BRKG Entire silver industry is wiped out: Online precious metals dealer JM Bullion stated

bcingu

bcingu

Senior Member
CNBC's Brian Sullivan discusses how silver inventories are selling out, in part because retail investors are buying up silver coins and bars, with Michael Wittmeyer, CEO of JM Bullion, an online precious metals dealer. Subscribe to CNBC Pro to access our live Pro Talk “How to Navigate the Reddit Market Mania” with Fundstrat’s Tom Lee and CNBC’s Mike Santoli: https://cnb.cx/3r7vPrJ The price of silver surged higher on Monday as the Reddit-fueled boom in highly shorted stocks appears to be spilling over into the metals market. Silver futures rose 8% to at $29.06 an ounce, marking the largest one-day pop in silver on NYMEX since at least 2013. The contracts traded 11% higher at $30.35 an ounce earlier in the day, the highest level since Feb. 15, 2013.

r/t 4:00

MSNBC interview of JM Bullion's CEO
 
Paladin1

Paladin1

"In Omnia Paratus" is more than just a phrase
Yeah, no.

I just checked JM Bullion's site and they're already getting new silver in for sale. I know there were a couple of days there where you couldn't get very much, but the supply has already started to be restocked so this seems like outdated information.
 
EMICT

EMICT

Veteran Member
Paladin1 said:
Yeah, no.

I just checked JM Bullion's site and they're already getting new silver in for sale. I know there were a couple of days there where you couldn't get very much, but the supply has already started to be restocked so this seems like outdated information.
Click to expand...

In stock status of all metals at JM Bullion
Gold - 57
Silver - 149
Platinum - 2
Paladium - 1

Out of Stock Silver - 3813

AuInstockJM.JPG
 
bcingu

bcingu

Senior Member
Paladin1 said:
Yeah, no.

I just checked JM Bullion's site and they're already getting new silver in for sale. I know there were a couple of days there where you couldn't get very much, but the supply has already started to be restocked so this seems like outdated information.
Click to expand...

Today is the 3rd & that was JM Bullion's CEO on Monday I don't disagree with you or Dennis statements. I would point out JM Bullion's CEO was talking about the mint's & miner's side of the supply chain. What is now on the shelf so to speak was individual's taking profit while spot was still above $30 however, spot is now $27.05.

I think most will wait till the spot goes back up above $30 before they will sell. Only time will tell.
 
Sozo

Sozo

Insignificant Contributor
I know how it would play out with my luck.

Silver shoots to the moon, and spot hits $1000.
I sell my thirty pieces of silver, walk away a happy man with 30 grand.
The economy crashes and the "great reset" takes place, making that fiat currency worthless.
I'm left standing with a pile of monopoly money and nothing to show for it.
 
Blacknarwhal

Blacknarwhal

Let's Go Brandon!
Sozo said:
I know how it would play out with my luck.

Silver shoots to the moon, and spot hits $1000.
I sell my thirty pieces of silver, walk away a happy man with 30 grand.
The economy crashes and the "great reset" takes place, making that fiat currency worthless.
I'm left standing with a pile of monopoly money and nothing to show for it.
Click to expand...

Which is why you'd want to do something quick with that 30 grand, like buy food or solar panels. Then you'd be in good shape, I figure.
 
D

Dozdoats

On TB every waking moment
In a period of inflation, all prices are relative.

There are relatively few pure silver mines out there. Most silver is recovered as a byproduct of mining other metals. The precious metals mining industry across the board has a smaller total capitalization than, say, Microsoft. It is slow to respond to increases in demand but almost instantly closes back production when demand goes down.
 
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CaryC

CaryC

Has No Life - Lives on TB
Normallguy said:
I paid about $20 each for 5 silver dollars, dates early 1900's, a few years back.
What are them suckers worth now.
Can I retire in style?
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LOL dates only matter if they are rare dates, for the most part.

20.00 each???? Spot a couple of months ago was 17.00.

I'm sure you can go online and check for rarity who knows may have a fortune on your hands.

I've got a 1887 Indian head penny, it's worth about a Nickle. LOL I'm holding, for real money.

I'd rather wait for Uncle Joe's money. We're going to be rich I tell ya.
 
Ku Commando

Ku Commando

Inactive
Dozdoats said:
At a current price of $28,743? Sorry ... :D
==================

Buy 90% Silver Coins - $1,000 Face Value Bag | APMEX


$28,743.00


Any Quantity

These items are on a slight delay with an expected ship date of February 15, 2021. Your entire order will ship upon their arrival.
Click to expand...



At $27/oz......spot market for junk silver is 19.3 times face

At 28.743 for a dollar face, that just about a 50% markup......don't EVER recall that much of a premium for 90%
 
D

Dozdoats

On TB every waking moment
I used to buy 90% at a 10-40 cent/ounce discount to spot. Those were the days.

Anyway, I posted it from the link, and posted the link. It is what it is ....

