Final Auction Notice: 24 Bags of 90% Silver
Silver Stock Report
by Jason Hommel, October 20th, 2008
Auctions close, starting this
morning, Monday, October 20th, Noon
Eastern time, or 9AM, Pacific.
Getting back to the auction of 90%.
Every rich man ought to have AT LEAST ONE BAG, just in case times get really rough. A bag of silver dimes holds $1000 face value of silver, which is 10,000 dimes!
I'm keeping several of my bags for myself.
A dime used to be a day's wage in many places and times in most of human history.
A Silver Dime Worth a Day's Wage?
History Shouts 'Buy' Louder than Anything Else
If a man works 250 days a year for 40 years, that's 10,000 days worked during a lifetime. Think about that bag of 10,000 silver dimes, and what it really represents.
I did something new this auction, since some people were confused about how proxy bidding works. I set the proxy bid increment at $1.01.
In a normal auction, if you are sitting there, bidding on anything, as you begin bidding, you know, in advance, how high you will bid, but you don't reveal that to the other participants, you just start bidding, and bid higher and higher, until you get to your "reserve" price, the highest you want to bid.
The online auction works the same way. You just put in one bid, your reserve bid. This bid is hidden from all others, and if yours is the highest, you become the leading bid, but your top bid is not shown. Then, the software takes over. If another person bids higher, but not higer than your price, the web site automatically bids for you, just enough so that you automatically bid over their bid, immediately, but never over your bid price. They are told that their bid did not win, but their bid pushes up the price you'd have to pay.
I decided to set this bid increment at $1.01. I made it an unusual number, specifically so that people can detect and understand when an automatic bid has taken place, and easily see that.
It's not deceptive for the system to "hide" the top reserve, or proxy, bid. People do that all the time during auctions, they don't "show their cards" so to speak, that's a normal feature of auctions.
You don't have to enter a high reserve bid right away. You can always enter a higher bid later.
The bidding system at seekbullion.com uses PROXY BIDDING!
WHAT IS PROXY BIDDING?
How to bid:
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 smaller.
The high bid wins, but is never what is paid. The second highest bid mostly determines the price!
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 $10,000 for a bag, and the next highest bid is $9000 for a bag, then the auction software lists the highest bid as $9001.01, and the person who bid $10,000 is the highest bidder, but will only pay $$9001.01. The person who bid $9000 will not win, and their bid is only used as a base for the automatic proxy increment bid of $1.01 over that price.
Thus, it's like each bar is bid at least twice at very near the price you see.
This really prevents price gouging, because the bids have depth--at least two buyers are willing to pay very similar prices.
If you want a free market in silver, then please tell people about the auctions at:
NEWS FLASH! In a stunning announcement this evening, just a few hours after I again exposed the Perth Mint certificate fraud, where they are supposed to be holding $1.5 billion of inventory of bullion for operations to make sure that they never run out, they annnounced that they are no longer taking any new customer orders. This was announced by kjc.com.au.
The shocking part, of course, is that with $1.5 bilion at their disposal to be used for working minting inventory, they should NEVER run out of silver to sell. After all, if my own turn around is 6 weeks, my mere 200,000 ounces should allow me to sell 20,000 ounces per week, easy, which would enable more than a million ounces sold per year.
My time is longer, because I'm not a mint, and I have to wait for extra shipping times.
A standard mint with modern equipment should be able to make 50,000 ounces per day. Perth should be able to make 12.5 million ounces of silver per year just with a modern machine, and that would not even require a working inventory of $0.125 billion, or $125 million, which would be enough to mint silver all year long, but I think their mint production numbers are closer to about 600,000 per year. Do you detect the problem there that I do?
Why aren't Perth Certificate holders suing for fraud? They must be extraordinarily meek, and not very well informed, and not very wise. The truly meek ones who will inherit the earth are also wise enough to know the difference between paper, and silver.
Oh yes, one more thing regarding my mom's new ebay store:
Paypal locked up my mom's money, and ebay is preventing any new listings. Paypal justified placing a lock on the funds for up to 6 months, unless my mom released the name of her bullion supplier of silver, due to paypal being aware of the silver shortage! Exciting that paypal is aware of the silver shortage! Outrageous demand! They also justified it by claiming that my mom's silver "might be stolen"! HA! What is this new fraud they pull? Guilty until proven innocent? Since you might be a thief, we will steal from you!?! You must release names of suppliers, which is proprietary information? INSANE!
I told my mom that she should tell paypal that if they don't release the funds, that she will be forced to sue them for the full value of the silver, and in 6 months time, that could be an amount up to ten times higher, due to the shortage!