First Gold, Now Europe Running Out Of Silver

[Ares]

Earlier we noted that the Austrian mint was on its way to depleting its gold reserves following "panicked buying" from Europeans, who now openly fear the demise of their currency. Now, courtesy of Slim Beleggen, we understand that the situation in the silver market is just as bad and has also spilled over to Germany: the contagion is no longer one of sovereign debt, but of precious metal physical inventory. The primarily silver focused (but holding gold as well) Kronwitter precious metal online retailer is not only not accepting any orders, but has entirely taken down its website.

The only message left for visitors is (translated from German) as follows:

Dear customers, due to the enormous number of orders we can take at the moment no new orders via the Internet, email or fax contrary. All previously purchased and paid for coins are shipped. In order not to delay the extradition unnecessary to ask is to refrain from requesting payment or tracking number. When shipped our you will automatically receive a shipping confirmation. We hope to do everything within two days and then re-open the shop to buy. Thank you for your understanding. Marie-Luise Kronwit

Soon coming to an LBMA vault near you - a run on physical and a total collapse of the 100x diluted Precious Metal market.

http://www.zerohedge.com/article/first-gold-now-europe-running-out-silver

[JohnQPublic]

See this message. I posted about this shop (http://gold-silver.us/forum/gold/1000-euro-gold-is-here-(in-the-real-world)/msg41608/#msg41608) earlier, and now everything is gone (or they don't want to give it away)!

[Ponce]

Next door in the BIG town, I live in the little town, the two coin shops are buying silver but not selling..........the guy at the pawn shop in my little town told me "What? me sell silver? you think that I am stupid or what?".

[Nomen luni]

According to the front page of my favourite dealer, they can supply all anyone wants, and I know they order from mainland Europe.

http://www.weightoncoin.co.uk/coins/index.php?main_page=index&cPath=8&sort=20a&page=2

[Nomen luni]

Hmmmm.....


CUSTOMER NOTICE

We are currently experiencing very heavy demand for our products and this does mean orders being placed will take an extra bit of time to progress through our systems, but we will be keeping all customers informed of timescales in the usual manner.

Kind regards and many thanks in advance for your understanding.

Richard Anderson

Director and Principal Dealer

http://www.weightoncoin.co.uk/coins/

[uranian]

company i've dealt with (german, but operating in the UK) welcome visitors with a "Due to the high volume of orders to be shipped please note that deliveries might be delayed by several days. Thank you for your understanding.", no comments about shortages, so perhaps they're operating like kitco did before, take yer cash, on the basis that they might at some point get the actual goods in the future.

[Defender]

My company's (non-PM) warehouse is geared and staffed to process a certain number of orders per day. Our racks could be stuffed full but if there is a big upsurge in orders they will fall behind until demand slows or they decide to put on some more staff. Even with more staff, there is a physical maximum that can be processed which tends to get exceeded during Christmas season.

[Nomen luni]

Thanks for the anecdotals.

The guy at weighton coin has always struck me as very up-front and honest. He only offers for sale what he has in stock, otherwise he informs you that he will have to order it. Last time I ordered he said he could always get any quantity he needed shipped in 2 days from Europe.

I agree, it doesn't necessarily mean shortage, but there is definitely a spike in demand if nothing else.

[Gaillo]

Another anecdotal for you:

The nearest city to me is about a 100 mile drive. I try to make it there at least once per week to buy metals from the only coin dealer in the area. About 2 months ago, the owner stopped tracking the "spot price" when it fell, keeping his previous price during drops, or increasing his physical price if spot went up. He's been steadfast in this, last week when silver dropped almost $1 in a day, I emailed him to see if he was planning on lowering his physical price due to the drop. He emailed back saying unconditionally NO.

I'm expecting any week now to go into his shop and find that he has no physical for sale, it seems like every time I go there lately he has less and less bullion in both Gold and Silver. Also, as of about 2 weeks ago, he's also almost out of junk silver dimes and quarters, which is unfortunate for me - as merc dimes are my favorite silver to accumulate! >:(

[1970 Silver Art]

Recently, most of the local coin shops in my area had either very little or no 1-oz silver bars of any type. Even though the spot price had a very large drop, the premiums did not go down that much on the remaining silver rounds and SAEs that they had. There was one shop that I recently went to that was selling 2010 SAEs for $25.00.

[gunDriller]

Also, as of about 2 weeks ago, he's also almost out of junk silver dimes and quarters, which is unfortunate for me - as merc dimes are my favorite silver to accumulate! >:(


i've got a small roll of AU Merc's right next to my desk !

i set aside a 38S and a 39S, both in VF condition, because i thought they might have numismatic value.

now i wonder if they have Mercury rounds.
http://straightsilver.com/store/images/products/detail_1_thumb_1_mercury1.JPG

from
http://straightsilver.com/store/index.php?l=product_detail&p=1

kind of expensive, $26.

[Twisted Titan]

Silvers up buy less

Slivers even buy the same

Silver down buy more


Simple.


T

[1970 Silver Art]

Silvers up buy less

Slivers even buy the same

Silver down buy more


Simple.


T


+1 Karma

Simple is good. I agree with that. Hopefully the local coin dealers will have the type of silver I am looking for (i.e. silver art bars).