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Monday, April 25, 2011

APMEX Has No Silver Inventory; Paying $3 Over Spot, ANY Year, ANY Quantity

As reported initially on ZeroHedge APMEX issues a reverse inquiry:


Apmex Starts Reverse Inquiry: Seeks To Buy "Any Quantity" Of Silver From Clients At $3 Over Spot

By Tyler Durden
Created 04/25/2011 - 19:22
Over the past hour Zero Hedge has been inundated with reader comments notifying us that Ampex has, validating the earlier post [1]speculating about a possible silver shortage at the metals distributor, launched a "reverse ïnquiry" in which it will pay "you $3.00 over the current spot price of Silver for your Silver American Eagles. ANY year, ANY quantity!" and "We will pay you $38.00 over the current spot price of Gold for your Gold American Eagles. ANY year, ANY quantity!" So aside from this first public confirmation that one of the biggest wholesale retailers of precious metals is now inventoryless [sic], we can certainly see why Asia has decided to take silver down in the afterhours electronic session.
[2]


    Source URL: http://www.zerohedge.com/article/apmex-starts-reverse-inquiry-seeks-buy-any-quantity-silver-clients-3-over-spot
    Links:
    [1] http://www.zerohedge.com/article/apmex-out-silver-eagles-until-may-13
    [2] http://www.zerohedge.com/sites/default/files/images/user5/imageroot/bernanke/Apmex solicitation.png
    Posted by Paul Revere at 4/25/2011 09:26:00 PM