With the U.S. Mint now temporarily suspended, it will become even more difficult to acquire Silver Eagles. According to James Anderson at SD Bullion, the U.S. Mint shut down its West Point Facility due to an officer testing positive for the virus. The U.S. Mint West Point facility will remain closed for two weeks until further notice.
However, the U.S Mint updated its Silver Eagle sales on the last day of the month to show a total of 5.5 million sold. Since my previous update, the U.S. Mint sold another 650,000 Silver Eagles, for a total of 5,482,500.
The last time the U.S. Mint sold Silver Eagles to this level in March was back in 2014, when 5,354,000 coins were sold. With the premiums on Silver Eagles exploding, investors are now quoted delivery times of 3-4+ weeks or months.
I spoke with Dan at Cloud Hard Assets today, and I was shocked to find out that the quoted time for 1,000 oz wholesale silver bars was 4-6 weeks!!!! Can you believe that?? When the silver price crashed in 2008, investors were buying 1,000 oz bars and turning them into small coins and bars. However, that option is much more difficult because the availability of 1,000 wholesale silver bars is similar to RETAIL BULLION… LOL.
I was also surprised to hear that Cloud Hard Assets was only charging $6.50 over spot to purchase Silver Eagles. I have been making comparisons of some of the well-known online precious metals dealers Silver Eagles BUY & SELL prices, and have now included the price from CLOUD HARD ASSETS which I sponsor on this website:
These prices are based upon buying between 100-499 Silver Eagles from these various dealers on a silver spot price early afternoon on April 1st. If the silver spot price is trading at $14, then CLOUD HARD ASSETS will sell its clients Silver Eagles at $20.50. Dan told me that the clients could expect delivery of these Silver Eagles within 3-4 weeks. I have never done this before, but I was quite surprised to see the difference in their Silver Eagle price versus the top competitors.
If you want to contact Tom or Dan at Cloud Hard Assets, you can do so at this link: CLOUD HARD ASSETS.
One of the positive services that Cloud Hard Assets provides is that they put their clients’ money in an ESCROW ACCOUNT until the metal is shipped. So, the client’s funds are protected. Several large online dealers got into trouble in the past and were shut down due to selling more metal than they had in stock. Thus, it is VERY IMPORTANT that you use a precious metals dealer that protects your funds until the metal is shipped.
During my conversation with Dan earlier today, he told me that they could only quote prices on FOUR SILVER PRODUCTS:
- Silver Eagles ($6.50 over spot)
- Silver Misc Private 1 oz Rounds ($3.60 over spot)
- Silver Misc Private 1 & 10 oz Bars ($3.60 over spot)
- 90% Junk Silver ($6.00 over spot)
They can’t even provide any quotes for any Canadian Maple Leaf products… Silver or Gold. There just isn’t much gold and silver bullion available in the market… and that will only get worse going forward.
As I mentioned earlier, when I asked Dan about the 1,000 oz wholesale Silver bars, the availability is 4-6 weeks. He said that they are selling these 1,000 oz Silver bars, when they can get them, at $1.75 over spot.
CRAZY TIMES indeed.
IMPORTANT NOTE: There is a reason I sponsor Tom Cloud on my site because I believe he is one of the most honest and upfront precious metals dealers in the industry. Not only does Tom offer some of the best rates to purchase gold and silver, but also whenever someone sells metals back to him, HE DOES NOT CHARGE A COMMISSION. The overwhelming majority of precious metals dealers charge a commission to buy back gold and silver.
I challenge you to check for yourself.
Also, if you need to store metal at a secure facility, Tom offers some of the lowest storage rates in the industry. TOM DOES NOT MAKE MONEY OFF HIS CLIENTS PRECIOUS METALS STORAGE. The overwhelming majority of precious metals dealers add an additional percentage to store their clients gold and silver
I challenge you to check for yourself.
Tom Cloud has been in the precious metals business for 46 years, since 1973. He has a lot of experience in the precious metals industry and understands the gold and silver market better than most dealers in the industry.
If you are new to the precious metals market and had questions, Tom Cloud would be happy to answer any questions.
DISCLAIMER: While Tom offers information about precious metals, you should not take this as investment advice. You should contact a professional advisor and or do your due diligence before making investment decisions.
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500 of those were mine! (In a green plastic box, accounting for ~0.0001% of that 5-Million)
Gregg,
GOOD FOR YOU!!
Gosh, while I knew the world was heading into widespread Economic and Financial Trouble, I had no idea that it would happen this quickly. What I thought would take 5-10+ years to happen, has taken place in just two months.
UNREAL…
steve
I placed my Monster Box order with SD Bullion on Thursday, March 12th, and received it on Wednesday, March 18th. Price then was $9,327.25, just before the real mayhem began!
Gregg,
Again… GOOD FOR YOU!!! Well Done. What a mess now though.. ah?
Get this.. six weeks ago, I purchased Organic Canned Chicken for $42 for a case of 12. A month ago it was selling at $75. Now you can’t get any.
steve
Unclucktanium.
Is that 4-6 week wait on 1000 oz bars just for small retail transactions or for institutions as well?
Adam,
I can’t answer that question. However, we are also seeing huge problems with shortages of the 400 oz Gold bars as well. We have to remember, the 1,000 oz silver bars were available on most of the online dealers back in 2008. That isn’t the case today.
steve
The Royal Canadian Mint is about a week into a two week shutdown, which helps explain scarcity of their bullion coins & bars.
