Auction Notice!: 125 Engelhard 100 oz. Silver Bars
Silver Stock Report
by Jason Hommel, October 13th, 2008
The auction for silver is running, live,
Auction ends on
Wednesday, Noon, Pacific time, October 15th. That's the middle of the
day of the middle of the week.
Actually, a series of auctions
is scheduled, running over the course of 26 minutes, ending Noon on
Wednesday, because there are 26 separate auctions.
current bid is $13.25/oz., or $1325 per 100 oz. silver bar, for a single
lot of 10, full lot only, for a total of $13256.
Here's a picture of my bars for this
I can ship immediately upon
receiving the wire transfers from the customers, after the auction.
Wires must be sent within 24 hours
after the auction's close!
After the auction, I plan
to use the proceeds to buy more silver, such as 1000 oz. COMEX bars, to
make a profit.
own over 200,000 oz. of silver. I'm not selling out. I'm only
selling 12,500 ounces, and I plan to buy more silver, cheaper, but in a
different form, such as 1000 oz. bars.
Since this auction
is going so well, I plan to auction more silver next
The price manipulation at the COMEX is so
severe, that it has now created the profit incentive to create a free
market in silver, through this auction, in order to arbitrage between the two markets, by buying in
one, and selling to the other.
Al Korelin interviewed me
this morning and I spoke briefly about the profit opportunity in silver
because of the premiums:
impossible for me to "price gouge", because I'm not setting the
price. The free market is setting the price.
There are some questions
about how the bidding works.
The bidding system at seekbullion.com uses PROXY BIDDING!
IS PROXY BIDDING?
First, register at http://www.seekbullion.com!
Proxy bidding at seekbullion.com works
similar to ebay.com, however, the "bid increments" at seekbullion are much
The high bid wins, but is never what is
paid. The second highest bid mostly determines the
The highest bid is always hidden from view. The bid
you see is nearly always the second highest bid, plus a small increment over that, due to the automatic
proxy bidding of the highest bidder.
For example, if by the
auction's close, one person has bid $1800 for a bar, and the next highest
bid is $1600 for a bar, then the auction software lists the highest bid as
$1601, and the person who bid $1800 is the highest bidder, but will
only pay $1601. The person who bid $1600 will not win, and their bid
is only used as a base for the automatic proxy increment bid of $1
over that price.
It's like each
bar is bid at least twice at very near the price you
This really prevents price gouging, because the bids
have depth--at least two buyers willing to pay very similar prices.
The second to last auction, for 20 bars, has a bid history of
172 bids, partly because the automatic proxy bid increase
for the highest bidder is so small.
If you want a
free market in silver, then please tell people about my auction at:
If you want government solutions instead, please
In case you miss an email,
check the archives:
You can buy silver in
lots of 100-500 oz. at my auctions at www.seekbullion.com
Auctions end M-Th, Sat, At 7PM Pacific, but you can place bids anytime, 24/7.
Wires only. USA Shipping only.
You can also buy silver at www.momsilvershop.com
ship overseas, and also in lots of more or less than 100
See us also at:
4870 Granite Drive, Rocklin, CA 95677