anybody having a hard time finding physical. 99c over spot, where's the shortage?
    Note to self, stay the hell out of "General Discussions"

  61. Post #45

    #45
    Gold Member sandro's Avatar
    Join Date
    Apr 2010
    Posts
    1,011
    Thanks
    467
    Thanked 840 Times in 447 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Chester-Copperpot View Post
    APMEX still have there sale on, for anybody having a hard time finding physical. 99c over spot, where's the shortage?
    When my forgotten sell position on Bullion Direct for 90% at ~$35/oz gets filled overnight, I am starting that there may be something on foot. As far as I see it's mostly 90% that is affected, as of right now the premium on it is larger than on the ASE and much larger than on the generic .999 bars/rounds From my small minnow POV, I can tell you that the 90% has been flying out lately, always over spot by a buck or more for the last 2 weeks. Just saying ...
    Last edited by sandro; 09-06-2012 at 02:08 PM.
    "Forgiveness is the fragrance the violet sheds on the heel that has crushed it"
    Mark Twain
    "Those who cannot remember the past are condemned to repeat it"
    George Santayana

  62. The Following 2 Users Say Thank You to sandro For This Useful Post:

    bemac (09-06-2012), phideaux (09-06-2012)

  63. Post #46

    #46
    Midas Member
    Join Date
    Mar 2010
    Posts
    8,420
    Thanks
    1,720
    Thanked 5,180 Times in 2,724 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by sandro View Post
    When my forgotten sell position on Bullion Direct for 90% at ~$35/oz gets filled overnight, I am starting that there may be something on foot. As far as I see it's mostly 90% that is affected, as of right now the premium on it is larger than on the ASE and much larger than on the generic .999 bars/rounds From my small minnow POV, I can tell you that the 90% has been flying out lately, always over spot by a buck or more for the last 2 weeks. Just saying ...
    How do you like dealing on bullion direct, been thinking of it myself.

  64. Post #47

    #47
    Gold Member Fiat Metaler's Avatar
    Join Date
    Apr 2010
    Posts
    1,769
    Thanks
    496
    Thanked 736 Times in 450 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Spike View Post
    Plenty of Silver out there.

    When I was fish'n my way across Montana from Idaho on HWY 90 saw a billboard, it read "See 50,000 Silver Coins"...So what da hell I checked it out.

    The pic is just one wall, three other walls were covered with silver coins. I take it they were given to the store, they sold silver coins and if ya wanted to have your name and where you lived they would take your coin you just bought and put it on the wall.

    This was a stand alone R.V. park, store, bar, pretty cool idea I think I'll start one for gold coins. As you can see the count increases every day. Oh and the bar top is covered too.

    Click image for larger version. 

Name:	P1010001 (4).jpg 
Views:	240 
Size:	200.7 KB 
ID:	22603

    Click image for larger version. 

Name:	P1010003.jpg 
Views:	241 
Size:	197.2 KB 
ID:	22604............

    impressive, but that's about eight Comex silver contracts.

  65. Post #48

    #48
    Gold Member Fiat Metaler's Avatar
    Join Date
    Apr 2010
    Posts
    1,769
    Thanks
    496
    Thanked 736 Times in 450 Posts

    Default Re: no physical silver available for immediate delivery in London.

    Quote Originally Posted by Chester-Copperpot View Post
    APMEX still have there sale on, for anybody having a hard time finding physical. 99c over spot, where's the shortage?
    the shortage is for 1,000 oz good delivery bars in Comex approved warehouses that can satisfy a short's contractual obligation to deliver. one ounce bars at apmex and 50,000 rounds glued to a wall don't meet the terms of the contract.

  66. The Following User Says Thank You to Fiat Metaler For This Useful Post:

    Ebie (09-08-2012)

  67. Post #49

    #49
    Midas Member HistoryStudent's Avatar
    Join Date
    Mar 2010
    Posts
    6,607
    Thanks
    3,163
    Thanked 3,341 Times in 1,865 Posts

    Default Re: no physical silver available for immediate delivery in London.

    RE: That 60,000 ounces on the wall place:

    I would not feel to safe there when SILVER hits way over $50.00 = much less a $100.00

    But that's my view point.

    Especially with the growing UNEMPLOYMENT.


    http://www.shadowstats.com/alternate...loyment-charts
    Be careful out there; IT is a jungle.

  68. Post #50

    #50
    Intergalactic Silver Guru Strawboss's Avatar
    Join Date
    Mar 2010
    Location
    Metro Detroit area
    Posts
    2,724
    Thanks
    1,559
    Thanked 3,364 Times in 1,310 Posts

    Default Re: no physical silver available for immediate delivery in London.

    I dont have any inside knowledge one way or the other regarding the LBMA and the physical supply of silver over there. I hear buzz and 2nd and 3rd hand information and I have an open mind.

    If there is truth to what is being said, at some point the buyers at various manufacturers will begin to want to keep extra on hand to protect against supply shortages which can shut down production lines (silver is irreplaceable in many applications). Those buyers will not be interested in being cash settled and will pay whatever price is necessary in order to procure physical supply.

    I wonder how many of the buyers are real savvy as it relates to the internal market dynamics and drivers of the resources they are responsible for procuring for their company. You would think that the greater importance silver plays in the production process - the more attuned the buyer would be. I suppose that some of them are very savvy and others not so much.

    Think of what happened with Rhodium a few years ago. That is what is possible when buyers will pay any price.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

The Quotes are powered by Investing.com