eBay buyers are rushing to buy silver coins, paying 16% premium over the price you can find elsewhere. Moreover, sales of silver are now twice as much as gold sales. Alix Steel (no pun intended) from TheStreet.com was interviewed on DailyTicker. Here are a few quotes:
TheStreet.com's Alix Steel and I have a trade for you:
- Go to Kitco.com and buy a 100 oz. bar of silver for $3,706
- Follow some simple steps to smelt your silver in a regular microwave
- Pour your molten silver into homemade 1 oz. molds... carefully
- Sell your homemade 1 oz silver bars on Ebay for $43.75 per
At the heights of silver stampede, the premium for physical silver was as high as 16% over what could be bought in the pits a number drifting under 10% at the moment, according to Ebay.
See video below:
NAV for PHYS is back to March highs
ZeroHedge is reporting that the premium over the NAV for PHYS is the highest since the March highs, despite paper gold trading at all time records.
Google Trend Shows Silver Price Query as Number One Search
Precious Metals Mania Ripples Down to the Commodities Complex
July 18 (Bloomberg) -- Funds boosted bets on rising commodity prices by the most in almost a year as traders added gold amid escalating debt crises in the U.S. and Europe.
Speculators raised their net-long positions in 18 commodities by 15 percent to 1.09 million futures and options contracts in the week ended July 12, government data compiled by Bloomberg show. That’s the biggest gain since early August. Gold holdings surged the most since September 2009 as prices climbed to a record. A measure of bullish agriculture bets climbed the most in 11 months.
[...] Gold futures climbed for nine straight sessions to July 15, the longest rally since November 2009, on increasing demand for the precious metal from those seeking to protect their investments.
[...] “People know there is tangible value for metals and commodities. There is a store of value in these products.”Let's remember that "when it's obvious to the public, it's obviously wrong".
Speculators raised their net-long position in 11 U.S. farm goods by 16 percent to 655,798 contracts as of July 12, the biggest increase since August.
Holdings of soybeans surged 40 percent, the most in a year. Prices of the oilseed climbed for 10 straight sessions, the longest rally since September 2007, as hot, dry weather threatened crops in the U.S., the world’s leading exporter.