Europe is now running out of Silver (first it was Gold!)

[Large Sarge]

http://www.zerohedge.com/article/first-gold-now-europe-running-out-silver First Gold, Now Europe Running Out Of Silver Submitted by Tyler Durden on 05/12/2010 16:20 -0500 a.. Germany b.. Sovereign Debt 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.

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[Blink]

Makes you wonder if this is the beginning of the end for fiat currency or just another well timed wealth transfer setup........

[agnut]

Thanks LargeSarge. Important thread. It was inevitable; especially if it is true that the ETF gold and silver funds only hold 1% of the metals they say they hold. And if so, there could be a run on the precious metal “banks”. What I mean is the coin stores and internet PM websites. If they get overwhelmed and cannot get PMs fast enough to satisfy demand, there will be chaos in the pricing markets. Yes, chaos. Those with precious metals will not be wanting to sell and those without precious metals will not be able to find precious metals for sale. Additionally, those with precious metals will want more and put more pressure on the buy side. Ask yourself what you would do in such a situation. If I knew that a physical metals crunch was imminent, I would absolutely love to get more gold and silver (especially silver).

Is this how it ends ?

No, this is how it begins !

End of an era; with a new paradigm shift. Out with the old lies (fiat currencies) and in with the truth (physical precious metals). As Morgan said “ONLY gold and silver are money.”

Here are a couple of great articles about the dollar and other paper illusions :

U.S Dollar Is The New “Tulip”

http://www.gold-eagle.com/editorials_08/nielson050910.html

Paperbugs Don't Understand How Far We Have to Go

http://www.gold-eagle.com/editorials_08/brochert051010.html

We are in the midst of WWIII. But it is a financial war for our futures. Treat it in this mindset and defend yourself with metal armor, not a paper shield.

Best wishes and JMHO,

Agnut

P.S. When is it a good time to buy more precious metals ? Any time, as long as the governments of the world are furiously creating fiat currency out of thin air. Even better if you can buy on a big dip.

[Ares]

duplicate thread

http://gold-silver.us/forum/general-discussion/first-gold-now-europe-running-out-of-silver-4654/

[Twisted Titan]

Makes you wonder if this is the beginning of the end for fiat currency or just another well timed wealth transfer setup........



I think this another shakeout

People are stupid and will be wooed back to the markets just the same in due time.


T

[Large Sarge]

Makes you wonder if this is the beginning of the end for fiat currency or just another well timed wealth transfer setup........



I think this another shakeout

People are stupid and will be wooed back to the markets just the same in due time.


T


Europeans are different than Americans (in regards to money)

most Europeans have lived through a currency crisis/collapse (or had relatives that did)

(Germany WW2, Weimar, French Assignats, E Europe has a number etc)

Americans have no memory of currency collapse, I think the last one to die was civil war (greenbacks) & confederate script died (almost 150 years ago)

Compared to Europe, I believe Checkoslovakia had one rather recently (late 90's?)

Anyway the entire population has lived through a currency collapse, or had a friend relative who did, or heard about it.

there is no one alive today in America that has any experience with it.

so my guess is Europeans are very slow to go back to the Euro at all.

[Libertarian_Guard]

http://i41.tinypic.com/o85cu8.jpg

Fiat's ultimate value!