(Most silver is like other silver!)
Silver Stock Report
by Jason Hommel, August 29th, 2008
Sorry. My last email earlier today was blank for many people. The
highest price bid for the 25 bars of silver was $4.01 over spot. For
all the bids, and more, see:
case you miss an email, you can always check out the archive of "all
Some people have suggested that if I believe
there is a shortage of silver, why not "take delivery at the
Well, I have taken delivery of physical silver, but not at
the COMEX. But the effect on silver, and the effect on COMEX is
just the same. See, if I buy "extra silver" from a coin shop, then
that coin shop does not have to sell their "extra silver" to the refiner,
where their "extra silver" may end up at the COMEX. See, silver is
fungible. It does not really matter what form of silver you get
it, or where you get it, taking delivery of real silver from a coin shop
puts the squeeze on COMEX silver all the same.
In fact, if I think
COMEX is likely to default, then COMEX should be the last place
where I should go to get silver. After all, if there
are several different places to get silver, and if one is expected to
default, you'd be sure to avoid that company too, wouldn't you?
all the nay-sayers, who claim there is plenty of silver (while
they have none to sell), who tell us to "just take delivery at the
COMEX" (while their own companies seem incapable of taking delivery
at the COMEX, because they have no 1000 oz. bars to sell either) are, at
best, woefully uninformed about the basic assumptions we are making.
At worst, they are lying on purpose, to hide their impending
bankruptcy. In fact, a failure to deliver silver to their own
customers on a timely basis who have paid for silver, is the very
definition of bankruptcy. But for some reason, silver buyers are
some of the most patient and kind creditors of all, because they, for some
reason, don't demand forclosure or government prosecution on the
businesses that cannot deliver on their promises. Maybe that's
because silver buyers don't trust the government in the first
place. That's good news for those who lie about an
abundance of silver, while they don't have any.
Ironically, the nay-sayers
say the same thing we do at this point. TAKE DELIVERY, and GET
My auction proved something. I was saying there
was a premium on 100 oz. bars, and that it was difficult to source
any. My auction proved that, to the tune of $44,000.
nearly every email, I try to tell my subscribers where you can get
But those who claim there is no shortage, make
absolutely no effort to
tell you where you can get any, without having to "wait indefinitely".
Isn't that telling?
May I suggest to Meet up other
Silver Stock Report readers at YOUR LOCAL COIN SHOP, on Tuesday, September
2, at 2PM.
Suppose if all buyers during a month show up all at
once? Clearly, the shop will be sold out immediately, if it isn't
already. I think that would leave an impression on the
This will serve several purposes:
will find out that you are not alone.
2. You will impress upon
your dealer the amount of demand for silver.
3. The coin shop
owner will be more confident and more likely to raise his bids to get
silver for everyone, so it's in your own best long term interests to show
4. Be prepared to network with
other buyers. Other buyers may have bars to sell if they are
retired, and "all in"; they may have to sell bars for normal life
I suggest that everyone visit their favorite local coin
shop on September 2, at 2PM. That's Tuesday, 4 days from
now. (TWO's-Day) Easy to remember!
Jason Hommel >
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