Major Precious Metals Retailer: “We Have Been Experiencing Astounding Volume”
April 17th, 2013
Were one restricted to watching just the paper market spots prices for precious metals, one might assume that there is major panic selling of gold and silver around the world.
A few days ago gold saw its biggest drop in thirty years, and silver was right behind it, leaving many investors concerned that gold’s decade-long run-up was nearing its end.
With all of this selling you’d think there’d be lines of panicked investors standing outside of brick and mortar local dealers and an overstock of precious metals at online retailers.
Curiously, it seems to be that exactly the opposite is happening. As the price of gold and silver collapsed to two-year lows, retailers in local markets and online have been scrambling just to keep up.
A spokesperson for JM Bullion, a major online supplier of gold and silver to the retail market, suggests that they are experiencing unprecedented demand, all the while gold and silver prices as reported by the mainstream media have been “falling” precipitously:
We still have certain things in stock, like 10 oz bars, while others, like Silver Eagles, are a bit of revolving inventory.
The shipments are going out as soon as inventory comes in.
Our main challenge right now is actually getting the silver into the boxes and shipped out – we have been experiencing astounding volume.
Gold is in much better shape. We have all of our 1 ounce gold coins and bars in stock.