Are more people buying metals, or selling them?

[madfranks]

I was at the coin shop today and there were four people looking to sell, and I was the only one there looking to buy. It got me thinking, in general, are there more people selling today than buying? And if so, where is all that PM migrating to? Investors, governments, central banks? If people are selling their "scrap" and/or unwanted gold at a higher rate than common folk are buying, where is all that gold going?

[1970 silver art]

I was at the coin shop today and there were four people looking to sell, and I was the only one there looking to buy. It got me thinking, in general, are there more people selling today than buying? And if so, where is all that PM migrating to? Investors, governments, central banks? If people are selling their "scrap" and/or unwanted gold at a higher rate than common folk are buying, where is all that gold going?

If it is scrap gold and silver, then the pawn shops, LCS, and coin shows still see people bring in that type of gold and silver especially if they are selling it to raise cash to pay for gas, food, or other necessities. I am guessing that the scrap gold and silver is going to a refinery but I could be wrong on that. If it is .999 bullion bars or coins, then I have not seen many sellers bring that in. Lately, the LCS that I usually go to do not have much gold or silver in stock. The shelves seem to always bee empty when I go inside.

[slowbell]

Welcome back Art!!! You've been missed. I feel honored, I gave you your first thanks. :)

[StreetsOfGold]

ATTENTION!!! I stood up to the TP king by making a 3-roll tp bet with him and guess what?............I won.

Did you get your TP? What kind is it? Soft, cushy, potion (Aloe) endowed, industrial strenght?

[1970 silver art]

Did you get your TP? What kind is it? Soft, cushy, potion (Aloe) endowed, industrial strenght?

http://gold-silver.us/forum/showthread.php?57512-Silver-Art-is-the-winner&p=501672&viewfull=1#post501672

Bragging rights is money................................:)

[madfranks]

If it is scrap gold and silver, then the pawn shops, LCS, and coin shows still see people bring in that type of gold and silver especially if they are selling it to raise cash to pay for gas, food, or other necessities. I am guessing that the scrap gold and silver is going to a refinery but I could be wrong on that. If it is .999 bullion bars or coins, then I have not seen many sellers bring that in. Lately, the LCS that I usually go to do not have much gold or silver in stock. The shelves seem to always bee empty when I go inside.

I guess I'm just more curious than anything, but it seems that all the "scrap" and "unwanted" gold and silver is being siphoned out of private households all over America. I'm sure most of it is going to refineries to be melted and put into bullion bars, but then what? Where is it all going?

[mamboni]

I guess I'm just more curious than anything, but it seems that all the "scrap" and "unwanted" gold and silver is being siphoned out of private households all over America. I'm sure most of it is going to refineries to be melted and put into bullion bars, but then what? Where is it all going?

Look to the east my son, to the middle kingdom, to a land of near infinite multitudes: China.

[VX1]

I guess I'm just more curious than anything, but it seems that all the "scrap" and "unwanted" gold and silver is being siphoned out of private households all over America. I'm sure most of it is going to refineries to be melted and put into bullion bars, but then what? Where is it all going?

Makes me think back to when gold was about $1000, and there were a lot of rumors that the FED or gubmint was paying these cash4gold places $1350/oz for it; a new way of gold confiscation. No reason to decree people must turn in heir gold, if you can make 'em do it voluntarily through economic hardship.

[gunDriller]

Look to the east my son, to the middle kingdom, to a land of near infinite multitudes: China.

what he said.

here's what the MSM had to say. they make it out like it's a mystery.

gee, China has a few $Trillion FRN's.

now why would they trade less than 10% of their FRN's for gold ?


http://www.msnbc.msn.com/id/46205510/ns/business-world_business/t/china-goes-gold-binge-world-wonders-why/

"China goes on gold binge; Idiots at NBC News wonder why - Business - World business - NBCNews.com"

[MNeagle]

The Math Behind Italy's 28,000 "Cash For Gold" Outlets


http://www.zerohedge.com/sites/default/files/pictures/picture-5.jpg (http://gold-silver.us/users/tyler-durden)
Submitted by Tyler Durden (http://gold-silver.us/users/tyler-durden) on
08/29/2012 17:59 -0400




Bond (http://gold-silver.us/taxonomy_vtn/term/10414)
China (http://gold-silver.us/taxonomy_vtn/term/139)
Goldman Sachs (http://gold-silver.us/taxonomy_vtn/term/197)
goldman sachs (http://gold-silver.us/taxonomy_vtn/term/126)
Italy (http://gold-silver.us/taxonomy_vtn/term/12082)
Switzerland (http://gold-silver.us/taxonomy_vtn/term/9867)