Hi Steve,
Even with all the silver supply shortages, supply chains interruptions, mint closures, mine closures and all the positive news for us silver stackers, the spot price is still around $14. You keep underestimating the manipulating power of the man behind the curtain. An earlier article of yours stated that the silver and gold prices would not react and fall during the next market crash like they did in 2008/2009…but here we are just like back then. For silver and gold to break out, the entire financial system will need to implode and reset. Are we there yet? Well, we are closer, but I think they still have some tricks up their sleeve. They will do whatever they need to do to keep silver and gold from being viewed as a competing currency.
It’s curious that just prior to every positive news for silver, the prices are pushed down weeks before so that when the news finally does arrive the price is pushed back up to it’s previous level. We were around $19 about a month ago with the internet a buzz with everyone talking about the beginning of a historic upside breakout move for gold and especially silver and just look at all that has happened since then that should have gauranteed this move. Hell, you can’t hardly find any silver to buy and we are at $14. I mean…silver was at $50 in 1980…1980!! All the silver that was around in 1980…is gone and used up. And here we are 40 years later drooling at the possibility of silver maybe breaking $21 by the end of the year. I mean, the silver gold ratio on March 19th hit 124 to 1. Sure doesn’t feel like the powers that be have lost ANY of their control.
Crayfish
@Crayfish,
Come on, man! (As Joe Biden might say).
The $50 price in 1980 was a very brief shit show, created by the Hunt Brothers. Nobody in their right mind considers that blink-of-an-eye time period to be valid, in the valuation of silver.
Actually, that was a short window of opportunity for some to cash out, as coin shops and bullion dealers were paying top dollar for junk silver, to long lines of sellers (in which I was one who took advantage of that false valuation).
And, I don’t think most stackers are “drooling at the possibility of silver maybe breaking $21.” I think we are already there. With the events that have unfolded over the past 3 weeks, I believe the “real physical” (perceived) price is now at the $21-per-ounce level, no matter what the fake paper spot price may be.
I am, however, drooling at the possibility of $100+ silver!
Greg,
It may have been a brief shit show as you said…but gold was $800 at that same time…WHERE IS IT NOW? Silver is the ONLY asset that is priced lower than it was 40 years ago. Forget the Hunt Brothers line, JP Morgan has purchased and holds more silver than they did. Don’t get fooled into thinking that the current premium added to the spot price is a permanent real price. The price of silver though all of history is based on the spot price. If control is lost…then the spot price will explode. $100 silver…been waiting for that much longer than you. Don’t underestimate the cartels ability to suppress and control prices. All the fundamentals would suggest a much higher silver price. They just closed all the silver mines in Mexico today (the largest silver producing country) for 30 days and if we’re lucky, we may see the $19 we saw a few weeks ago.
You’re going to be drooling quite a while to get to $100…I would suggest getting a bib!
Crayfish
On a more serious note, @Crayfish, perhaps, after the coronavirus crisis is over, the My Pillow Guy can convert his face mask production to manufacturing bibs for all of us silver droolers!
LOL
“And, I don’t think most stackers are “drooling at the possibility of silver maybe breaking $21.”
Actually, I’m starting to drool over the possibility of BUYING physical silver for $21/oz.
I don’t believe the real silver investment purchasing has even begun yet. It seemed in about 2009-2011 the higher the silver price, the more it sold. Right now, most people remember how they got burned on precious metals around ten years ago.
When the HERD mentality begins, we should see some real pricing action. This time the FED won’t be able to control precious metal pricing.
If FED can’t control it, their buddies in DC will likely do so through regulations/laws. Maybe banning private PM ownership?
Steve,
already, dairy farmers are being forced to dump their milk.
https://www.4029tv.com/article/milk-surplus-leads-to-hundreds-of-thousands-of-gallons-of-milk-dumped/32015547?utm_source=Sailthru&utm_medium=email&utm_campaign=Headlines%20AM%202020-04-02&utm_term=khbs_news_morning_headlines
Our food infrastructure is already breaking down via crazy supply and demand and several other factors. This can’t end well.
I have stocked up some food for 3 months. I am thinking to stock more food, for much longer. Supply chain disruption is becoming worse and worse by the hour.
Whoever panics first, panics the best.
Serious question? What good is a 1000 oz. bar in a scenario that we are facing?
Still to much cog dis in the silver community. Do any of you really grasp the situation going on in this country?
As long term saving. Maybe convert in 10 or 20 years. Better in 1000oz silver bars than in US green trash.
Just no fungibility in a 60+ lb. bar that most people can’t even pick up.
Who the hell other than industry would even want it? Industry is crashing. At nearly 60 90% of it won’t return in my lifetime…in fact, most of it needs to stay gone. While I have been lucky enough to enjoy most it, I see in retrospect that much of it has been unnecessary,
extremely wasteful and destructive to the earth.
Thanks for you comment. I’m just trying to bring my old ideas to light and hopefully good things will come from that to others…myself included.
lastman,
There are Large Investors that would acquire 1,000 oz silver bars and store them at a vault. While most people won’t do this, there is a MARKET FOR EVERYONE.
Correct?
steve
Not in my world brother, lol.
You yourself if I am not mistaken don’t even live in that world. I think even you agree that “that world is over.”
Correct! not polite to show lack of courtesy to a gracious host.
Us old guys have to get the younger ones here thinking. It is going to be a long road to hoe, literally from here.
Snow on the ground here in Montana today…I’ll hoe another day. 😉
Its funny the questions that get directed at Silver.
Who would buy silver when the price is x?
Why would anyone want silver in large quantities?
Who would want 1000 acres of land?
Who would want 1000 dollars?
Who would want 1000 ounces of Gold?
Who would want 1000 bottles of water?
Who would want 1000 rounds of ammunition?
How can a country that manages to produce 10 million increase the stock market by 2%.
America the land of opportunity?