Bid Update on 50,000 1-oz. silver Olympic Maples
(Auction still not yet filled.)
Silver Stock Report
by Jason Hommel, September 20, 2008
With the auction closing today at noon in about 4
hours, this is the last bid update.
$3.10 over spot
The silver fix is $12.98, which was noon London, and 4AM Pacific
We need minimum priced bids of $2.50 over the London Fix, which would be $15.48/oz.
This auction appears as if it will be either 'barely filled', and maybe not filled. If not filled, the silver will go to all bidders under dutch auction rules for $2.50 over the London Fix, which would be $15.48/oz.
Silver is up to $13.28 now in the spot market. Thus, the minimum bid is now only $2.20 over spot!
Minimum bid reduced to 1000 ounces!
In the interest of both filling up the auction, and adjusting to feedback from my readers and the dealer, I'm reducing the minimum bid to 1000 ounces, and allowing bids in increments of 1000 ounces. If existing bidders wish to adjust their order sizes, they are free to do so, and submit new bids.
With this format, winning bidders will be notified by email, not by phone, the final auction prices, and wire instruction information. Also, after the auction, I'll submit the final bids in email for everyone to see.
The reason why I selected the 5000 oz. minimum bid, orginally, is that is the size of the COMEX contract, and it would make for a more valid comparison between our auction prices, and the COMEX price. But it looks like that minimum was too high to be practical for refined coins, and this auction, for now. Looks like I was aiming too high.
50,000 one-ounce silver coins: Canadian Olympic Mapleleafs
Terms: Silver won at auction can only be shipped to locations within the USA only.
Auction ends September 22, Monday, Noon, Pacific Time.
Bid how much you are willing to pay over spot.
Or, bid a total final price.
Minimum bid: $2.50 USD over the London Fix, per ounce.
Minimum bid size: 1000 ounces . So there are 50 lots up for auction, you may bid for 1 lot, several lots, or all.
(The coins come in boxes of 200 coins each, so minimum is 5 boxes.)
Dutch Auction Rules. High bidder wins and gets first allocation, but the final auction sales price will be the lowest price bid that is required to fill the whole 50,000 coin auction.
Email your bids to: email@example.com
Winning bidder (or bidders) will be notified via email on Monday, wire transfer instructions, to wire directly to the dealer.
Wires must be sent by Tuesday.
Only bank wires will be accepted. No checks, no Credit Cards, no cash.
Free, insured, shipping, to anywhere in the USA ONLY, included in the price.
After the auction, I will release the range of bids, but not the name of any bidder.
If your email bid gets lost and does not arrive, or gets lost in the spam filter, I can't help. Email via "returned receipt requested", and include the word "silver bid" in the subject line to help ensure email delivery of your bid.
I will attempt to email back to confirm bids as they come in.
I expect the coins to auction for between $2.20 to $3.00 over spot.