EE_
25th October 2013, 06:46 AM
They should order some from the US, since it's dirt cheap and so plentiful here? Can't give it away.
Is A Massive Chinese Order Causing a Silver Shortage in Europe?
October 25, 2013 By The Doc 19 Comments
Submitted by Cyrille Jubert, Author of Silver Throughout History
One of my contacts with one of the largest European precious metals brokers told me this morning that they could not find any silver. All the refiners they contacted could not take their orders and could not give any delay. “Call us next next month”, they said. This is the first time that such an event has occurred.
I called a Swiss Friend of mine, whose company specializes in silver scrap. He told me that the Swiss refiners were very busy refining silver ore arriving from the mines, and are now quoting between 5 and 6 weeks to refine silver scrap- twice the usual delay.
On Wednesday, he attempted to source a ton of silver (32,000 oz), from the three main Swiss refiners. Two of them refused to take the order even giving a delay, and the third refiner stated delivery would take 2 weeks.
The refiners had been very busy during the last month trying to fulfill an “enormous” Chinese order. They refused to divulge how enormous this demand was because of professional secrecy, but it seemed to me it was a sovereign order. As India increased its 2012 silver import by 4.000 tons this year, the silver market is very tight. The Chinese demand saturates the refiners’ capacity.
Earlier in the year, especially July and August, the Swiss refiners could not refine silver ore, because they had such huge gold orders, that they could not work on anything else.
This explains the actual European silver shortage.
In addition, all the old French silver coins seem to have vanished. My contacts who used to trade 500 kilos a day between 2007 and 2011, told me in spring 2012, that they didn’t trade this amount in a month. For the past 6 months, the coins dealers have had no French silver coins to sell and even the black market seems to be completely dry.
http://www.silverdoctors.com/massive-silver-shortage-in-europe/
Is A Massive Chinese Order Causing a Silver Shortage in Europe?
October 25, 2013 By The Doc 19 Comments
Submitted by Cyrille Jubert, Author of Silver Throughout History
One of my contacts with one of the largest European precious metals brokers told me this morning that they could not find any silver. All the refiners they contacted could not take their orders and could not give any delay. “Call us next next month”, they said. This is the first time that such an event has occurred.
I called a Swiss Friend of mine, whose company specializes in silver scrap. He told me that the Swiss refiners were very busy refining silver ore arriving from the mines, and are now quoting between 5 and 6 weeks to refine silver scrap- twice the usual delay.
On Wednesday, he attempted to source a ton of silver (32,000 oz), from the three main Swiss refiners. Two of them refused to take the order even giving a delay, and the third refiner stated delivery would take 2 weeks.
The refiners had been very busy during the last month trying to fulfill an “enormous” Chinese order. They refused to divulge how enormous this demand was because of professional secrecy, but it seemed to me it was a sovereign order. As India increased its 2012 silver import by 4.000 tons this year, the silver market is very tight. The Chinese demand saturates the refiners’ capacity.
Earlier in the year, especially July and August, the Swiss refiners could not refine silver ore, because they had such huge gold orders, that they could not work on anything else.
This explains the actual European silver shortage.
In addition, all the old French silver coins seem to have vanished. My contacts who used to trade 500 kilos a day between 2007 and 2011, told me in spring 2012, that they didn’t trade this amount in a month. For the past 6 months, the coins dealers have had no French silver coins to sell and even the black market seems to be completely dry.
http://www.silverdoctors.com/massive-silver-shortage-in-europe/