Auction Update: 25 silver 100 oz. bars, JM or Engelhards
Silver Stock Report
by Jason Hommel, August 28th, 2008
Many people have emailed me to ask why I'm selling silver. I'm not.
I'm selling another man's silver because I don't have a
monopoly on printing money, and I can't buy all the silver in the world. As I
wrote in my last email:
"Some people may wonder if I'm selling out.
I'm not. These are bars from some of my readers, that I now offer to
you. I'll sell mine, and use the cash to buy these, to insure no
default to you, and help insure the highest possible price to the real
seller. I will earn a small spread, and I'll get to test the market
to see a depth of bids."
I was sort of forced into doing this
auction by market pressure. I claimed there were shortages,
and that 100 oz. bars sold at a premium. Another man didn't think he could
get a premium for 100 oz. bars, because he was not connected to the investment side
of the market. So, I had to put up, or shut up, and
I said I would get him a premium over spot for his bars, hence, this auction.
$3.76 over spot, for the lot.
$16.01 per ounce for the lot. (This is about $2.32 over spot
now, at $13.69/oz.)
$2.00 over spot for the lot.
$1.75 over spot for 1/2 the lot. (partial lot
bids not wanted)
$1.60 over spot for the lot. -- bid withdrawn due to
"lack of disclosure of the process". I don't understand that,
because I disclosed everything except the names of other bidders,
something even ebay does not disclose.
Additionally, I had 2 people
from Canada, and one from New Zealand, asking why I can't ship outside the
U.S. The reason is that U.S. Post Office cannot ship registered,
insured outside the U.S. Outside the U.S. is outside their
jurisdiction, and they thus cannot gurantee via insurance, a
delivery. There are no export restrictions on silver leaving the
U.S., as far as I know. I shipped silver to Canada once, and the
package was lost for over a month, so, never again.
I expect more bids by
tomorrow, Friday, Noon, at my auction's close. That's NOON,
Pacific Time, the last "noon" in the U.S.
Please continue to bid,
even if you are not the highest, in case one of the bids falls through,
and does not send the money if they end up the winning
Reminder: The "spot" price for this auction is the
London Silver Fix, on Friday, as listed here:
I have no guarantee that I'll have more silver to auction
regularly, after this auction. However, high prices should tend to
attract sellers, and I hope to help the market to continue to function, if
only to inspire others to do things in a more free market way,
to help avoid the plague of shortages. IE, the only
solution to shortages is a higher price. The only way to allow
higher prices to be bid is in a free market. The paper
futures market is not a free market if people are selling what they do not
have. Hence, this auction.
Even this auction is not
"ultimately free" as there are limits. It is one time only. It
is to US only. And for 25 bars only. Three limits. But
I'm one man, and this is my first auction.
There are several threads about this auction on the internet. It is being closely
watched. I started none of them.
of the purpose of this auction is to see what bars will really sell for,
in a large lot, in a free market. (And not just on ebay, where there
may be only one bar at a time, and where there might be ways to get
rebates from credit cards or other offers.)
the purpose of this auction is to rebuke Johnson Matthey, and other major
dealers, since they don't sell product to the highest bidder
at auction, but sell out completely, and/or make customers wait in line
from 8-10 weeks, or 2-4 months, or indefinite time periods, or refusing
course, I also refuse buy orders, but then again, I'm not a regular
dealer, and I fear default is coming, or in progress, in the silver
Meanwhile, Johnson Matthey is no longer taking orders
for 100 oz. bars.
One man, at the Yahoo! Finance Threads,
rebuked my Christian beliefs, calling me "greedy". I responded and
was able to share some of my Bible based beliefs.
Stumblingblock of their Iniquity
the world's largest refiner announced that they ran out of
Krugerrands. (Confirming my rumor of yesterday.)
I looked up the Federal Regulations on
Auctions. There are none, fortunately! We can have a free
market, if we choose. Men don't often choose, I suppose that's
part of the problem.
full details on this auction, see:
I have 25 bars of .999 fine 100
oz. silver, JM or Engelhard available for bidding, and available for
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