We wanted to post a silver update today since the news of the week has been mainly about gold. While the drop in the gold price was quite dramatic, since last Thursday the price of silver has dropped around 15%. At the same time, we are unable to locate silver rounds, silver American Eagles or silver Canadian Maple Leaf coins. Distributors around the country have no supply as of today. Some items were available yesterday at very high premiums but those have since dried up. What the distributors do have available are 10 oz and 100 oz silver bars and kilo coins such as the Silver Kilo Koala from the Perth Mint in Australia. The remaining silver available is going to be scooped up quickly, as folks want to take advantage of the price drop and add to their positions, so they will buy whatever is available. Once those supplies are depleted, we are unsure as to how long the drought is going to last. We have heard rumors of July.
In the meantime, gold is available and that is what people are now buying instead.
Retail business continues to be busier than ever.
Stay tuned, we will write more soon.