As Silver Shortage Intensifies, More Retail Products Disappear
January 19, 2013
Today 41-year veteran Bill Haynes told King World News the silver shortage is becoming more evident and it is now impacting premiums of retail silver products his company sells. Haynes stated, “… what we’re seeing in the premium action suggests that (silver) is going into short supply.”
Haynes also said it is causing inventory at wholesalers in the silver market to dry up. He went to discuss what the unprecedented buying will mean going forward. Here is what Haynes had to say: “It seems this week we had existing clients adding to their positions. It’s amazing, these are people that (already) own gold at $300, $400, silver below $10, and they are still adding to their positions at these levels.”
Bill Haynes continues:
“They fully understand what is going on. These are people reading King World News, and they are adding to their positions. The shortage of silver eagles has really impacted the retail market because it’s moved people to other products.
Silver eagles are hugely popular. In 2012, the (US) Mint shipped almost 34 million. In 2011, the (US) Mint shipped almost 40 million, the Mint’s biggest year ever. Prior to the global crisis, in 2008, (sales of) 10 million silver eagles was (considered) a huge year for the US Mint.
So you can see how the financial state of affairs is impacting people buying this one high premium product….