A $1000 face bag of 90% contains 715 ounces of silver. They bag it by weight, not count.
 
Southside

Southside

Has No Life - Lives on TB
Wow. Premiums are HUGE!
APMEX sale, junk per oz. $40.16, rounds at $33.18/oz
JM, no junk, eagles at $39.48
Golden Eagle, 1000 face @ $32.29/oz
Money Metals, 500 face .50 coins, $13,115 = $36.69/oz
Bullion X-change, Rounds at $32.97, Junk at $36.31/oz

Some crazy #'s out there.
 
D

Dystonic

Senior Member
From what I read from the WSB guys a couple of days back, they were screaming don’t fall for this bull run on silver. The whole thing is a Wall Street/msm push that is as phony as Biden touching kids is real.

WSB said Melvin Capital and Citadel have long positions in silver. It’s a twofold operation to get investors to dump GameStop and pump up silver to cover their losses in the former. I modestly invest elsewhere but have been watching this drama closely.

What is going on may indeed be a one off. Wall Street will go typical Wall Street and circle the wagons. Or with this Fourth Turning we may continue to see a surge of little guys band together and demand their seats at the table. That would be a Fourth Turning level paradigm shift. It’s all speculation right now and quite exciting to see.
 
Groucho

Groucho

Has No Life - Lives on TB
Dystonic said:
From what I read from the WSB guys a couple of days back, they were screaming don’t fall for this bull run on silver. The whole thing is a Wall Street/msm push that is as phony as Biden touching kids is real.

WSB said Melvin Capital and Citadel have long positions in silver. It’s a twofold operation to get investors to dump GameStop and pump up silver to cover their losses in the former. I modestly invest elsewhere but have been watching this drama closely.

What is going on may indeed be a one off. Wall Street will go typical Wall Street and circle the wagons. Or with this Fourth Turning we may continue to see a surge of little guys band together and demand their seats at the table. That would be a Fourth Turning level paradigm shift. It’s all speculation right now and quite exciting to see.
Click to expand...
Read the same thing. This ain't Reddit, folks. They're staying away.
 
D

Dozdoats

On TB every waking moment
Dennis Olson said:
Not even at gunpoint!!
Click to expand...

In times of inflation, all prices are relative. I never though I would pay $600 for a thousand rounds of high quality government contract 5.56, but I did - just to feel better at the time.

The Guvnah said "Never say never." :D
 
20Gauge

20Gauge

TB Fanatic
Southside said:
Wow. Premiums are HUGE!
APMEX sale, junk per oz. $40.16, rounds at $33.18/oz
JM, no junk, eagles at $39.48
Golden Eagle, 1000 face @ $32.29/oz
Money Metals, 500 face .50 coins, $13,115 = $36.69/oz
Bullion X-change, Rounds at $32.97, Junk at $36.31/oz

Some crazy #'s out there.
Click to expand...
Spot is no longer accurate. It is for paper only. We are seeing silver sold for over $40 per ounce in physical silver.
 
20Gauge

20Gauge

TB Fanatic
Southside said:
And looking at the lack of supply out there, they are lining up to do so!

Southside
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Same here. I just bought 400 rounds of 556 for $0.50 per and could have taken it down the street and sold it person to person for $1.00 or $0.75 to the pawn shops.

I kept it as I can never tell when I can get more.

I also had a client tell me today that he is stocking for the same reasons we all are. It just came out of the blue. People are scared and pissed for sure.
 
The Snack Artist

The Snack Artist

Membership Revoked
20Gauge said:
Spot is no longer accurate. It is for paper only. We are seeing silver sold for over $40 per ounce in physical silver.
Click to expand...
I take it the spot mkt is settled in cash because I would def take delivery if I could buy SLVR at 28 an ounce. There is no deliverable silver right now is what the board says.

Watch for a nice squeeze as the options expire at the end of the month. Either buy in your short calls or get exercised on them.
 
Southside

Southside

Has No Life - Lives on TB
20Gauge said:
Same here. I just bought 400 rounds of 556 for $0.50 per and could have taken it down the street and sold it person to person for $1.00 or $0.75 to the pawn shops.

I kept it as I can never tell when I can get more.

I also had a client tell me today that he is stocking for the same reasons we all are. It just came out of the blue. People are scared and pissed for sure.
Click to expand...

We have reached critical mass.
PEOPLE ARE WAKING UP!

Southside
 
Southside

Southside

Has No Life - Lives on TB
The Snack Artist said:
I take it the spot mkt is settled in cash because I would def take delivery if I could buy SLVR at 28 an ounce. There is no deliverable silver right now is what the board says.

Watch for a nice squeeze as the options expire at the end of the month. Either buy in your short calls or get exercised on them.
Click to expand...
Oh, at APMEX, you can get 90 for $40+, sent today.
You want a decent price? ($33) You MIGHT get product in 2 to 3 weeks. Then again, might not.

Southside
 
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