Via Mike Krieger of Liberty
Blitzkrieg blog,

A couple of weeks ago I wrote about how the Portuguese citizenry was being forced
to sell its gold in order to eat. (http://libertyblitzkrieg.com/2012/08/16/portugal-runs-out-of-gold-as-citizens-forced-to-sell-in-order-to-eat/) It seems that the Italians have now
joined this illustrious club. I mean what do you expect when you allow Goldman
Sachs to impose technocrat dictator Mario “Three Card” Monti as your political
leader? Here are some excerpts from an article in The Globe and Mail:
Times are now so tough that Valerio Novelli, a ticket inspector on Rome’s
buses, is planning to sell his old gold teeth.

I can’t get to the end of the month without running up debts,” said Mr.
Novelli, 56, who has to support an ex-wife and daughter. “I know I won’t get
much, but I need the money.”

In a country suffering from economic crisis, buying gold off desperate
people has become one of the few boom industries.

“Since I was a child I remember that gold was given as a gift on various
occasions and people used to say: ‘Put it aside’,” said Ivana Ciabatti, who
represents gold– and silversmiths at employers’ lobby Confindustria.

“We used to laugh at it,
but they turned out to be right. Many families are surviving thanks to this
gold.”

So people are barely surviving based on the gold passed down from generation
to generation, yet the mainstream media here in the U.S. continues to mock gold
constantly. Got it. How about this last line from the article:
The pawnbrokers, by contrast, can hardly keep up with business.
They normally have the gold
quickly melted down and sent abroad, making it one of Italy’s fastest growing
exports. Official gold sales to Switzerland leaped 65 per cent
last year to 120 tonnes, up from 73 tonnes in 2010 and 64 tonnes in
2009.


That’s not just gold being exported, that is wealth being exported. China
says thanks. At least you protected your bankster class from taking a hit on
their bond portfolios.

Meanwhile, this whole theme fits in perfectly with an article from The
Telegraph yesterday with the fitting title “Unilever Sees ‘Return to Poverty’ in
Europe.” That article begins with:

Aug. 27 (Telegraph) –
Unilever will adopt marketing strategies used in developing countries in order
to drive future growth in Europe.

Then we find out that Unilever will market to Europeans like they do to Indonesians:
“In Indonesia, we sell individual packs of shampoo for 2 to 3 cents and
still make decent money,” said Mr Zijderveld. “We know how to do that, but in
Europe we have forgotten in the years before the crisis.”


Once again, at least the banksters got bailed out at 100 cents on the
dollar. No wonder the elites laugh at the sheeple.

Read The Globe and Mail article here (http://m.theglobeandmail.com/report-on-business/international-business/european-business/in-hard-times-i-buy-gold-is-italys-boom-business/article4489515/?service=mobile).

Read The Telegraph article here (http://www.telegraph.co.uk/finance/financialcrisis/9501771/Unilever-sees-return-to-poverty-in-Europe.html).

http://www.zerohedge.com/news/math-behind-italys-28000-cash-gold-outlets?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedg e+-+on+a+long+enough+timeline%2C+the+survival+rate+fo r+everyone+drops+to+zero%29

[1970 silver art]

I guess I'm just more curious than anything, but it seems that all the "scrap" and "unwanted" gold and silver is being siphoned out of private households all over America. I'm sure most of it is going to refineries to be melted and put into bullion bars, but then what? Where is it all going?

Some of it is going into the retail market in the form of silver art bars and new silver rounds. I am basing this on what I have been seeing at past coin shows and at the LCS. For example, when Silvertowne representatives come to some of the major coin shows, they set up a table and start buying scrap gold and silver (i.e. silverware, broken jewelry, etc.). I suspect that they melt this down at their refinery and make modern 1-oz silver art bars and Christmas silver rounds because I see several new silver products from them each year they come to the Fall coin show in Chattanooga, TN. One of the local dealers in my area has its own refinery and they also send scrap gold and silver there to get melted down and I also suspect that it is made into their brand name rounds because I see them on display at a higher premium than the older .999 generic silver. I am seeing more newer .999 silver bars and .999 silver rounds now than I have in the past and I believe that most of it was made from the scrap silver (and gold) that they bought and that was melted by their refinery.

I could be wrong on this but I also think that some of the .999 bullion bars that were made from the melted down scrap silver are going to other companies to need it to make whatever product that requires silver since silver is also an industrial metal. I think that those silver bars come in 1000-oz sizes for companies to buy and use for their product.

Those are the only two places that I can think of that some of those newly-made .999 bullion bars are going to.