Re: SILVER
For those who are bullish on Silver
http://www.resourceinvestor.com/pebble.asp?relid=45097
For those who are bullish on Silver
http://www.resourceinvestor.com/pebble.asp?relid=45097
Another factor I haven't seen written about, yet is bullish for silver prices, is that crashing base metal prices will curtail the supply of silver since 70% of world silver supply is produced as by-products of other metals, especially zinc.
Four Australian miners have closed zinc mines in the last three months! INL being the latest.
http://www.wabusinessnews.com.au/en-story.php?/1/66267/Falling-zinc-price-claims-another-mine-
Falling zinc price claims another mine
8-September-08 by AAP
Sydney-based Intec Ltd's managing director and chief executive officer Philip Wood says the return on metals is at an all-time low in Australia.
Zinc and lead prices have collapsed as parts of the world enter recession and China boosts its own zinc production, he said.
Mr Wood said today's closure of the Hellyer Zinc Mine in Tasmania's north-west is further evidence of a patchy resources boom.
"If you are into bulk commodities like iron ore or coking coal, or the energy or gas sectors, then things are very buoyant," Mr Wood told AAP.
"But if you are in the metals sector then things are far less consistently buoyant, particularly metals like nickel and zinc. They have been very weak.
"The Australian dollar prices for these metals, relative to the mine site operating costs, are lowest in the history of mining in Australia.
"Intec's is the latest in a series of such announcements by Australian zinc miners.
"Sharply falling metals prices combined with significantly increased mine site costs have rendered their zinc production projects uneconomic.
"We have no choice but to suspend operations in order to preserve cash flow."
Mr Wood said the Lennard Shelf mine in Western Australia, the Endeavour and Perilya mines in NSW and the Australian ASX-listed AIM Resources's African operation had all been similarly affected.
"All of these closures have been announced within the last three months in response to the rapid weakening of the zinc price," he said.
Intec was about a quarter of the way through extracting zinc/lead concentrate from the tailings at its Hellyer mine.
Mr Wood said about 50 mine workers and sub-contractors would be out of work as the mine was put on a care and maintenance footing.
It seems investment silver is incredibly tight now and has been getting tighter for a few months.
Kitco and Perth Mint are out, AGR Mathey just closed silver operations, while having a large amt of silver on loan from Perth Mint. Hommel asks if its a $500m silver default? (I certainly don't agree with all Hommel writes but most of his info here is fairly well documented and just joining the dots.)
http://silverstockreport.com/2008/nadler.html
The US Treasury has also suspended the minting of silver eagle coins, and so on. Investment silver is only around 10% of the total silver market, but if this shortage rolls over into other areas it must finally start to affect price.
Wow, just look at the buyback spread right now for silver bars!
http://www.ainsliebullion.com.au/Pricesheet.pdf
It's positive over base value by almost 6%. Demand must be unprecendanted.
Gold is obviously still underloved with available stock and low spread.
One kilo silver bars were selling on eBay for about $640. Ainslie were some of the worst shonks I ever dealt with they are probably ripping people off that are buying from them in this current environment.
Any ideas how much a 0.999 silver troy ounce medallion should be worth in excellent condition?
After listening to Dr Marc Faber and Jim Rogers I'm quite scared by what might be coming.
I'd like to buy some plaine tradable physical silver to protect myself.
But I'm aware that 1oz of 09 koala silver coin by perthmint is sold for 38 AUD, about 20 dollars higher than the Kitco quote. I understand physical metals are priced higher than paper metals. but is it really by this big margin?
Does this mean that at the moment I can only purhcase silver at such high price in Aussie term?
who are your preferred dealers where you guys purhcase precious metals?
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